Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 12, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | APPLE HOSPITALITY REIT, INC. | ||
Trading Symbol | APLE | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 223,212,346 | ||
Entity Public Float | $ 2,016,065,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001418121 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity File Number | 001-37389 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 26-1379210 | ||
Entity Address, Address Line One | 814 East Main Street | ||
Entity Address, City or Town | Richmond | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 23219 | ||
City Area Code | (804) | ||
Local Phone Number | 344-8121 | ||
Title of 12(b) Security | Common Shares, no par value | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
Documents Incorporated by Reference | The information required by Part III of this report, to the extent not set forth herein, is incorporated by reference from the Company’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with the Company’s annual meeting of shareholders to be held on May 13, 2021. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Investment in real estate, net of accumulated depreciation and amortization of $1,235,698 and $1,054,429, respectively | $ 4,732,896 | $ 4,825,738 |
Assets held for sale | 5,316 | 12,093 |
Cash and cash equivalents | 5,556 | 0 |
Restricted cash-furniture, fixtures and other escrows | 28,812 | 34,661 |
Due from third party managers, net | 22,137 | 26,926 |
Other assets, net | 35,042 | 42,993 |
Total Assets | 4,829,759 | 4,942,411 |
Liabilities | ||
Debt, net | 1,482,571 | 1,320,407 |
Finance lease liabilities | 219,981 | 216,627 |
Accounts payable and other liabilities | 97,860 | 114,364 |
Total Liabilities | 1,800,412 | 1,651,398 |
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 223,212,346 and 223,862,913 shares, respectively | 4,488,419 | 4,493,763 |
Accumulated other comprehensive loss | (42,802) | (4,698) |
Distributions greater than net income | (1,416,270) | (1,198,052) |
Total Shareholders' Equity | 3,029,347 | 3,291,013 |
Total Liabilities and Shareholders' Equity | $ 4,829,759 | $ 4,942,411 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Investment in real estate accumulated depreciation (in Dollars) | $ 1,235,698 | $ 1,054,429 |
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 | 223,212,346 | 223,862,913 |
Common stock, shares outstanding | 223,212,346 | 223,862,913 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Total revenue | $ 601,879 | $ 1,266,597 | $ 1,270,555 |
Expenses: | |||
Total hotel operating expense | 402,278 | 724,416 | 715,934 |
Property taxes, insurance and other | 76,729 | 75,840 | 74,640 |
Operating ground lease | 1,509 | 1,658 | 11,364 |
General and administrative | 29,374 | 36,210 | 24,294 |
Loss on impairment of depreciable real estate assets | 5,097 | 6,467 | 3,135 |
Depreciation and amortization | 199,786 | 193,240 | 183,482 |
Total expense | 714,773 | 1,037,831 | 1,012,849 |
Gain on sale of real estate | 10,854 | 5,021 | 152 |
Operating income (loss) | (102,040) | 233,787 | 257,858 |
Interest and other expense, net | (70,835) | (61,191) | (51,185) |
Income (loss) before income taxes | (172,875) | 172,596 | 206,673 |
Income tax expense | (332) | (679) | (587) |
Net income (loss) | (173,207) | 171,917 | 206,086 |
Other comprehensive income (loss): | |||
Interest rate derivatives | (38,104) | (14,704) | 228 |
Comprehensive income (loss) | $ (211,311) | $ 157,213 | $ 206,314 |
Basic and diluted net income (loss) per common share (in Dollars per share) | $ (0.77) | $ 0.77 | $ 0.90 |
Weighted average common shares outstanding - basic and diluted (in Shares) | 223,544 | 223,910 | 229,659 |
Room [Member] | |||
Revenues: | |||
Total revenue | $ 560,485 | $ 1,167,203 | $ 1,172,331 |
Food and Beverage [Member] | |||
Revenues: | |||
Total revenue | 16,719 | 59,815 | 62,600 |
Other [Member] | |||
Revenues: | |||
Total revenue | 24,675 | 39,579 | 35,624 |
Direct Operating [Member] | |||
Expenses: | |||
Total hotel operating expense | 156,099 | 312,449 | 315,363 |
Hotel Administrative [Member] | |||
Expenses: | |||
Total hotel operating expense | 68,473 | 103,895 | 102,019 |
Sales and Marketing [Member] | |||
Expenses: | |||
Total hotel operating expense | 61,003 | 116,089 | 105,834 |
Utilities [Member] | |||
Expenses: | |||
Total hotel operating expense | 33,412 | 40,598 | 42,474 |
Repair and Maintenance [Member] | |||
Expenses: | |||
Total hotel operating expense | 37,087 | 52,695 | 51,813 |
Royalty [Member] | |||
Expenses: | |||
Total hotel operating expense | 26,387 | 54,862 | 54,494 |
Management Service [Member] | |||
Expenses: | |||
Total hotel operating expense | $ 19,817 | $ 43,828 | $ 43,937 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions Greater Than Net Income [Member] | Distributions Greater Than Net Income [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] |
Balance at Dec. 31, 2017 | $ 3,571,085 | $ 4,588,188 | $ 9,778 | $ (1,026,881) | ||
Balance (in Shares) at Dec. 31, 2017 | 229,962 | |||||
Share based compensation, net | 6,512 | $ 6,512 | ||||
Share based compensation, net (in Shares) | 362 | |||||
Issuance of common shares, net | 4,677 | $ 4,677 | ||||
Issuance of common shares, net (in Shares) | 243 | |||||
Common shares repurchased | $ (104,304) | $ (104,304) | ||||
Common shares repurchased (in Shares) | (6,600) | (6,570) | ||||
Interest rate derivatives | $ 228 | 228 | ||||
Net income (loss) | 206,086 | 206,086 | ||||
Distributions declared to shareholders | (275,274) | (275,274) | ||||
Balance at Dec. 31, 2018 | $ 3,409,010 | $ (5,201) | $ 4,495,073 | 10,006 | (1,096,069) | $ (5,201) |
Balance (in Shares) at Dec. 31, 2018 | 223,997 | |||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | |||||
Share based compensation, net | $ 3,025 | $ 3,025 | ||||
Share based compensation, net (in Shares) | 156 | |||||
Common shares repurchased | $ (4,335) | $ (4,335) | ||||
Common shares repurchased (in Shares) | (300) | (290) | ||||
Interest rate derivatives | $ (14,704) | (14,704) | ||||
Net income (loss) | 171,917 | 171,917 | ||||
Distributions declared to shareholders | (268,699) | (268,699) | ||||
Balance at Dec. 31, 2019 | 3,291,013 | $ 4,493,763 | (4,698) | (1,198,052) | ||
Balance (in Shares) at Dec. 31, 2019 | 223,863 | |||||
Share based compensation, net | 9,368 | $ 9,368 | ||||
Share based compensation, net (in Shares) | 870 | |||||
Equity issuance costs | (376) | $ (376) | ||||
Common shares repurchased | $ (14,336) | $ (14,336) | ||||
Common shares repurchased (in Shares) | (1,500) | (1,521) | ||||
Interest rate derivatives | $ (38,104) | (38,104) | ||||
Net income (loss) | (173,207) | (173,207) | ||||
Distributions declared to shareholders | (45,011) | (45,011) | ||||
Balance at Dec. 31, 2020 | $ 3,029,347 | $ 4,488,419 | $ (42,802) | $ (1,416,270) | ||
Balance (in Shares) at Dec. 31, 2020 | 223,212 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Distributions declared to shareholders | $ 0.20 | $ 1.20 | $ 1.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (173,207) | $ 171,917 | $ 206,086 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Depreciation and amortization | 199,786 | 193,240 | 183,482 |
Loss on impairment of depreciable real estate assets | 5,097 | 6,467 | 3,135 |
Gain on sale of real estate | (10,854) | (5,021) | (152) |
Other non-cash expenses, net | 8,859 | 4,520 | 7,972 |
Changes in operating assets and liabilities: | |||
Decrease in due from third party managers, net | 4,795 | 2,221 | 2,027 |
Increase in other assets, net | (580) | (821) | (772) |
Increase (decrease) in accounts payable and other liabilities | (7,168) | 9,151 | 3,034 |
Net cash provided by operating activities | 26,728 | 381,674 | 404,812 |
Cash flows from investing activities: | |||
Acquisition of hotel properties, net | (88,677) | (59,424) | (150,746) |
Refunds (payments) for potential acquisitions, net | 476 | (1,229) | (537) |
Capital improvements | (48,559) | (74,896) | (74,293) |
Net proceeds from sale of real estate | 54,499 | 121,225 | 15,416 |
Net cash used in investing activities | (82,261) | (14,324) | (210,160) |
Cash flows from financing activities: | |||
Net proceeds (disbursements) related to issuance of common shares | (377) | 4,677 | |
Repurchases of common shares | (14,336) | (4,335) | (104,304) |
Repurchases of common shares to satisfy employee withholding requirements | (2,532) | (577) | (1,525) |
Distributions paid to common shareholders | (67,378) | (268,672) | (275,892) |
Net proceeds from (payments on) revolving credit facility | 54,900 | (217,900) | 268,800 |
Net payments on extinguished revolving credit facility | (106,900) | ||
Proceeds from term loans and senior notes | 50,000 | 160,000 | 575,000 |
Repayment of term loans and senior notes | (575,000) | ||
Proceeds from mortgage debt and other loans | 81,520 | 44,000 | |
Payments of mortgage debt and other loans | (44,268) | (33,806) | (12,663) |
Financing costs | (2,289) | (1,031) | (7,004) |
Net cash provided by (used in) financing activities | 55,240 | (366,321) | (190,811) |
Net change in cash, cash equivalents and restricted cash | (293) | 1,029 | 3,841 |
Cash, cash equivalents and restricted cash, beginning of period | 34,661 | 33,632 | 29,791 |
Cash, cash equivalents and restricted cash, end of period | 34,368 | 34,661 | 33,632 |
Supplemental cash flow information: | |||
Interest paid | 63,531 | 59,877 | 50,312 |
Income taxes paid | 980 | 790 | 887 |
Supplemental disclosure of noncash investing and financing activities: | |||
Notes payable originated from acquisitions | 20,551 | ||
Accrued distribution to common shareholders | 22,386 | 22,400 | |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents, beginning of period | 0 | ||
Restricted cash-furniture, fixtures and other escrows, beginning of period | 34,661 | 33,632 | 29,791 |
Cash, cash equivalents and restricted cash, beginning of period | 34,661 | 33,632 | 29,791 |
Cash and cash equivalents, end of period | 5,556 | 0 | |
Restricted cash-furniture, fixtures and other escrows, end of period | 28,812 | 34,661 | 33,632 |
Cash, cash equivalents and restricted cash, end of period | $ 34,368 | $ 34,661 | $ 33,632 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Note 1 Organization and Summary of Significant Accounting Policies Organization Apple Hospitality REIT, Inc., formed in November 2007 as a Virginia corporation, together with its wholly-owned subsidiaries (the “Company”), is a self-advised real estate investment trust (“REIT”) that invests in income-producing real estate, primarily in the lodging sector, in the United States (“U.S.”). The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of December 31, 2020, the Company owned 234 hotels with an aggregate of 29,937 rooms located in 34 states, including one hotel with 118 rooms classified as held for sale, which is expected to be sold to an unrelated party in the first quarter of 2021. All information related to the number of rooms included in these notes to the consolidated financial statements and Schedule III - Real Estate and Accumulated Depreciation and Amortization listed in the Index at Item 15 has not been audited. The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.” The Company has elected to be treated as a REIT for federal income tax purposes. The Company has a wholly-owned taxable REIT subsidiary (or subsidiaries thereof) (collectively, the “Lessee”), which leases all of the Company’s hotels. Novel Coronavirus COVID-19 Pandemic As a result of the current novel coronavirus COVID-19 pandemic (“COVID-19”) and the impact it has had on travel and the broader economy throughout the U.S., the Company’s hotels have experienced significant declines in occupancy, which has had and is expected to continue to have a significant negative effect on the Company’s revenue and operating results. There remains significant uncertainty as to when operations at the hotels will return to normalized levels. As of December 31, 2020, although each of the Company’s hotels was open and receiving reservations, the Company continued to intentionally consolidate operations for five hotels, down from 38 hotels as of May 2020, Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The fair market value of cash and cash equivalents approximates their carrying value. Cash balances may at times exceed federal depository insurance limits. Restricted Cash Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. The fair market value of restricted cash approximates its carrying value. Investment in Real Estate and Related Depreciation Real estate is stated at cost, net of depreciation and amortization. Repair and maintenance costs are expensed as incurred while significant improvements, renovations, and replacements are capitalized. As further discussed in Note 10, finance ground lease assets are capitalized at the estimated present value of the remaining minimum lease payments under the leases. Depreciation and amortization are computed using the straight-line method over the average estimated useful lives of the assets, which are generally 39 years for buildings, the remaining life of the lease for finance ground leases (which in some instances may include renewal options), 10 to 20 years for franchise fees, 10 years for major improvements and three to seven years for furniture and equipment. The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset , the repair must be at least $2,500 and the useful life of the asset must be substantially extended. Upon acquisition of real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, buildings and improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities, including in-place leases, and assumed debt based on the evaluation of information and estimates available at that date. Fair values for these assets are not directly observable and estimates are based on comparables and other information which is subjective in nature. The Company has not assigned any value to management contracts and franchise agreements as such contracts are generally at current market rates based on the remaining terms of the contracts and any other value attributable to these contracts is not considered material. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions and other related costs, being capitalized as part of the cost of the assets acquired, instead of accounted for separately as expenses in the period that they are incurred. The Company records impairment losses on hotel properties used in operations if indicators of impairment are present, and the sum of the undiscounted cash flows estimated to be generated by the respective properties over their estimated remaining useful life, based on historical and industry data, is less than the properties’ carrying amount. Indicators of impairment include a property with current or potential losses from operations, when it becomes more likely than not that a property will be sold before the end of its previously estimated useful life or when events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and an asset’s carrying value may not be recoverable. The Company monitors its properties on an ongoing basis by analytically reviewing financial performance and considers each property individually for purposes of reviewing for indicators of impairment. As many indicators of impairment are subjective, such as general economic and market declines, the Company also prepares an annual recoverability analysis for each of its properties to assist with its evaluation of impairment indicators. Given the disruption in 2020 caused by COVID-19, the Company performed an annual recoverability analysis by comparing each property's net book value to its estimated operating income based on assumptions and estimates about the property's future revenues, expenses and capital expenditures after recovery from disruption resulting from COVID-19 and other disruptive events such as renovations or newly opened hotels in the same market. The Company’s planned initial hold period for each property is generally 39 years. If events or circumstances change, such as the Company’s intended hold period for a property or if the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable, and an impairment loss will be recorded. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. The Company’s ongoing analyses and annual recoverability analyses have not identified any impairment losses other than the losses on impairment of one property recorded in 2020, one property recorded in 2019 and three properties recorded in 2018 totaling approximately $5.1 million, $6.5 million and $3.1 million, respectively, as discussed in Note 3. Assets Held for Sale The Company classifies assets as held for sale when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant contingencies exist which could prevent the transaction from being completed in a timely manner, and the sale is expected to close within one year. If these criteria are met, the Company will cease recording depreciation and amortization and will record an impairment charge if the fair value less costs to sell is less than the carrying amount of the disposal group. The Company will generally classify the impairment charge, together with the related operating results, as continuing operations in the Company’s consolidated statements of operations and classify the assets and related liabilities as held for sale in the Company’s consolidated balance sheets. If the Company’s plan of sale changes and the Company subsequently decides not to sell a property that is classified as held for sale, the property will be reclassified as held and used in the period the change occurs. As of December 31, 2020, the Company had one hotel classified as held for sale, which is expected to be sold to an unrelated party in the first quarter of 2021. As of December 31, 2019, the Company had one hotel classified as held for sale, which was sold to an unrelated party in January 2020, discussed further in Note 3. Revenue Recognition Revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other hotel revenues, and are presented on a disaggregated basis in the Company’s consolidated statements of operations. The Company recognizes hotel operating revenue when guest rooms are occupied, services have been provided or fees have been earned. Revenues are recorded net of any sales, occupancy or other taxes collected from customers on behalf of third parties. Room revenue is recognized when the Company’s hotels satisfy their performance obligation of providing a hotel room. The hotel reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Food and beverage revenue is recognized at the time the food or beverage is purchased by and provided to the customer. Other operating revenue is recognized at the time when the goods or services are provided to the customer or when the performance obligation is satisfied. Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some customers prepaying for their rooms prior to the stay. Payments received from a customer prior to arrival are recorded as an advance deposit and are recognized as revenue at the time of occupancy . Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss), which is comprised of unrealized gains or losses resulting from hedging activity. Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed based upon the weighted average number of shares outstanding during the year. Diluted net income (loss) per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the year. Basic and dilutive net income (loss) per common share were the same for each of the years presented. Income Taxes The Company is operated as, and has elected to be taxed as, a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (“the Code”). Earnings and profits, which will determine the taxability of distributions to shareholders, will differ from income reported for financial reporting purposes primarily due to the differences for federal income tax purposes in the carrying value (basis) of the investment in properties and estimated useful lives used to compute depreciation, straight-line operating ground lease expense, amortization of favorable and unfavorable leases, amortization and interest expense versus lease payments related to finance ground leases, loss on impairment of depreciable real estate assets and gain (loss) on sale of real estate assets. The characterization of 2020 paid distributions of $0.30 per share for tax purposes was The Lessee, as a taxable REIT subsidiary of the Company, is subject to federal and state income taxes. Due to historical cumulative operating losses, the taxable REIT subsidiary did not incur federal income tax for the three years ended December 31, 2020 and recorded a valuation allowance against the entire deferred asset for all periods presented. The total net operating loss carry forward for federal income tax purposes was approximately $140 million as of December 31, 2020, $101 million as of December 31, 2019 and $94 million as of December 31, 2018. The net operating losses expire beginning in 2028. There are no material differences between the book and tax cost basis of the Company’s assets and liabilities, except for the carrying value (basis) of the investment in properties. The Company’s income tax expense as shown in the consolidated statements of operations primarily includes franchise and income taxes at the state jurisdiction level, which do not have any associated material deferred taxes. As of December 31, 2020, the tax years that remain subject to examination by major tax jurisdictions generally include 2017-2020. Sales and Marketing Costs Sales and marketing costs are expensed when incurred. These costs represent the expense for franchise advertising and reservation systems under the terms of the hotel management and franchise agreements and general and administrative expenses that are directly attributable to advertising and promotion. Use of Estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Accounting Standards Recently Adopted Fair Value Measurement In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Investment in Real Estate | Note 2 Investment in Real Estate The Company’s investment in real estate consisted of the following (in thousands): December 31, December 31, 2020 2019 Land $ 725,512 $ 724,054 Building and Improvements 4,525,850 4,458,383 Furniture, Fixtures and Equipment 499,865 486,386 Finance Ground Lease Assets 203,617 197,617 Franchise Fees 13,750 13,727 5,968,594 5,880,167 Less Accumulated Depreciation and Amortization (1,235,698 ) (1,054,429 ) Investment in Real Estate, net $ 4,732,896 $ 4,825,738 As of December 31, 2020, the Company owned 234 hotels with an aggregate of 29,937 rooms located in 34 states, including one hotel with 118 rooms classified as held for sale, which is expected to be sold to an unrelated party in the first quarter of 2021. The Company leases all of its hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements. 20 20 and 201 9 Acquisitions During 2020, the Company acquired four hotels. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each hotel. All dollar amounts are in thousands. City State Brand Manager Date Acquired Rooms Gross Purchase Price Cape Canaveral FL Hampton LBA 4/30/2020 116 $ 24,102 Cape Canaveral FL Home2 Suites LBA 4/30/2020 108 22,602 Tempe AZ Hyatt House Crestline 8/13/2020 105 26,309 Tempe AZ Hyatt Place Crestline 8/13/2020 154 38,279 483 $ 111,292 During 2019, the Company acquired three hotels. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each hotel. All dollar amounts are in thousands. City State Brand Manager Date Acquired Rooms Gross Purchase Price St. Paul MN Hampton Vista Host 3/4/2019 160 $ 31,680 Orlando FL Home2 Suites LBA 3/19/2019 128 20,736 Richmond VA Independent Crestline 10/9/2019 55 6,875 343 $ 59,291 The Company utilized $25.0 million of its available cash and entered into a one-year The Company used borrowings under its revolving credit facility to purchase each of the other hotels acquired in 2020 and 2019. The acquisitions of these hotel properties were accounted for as acquisitions of asset groups, whereby costs incurred to effect the acquisitions (which were not significant) were capitalized as part of the cost of the assets acquired. For the four hotels acquired during 2020, the amount of revenue and operating loss included in the Company’s consolidated statement of operations from the date of acquisition through December 31, 2020 was approximately $3.5 million and $(1.5) million, respectively. For the three hotels acquired during 2019, the amount of revenue and operating income included in the Company’s consolidated statement of operations from the date of acquisition through December 31, 2019 was approximately $9.6 million and $1.8 million, respectively. |
Assets Held for Sale and Dispos
Assets Held for Sale and Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Assets Held for Sale and Dispositions | Note 3 Assets Held for Sale and Dispositions Assets Held for Sale In October 2020, the Company entered into a purchase and sale agreement with an unrelated party for the sale of its Charlotte, North Carolina Homewood Suites for a gross sales price of $10.3 million. Since the buyer under the contract had completed its due diligence and had made a non-refundable deposit, as of December 31, 2020, the Company classified the hotel as assets held for sale in its consolidated balance sheet at its carrying value (which was less than the contract price, net of costs to sell). The Company expects to complete the sale of the hotel in the first quarter of 2021, resulting in a gain which will be recognized at that time. The estimated gain is calculated as the total sales price, net of commissions and selling costs, less the carrying value totaling approximately $5.3 million as of December 31, 2020. The net proceeds from the sale will be used to pay down borrowings on the Company’s revolving credit facility, subject to certain restrictions during the Covenant Waiver Period pursuant to the Company’s amended unsecured credit facilities, as discussed further in Note 4 2020 Dispositions During the year ended December 31, 2020, the Company sold three hotels in three transactions with unrelated parties for a total combined gross sales price of approximately $55.3 million, resulting in a combined gain on sale of approximately $10.9 million, which is included in the Company’s consolidated statement of operations for the year ended December 31, 2020. The following table lists the three hotels sold: City State Brand Date Sold Rooms Sanford FL SpringHill Suites 1/16/2020 105 Boise ID SpringHill Suites 2/27/2020 230 Tulare CA Hampton 12/30/2020 86 Total 421 2019 Dispositions During the year ended December 31, 2019, the Company sold 11 hotels in three transactions with unrelated parties for a total combined gross sales price of approximately $121.7 million, resulting in a combined gain on sale of approximately $5.6 million, which is included in the Company’s consolidated statement of operations for the year ended December 31, 2019. 115.1 The following table lists the 11 hotels sold: City State Brand Date Sold Rooms Sarasota FL Homewood Suites 3/28/2019 100 Tampa FL TownePlace Suites 3/28/2019 94 Baton Rouge LA SpringHill Suites 3/28/2019 119 Holly Springs NC Hampton 3/28/2019 124 Duncanville TX Hilton Garden Inn 3/28/2019 142 Texarkana TX Courtyard 3/28/2019 90 Texarkana TX TownePlace Suites 3/28/2019 85 Bristol VA Courtyard 3/28/2019 175 Harrisonburg VA Courtyard 3/28/2019 125 Winston-Salem NC Courtyard 12/19/2019 122 Fort Lauderdale FL Hampton 12/30/2019 109 Total 1,285 2018 Dispositions During the year ended December 31, 2018, the Company sold three two 15.8 0.2 The following table lists the three hotels sold: City State Brand Date Sold Rooms Columbus GA SpringHill Suites 7/13/2018 89 Columbus GA TownePlace Suites 7/13/2018 86 Springdale AR Residence Inn 11/29/2018 72 Total 247 Excluding gains on sale of real estate, the Company’s consolidated statements of operations include operating income (loss) of approximately $0.0 million, $(0.1) million and $8.0 million for the years ended December 31, 2020, 2019 and 2018, respectively, relating to the results of operations of the 18 hotels noted above (the one hotel classified as held for sale at December 31, 2020, the three hotels sold in 2020, the 11 hotels sold in 2019 and the three hotels sold in 2018) for the period of ownership. The sale of these properties does not represent a strategic shift that has, or will have, a major effect on the Company’s operations and financial results, and therefore the operating results for the period of ownership of these properties are included in income from continuing operations for the three years ended December 31, 2020, as applicable. Loss on Impairment of Depreciable Real Estate Assets During the years ended December 31, 2020, 2019 and 2018, the Company recorded impairment losses totaling approximately $5.1 million, $6.5 million and $3.1 million. In 2020, the Company entered into two purchase and sale agreements with unrelated parties for the sale of its 140-room Memphis, Tennessee Homewood Suites, the first of which was terminated October 2020 and the second of which was signed in November 2020. As a result, the Company recognized impairment losses totaling approximately $5.1 million in 2020, representing the difference between the carrying values of the hotel and the contracted sales prices, net of estimated selling costs, which are Level 1 inputs under the fair value hierarchy. During the third quarter of 2019, the Company identified the Winston-Salem, North Carolina Courtyard for potential sale and, in August 2019, entered into a purchase and sale agreement with an unrelated party (which was subsequently amended) for the sale of the hotel for a gross sales price of approximately $6.7 million. As a result, the Company recognized an impairment loss of approximately $6.5 million in the third quarter of 2019, to adjust the carrying value of the hotel to its estimated fair value less costs to sell, which was based on the contracted sales price, a Level 1 input under the fair value hierarchy. The Company completed the sale of the hotel in December 2019. During the second quarter of 2018, the Company recognized impairment losses of approximately $3.1 million related to three hotels that were identified for potential sale: the Columbus, Georgia SpringHill Suites and TownePlace Suites (the “two Columbus hotels”) and the Springdale, Arkansas Residence Inn. The impairment losses consisted of (i) approximately $0.5 million to adjust the carrying values of the two Columbus hotels the Company sold in July 2018 to their estimated fair values less costs to sell, which were based on the May 2018 contracted sales prices, Level 1 inputs under the fair value hierarchy, and (ii) approximately $2.6 million to adjust the carrying value of the Springdale, Arkansas Residence Inn the Company sold in November 2018 to its estimated fair value, which was based on the offers received at that time, net of estimated selling costs, a Level 2 input under the fair value hierarchy. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Note 4 Debt Summary As of December 31, 2020 and 2019, the Company’s debt consisted of the following (in thousands): December 31, 2020 December 31, 2019 Revolving credit facility $ 105,800 $ 50,900 Term loans and senior notes, net 864,225 813,934 Mortgage debt, net 512,546 455,573 Debt, net $ 1,482,571 $ 1,320,407 The aggregate amounts of principal payable under the Company’s total debt obligations as of December 31, 2020 December 31, 2020 2021 $ 70,724 2022 215,631 2023 296,213 2024 338,597 2025 245,140 Thereafter 322,265 1,488,570 Unamortized fair value adjustment of assumed debt 1,624 Unamortized debt issuance costs (7,623 ) Total $ 1,482,571 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 in effect at December 31, 2020 and 2019, is set forth below. All dollar amounts are in thousands. December 31, 2020 Percentage December 31, 2019 Percentage Fixed-rate debt (1) $ 1,287,219 86 % $ 1,297,467 98 % Variable-rate debt 201,351 14 % 28,400 2 % Total $ 1,488,570 $ 1,325,867 Weighted-average interest rate of debt 3.86 % 3.59 % (1) Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements. Credit Facilities Credit Facilities Amendments As a result of COVID-19 and the associated disruption to the Company’s operating results, during April 2020, the Company anticipated that it may not be able to maintain compliance with certain covenants under each of its unsecured credit facilities described below in future periods. As a result, on June 5, 2020, the Company entered into amendments to each of the unsecured credit facilities. The amendments suspend the testing of the Company’s existing financial maintenance covenants under the unsecured credit facilities until the date the compliance certificate is required to be delivered for the fiscal quarter ending June 30, 2021 (unless the Company elects an earlier date) (the “Covenant Waiver Period”), and provide for, among other restrictions, the following during the Covenant Waiver Period: ● Mandatory prepayments of amounts outstanding under the Company’s unsecured credit facilities of net cash proceeds from certain debt and equity issuances and asset dispositions, subject to various exceptions. A portion of the mandatory prepayments will be available for future borrowing under the revolving credit facility; ● A minimum liquidity covenant of $ 100 million; ● A requirement to pledge the equity interests of each direct or indirect owner of certain unencumbered property in favor of the administrative agents if average liquidity for any month is less than $275 million or the total amount outstanding under the revolving credit facility exceeds $275 million; ● Restrictions on the Company’s and its subsidiaries’ ability to incur additional indebtedness or prepay certain existing indebtedness; ● Restrictions on the Company’s ability to make cash distributions (except to the extent required to maintain REIT status) and share repurchases; ● Maximum discretionary capital expenditures of $50 million; ● Limitations on additional investments; and ● An increase in the applicable interest rate under the unsecured credit facilities until the end of the Covenant Waiver Period to a rate that corresponds to the highest leverage-based applicable interest rate margin with respect to the unsecured credit facilities. The amendments also modify the calculation of the existing financial covenants for the four quarters subsequent to the end of the Covenant Waiver Period to annualize calculated amounts to the extent the most recently ended fiscal quarter is not at least four fiscal quarters from the end of the Covenant Waiver Period, and provide for an increase in the LIBOR floor under the credit agreements from 0 to 25 basis points for Eurodollar Rate Loans (as defined in the credit agreements) and establish a Base Rate (as defined in the credit agreements) floor of 1.25% on the revolving credit facility, and any term loans under the credit agreements that are not hedged. Except as otherwise set forth in the amendments, the terms of the credit agreements remain in effect. The credit agreements governing the unsecured credit facilities contain mandatory prepayment requirements, customary affirmative and negative covenants, restrictions on certain investments and events of default. The credit agreements contain the following financial and restrictive covenants, each of which are suspended during the Covenant Waiver Period (capitalized terms are defined in the credit agreements): ● A ratio of Consolidated Total Indebtedness to Consolidated EBITDA of not more than 6.50 to 1.00 (subject to a higher amount in certain circumstances); ● A ratio of Consolidated Secured Indebtedness to Consolidated Total Assets of not more than 45%; ● A minimum Consolidated Tangible Net Worth of approximately $3.2 billion (plus an amount equal to 75% of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date, subject to adjustment); ● A ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges of not less than 1.50 to 1.00 for the trailing four full quarters; ● A ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness of not less than 2.00 to 1.00 for the trailing four full quarters; ● A ratio of Consolidated Unsecured Indebtedness to Unencumbered Asset Value of not more than 60% (subject to a higher level in certain circumstances); and ● A ratio of Consolidated Secured Recourse Indebtedness to Consolidated Total Assets of not more than 10%. As of December 31, 2020, the Company was in compliance with the applicable covenants of the credit agreements as amended. However, as a result of the continued disruption from COVID-19 and the related uncertainty on the Company’s operating results, the Company anticipates that it could potentially not be in compliance with certain of the covenants as amended in future periods if the existing Covenant Waiver Period is not further extended. In January 2021, the Company notified lenders under its credit facilities of the anticipated potential non-compliance with certain covenants and anticipates entering into amendments to each of the credit facilities to extend the waiver period for the testing of all but two of its financial maintenance covenants through March 31, 2022. The waiver period for the testing of the ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges and the ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness is anticipated to be extended through December 31, 2021. The Company anticipates that the conditions to obtaining the waivers that currently apply during the Covenant Waiver Period, as implemented in the June 2020 amendments, will generally continue to apply during the extended covenant waiver period described ab ove, including restrictions on the amount of the Company’s distributions, capital expenditures, and share repurchases and acquisitions, but the Company anticipates that the amendments will provide additional flexibility regarding certain of the conditions relative to the current restrictions , including an increased allowance for acquiring unencumbered assets through either proceeds from unencumbered asset sales or equity issuances . The Company also anticipates that the anticipated amendments will provide for less restrictive thresholds for certain financial covenant ratios once covenant testing recommences at the end of the extended c ovenant w aiver p eriod for a transitional period . As part of the amendments , the interest rate under each of its credit facilities is expected to increase 15 basis points during the extended c ovenant w aiver p eriod. Although the Company is close to finalizing these amendments and anticipates completing them in the near future, the amendments have not yet been finalized and the final terms could change. Thus, no assurances can be given as to the final terms of the amendments or that the Company will be able to complete the amendments. If the contemplated amendments are not entered into and the Company does not meet its applicable covenant requirements in future periods, the Company will be in default under each credit facility . D efaults may result in additional interest expense and a potential acceleration of amounts due under each credit facility, which would have a material adverse effect on the Company if it is unable to obtain alternative sources of capital to repay such amounts. $850 Million Credit Facility The Company utilizes an unsecured “$850 million credit facility” 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 in July 2018 (the “$425 million term loan facility”). 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. As of December 31, 2020, the Company had availability of $319.2 million under the revolving credit facility. The Company is also required to pay quarterly an unused facility fee at an annual rate of 0.20% or 0.25% on the unused portion of the $425 million revolving credit facility, based on the amount of borrowings outstanding during the quarter. $225 Million Term Loan Facility The Company also has an unsecured $225 million term loan facility that is comprised of (i) a $50 million term loan with a maturity date of August 2, 2023, which was funded on August 2, 2018, and (ii) a $175 million term loan with a maturity date of August 2, 2025, of which $100 million was funded on August 2, 2018 and the remaining $75 million was funded on January 29, 2019. The 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. 2017 $85 Million Term Loan Facility On July 25, 2017, the Company entered into an unsecured $85 million term loan facility with a maturity date of July 25, 2024, consisting of one term loan that was funded at closing (the “2017 $85 million term loan facility”). The credit agreement, as amended and restated in August 2018, 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 2017 $85 million term loan facility are due monthly. In July 2019, the Company entered into an amendment of the 2017 $85 million term loan facility to reduce the interest rate margin from 1.80% - 2.60% to 1.30% - 2.10%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement, for the remainder of the term. 2019 $85 Million Term Loan Facility On December 31, 2019, the Company entered into an unsecured $85 million term loan facility with a maturity date of December 31, 2029, consisting of one term loan funded at closing (the “2019 $85 million term loan facility”). Net proceeds from the 2019 $85 million term loan facility were used to pay down borrowings on the Company’s revolving credit 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, subject to certain conditions. Interest payments on the 2019 $85 million term loan facility are due monthly and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month LIBOR plus a margin ranging from 1.70% to 2.55%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. $50 Million Senior Notes Facility On March 16, 2020, the Company entered into an unsecured $50 million senior notes facility with a maturity date of March 31, 2030, consisting of senior notes totaling $50 million funded at closing (the “$50 million senior notes facility” and, collectively with the $850 million credit facility, the $225 million term loan facility, the 2017 $85 million term loan facility and the 2019 $85 million term loan facility, the “unsecured credit facilities”). Net proceeds from the $50 million senior notes facility were used to pay down borrowings on the Company’s revolving credit facility. The note 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, including make-whole provisions. Interest payments on the $50 million senior notes facility are due quarterly and the interest rate, subject to certain exceptions, ranges from an annual rate of 3.60% to 4.35% depending on the Company’s leverage ratio, as calculated under the terms of the facility. As of December 31, 2020 and 2019, the details of the Company’s credit facilities were as set forth below. All dollar amounts are in thousands. Outstanding Balance Interest Rate Maturity Date December 31, 2020 December 31, 2019 Revolving credit facility (1) LIBOR + 1.40% - 2.25% 7/27/2022 $ 105,800 $ 50,900 Term loans and senior notes $200 million term loan LIBOR + 1.35% - 2.20% 7/27/2023 200,000 200,000 $225 million term loan LIBOR + 1.35% - 2.20% 1/31/2024 225,000 225,000 $50 million term loan LIBOR + 1.35% - 2.20% 8/2/2023 50,000 50,000 $175 million term loan LIBOR + 1.65% - 2.50% 8/2/2025 175,000 175,000 2017 $85 million term loan LIBOR + 1.30% - 2.10% 7/25/2024 85,000 85,000 2019 $85 million term loan LIBOR + 1.70% - 2.55% 12/31/2029 85,000 85,000 $50 million senior notes 3.60% - 4.35% 3/31/2030 50,000 - Term loans and senior notes at stated value 870,000 820,000 Unamortized debt issuance costs (5,775 ) (6,066 ) Term loans and senior notes, net 864,225 813,934 Credit facilities, net (1) $ 970,025 $ 864,834 Weighted-average interest rate (2) 3.64 % 3.14 % (1) Excludes unamortized debt issuance costs related to the revolving credit facility totaling approximately $2.1 million and $2.6 million as of December 31, 2020 and 2019, 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 $745.0 million and $842.5 million of the outstanding variable-rate debt as of December 31, 2020 and 2019, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month LIBOR at December 31, 2020 and 2019 was 0.14% and 1.76%, respectively. Mortgage Debt As of December 31, 2020 December 31, 2020 December 31, 2020 2019 Location Brand Interest Rate (1) Loan Assumption or Origination Date Maturity Date Principal Assumed or Originated Outstanding balance as of December 31, 2020 Outstanding balance as of December 31, 2019 San Juan Capistrano, CA Residence Inn 4.15 % 9/1/2016 (2 ) $ 16,210 $ - $ 15,073 Cape Canaveral, FL Hampton (3 ) 4/30/2020 5/1/2021 10,852 10,275 - Cape Canaveral, FL Home2 Suites (3 ) 4/30/2020 5/1/2021 10,852 10,275 - Colorado Springs, CO Hampton 6.25 % 9/1/2016 7/6/2021 7,923 7,317 7,471 Franklin, TN Courtyard 6.25 % 9/1/2016 8/6/2021 14,679 13,563 13,847 Franklin, TN Residence Inn 6.25 % 9/1/2016 8/6/2021 14,679 13,563 13,847 Grapevine, TX Hilton Garden Inn 4.89 % 8/29/2012 9/1/2022 11,810 9,434 9,775 Collegeville/Philadelphia, PA Courtyard 4.89 % 8/30/2012 9/1/2022 12,650 10,105 10,471 Hattiesburg, MS Courtyard 5.00 % 3/1/2014 9/1/2022 5,732 4,729 4,897 Kirkland, WA Courtyard 5.00 % 3/1/2014 9/1/2022 12,145 10,018 10,376 Rancho Bernardo/San Diego, CA Courtyard 5.00 % 3/1/2014 9/1/2022 15,060 12,422 12,866 Seattle, WA Residence Inn 4.96 % 3/1/2014 9/1/2022 28,269 23,294 24,130 Anchorage, AK Embassy Suites 4.97 % 9/13/2012 10/1/2022 23,230 18,660 19,324 Somerset, NJ Courtyard 4.73 % 3/1/2014 10/6/2022 8,750 7,179 7,441 Tukwila, WA Homewood Suites 4.73 % 3/1/2014 10/6/2022 9,431 7,737 8,020 Huntsville, AL Homewood Suites 4.12 % 3/1/2014 2/6/2023 8,306 6,742 6,999 Prattville, AL Courtyard 4.12 % 3/1/2014 2/6/2023 6,596 5,354 5,558 San Diego, CA Residence Inn 3.97 % 3/1/2014 3/6/2023 18,600 15,061 15,640 Miami, FL Homewood Suites 4.02 % 3/1/2014 4/1/2023 16,677 13,537 14,051 New Orleans, LA Homewood Suites 4.36 % 7/17/2014 8/11/2024 27,000 22,766 23,513 Westford, MA Residence Inn 4.28 % 3/18/2015 4/11/2025 10,000 8,605 8,876 Denver, CO Hilton Garden Inn 4.46 % 9/1/2016 6/11/2025 34,118 30,387 31,311 Oceanside, CA Courtyard 4.28 % 9/1/2016 10/1/2025 13,655 12,605 12,812 Omaha, NE Hilton Garden Inn 4.28 % 9/1/2016 10/1/2025 22,682 20,936 21,280 Boise, ID Hampton 4.37 % 5/26/2016 6/11/2026 24,000 22,146 22,588 Burbank, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,564 23,315 23,552 San Diego, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,473 23,232 23,468 San Diego, CA Hampton 3.55 % 11/3/2016 12/1/2026 18,963 17,295 17,471 Burbank, CA SpringHill Suites 3.94 % 3/9/2018 4/1/2028 28,470 27,078 27,317 Santa Ana, CA Courtyard 3.94 % 3/9/2018 4/1/2028 15,530 14,770 14,901 Richmond, VA Courtyard 3.40 % 2/12/2020 3/11/2030 14,950 14,739 - Richmond, VA Residence Inn 3.40 % 2/12/2020 3/11/2030 14,950 14,739 - Portland, ME Residence Inn 3.43 % 3/2/2020 4/1/2030 33,500 33,500 - San Jose, CA Homewood Suites 4.22 % 12/22/2017 5/1/2038 30,000 27,392 28,092 $ 591,306 512,770 454,967 Unamortized fair value adjustment of assumed debt 1,624 2,526 Unamortized debt issuance costs (1,848 ) (1,920 ) Total $ 512,546 $ 455,573 (1) Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan. (2) Loan was repaid in full in March 2020. (3) Interest rate is variable based on one-month LIBOR plus 3.00%. As of December 31, 2020, the interest rate was 3.14%. In July 2020, the principal amount of the note was reduced by approximately $1.1 million representing a credit from the developer for shared construction savings. The total fair value, net premium adjustment for all of the Company’s debt assumptions is being amortized as a reduction to interest expense over the remaining term of the respective mortgages using a method approximating the effective interest rate method, and totaled approximately $0.9 million for each of the three years ended December 31, 2020. Debt issuance costs related to the assumption or origination of debt are amortized over the period to maturity of the applicable debt instrument, as an addition to interest expense, and totaled approximately $3.8 million, $2.8 million and $2.8 million for the three years ended December 31, 2020, 2019 and 2018. The Company’s interest expense in 2020, 2019 and 2018 is net of interest capitalized in conjunction with hotel renovations totaling approximately $0.9 million, $1.3 million and $1.0 million, respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 5 Fair Value of Financial Instruments Except as described below, the carrying value of the Company’s financial instruments approximates fair value due to the short-term nature of these financial instruments. Debt The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. As of December 31, 2020, both the carrying value and estimated fair value of the Company’s debt were approximately $1.5 billion. As of December 31, 2019, both the carrying value and estimated fair value of the Company’s debt were approximately $1.3 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, if in an asset position, are included in other assets, net, and, if in a liability position, are included in accounts payable and other liabilities in the Company’s consolidated balance sheets. Notional Fair Value Asset (Liability) Amount at December 31, 2020 Origination Date Effective Date Maturity Date Swap Fixed Interest Rate December 31, 2020 December 31, 2019 Interest rate swaps designated as cash flow hedges at December 31, 2020: $ 50,000 4/7/2016 9/30/2016 3/31/2021 1.09% $ (117 ) $ 317 100,000 4/7/2016 9/30/2016 3/31/2023 1.33% (2,681 ) 707 75,000 5/31/2017 7/31/2017 6/30/2024 1.96% (4,639 ) (1,286 ) 10,000 8/10/2017 8/10/2017 6/30/2024 2.01% (636 ) (185 ) 50,000 6/1/2018 1/31/2019 6/30/2025 2.89% (5,911 ) (3,407 ) 50,000 7/2/2019 7/5/2019 7/18/2024 1.65% (2,593 ) (193 ) 50,000 8/21/2019 8/23/2019 8/18/2024 1.32% (2,036 ) 595 50,000 8/21/2019 8/23/2019 8/30/2024 1.32% (2,049 ) 603 85,000 12/31/2019 12/31/2019 12/31/2029 1.86% (8,677 ) (842 ) 25,000 12/6/2018 1/31/2020 6/30/2025 2.75% (2,801 ) (1,501 ) 50,000 12/7/2018 5/18/2020 1/31/2024 2.72% (3,967 ) (2,139 ) 75,000 8/21/2019 5/18/2020 5/18/2025 1.27% (3,294 ) 1,222 75,000 7/31/2020 8/18/2020 8/18/2022 0.13% 14 - 75,000 8/21/2019 5/18/2021 5/18/2026 1.30% (3,415 ) 1,309 820,000 (42,802 ) (4,800 ) Interest rate swaps matured prior to December 31, 2020: 212,500 5/19/2015 5/21/2015 5/18/2020 1.58% - 78 110,000 7/2/2015 7/2/2015 5/18/2020 1.62% - 24 322,500 - 102 $ 1,142,500 $ (42,802 ) $ (4,698 ) 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, Amounts reported in accumulated other comprehensive income (loss) 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 $11.2 million of net unrealized losses included in accumulated other comprehensive loss at December 31, 2020 The following tables present the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the years ended December 31, 2020 Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income (Loss) 2020 2019 2018 Interest rate derivatives in cash flow hedging relationships $ (45,850 ) $ (11,035 ) $ 2,608 Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net 2020 2019 2018 Interest rate derivatives in cash flow hedging relationships $ (7,746 ) $ 3,669 $ 2,380 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 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. The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (including the relationships discussed in this section) and are required to approve any significant modifications to the existing relationships, as well as any new significant related party transactions. The Board of Directors is not required to approve each individual transaction that falls under the related party relationships. However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction. Below is a summary of the significant related party relationships in effect and transactions that occurred during each of the three years in the period ended December 31, 2020. Glade M. Knight, Executive Chairman of the Company, owns Apple Realty Group, Inc. (“ARG”), which receives support services from the Company and reimburses the Company for the cost of these services as discussed below. Mr. Knight is also currently a partner and Chief Executive Officer of Energy 11 GP, LLC and Energy Resources 12 GP, LLC, which are the respective general partners of Energy 11, L.P. and Energy Resources 12, L.P., each of which receives support services from ARG. The Company provides support services, including the use of the Company’s employees and corporate office, to ARG and is reimbursed by ARG for the cost of these services. Under this cost sharing structure, amounts reimbursed to the Company include both compensation for personnel and office related costs (including office rent, utilities, office supplies, etc.) used by ARG. The amounts reimbursed to the Company are based on the actual costs of the services and a good faith estimate of the proportionate amount of time incurred by the Company’s employees on behalf of ARG. Total reimbursed costs allocated by the Company to ARG for the years ended December 31, 2020, 2019 and 2018 totaled approximately $1.2 million, $1.3 million and $1.1 million, respectively, and are recorded as a reduction to general and administrative expenses in the Company’s consolidated statements of operations. As part of the cost sharing arrangement, certain day-to-day transactions may result in amounts due to or from the Company and ARG. To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under this cash management process, each company may advance or defer up to $1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies. As of December 31, 2020 and 2019, total amounts due from ARG for reimbursements under the cost sharing structure totaled approximately $0.3 million and $0.5 million, respectively, and are included in other assets, net in the Company’s consolidated balance sheets. The Company, through its wholly-owned subsidiary, Apple Air Holding, LLC, owns a Learjet used primarily for acquisition, asset management, renovation and investor and public relations purposes. The aircraft is also leased to affiliates of the Company based on third-party rates, which leasing activity was not significant during the reporting periods. The Company also utilizes aircraft, owned through an entity owned by the Company’s Executive Chairman, for acquisition, asset management, renovation and investor and public relations purposes, and reimburses these entities at third-party rates. Total costs incurred for the use of the aircraft during 2020, 2019 and 2018 were less than $0.1 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | Note 7 Shareholders’ Equity Distributions Subsequent to the distribution paid in March 2020, the Company announced the suspension of its monthly distributions due to the impact of COVID-19 on its operating cash flows. Prior to the suspension of its distributions, the Company’s annual distribution rate, payable monthly, was $1.20 per common share. For the three years ended December 31, 2020, 2019 and 2018, the Company paid distributions of $0.30, $1.20 and $1.20 per common share for a total of approximately $67.4 million, $268.7 million and $275.9 million, respectively. The distributions paid in 2020 include the distribution paid in January 2020, totaling $22.4 million, that was declared in December 2019, which was included in accounts payable and other liabilities in the Company’s consolidated balance sheet at December 31, 2019. As discussed in Note 4, as a requirement under the June 5, 2020 amendments to its unsecured credit facilities, the Company is restricted in its ability to make distributions during the Covenant Waiver Period, except to the extent required to maintain REIT status. Issuance of Shares On February 28, 2017, the Company entered into an equity distribution agreement which was terminated effective April 11, 2019, pursuant to which the Company could sell, from time to time, up to an aggregate of $300 million of its common shares under an at-the-market offering program (the “2017 ATM Program”). From inception of the 2017 ATM Program in February 2017 through its termination date in April 2019, the Company 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 before commissions and issuance costs. The Company did not sell any shares under the 2017 ATM Program in 2019. The Company used the proceeds from the sale of these shares to pay down borrowings on its revolving credit facility. On August 12, 2020, the Company entered into another equity distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate of $ 300 subject to certain restrictions during the Covenant Waiver Period pursuant to the Company’s amended unsecured credit facilities, as discussed further in Note 4 Share Repurchases In May 2020, the Company’s Board of Directors approved an extension of its existing share repurchase program, authorizing share repurchases up to an aggregate of $345 million (the “Share Repurchase Program”). The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2021 if not terminated earlier. During 2020, 2019 and 2018, the Company purchased under its Share Repurchase Program approximately 1.5 million, 0.3 million and 6.6 million of its common shares at a weighted-average market purchase price of approximately $9.42, $14.92 and $15.87 per common share for an aggregate purchase price, including commissions, of approximately $14.3 million, $4.3 million and $104.3 million, respectively. The shares were repurchased under a written trading plan that provided for share repurchases in open market transactions and was intended to comply with Rule 10b5-1 under the Exchange Act. In March 2020, the Company terminated its written trading plan and did not engage in additional repurchases under the Share Repurchase Program during the balance of 2020. Repurchases under the Share Repurchase Program have been funded, and the Company intends to fund future repurchases, with cash on hand or availability under its unsecured credit facilities subject to any applicable restrictions under the Company’s unsecured credit facilities . As discussed in Note 4 titled “Debt” in Part II, Item 8, of the Consolidated Financial Statements and Notes thereto , appearing elsewhere in this Annual Report on Form 10-K , share repurchases are subject to certain restrictions that apply during the Covenant Waiver Period pursuant to the terms of the June 2020 amendments to the Company’s unsecured credit facilities. Preferred Shares No preferred shares of the Company are issued and outstanding. The Company’s amended and restated articles of incorporation authorize issuance of up to 30 million preferred shares. The Company believes that the authorization to issue preferred shares benefits the Company and its shareholders by permitting flexibility in financing additional growth, giving the Company additional financing options in corporate planning and in responding to developments in its business, including financing of additional acquisitions and other general corporate purposes. Having authorized preferred shares available for issuance in the future gives the Company the ability to respond to future developments and allows preferred shares to be issued without the expense and delay of a special shareholders’ meeting. At present, the Company has no specific financing or acquisition plans involving the issuance of preferred shares and the Company does not propose to fix the characteristics of any series of preferred shares in anticipation of issuing preferred shares. The Company cannot now predict whether or to what extent, if any, preferred shares will be used or if so used what the characteristics of a particular series may be. A series of preferred shares could be given rights that are superior to rights of holders of common shares and a series having preferential distribution rights could limit common share distributions and reduce the amount holders of common shares would otherwise receive on dissolution. Unless otherwise required by applicable law or regulation, the preferred shares would be issuable without further authorization by holders of the common shares and on such terms and for such consideration as may be determined by the Board of Directors. The preferred shares could be issued in one or more series having varying voting rights, redemption and conversion features, distribution (including liquidating distribution) rights and preferences, and other rights, including rights of approval of specified transactions. The voting rights and rights to distributions of the holders of common shares will be subject to the priority rights of the holders of any subsequently-issued preferred shares. |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Compensation Plans | Note 8 Compensation Plans In May 2014, the Board of Directors adopted the Company’s 2014 Omnibus Incentive Plan (the “Omnibus Plan”), and in May 2015, the Company’s shareholders approved the Omnibus Plan. The Omnibus Plan permits the grant of awards of stock options, stock appreciation rights, restricted stock, stock units, deferred stock units, unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, and cash bonus awards to any employee, officer, or director of the Company or an affiliate of the Company, a consultant or adviser currently providing services to the Company or an affiliate of the Company, or any other person whose participation in the Omnibus Plan is determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”) Each year, the Company establishes an incentive plan for its executive management team, which is approved by the Compensation Committee. Under the incentive plan for 2020 (the “2020 Incentive Plan”), participants are eligible to receive a bonus based on the achievement of certain 2020 performance measures determined by the Compensation Committee. As of December 31, 2020, t Under the incentive plan for 2019 (the “2019 Incentive Plan”), the Company accrued approximately $10.6 million, including $7.5 million in share-based compensation as noted below, as a liability for executive bonus payments, which was included in accounts payable and other liabilities in the Company’s consolidated balance sheet as of December 31, 2019 and in general and administrative expenses in the Company’s consolidated statement of operations for the year ended December 31, 2019. Under the incentive plan for 2018 (the “2018 Incentive Plan”), the Company accrued approximately $4.3 million, including $2.4 million in share-based compensation as noted below, as a liability for executive bonus payments, which was included in general and administrative expenses in the Company’s consolidated statement of operations for the year ended December 31, 2018. In 2020, the Company incurred expense associated with two 1.25 2.5 In connection with the resignation in December 2019 of Ms. Rachael Rothman, the Company’s former Executive Vice President and Chief Financial Officer, the Company entered into a separation and general release agreement, pursuant to which the Company accrued in 2019 for a one-time separation payment of approximately $1.6 million, which was paid in January 2020, and a 2019 incentive payment of approximately $0.6 million which was paid in cash in March 2020. Both of these payments were included in accounts payable and other liabilities in the Company’s consolidated balance sheet as of December 31, 2019 and in general and administrative expenses in the Company’s consolidated statements of operations for the year ended December 31, 2019. During the year ended December 31, 2019, the Company incurred a one-time separation payment of $0.5 million in connection with the retirement of the Company’s former Executive Vice President and Chief Legal Officer which, pursuant to the separation and general release agreement executed in March 2019, was paid in April 2019 and was included in general and administrative expenses in the Company’s consolidated statement of operations for the year ended December 31, 2019. Share - Based Compensation Awards The following table sets forth information pertaining to the share-based compensation issued under the 2019 Incentive Plan, the 2018 Incentive Plan and the incentive plan for 2017 (the “2017 Incentive Plan”): 2019 Incentive Plan 2018 Incentive Plan 2017 Incentive Plan Period common shares issued First Quarter 2020 First Quarter 2019 First Quarter 2018 Common shares earned under each incentive plan 665,552 156,926 415,866 Common shares surrendered on issuance date to satisfy tax withholding obligations 60,616 24,999 48,533 Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations 604,936 131,927 367,333 Closing stock price on issuance date $ 13.01 $ 16.49 $ 16.92 Total share-based compensation earned, including the surrendered shares (in millions) $ 8.7 (1) $ 2.6 (2) $ 7.0 (3) Of the total common shares earned and issued, total common shares unrestricted at time of issuance 426,553 105,345 223,421 Of the total common shares earned and issued, total common shares restricted at time of issuance 178,383 26,582 143,912 Restricted common shares vesting date December 11, 2020 December 13, 2019 December 14, 2018 Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares 60,066 5,502 41,389 ________ (1) Of the total 2019 share-based compensation, approximately $7.5 million was recognized as share-based compensation expense during the year ended December 31, 2019, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2019, and the remaining $1.2 million, which vested on December 11, 2020 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2020. (2) Of the total 2018 share-based compensation, approximately $2.4 million was recognized as share-based compensation expense during the year ended December 31, 2018, and the remaining $0.2 million, which vested on December 13, 2019, was recognized as share-based compensation expense during the year ended December 31, 2019. (3) Of the total 2017 share-based compensation, approximately $1.2 million, which vested on December 14, 2018, was recognized as share-based compensation expense during the year ended December 31, 2018. Additionally, in conjunction with the appointment of five 200,000 1.8 March 31, 2023 3 0.4 Non-Employee Director Deferral Program In 2018, the Board of Directors adopted the Non-Employee Director Deferral Program (the “Director Deferral Program”) under the Omnibus Plan for the purpose of providing non-employee members of the Board the opportunity to elect to defer receipt of all or a portion of the annual retainer payable to them for their service on the Board, including amounts payable in both cash and fully vested shares of the Company’s common shares, in the form of deferred cash fees (“DCFs”) and/or deferred stock units (“DSUs”). DCFs and shares on the grant date. DCFs are settled for cash and DSUs are settled for shares of the Company's common stock, which are deliverable upon either: i) termination of the director’s service from the Board , ii) a date previously elected by the director , or iii) the earlier of the two dates, as determined by the d irector at the time he or she make s the election . The deferred amounts will also be paid if prior to the date specified by the director, the Company experiences a change in control or upon death of the director. During the year s ended December 31, 2020, 2019 and 2018, non-employee directors participating in the Director Deferral Program deferred approximately $ 0.3 million, $ million and $ 0.3 million , respectively, which is recorded as deferred compensation expense in general and administrative expenses in the Company’s consolidated statements of operations for the years then ended. On each quarterly deferral date (the date that a portion of the annual retainer would be paid), dividends earned on DSUs are credited to the deferral account in the form of additional DSUs based on dividends declared by the Company on its outstanding c ommon s hares during the quarter and the fair market value of the common shares on such date. Outstanding DSUs at December 31, 20 20 and 201 9 were approximately and , with weighted-average grant date fair value s of $ and $ , valued at $ million and $ million, respectively, which is included in common s tock , a component of shareholders’ equity in the Company’s consolidated balance sheet s as of December 31, 20 20 and 201 9 . |
Management and Franchise Agreem
Management and Franchise Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Contractors [Abstract] | |
Management and Franchise Agreements | Note 9 Management and Franchise Agreements Each of the Company’s 234 hotels owned as of December 31, 2020 is operated and managed under a separate management agreement with one of the following management companies or one of their affiliates, none of which are affiliated with the Company (number of hotels by manager are as of January 1, 2021): Manager Number of Hotels LBAM-Investor Group, LLC ("LBA") 41 Dimension Development Two, LLC ("Dimension") 31 Crestline Hotels & Resorts, LLC ("Crestline") 22 White Lodging Services Corporation ("White Lodging") 22 Raymond Management Company, Inc. ("Raymond") 20 MHH Management, LLC ("McKibbon") 17 Texas Western Management Partners, LP ("Western") 17 Marriott International, Inc. ("Marriott") 14 Newport Hospitality Group, Inc. ("Newport") 12 North Central Hospitality, LLC ("North Central") 10 Aimbridge Hospitality, LLC ("Aimbridge") 9 InnVentures IVI, LP ("InnVentures") 6 Chartwell Hospitality, LLC ("Chartwell") 5 Huntington Hotel Group, LP ("Huntington") 3 Stonebridge Realty Advisors, Inc. ("Stonebridge") 3 Highgate Hotels, L.P. ("Highgate") 1 Hilton Worldwide Holdings Inc. ("Hilton") 1 Total 234 The management agreements generally provide for initial terms of one to 30 years and are terminable by the Company for either failure to achieve performance thresholds or without cause. As of December 31, 2020, over 80% of the Company’s hotels operate under a variable management fee agreement, with an average initial term of approximately one to two years, which the Company believes better aligns incentives for each hotel manager to maximize each property’s performance than a base-plus-incentive management fee structure, as described below, which is more common throughout the industry. Under the variable fee structure, the management fee earned for each hotel is generally within a range of 2.5% to 3.5% of gross revenues, based on each hotel’s performance relative to other hotels owned by the Company. The performance measures are based on various financial and quality performance metrics. The Company’s remaining hotels operate under a management fee structure which generally includes the payment of base management fees and an opportunity for incentive management fees. Under this structure, base management fees are calculated as a percentage of gross revenues and the incentive management fees are calculated as a percentage of operating profit in excess of a priority return to the Company, as defined in the management agreements. In addition to the above, management fees for all of the Company’s hotels generally include accounting fees and other fees for centralized services, which are allocated among all of the hotels that receive the benefit of such services. During 2020, in response to COVID-19 and its impact on hotel performance, the management fee under all variable management fee agreements was set to 3 % of gross revenues . For the years ended December 31, 20 20 , 201 9 and 201 8 , the Company incurred approximately $19.8 million , $43.8 million and $43.9 million , respectively, in management fees. Fifteen of the Company’s hotels are managed by affiliates of Marriott or Hilton. The remainder of the Company’s hotels are managed by companies that are not affiliated with either Marriott, Hilton or Hyatt, and as a result, the branded hotels they manage were required to obtain separate franchise agreements with each respective franchisor. The franchise agreements generally provide for initial terms of approximately 10 to 30 years and generally provide for renewals subject to franchise requirements at the time of renewal. The Company pays various fees under these agreements, including the payment of royalty fees, marketing fees, reservation fees, a communications support fee, brand loyalty program fees and other similar fees based on room revenues. For the years ended December 31, 2020, 2019 and 2018, the Company incurred approximately $26.4 million, $54.9 million and $54.5 million, respectively, in franchise royalty fees. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Lessee Operating And Financing Leases [Abstract] | |
Lease Commitments | Note 10 Lease Commitments The Company is the lessee on certain ground leases, hotel equipment leases and office space leases. As of December 31, 2020, the Company had 15 hotels subject to ground leases and three parking lot ground leases with remaining terms ranging from approximately three to 98 years, excluding renewal options. Certain of its ground leases have options to extend beyond the initial lease term by periods ranging from five to 120 years. Adoption of the New Lease Accounting Standard The Company adopted ASU No. 2016-02, Leases (Topic 842) Under the new standard, the Company’s leases are classified as operating or finance leases. For leases with terms greater than 12 months, at inception of the lease the Company recognizes a ROU asset and lease liability at the estimated present value of the minimum lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Many of the Company’s leases include rental escalation clauses (including fixed scheduled rent increases) and renewal options that are factored into the determination of lease payments when appropriate and the present value of the remaining lease payments is adjusted accordingly. The Company utilizes interest rates implicit in the lease if determinable or, if not, it estimates its incremental borrowing rate from information available at lease commencement, to determine the present value of the lease payments. At transition to the new standard, the Company used information available at that time to determine the incremental borrowing rates on its existing leases at January 1, 2019 based on estimates of rates the Company would pay for senior collateralized loans with terms similar to each lease. Operating Leases Twelve of the Company’s hotel and parking lot ground leases as well as certain applicable hotel equipment leases and office space leases are classified as operating leases, for which the Company recorded ROU assets and lease liabilities at adoption of the new standard. The ROU assets are included in other assets, net and the lease liabilities are included in accounts payable and other liabilities in the Company’s consolidated balance sheet. In addition, at adoption of the new standard, the Company reclassified its intangible assets for below market ground leases and intangible liabilities for above market ground leases related to these leases from other assets, net and accounts payable and other liabilities in the Company’s consolidated balance sheet, respectively, as well as accrued straight-line lease liabilities related to these leases from accounts payable and other liabilities in the Company’s consolidated balance sheet to the beginning ROU assets. Lease expense is recognized on a straight-line basis over the term of the respective lease and the value of each lease intangible is amortized over the term of the respective lease. Costs related to operating ground leases are included in operating ground lease expense, while costs related to hotel equipment leases are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases are included in general and administrative expense in the Company’s consolidated statements of operations. Finance Leases Six of the Company’s hotel ground leases are classified as finance leases, for which the Company recorded ROU assets and lease liabilities at the latter of the adoption of the new standard or the acquisition of the lease. The ROU assets are recorded as finance ground lease assets within investment in real estate, net and the lease liabilities are recorded as finance lease liabilities in the Company’s consolidated balance sheet. In addition, at adoption of the new standard, the Company reclassified its intangible assets for below market ground leases and intangible liabilities for above market ground leases related to these leases from other assets, net and accounts payable and other liabilities in the Company’s consolidated balance sheet, respectively, to the beginning ROU assets. At adoption of the new standard, the Company recorded a cumulative-effect adjustment totaling approximately $5.2 million, which included the derecognition of accrued straight-line lease liabilities related to the finance leases, to distributions greater than net income, a component of shareholders’ equity in the Company’s consolidated balance sheet. The ROU asset and value of each lease intangible is amortized over the term of the respective lease. Costs related to finance ground leases are included in depreciation and amortization expense and interest and other expense, net in the Company’s consolidated statement of operations. Under the terms of the Company’s ground leases, certain minimum lease payments are subject to change based on criteria specified in the lease. Changes in minimum lease payments that are not fixed scheduled increases are reflected in the ROU asset and lease liability when the payments become fixed and determinable based on the actual criteria defined in the lease. Minimum lease payments may be estimated if the change date occurs and the new minimum lease payments are not yet determinable. During 2019, the Company, based on additional information, estimated a required increase in lease payments under one of its finance ground leases. The estimated increase is reflected in the finance ground lease ROU asset and liability at the anticipated effective date of the change. The increase and effective date are subject to agreement with the lessor and could increase in the future. The total increase in the lease ROU asset and liability was estimated based on available information and was approximately $53 million. Lease Position as of December 31, 2020 and 2019 The following table sets forth the lease-related assets and liabilities included in the Company’s consolidated balance sheet as of December 31, 2020 and 2019. All dollar amounts are in thousands. Consolidated Balance Sheet December 31, Classification 2020 2019 Assets Operating lease assets, net Other assets, net $ 27,250 $ 28,311 Finance ground lease assets, net (1) Investment in real estate, net 192,751 193,184 Total lease assets $ 220,001 $ 221,495 Liabilities Operating lease liabilities Accounts payable and other liabilities $ 11,642 $ 12,130 Finance lease liabilities Finance lease liabilities 219,981 216,627 Total lease liabilities $ 231,623 $ 228,757 Weighted-average remaining lease term Operating leases 38 years Finance leases 30 years Weighted-average discount rate Operating leases 5.47% Finance leases 5.26% (1) Finance ground lease assets are net of accumulated amortization of approximately $10.9 million and $4.4 million as of December 31, 2020 and 2019, respectively. Lease Costs for the Year s Ended December 31, 2020 and 2019 The following table sets forth the lease costs related to the Company’s operating and finance ground leases included in the Company’s consolidated statement of operations for the years ended December 31, 2020 and 2019 (in thousands): Consolidated Statement of Year Ended December 31, Operations Classification 2020 2019 Operating lease costs (1) Operating ground lease expense $ 1,509 $ 1,658 Finance lease costs: Amortization of lease assets Depreciation and amortization expense 6,433 4,517 Interest on lease liabilities Interest and other expense, net 11,402 8,241 Total lease costs $ 19,344 $ 14,416 (1) Represents costs related to ground leases, including variable lease costs. Excludes costs related to hotel equipment leases, which are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases, which are included in general and administrative expense in the Company's consolidated statement of operations. These costs are not significant for disclosure. Undiscounted Cash Flows The following table reconciles the undiscounted cash flows for each of the next five years and total of the remaining years to the operating lease liabilities and finance lease liabilities included in the Company’s consolidated balance sheet as of December 31, 2020 (in thousands): Operating leases Finance leases 2021 $ 1,108 $ 9,618 2022 912 9,767 2023 787 10,116 2024 765 11,249 2025 776 11,602 Thereafter 31,671 454,467 Total minimum lease payments 36,019 506,819 Less: amount of lease payments representing interest 24,377 286,838 Present value of lease liabilities $ 11,642 $ 219,981 Supplemental Cash Flow Information The following table sets forth supplemental cash flow information related to the Company’s operating and finance leases for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,295 $ 1,344 Operating cash flows for finance leases 8,048 6,989 Information for Period Prior to the Adoption of the New Lease Accounting Standard Prior to the adoption of Topic 842, the Company’s leases were classified as operating leases. The Company recorded, at the time of acquisition, initial intangible assets for ground leases assumed that were below market leases and initial intangible liabilities for ground leases assumed that were above market leases. The value of each lease intangible was amortized over the term of the respective lease with the amortization included in operating ground lease expense in the Company’s consolidated statements of operations, resulting in a net increase of approximately $0.8 million to operating ground lease expense for the year ended December 31, 2018 . Operating ground lease expense also included approximately $ 3.5 million of adjustments to record rent on a straight-line basis for the year ended December 31, 2018. |
Industry Segments
Industry Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Industry Segments | Note 11 Industry Segments The Company owns hotel properties throughout the U.S. that generate rental, food and beverage, and other property-related income. The Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, and each hotel is not individually significant, the properties have been aggregated into a single reportable segment. All segment disclosures are included in or can be derived from the Company’s consolidated financial statements. |
Hotel Purchase Contract Commitm
Hotel Purchase Contract Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Hotel Purchase Contract Commitments | Note 12 Hotel Purchase Contract Commitments As of December 31, 2020, the Company had one outstanding contract, which was entered into prior to 2020, for the potential purchase of a hotel in Madison, Wisconsin for an expected purchase price of approximately $49.6 million. The hotel was under development and was |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 13 Quarterly Financial Data (Unaudited) The following is a summary of quarterly results of operations for the years ended December 31, 2020 and 2019 (in thousands, except per share data): 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 238,010 $ 81,078 $ 148,826 $ 133,965 Net loss $ (2,769 ) $ (78,243 ) $ (40,948 ) $ (51,247 ) Comprehensive loss $ (44,935 ) $ (82,438 ) $ (38,209 ) $ (45,729 ) Basic and diluted net loss per common share $ (0.01 ) $ (0.35 ) $ (0.18 ) $ (0.23 ) 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 303,787 $ 341,117 $ 331,722 $ 289,971 Net income $ 38,151 $ 62,090 $ 46,223 $ 25,453 Comprehensive income $ 32,107 $ 51,970 $ 42,030 $ 31,106 Basic and diluted net income per common share $ 0.17 $ 0.28 $ 0.21 $ 0.11 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14 Subsequent Events On February 18, 2021, the Company closed on the purchase of the newly developed 176-room Hilton Garden Inn in Madison, Wisconsin, for a gross purchase price of approximately $49.6 million, utilizing borrowings on the Company’s revolving credit facility. |
SCHEDULE III Real Estate and Ac
SCHEDULE III Real Estate and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III Real Estate and Accumulated Depreciation and Amortization | SCHEDULE III Real Estate and Accumulated Depreciation and Amortization As of December 31, 2020 (dollars in thousands) Subsequently Initial Cost Capitalized Bldg./ FF&E Bldg. Imp. & Total Gross Acc. Date of Date Depreciable # of City State Description Encumbrances Land (1) /Other FF&E Cost (2) Deprec. Construction Acquired Life Rooms Anchorage AK Embassy Suites $ 18,660 $ 2,955 $ 39,053 $ 4,408 $ 46,416 $ (15,391 ) 2008 Apr-10 3 - 39 yrs. 169 Anchorage AK Home2 Suites - 2,683 21,606 32 24,321 (2,413 ) 2015 Dec-17 3 - 39 yrs. 135 Auburn AL Hilton Garden Inn - 1,580 9,659 585 11,824 (2,983 ) 2001 Mar-14 3 - 39 yrs. 101 Birmingham AL Courtyard - 2,310 6,425 1,385 10,120 (2,126 ) 2007 Mar-14 3 - 39 yrs. 84 Birmingham AL Hilton Garden Inn - 3,425 15,555 15 18,995 (2,026 ) 2017 Sep-17 3 - 39 yrs. 104 Birmingham AL Home2 Suites - 3,491 15,603 14 19,108 (1,943 ) 2017 Sep-17 3 - 39 yrs. 106 Birmingham AL Homewood Suites - 1,010 12,981 1,918 15,909 (3,873 ) 2005 Mar-14 3 - 39 yrs. 95 Dothan AL Hilton Garden Inn - 1,037 10,581 1,574 13,192 (4,598 ) 2009 Jun-09 3 - 39 yrs. 104 Dothan AL Residence Inn - 970 13,185 1,071 15,226 (3,224 ) 2008 Mar-14 3 - 39 yrs. 84 Huntsville AL Hampton - 550 11,962 81 12,593 (1,838 ) 2013 Sep-16 3 - 39 yrs. 98 Huntsville AL Hilton Garden Inn - 890 11,227 527 12,644 (3,057 ) 2005 Mar-14 3 - 39 yrs. 101 Huntsville AL Home2 Suites - 490 10,840 86 11,416 (1,646 ) 2013 Sep-16 3 - 39 yrs. 77 Huntsville AL Homewood Suites 6,742 210 15,654 1,995 17,859 (4,377 ) 2006 Mar-14 3 - 39 yrs. 107 Mobile AL Hampton - - 11,452 427 11,879 (1,822 ) 2006 Sep-16 3 - 39 yrs. 101 Montgomery AL Hilton Garden Inn - 2,640 12,315 428 15,383 (3,408 ) 2003 Mar-14 3 - 39 yrs. 97 Montgomery AL Homewood Suites - 1,760 10,818 536 13,114 (3,341 ) 2004 Mar-14 3 - 39 yrs. 91 Prattville AL Courtyard 5,354 2,050 9,101 1,033 12,184 (2,661 ) 2007 Mar-14 3 - 39 yrs. 84 Rogers AR Hampton - 911 8,483 4,103 13,497 (3,853 ) 1998 Aug-10 3 - 39 yrs. 122 Rogers AR Homewood Suites - 1,375 9,514 2,434 13,323 (5,235 ) 2006 Apr-10 3 - 39 yrs. 126 Rogers AR Residence Inn - 1,130 12,417 646 14,193 (3,385 ) 2003 Mar-14 3 - 39 yrs. 88 Chandler AZ Courtyard - 1,061 16,008 1,683 18,752 (5,999 ) 2009 Nov-10 3 - 39 yrs. 150 Chandler AZ Fairfield - 778 11,272 1,085 13,135 (4,109 ) 2009 Nov-10 3 - 39 yrs. 110 Phoenix AZ Courtyard - 1,413 14,669 2,526 18,608 (6,415 ) 2007 Nov-10 3 - 39 yrs. 164 Phoenix AZ Courtyard - 1,730 17,401 274 19,405 (2,683 ) 2008 Sep-16 3 - 39 yrs. 127 Phoenix AZ Hampton - - 15,209 408 15,617 (2,501 ) 2008 Sep-16 3 - 39 yrs. 125 Phoenix AZ Hampton - 3,406 41,174 13 44,593 (3,878 ) 2018 May-18 3 - 39 yrs. 210 Phoenix AZ Homewood Suites - - 18,907 243 19,150 (3,163 ) 2008 Sep-16 3 - 39 yrs. 134 Phoenix AZ Residence Inn - 1,111 12,953 1,886 15,950 (5,375 ) 2008 Nov-10 3 - 39 yrs. 129 Scottsdale AZ Hilton Garden Inn - 6,000 26,861 460 33,321 (3,663 ) 2005 Sep-16 3 - 39 yrs. 122 Tempe AZ Hyatt House - - (4) 23,990 - 23,990 (374 ) 2020 Aug-20 3 - 39 yrs. 105 Tempe AZ Hyatt Place - - (4) 34,877 - 34,877 (531 ) 2020 Aug-20 3 - 39 yrs. 154 Tucson AZ Hilton Garden Inn - 1,005 17,925 2,072 21,002 (7,878 ) 2008 Jul-08 3 - 39 yrs. 125 Tucson AZ Residence Inn - 2,080 12,424 1,732 16,236 (3,701 ) 2008 Mar-14 3 - 39 yrs. 124 Tucson AZ TownePlace Suites - 992 14,543 294 15,829 (4,473 ) 2011 Oct-11 3 - 39 yrs. 124 Agoura Hills CA Homewood Suites - 3,430 21,290 2,410 27,130 (5,973 ) 2007 Mar-14 3 - 39 yrs. 125 Burbank CA Courtyard 23,315 12,916 41,218 774 54,908 (7,589 ) 2002 Aug-15 3 - 39 yrs. 190 Burbank CA Residence Inn - 32,270 41,559 2,864 76,693 (10,203 ) 2007 Mar-14 3 - 39 yrs. 166 Burbank CA SpringHill Suites 27,078 10,734 49,181 125 60,040 (8,489 ) 2015 Jul-15 3 - 39 yrs. 170 Clovis CA Hampton - 1,287 9,888 1,227 12,402 (4,112 ) 2009 Jul-09 3 - 39 yrs. 86 Clovis CA Homewood Suites - 1,500 10,970 1,763 14,233 (4,383 ) 2010 Feb-10 3 - 39 yrs. 83 Cypress CA Courtyard - 4,410 35,033 1,539 40,982 (8,959 ) 1988 Mar-14 3 - 39 yrs. 180 Cypress CA Hampton - 3,209 16,749 2,304 22,262 (3,939 ) 2006 Jun-15 3 - 39 yrs. 110 Oceanside CA Courtyard 12,605 3,080 25,769 2,084 30,933 (3,778 ) 2011 Sep-16 3 - 39 yrs. 142 Oceanside CA Residence Inn - 7,790 24,048 2,232 34,070 (6,157 ) 2007 Mar-14 3 - 39 yrs. 125 Rancho Bernardo/San Diego CA Courtyard 12,422 16,380 28,952 846 46,178 (7,551 ) 1987 Mar-14 3 - 39 yrs. 210 Sacramento CA Hilton Garden Inn - 5,920 21,515 3,882 31,317 (6,791 ) 1999 Mar-14 3 - 39 yrs. 153 San Bernardino CA Residence Inn - 1,490 13,662 1,928 17,080 (5,300 ) 2006 Feb-11 3 - 39 yrs. 95 San Diego CA Courtyard 23,232 11,268 44,851 986 57,105 (8,520 ) 2002 Sep-15 3 - 39 yrs. 245 San Diego CA Hampton 17,295 13,570 36,644 3,152 53,366 (8,988 ) 2001 Mar-14 3 - 39 yrs. 177 San Diego CA Hilton Garden Inn - 8,020 29,151 712 37,883 (7,372 ) 2004 Mar-14 3 - 39 yrs. 200 San Diego CA Residence Inn 15,061 22,400 20,640 489 43,529 (5,912 ) 1999 Mar-14 3 - 39 yrs. 121 San Jose CA Homewood Suites 27,392 12,860 28,084 5,230 46,174 (9,914 ) 1991 Mar-14 3 - 39 yrs. 140 San Juan Capistrano CA Residence Inn - - (4) 32,292 159 32,451 (4,530 ) 2012 Sep-16 3 - 39 yrs. 130 Santa Ana CA Courtyard 14,770 3,082 21,051 2,171 26,304 (6,926 ) 2011 May-11 3 - 39 yrs. 155 Santa Clarita CA Courtyard - 4,568 18,721 2,639 25,928 (8,807 ) 2007 Sep-08 3 - 39 yrs. 140 Santa Clarita CA Fairfield - 1,864 7,753 1,965 11,582 (4,207 ) 1997 Oct-08 3 - 39 yrs. 66 Santa Clarita CA Hampton - 1,812 15,761 6,313 23,886 (8,471 ) 1988 Oct-08 3 - 39 yrs. 128 Santa Clarita CA Residence Inn - 2,539 14,493 4,227 21,259 (8,394 ) 1997 Oct-08 3 - 39 yrs. 90 Tustin CA Fairfield - 7,700 26,580 160 34,440 (3,728 ) 2013 Sep-16 3 - 39 yrs. 145 Tustin CA Residence Inn - 11,680 33,645 183 45,508 (4,850 ) 2013 Sep-16 3 - 39 yrs. 149 Colorado Springs CO Hampton 7,317 1,780 15,860 292 17,932 (2,483 ) 2008 Sep-16 3 - 39 yrs. 101 Denver CO Hilton Garden Inn 30,387 9,940 57,595 1,143 68,678 (8,736 ) 2007 Sep-16 3 - 39 yrs. 221 Highlands Ranch CO Hilton Garden Inn - 5,480 20,465 530 26,475 (4,844 ) 2006 Mar-14 3 - 39 yrs. 128 Highlands Ranch CO Residence Inn - 5,350 19,167 3,428 27,945 (6,490 ) 1996 Mar-14 3 - 39 yrs. 117 Boca Raton FL Hilton Garden Inn - 7,220 22,177 620 30,017 (3,414 ) 2002 Sep-16 3 - 39 yrs. 149 Cape Canaveral FL Hampton 10,275 2,594 20,951 - 23,545 (576 ) 2020 Apr-20 3 - 39 yrs. 116 Cape Canaveral FL Homewood Suites - 2,780 23,967 43 26,790 (3,971 ) 2016 Sep-16 3 - 39 yrs. 153 Cape Canaveral FL Home2 Suites 10,275 2,415 19,668 - 22,083 (554 ) 2020 Apr-20 3 - 39 yrs. 108 Fort Lauderdale FL Hampton - 1,793 21,357 5,003 28,153 (6,095 ) 2002 Jun-15 3 - 39 yrs. 156 Fort Lauderdale FL Residence Inn - 5,760 26,727 102 32,589 (4,027 ) 2014 Sep-16 3 - 39 yrs. 156 Gainesville FL Hilton Garden Inn - 1,300 17,322 450 19,072 (2,592 ) 2007 Sep-16 3 - 39 yrs. 104 Gainesville FL Homewood Suites - 1,740 16,329 410 18,479 (2,633 ) 2005 Sep-16 3 - 39 yrs. 103 Jacksonville FL Homewood Suites - 9,480 21,247 2,578 33,305 (6,868 ) 2005 Mar-14 3 - 39 yrs. 119 Jacksonville FL Hyatt Place - 2,013 13,533 403 15,949 (1,136 ) 2009 Dec-18 3 - 39 yrs. 127 Lakeland FL Courtyard - 3,740 10,813 1,449 16,002 (3,138 ) 2000 Mar-14 3 - 39 yrs. 78 Miami FL Courtyard - - 31,488 1,875 33,363 (7,401 ) 2008 Mar-14 3 - 39 yrs. 118 Miami FL Hampton - 1,972 9,987 6,475 18,434 (6,641 ) 2000 Apr-10 3 - 39 yrs. 121 Miami FL Homewood Suites 13,537 18,820 25,375 4,195 48,390 (8,343 ) 2000 Mar-14 3 - 39 yrs. 162 Orlando FL Fairfield - 3,140 22,580 2,884 28,604 (9,197 ) 2009 Jul-09 3 - 39 yrs. 200 Orlando FL Home2 Suites - 2,731 18,063 58 20,852 (1,349 ) 2019 Mar-19 3 - 39 yrs. 128 Orlando FL SpringHill Suites - 3,141 25,779 2,881 31,801 (10,487 ) 2009 Jul-09 3 - 39 yrs. 200 Panama City FL Hampton - 1,605 9,995 1,320 12,920 (4,385 ) 2009 Mar-09 3 - 39 yrs. 95 Panama City FL TownePlace Suites - 908 9,549 440 10,897 (3,563 ) 2010 Jan-10 3 - 39 yrs. 103 Pensacola FL TownePlace Suites - 1,770 12,562 270 14,602 (1,939 ) 2008 Sep-16 3 - 39 yrs. 97 Tallahassee FL Fairfield - 960 11,734 156 12,850 (1,645 ) 2011 Sep-16 3 - 39 yrs. 97 Tallahassee FL Hilton Garden Inn - - 10,938 381 11,319 (2,881 ) 2006 Mar-14 3 - 39 yrs. 85 Tampa FL Embassy Suites - 1,824 20,034 3,361 25,219 (8,265 ) 2007 Nov-10 3 - 39 yrs. 147 Albany GA Fairfield - 899 7,263 190 8,352 (2,711 ) 2010 Jan-10 3 - 39 yrs. 87 Atlanta / Downtown GA Hampton - 7,861 16,374 3,690 27,925 (2,230 ) 1999 Feb-18 3 - 39 yrs. 119 Atlanta / Perimeter Dunwoody GA Hampton - 3,228 26,498 29 29,755 (2,290 ) 2016 Jun-18 3 - 39 yrs. 132 Atlanta GA Home2 Suites - 740 23,122 1,045 24,907 (3,790 ) 2016 Jul-16 3 - 39 yrs. 128 Macon GA Hilton Garden Inn - - 15,043 586 15,629 (3,801 ) 2007 Mar-14 3 - 39 yrs. 101 Savannah GA Hilton Garden Inn - - 14,716 2,194 16,910 (4,019 ) 2004 Mar-14 3 - 39 yrs. 105 Cedar Rapids IA Hampton - 1,590 11,364 192 13,146 (1,982 ) 2009 Sep-16 3 - 39 yrs. 103 Cedar Rapids IA Homewood Suites - 1,770 13,116 1,992 16,878 (2,357 ) 2010 Sep-16 3 - 39 yrs. 95 Davenport IA Hampton - 400 16,915 725 18,040 (2,712 ) 2007 Sep-16 3 - 39 yrs. 103 Boise ID Hampton 22,146 1,335 21,114 3,082 25,531 (8,999 ) 2007 Apr-10 3 - 39 yrs. 186 Des Plaines IL Hilton Garden Inn - 10,000 38,116 731 48,847 (5,366 ) 2005 Sep-16 3 - 39 yrs. 252 Hoffman Estates IL Hilton Garden Inn - 1,770 14,373 814 16,957 (2,501 ) 2000 Sep-16 3 - 39 yrs. 184 Mettawa IL Hilton Garden Inn - 2,246 28,328 2,741 33,315 (9,913 ) 2008 Nov-10 3 - 39 yrs. 170 Mettawa IL Residence Inn - 1,722 21,843 1,851 25,416 (7,513 ) 2008 Nov-10 3 - 39 yrs. 130 Rosemont IL Hampton - 3,410 23,594 58 27,062 (3,731 ) 2015 Sep-16 3 - 39 yrs. 158 Schaumburg IL Hilton Garden Inn - 1,450 19,122 2,684 23,256 (7,569 ) 2008 Nov-10 3 - 39 yrs. 166 Skokie IL Hampton - 2,650 31,284 3,076 37,010 (4,866 ) 2000 Sep-16 3 - 39 yrs. 225 Warrenville IL Hilton Garden Inn - 1,171 20,894 2,684 24,749 (7,649 ) 2008 Nov-10 3 - 39 yrs. 135 Indianapolis IN SpringHill Suites - 1,310 11,542 2,143 14,995 (4,760 ) 2007 Nov-10 3 - 39 yrs. 130 Merrillville IN Hilton Garden Inn - 1,860 17,755 647 20,262 (2,809 ) 2008 Sep-16 3 - 39 yrs. 124 Mishawaka IN Residence Inn - 898 12,862 1,504 15,264 (4,780 ) 2007 Nov-10 3 - 39 yrs. 106 South Bend IN Fairfield - 2,090 23,361 1,348 26,799 (3,382 ) 2010 Sep-16 3 - 39 yrs. 119 Overland Park KS Fairfield - 1,230 11,713 1,485 14,428 (3,022 ) 2008 Mar-14 3 - 39 yrs. 110 Overland Park KS Residence Inn - 1,790 20,633 2,867 25,290 (6,786 ) 2000 Mar-14 3 - 39 yrs. 120 Overland Park KS SpringHill Suites - 1,060 8,263 588 9,911 (3,310 ) 1998 Mar-14 3 - 39 yrs. 102 Wichita KS Courtyard - 1,940 9,739 1,153 12,832 (3,583 ) 2000 Mar-14 3 - 39 yrs. 90 Lafayette LA Hilton Garden Inn - - 17,898 3,314 21,212 (7,869 ) 2006 Jul-10 3 - 39 yrs. 153 Lafayette LA SpringHill Suites - 709 9,400 216 10,325 (3,116 ) 2011 Jun-11 3 - 39 yrs. 103 New Orleans LA Homewood Suites 22,766 4,150 52,258 5,109 61,517 (13,272 ) 2002 Mar-14 3 - 39 yrs. 166 Andover MA SpringHill Suites - 702 5,799 2,714 9,215 (3,881 ) 2001 Nov-10 3 - 39 yrs. 136 Marlborough MA Residence Inn - 3,480 17,341 1,902 22,723 (5,011 ) 2006 Mar-14 3 - 39 yrs. 112 Westford MA Hampton - 3,410 16,320 1,644 21,374 (4,255 ) 2007 Mar-14 3 - 39 yrs. 110 Westford MA Residence Inn 8,605 1,760 20,791 4,430 26,981 (5,677 ) 2001 Mar-14 3 - 39 yrs. 108 Annapolis MD Hilton Garden Inn - 4,350 13,974 1,927 20,251 (4,393 ) 2007 Mar-14 3 - 39 yrs. 126 Silver Spring MD Hilton Garden Inn - 1,361 16,094 1,728 19,183 (5,694 ) 2010 Jul-10 3 - 39 yrs. 107 Portland ME Residence Inn 33,500 4,440 51,534 765 56,739 (5,234 ) 2009 Oct-17 3 - 39 yrs. 179 Novi MI Hilton Garden Inn - 1,213 15,052 2,280 18,545 (6,109 ) 2008 Nov-10 3 - 39 yrs. 148 Maple Grove MN Hilton Garden Inn - 1,560 13,717 3,257 18,534 (2,537 ) 2003 Sep-16 3 - 39 yrs. 121 Rochester MN Hampton - 916 13,225 2,411 16,552 (5,775 ) 2009 Aug-09 3 - 39 yrs. 124 St. Paul MN Hampton - 2,523 29,365 10 31,898 (1,831 ) 2016 Mar-19 3 - 39 yrs. 160 Kansas City MO Hampton - 727 9,363 1,595 11,685 (4,105 ) 1999 Aug-10 3 - 39 yrs. 122 Kansas City MO Residence Inn - 2,000 20,818 3,543 26,361 (5,916 ) 2002 Mar-14 3 - 39 yrs. 106 St. Louis MO Hampton - 1,758 20,954 9,424 32,136 (10,858 ) 2003 Aug-10 3 - 39 yrs. 190 St. Louis MO Hampton - 758 15,287 2,223 18,268 (6,295 ) 2006 Apr-10 3 - 39 yrs. 126 Hattiesburg MS Courtyard 4,729 1,390 11,324 1,299 14,013 (2,969 ) 2006 Mar-14 3 - 39 yrs. 84 Hattiesburg MS Residence Inn - 906 9,151 1,061 11,118 (4,081 ) 2008 Dec-08 3 - 39 yrs. 84 Carolina Beach NC Courtyard - 7,490 31,588 4,110 43,188 (8,118 ) 2003 Mar-14 3 - 39 yrs. 144 Charlotte NC Fairfield - 1,030 11,111 1,204 13,345 (1,911 ) 2010 Sep-16 3 - 39 yrs. 94 Durham NC Homewood Suites - 1,232 18,343 5,041 24,616 (10,029 ) 1999 Dec-08 3 - 39 yrs. 122 Fayetteville NC Home2 Suites - 746 10,563 1,237 12,546 (4,055 ) 2011 Feb-11 3 - 39 yrs. 118 Fayetteville NC Residence Inn - 3,530 19,799 982 24,311 (5,225 ) 2006 Mar-14 3 - 39 yrs. 92 Greensboro NC SpringHill Suites - 1,850 10,157 486 12,493 (2,805 ) 2004 Mar-14 3 - 39 yrs. 82 Jacksonville NC Home2 Suites - 910 12,527 228 13,665 (1,906 ) 2012 Sep-16 3 - 39 yrs. 105 Wilmington NC Fairfield - 1,310 13,034 1,213 15,557 (3,364 ) 2008 Mar-14 3 - 39 yrs. 122 Winston-Salem NC Hampton - 2,170 14,268 1,024 17,462 (1,954 ) 2010 Sep-16 3 - 39 yrs. 94 Omaha NE Courtyard - 6,700 36,829 6,083 49,612 (9,826 ) 1999 Mar-14 3 - 39 yrs. 181 Omaha NE Hampton - 1,710 22,636 308 24,654 (3,396 ) 2007 Sep-16 3 - 39 yrs. 139 Omaha NE Hilton Garden Inn 20,936 1,620 35,962 661 38,243 (5,205 ) 2001 Sep-16 3 - 39 yrs. 178 Omaha NE Homewood Suites - 1,890 22,014 171 24,075 (3,537 ) 2008 Sep-16 3 - 39 yrs. 123 Cranford NJ Homewood Suites - 4,550 23,828 3,968 32,346 (7,350 ) 2000 Mar-14 3 - 39 yrs. 108 Mahwah NJ Homewood Suites - 3,220 22,742 4,320 30,282 (7,078 ) 2001 Mar-14 3 - 39 yrs. 110 Mount Laurel NJ Homewood Suites - 1,589 13,476 6,221 21,286 (6,174 ) 2006 Jan-11 3 - 39 yrs. 118 Somerset NJ Courtyard 7,179 - 27,133 3,557 30,690 (9,637 ) 2002 Mar-14 3 - 25 yrs. 162 West Orange NJ Courtyard - 2,054 19,513 3,982 25,549 (7,402 ) 2005 Jan-11 3 - 39 yrs. 131 Islip/Ronkonkoma NY Hilton Garden Inn - 6,510 28,718 6,278 41,506 (7,569 ) 2003 Mar-14 3 - 39 yrs. 166 New York NY Independent - - (4) 102,832 (72,723 ) (3) 30,109 (16,215 ) 1916 Mar-14 3 - 32 yrs. 208 Syracuse NY Courtyard - 812 23,278 107 24,197 (3,991 ) 2013 Oct-15 3 - 39 yrs. 102 Syracuse NY Residence Inn - 621 17,589 113 18,323 (3,145 ) 2013 Oct-15 3 - 39 yrs. 78 Mason OH Hilton Garden Inn - 1,120 16,770 1,134 19,024 (2,811 ) 2010 Sep-16 3 - 39 yrs. 110 Twinsburg OH Hilton Garden Inn - 1,419 16,614 3,934 21,967 (8,723 ) 1999 Oct-08 3 - 39 yrs. 142 Oklahoma City OK Hampton - 1,430 31,327 2,212 34,969 (11,068 ) 2009 May-10 3 - 39 yrs. 200 Oklahoma City OK Hilton Garden Inn - 1,270 32,700 154 34,124 (4,597 ) 2014 Sep-16 3 - 39 yrs. 155 Oklahoma City OK Homewood Suites - 760 20,056 15 20,831 (2,927 ) 2014 Sep-16 3 - 39 yrs. 100 Oklahoma City (West) OK Homewood Suites - 1,280 13,340 386 15,006 (2,482 ) 2008 Sep-16 3 - 39 yrs. 90 Collegeville/Philadelphia PA Courtyard 10,105 2,115 17,953 4,621 24,689 (7,344 ) 2005 Nov-10 3 - 39 yrs. 132 Malvern/Philadelphia PA Courtyard - 996 20,374 2,134 23,504 (7,375 ) 2007 Nov-10 3 - 39 yrs. 127 Pittsburgh PA Hampton - 2,503 18,537 4,929 25,969 (9,215 ) 1991 Dec-08 3 - 39 yrs. 132 Charleston SC Home2 Suites - 3,250 16,778 1,445 21,473 (2,579 ) 2011 Sep-16 3 - 39 yrs. 122 Columbia SC Hilton Garden Inn - 3,540 16,399 755 20,694 (4,855 ) 2006 Mar-14 3 - 39 yrs. 143 Columbia SC TownePlace Suites - 1,330 10,839 1,199 13,368 (1,978 ) 2009 Sep-16 3 - 39 yrs. 91 Greenville SC Residence Inn - 900 9,778 547 11,225 (2,905 ) 1998 Mar-14 3 - 39 yrs. 78 Hilton Head SC Hilton Garden Inn - 3,600 11,386 2,419 17,405 (3,563 ) 2001 Mar-14 3 - 39 yrs. 104 Chattanooga TN Homewood Suites - 1,410 9,361 2,873 13,644 (3,815 ) 1997 Mar-14 3 - 39 yrs. 76 Franklin TN Courtyard 13,563 2,510 31,341 639 34,490 (4,418 ) 2008 Sep-16 3 - 39 yrs. 126 Franklin TN Residence Inn 13,563 2,970 29,208 1,496 33,674 (4,442 ) 2009 Sep-16 3 - 39 yrs. 124 Jackson TN Hampton - 692 12,281 1,402 14,375 (5,118 ) 2007 Dec-08 3 - 39 yrs. 85 Johnson City TN Courtyard - 1,105 8,632 279 10,016 (3,365 ) 2009 Sep-09 3 - 39 yrs. 90 Knoxville TN Homewood Suites - 2,160 14,704 221 17,085 (2,403 ) 2005 Sep-16 3 - 39 yrs. 103 Knoxville TN SpringHill Suites - 1,840 12,441 240 14,521 (2,017 ) 2006 Sep-16 3 - 39 yrs. 103 Knoxville TN TownePlace Suites - 1,190 7,920 1,459 10,569 (1,866 ) 2003 Sep-16 3 - 39 yrs. 97 Memphis TN Hampton - 2,449 37,097 4,417 43,963 (4,228 ) 2000 Feb-18 3 - 39 yrs. 144 Memphis TN Homewood Suites - 1,930 13,028 (1,824 ) (3) 13,134 (5,289 ) 1989 Mar-14 3 - 39 yrs. 140 Nashville TN Hilton Garden Inn - 2,754 39,997 4,038 46,789 (14,521 ) 2009 Sep-10 3 - 39 yrs. 194 Nashville TN Home2 Suites - 1,153 15,206 1,411 17,770 (4,793 ) 2012 May-12 3 - 39 yrs. 119 Nashville TN TownePlace Suites - 7,390 13,929 1,226 22,545 (2,135 ) 2012 Sep-16 3 - 39 yrs. 101 Addison TX SpringHill Suites - 1,210 19,700 2,950 23,860 (5,989 ) 2003 Mar-14 3 - 39 yrs. 159 Allen TX Hampton - 1,442 11,456 1,801 14,699 (5,843 ) 2006 Sep-08 3 - 39 yrs. 103 Allen TX Hilton Garden Inn - 2,130 16,731 5,377 24,238 (9,963 ) 2002 Oct-08 3 - 39 yrs. 150 Arlington TX Hampton - 1,217 8,738 1,620 11,575 (3,710 ) 2007 Dec-10 3 - 39 yrs. 98 Austin TX Courtyard - 1,579 18,487 2,083 22,149 (6,372 ) 2009 Nov-10 3 - 39 yrs. 145 Austin TX Fairfield - 1,306 16,504 1,908 19,718 (5,831 ) 2009 Nov-10 3 - 39 yrs. 150 Austin TX Hampton - 1,459 17,184 5,435 24,078 (8,352 ) 1996 Apr-09 3 - 39 yrs. 124 Austin TX Hilton Garden Inn - 1,614 14,451 2,165 18,230 (5,801 ) 2008 Nov-10 3 - 39 yrs. 117 Austin TX Homewood Suites - 1,898 16,462 6,087 24,447 (8,302 ) 1997 Apr-09 3 - 39 yrs. 97 Austin/Round Rock TX Hampton - 865 10,999 4,202 16,066 (5,699 ) 2001 Mar-09 3 - 39 yrs. 94 Austin/Round Rock TX Homewood Suites - 2,180 25,644 197 28,021 (3,348 ) 2010 Sep-16 3 - 39 yrs. 115 Beaumont TX Residence Inn - 1,177 16,180 1,632 18,989 (7,236 ) 2008 Oct-08 3 - 39 yrs. 133 Burleson/Fort Worth TX Hampton - 557 6,601 1,627 8,785 (2,233 ) 2008 Oct-14 3 - 39 yrs. 88 Dallas TX Homewood Suites - 4,920 29,427 224 34,571 (4,225 ) 2013 Sep-16 3 - 39 yrs. 130 Denton TX Homewood Suites - 990 14,895 263 16,148 (2,643 ) 2009 Sep-16 3 - 39 yrs. 107 El Paso TX Hilton Garden Inn - 1,244 18,300 471 20,015 (5,830 ) 2011 Dec-11 3 - 39 yrs. 145 El Paso TX Homewood Suites - 2,800 16,657 1,958 21,415 (4,589 ) 2008 Mar-14 3 - 39 yrs. 114 Fort Worth TX Courtyard - 2,313 15,825 113 18,251 (2,433 ) 2017 Feb-17 3 - 39 yrs. 124 Fort Worth TX TownePlace Suites - 2,104 16,311 1,640 20,055 (5,782 ) 2010 Jul-10 3 - 39 yrs. 140 Frisco TX Hilton Garden Inn - 2,507 12,981 1,603 17,091 (5,836 ) 2008 Dec-08 3 - 39 yrs. 102 Grapevine TX Hilton Garden Inn 9,434 1,522 15,543 1,971 19,036 (5,734 ) 2009 Sep-10 3 - 39 yrs. 110 Houston TX Courtyard - 2,080 21,836 123 24,039 (3,306 ) 2012 Sep-16 3 - 39 yrs. 124 Houston TX Marriott - 4,143 46,623 1,702 52,468 (16,179 ) 2010 Jan-10 3 - 39 yrs. 206 Houston TX Residence Inn - 12,070 19,769 923 32,762 (5,856 ) 2006 Mar-14 3 - 39 yrs. 129 Houston TX Residence Inn - 2,070 11,186 239 13,495 (1,943 ) 2012 Sep-16 3 - 39 yrs. 120 Irving TX Homewood Suites - 705 9,610 1,597 11,912 (4,137 ) 2006 Dec-10 3 - 39 yrs. 77 Lewisville TX Hilton Garden Inn - 3,361 23,919 2,844 30,124 (11,305 ) 2007 Oct-08 3 - 39 yrs. 165 San Antonio TX TownePlace Suites - 2,220 9,610 1,170 13,000 (3,010 ) 2007 Mar-14 3 - 39 yrs. 106 Shenandoah TX Courtyard - 3,350 17,256 86 20,692 (2,658 ) 2014 Sep-16 3 - 39 yrs. 124 Stafford TX Homewood Suites - 1,880 10,969 436 13,285 (3,460 ) 2006 Mar-14 3 - 39 yrs. 78 Texarkana TX Hampton - 636 8,723 1,401 10,760 (3,537 ) 2004 Jan-11 3 - 39 yrs. 81 Provo UT Residence Inn - 1,150 18,277 3,314 22,741 (5,518 ) 1996 Mar-14 3 - 39 yrs. 114 Salt Lake City UT Residence Inn - 1,515 24,214 285 26,014 (2,631 ) 2014 Oct-17 3 - 39 yrs. 136 Salt Lake City UT SpringHill Suites - 1,092 16,465 1,778 19,335 (5,945 ) 2009 Nov-10 3 - 39 yrs. 143 Alexandria VA Courtyard - 6,860 19,681 4,111 30,652 (6,695 ) 1987 Mar-14 3 - 39 yrs. 178 Alexandria VA SpringHill Suites - 5,968 - 20,814 26,782 (6,957 ) 2011 Mar-09 3 - 39 yrs. 155 Charlottesville VA Courtyard - 21,130 27,737 2,327 51,194 (7,011 ) 2000 Mar-14 3 - 39 yrs. 139 Manassas VA Residence Inn - 1,395 14,962 1,924 18,281 (5,621 ) 2006 Feb-11 3 - 39 yrs. 107 Richmond VA Courtyard 14,739 2,003 - 23,154 25,157 (5,448 ) 2014 Jul-12 3 - 39 yrs. 135 Richmond VA Independent - 584 6,386 89 7,059 (238 ) 1988 Oct-19 3 - 39 yrs. 55 Richmond VA Marriott - - (4) 83,698 24,816 108,514 (24,775 ) 1984 Mar-14 3 - 39 yrs. 413 Richmond VA Residence Inn 14,739 1,113 - 12,774 13,887 (3,002 ) 2014 Jul-12 3 - 39 yrs. 75 Richmond VA SpringHill Suites - 1,930 10,726 130 12,786 (1,947 ) 2008 Sep-16 3 - 39 yrs. 103 Suffolk VA Courtyard - 940 5,186 1,351 7,477 (2,173 ) 2007 Mar-14 3 - 39 yrs. 92 Suffolk VA TownePlace Suites - 710 5,241 768 6,719 (1,816 ) 2007 Mar-14 3 - 39 yrs. 72 Virginia Beach VA Courtyard - 10,580 29,140 3,686 43,406 (7,617 ) 1999 Mar-14 3 - 39 yrs. 141 Virginia Beach VA Courtyard - 12,000 40,556 4,351 56,907 (10,094 ) 2002 Mar-14 3 - 39 yrs. 160 Kirkland WA Courtyard 10,018 18,950 25,028 691 44,669 (6,747 ) 2006 Mar-14 3 - 39 yrs. 150 Seattle WA Residence Inn 23,294 - (4) 92,786 5,301 98,087 (24,633 ) 1991 Mar-14 3 - 35 yrs. 234 Tukwila WA Homewood Suites 7,737 8,130 16,659 4,565 29,354 (6,376 ) 1992 Mar-14 3 - 39 yrs. 106 Vancouver WA SpringHill Suites - 3,010 16,162 1,684 20,856 (4,571 ) 2007 Mar-14 3 - 39 yrs. 119 Richmond VA Corporate Office - 682 3,723 2,178 6,583 (2,403 ) 1893 May-13 3 - 39 yrs. N/A $ 512,770 $ 725,512 $ 4,621,158 $ 418,307 $ 5,764,977 $ (1,224,832 ) 29,819 Investment in Real Estate: 2020 2019 2018 Balance as of January 1 $ 5,682,550 $ 5,726,303 $ 5,524,443 Acquisitions 104,496 59,652 153,034 Improvements 37,579 78,679 71,058 Dispositions (57,417 ) (159,685 ) (19,097 ) Assets Held for Sale (5) 2,866 (15,932 ) - Impairment of Depreciable Assets (5,097 ) (6,467 ) (3,135 ) Total Gross Cost as of December 31 5,764,977 5,682,550 5,726,303 Finance Ground Lease Assets as of December 31 (4) 203,617 197,617 - Total Investment in Real Estate $ 5,968,594 $ 5,880,167 $ 5,726,303 Accumulated Depreciation and Amortization: 2020 2019 2018 Accumulated Depreciation as of January 1 $ (1,049,996 ) $ (909,893 ) $ (731,284 ) Depreciation Expense (192,346 ) (187,729 ) (182,527 ) Accumulated Depreciation on Dispositions 13,599 43,787 3,918 Assets Held for Sale (5) 3,911 3,839 - Accumulated Depreciation as of December 31 (1,224,832 ) (1,049,996 ) (909,893 ) Accumulated Amortization of Finance Leases as of December 31 (4) (10,866 ) (4,433 ) - Accumulated Depreciation and Amortization as of December 31 $ (1,235,698 ) $ (1,054,429 ) $ (909,893 ) (1) Land is owned fee simple unless cost is $0, which means the property is subject to a ground lease. (2) The aggregate cost for federal income tax purposes is approximately $5.4 billion at December 31, 2020 (unaudited). (3) Amount includes a reduction in cost due to recognition of an impairment loss. (4) Effective January 1, 2019, the Company adopted Accounting Standards Update No. 2016-02, Leases (5) As of December 31, 2020, the Company had one hotel classified as held for sale, which is not included in this schedule, and is expected to be sold in the first quarter of 2021. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Organization | Organization Apple Hospitality REIT, Inc., formed in November 2007 as a Virginia corporation, together with its wholly-owned subsidiaries (the “Company”), is a self-advised real estate investment trust (“REIT”) that invests in income-producing real estate, primarily in the lodging sector, in the United States (“U.S.”). The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of December 31, 2020, the Company owned 234 hotels with an aggregate of 29,937 rooms located in 34 states, including one hotel with 118 rooms classified as held for sale, which is expected to be sold to an unrelated party in the first quarter of 2021. All information related to the number of rooms included in these notes to the consolidated financial statements and Schedule III - Real Estate and Accumulated Depreciation and Amortization listed in the Index at Item 15 has not been audited. The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.” The Company has elected to be treated as a REIT for federal income tax purposes. The Company has a wholly-owned taxable REIT subsidiary (or subsidiaries thereof) (collectively, the “Lessee”), which leases all of the Company’s hotels. |
Novel Coronavirus COVID-19 Pandemic | Novel Coronavirus COVID-19 Pandemic As a result of the current novel coronavirus COVID-19 pandemic (“COVID-19”) and the impact it has had on travel and the broader economy throughout the U.S., the Company’s hotels have experienced significant declines in occupancy, which has had and is expected to continue to have a significant negative effect on the Company’s revenue and operating results. There remains significant uncertainty as to when operations at the hotels will return to normalized levels. As of December 31, 2020, although each of the Company’s hotels was open and receiving reservations, the Company continued to intentionally consolidate operations for five hotels, down from 38 hotels as of May 2020, |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The fair market value of cash and cash equivalents approximates their carrying value. Cash balances may at times exceed federal depository insurance limits. |
Restricted Cash | Restricted Cash Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. The fair market value of restricted cash approximates its carrying value. |
Investment in Real Estate and Related Depreciation and Amortization | Investment in Real Estate and Related Depreciation Real estate is stated at cost, net of depreciation and amortization. Repair and maintenance costs are expensed as incurred while significant improvements, renovations, and replacements are capitalized. As further discussed in Note 10, finance ground lease assets are capitalized at the estimated present value of the remaining minimum lease payments under the leases. Depreciation and amortization are computed using the straight-line method over the average estimated useful lives of the assets, which are generally 39 years for buildings, the remaining life of the lease for finance ground leases (which in some instances may include renewal options), 10 to 20 years for franchise fees, 10 years for major improvements and three to seven years for furniture and equipment. The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset , the repair must be at least $2,500 and the useful life of the asset must be substantially extended. Upon acquisition of real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, buildings and improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities, including in-place leases, and assumed debt based on the evaluation of information and estimates available at that date. Fair values for these assets are not directly observable and estimates are based on comparables and other information which is subjective in nature. The Company has not assigned any value to management contracts and franchise agreements as such contracts are generally at current market rates based on the remaining terms of the contracts and any other value attributable to these contracts is not considered material. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions and other related costs, being capitalized as part of the cost of the assets acquired, instead of accounted for separately as expenses in the period that they are incurred. The Company records impairment losses on hotel properties used in operations if indicators of impairment are present, and the sum of the undiscounted cash flows estimated to be generated by the respective properties over their estimated remaining useful life, based on historical and industry data, is less than the properties’ carrying amount. Indicators of impairment include a property with current or potential losses from operations, when it becomes more likely than not that a property will be sold before the end of its previously estimated useful life or when events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and an asset’s carrying value may not be recoverable. The Company monitors its properties on an ongoing basis by analytically reviewing financial performance and considers each property individually for purposes of reviewing for indicators of impairment. As many indicators of impairment are subjective, such as general economic and market declines, the Company also prepares an annual recoverability analysis for each of its properties to assist with its evaluation of impairment indicators. Given the disruption in 2020 caused by COVID-19, the Company performed an annual recoverability analysis by comparing each property's net book value to its estimated operating income based on assumptions and estimates about the property's future revenues, expenses and capital expenditures after recovery from disruption resulting from COVID-19 and other disruptive events such as renovations or newly opened hotels in the same market. The Company’s planned initial hold period for each property is generally 39 years. If events or circumstances change, such as the Company’s intended hold period for a property or if the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable, and an impairment loss will be recorded. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. The Company’s ongoing analyses and annual recoverability analyses have not identified any impairment losses other than the losses on impairment of one property recorded in 2020, one property recorded in 2019 and three properties recorded in 2018 totaling approximately $5.1 million, $6.5 million and $3.1 million, respectively, as discussed in Note 3. |
Assets Held for Sale | Assets Held for Sale The Company classifies assets as held for sale when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant contingencies exist which could prevent the transaction from being completed in a timely manner, and the sale is expected to close within one year. If these criteria are met, the Company will cease recording depreciation and amortization and will record an impairment charge if the fair value less costs to sell is less than the carrying amount of the disposal group. The Company will generally classify the impairment charge, together with the related operating results, as continuing operations in the Company’s consolidated statements of operations and classify the assets and related liabilities as held for sale in the Company’s consolidated balance sheets. If the Company’s plan of sale changes and the Company subsequently decides not to sell a property that is classified as held for sale, the property will be reclassified as held and used in the period the change occurs. As of December 31, 2020, the Company had one hotel classified as held for sale, which is expected to be sold to an unrelated party in the first quarter of 2021. As of December 31, 2019, the Company had one hotel classified as held for sale, which was sold to an unrelated party in January 2020, discussed further in Note 3. |
Revenue Recognition | Revenue Recognition Revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other hotel revenues, and are presented on a disaggregated basis in the Company’s consolidated statements of operations. The Company recognizes hotel operating revenue when guest rooms are occupied, services have been provided or fees have been earned. Revenues are recorded net of any sales, occupancy or other taxes collected from customers on behalf of third parties. Room revenue is recognized when the Company’s hotels satisfy their performance obligation of providing a hotel room. The hotel reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Food and beverage revenue is recognized at the time the food or beverage is purchased by and provided to the customer. Other operating revenue is recognized at the time when the goods or services are provided to the customer or when the performance obligation is satisfied. Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some customers prepaying for their rooms prior to the stay. Payments received from a customer prior to arrival are recorded as an advance deposit and are recognized as revenue at the time of occupancy . |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss), which is comprised of unrealized gains or losses resulting from hedging activity. |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed based upon the weighted average number of shares outstanding during the year. Diluted net income (loss) per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the year. Basic and dilutive net income (loss) per common share were the same for each of the years presented. |
Income Taxes | Income Taxes The Company is operated as, and has elected to be taxed as, a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (“the Code”). Earnings and profits, which will determine the taxability of distributions to shareholders, will differ from income reported for financial reporting purposes primarily due to the differences for federal income tax purposes in the carrying value (basis) of the investment in properties and estimated useful lives used to compute depreciation, straight-line operating ground lease expense, amortization of favorable and unfavorable leases, amortization and interest expense versus lease payments related to finance ground leases, loss on impairment of depreciable real estate assets and gain (loss) on sale of real estate assets. The characterization of 2020 paid distributions of $0.30 per share for tax purposes was The Lessee, as a taxable REIT subsidiary of the Company, is subject to federal and state income taxes. Due to historical cumulative operating losses, the taxable REIT subsidiary did not incur federal income tax for the three years ended December 31, 2020 and recorded a valuation allowance against the entire deferred asset for all periods presented. The total net operating loss carry forward for federal income tax purposes was approximately $140 million as of December 31, 2020, $101 million as of December 31, 2019 and $94 million as of December 31, 2018. The net operating losses expire beginning in 2028. There are no material differences between the book and tax cost basis of the Company’s assets and liabilities, except for the carrying value (basis) of the investment in properties. The Company’s income tax expense as shown in the consolidated statements of operations primarily includes franchise and income taxes at the state jurisdiction level, which do not have any associated material deferred taxes. As of December 31, 2020, the tax years that remain subject to examination by major tax jurisdictions generally include 2017-2020. |
Sales and Marketing Costs | Sales and Marketing Costs Sales and marketing costs are expensed when incurred. These costs represent the expense for franchise advertising and reservation systems under the terms of the hotel management and franchise agreements and general and administrative expenses that are directly attributable to advertising and promotion. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Accounting Standards Recently Adopted | Accounting Standards Recently Adopted Fair Value Measurement In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investment In Real Estate [Line Items] | |
Schedule of Investment in Real Estate | The Company’s investment in real estate consisted of the following (in thousands): December 31, December 31, 2020 2019 Land $ 725,512 $ 724,054 Building and Improvements 4,525,850 4,458,383 Furniture, Fixtures and Equipment 499,865 486,386 Finance Ground Lease Assets 203,617 197,617 Franchise Fees 13,750 13,727 5,968,594 5,880,167 Less Accumulated Depreciation and Amortization (1,235,698 ) (1,054,429 ) Investment in Real Estate, net $ 4,732,896 $ 4,825,738 |
2020 Acquisitions [Member] | |
Investment In Real Estate [Line Items] | |
Schedule of Hotel Acquisitions | During 2020, the Company acquired four hotels. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each hotel. All dollar amounts are in thousands. City State Brand Manager Date Acquired Rooms Gross Purchase Price Cape Canaveral FL Hampton LBA 4/30/2020 116 $ 24,102 Cape Canaveral FL Home2 Suites LBA 4/30/2020 108 22,602 Tempe AZ Hyatt House Crestline 8/13/2020 105 26,309 Tempe AZ Hyatt Place Crestline 8/13/2020 154 38,279 483 $ 111,292 |
2019 Acquisitions [Member] | |
Investment In Real Estate [Line Items] | |
Schedule of Hotel Acquisitions | During 2019, the Company acquired three hotels. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each hotel. All dollar amounts are in thousands. City State Brand Manager Date Acquired Rooms Gross Purchase Price St. Paul MN Hampton Vista Host 3/4/2019 160 $ 31,680 Orlando FL Home2 Suites LBA 3/19/2019 128 20,736 Richmond VA Independent Crestline 10/9/2019 55 6,875 343 $ 59,291 |
Assets Held for Sale and Disp_2
Assets Held for Sale and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
2020 Dispositions [Member] | |
Schedule of Hotels Sold | During the year ended December 31, 2020, the Company sold three hotels in three transactions with unrelated parties for a total combined gross sales price of approximately $55.3 million, resulting in a combined gain on sale of approximately $10.9 million, which is included in the Company’s consolidated statement of operations for the year ended December 31, 2020. The following table lists the three hotels sold: City State Brand Date Sold Rooms Sanford FL SpringHill Suites 1/16/2020 105 Boise ID SpringHill Suites 2/27/2020 230 Tulare CA Hampton 12/30/2020 86 Total 421 |
2019 Dispositions [Member] | |
Schedule of Hotels Sold | During the year ended December 31, 2019, the Company sold 11 hotels in three transactions with unrelated parties for a total combined gross sales price of approximately $121.7 million, resulting in a combined gain on sale of approximately $5.6 million, which is included in the Company’s consolidated statement of operations for the year ended December 31, 2019. 115.1 The following table lists the 11 hotels sold: City State Brand Date Sold Rooms Sarasota FL Homewood Suites 3/28/2019 100 Tampa FL TownePlace Suites 3/28/2019 94 Baton Rouge LA SpringHill Suites 3/28/2019 119 Holly Springs NC Hampton 3/28/2019 124 Duncanville TX Hilton Garden Inn 3/28/2019 142 Texarkana TX Courtyard 3/28/2019 90 Texarkana TX TownePlace Suites 3/28/2019 85 Bristol VA Courtyard 3/28/2019 175 Harrisonburg VA Courtyard 3/28/2019 125 Winston-Salem NC Courtyard 12/19/2019 122 Fort Lauderdale FL Hampton 12/30/2019 109 Total 1,285 |
2018 Dispostions [Member] | |
Schedule of Hotels Sold | During the year ended December 31, 2018, the Company sold three two 15.8 0.2 The following table lists the three hotels sold: City State Brand Date Sold Rooms Columbus GA SpringHill Suites 7/13/2018 89 Columbus GA TownePlace Suites 7/13/2018 86 Springdale AR Residence Inn 11/29/2018 72 Total 247 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Tables [Line Items] | |
Schedule of Future Minimum Debt Payments | The aggregate amounts of principal payable under the Company’s total debt obligations as of December 31, 2020 December 31, 2020 2021 $ 70,724 2022 215,631 2023 296,213 2024 338,597 2025 245,140 Thereafter 322,265 1,488,570 Unamortized fair value adjustment of assumed debt 1,624 Unamortized debt issuance costs (7,623 ) Total $ 1,482,571 |
Schedule of Total Fixed-Rate and Variable Rate Debt | 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 in effect at December 31, 2020 and 2019, is set forth below. All dollar amounts are in thousands. December 31, 2020 Percentage December 31, 2019 Percentage Fixed-rate debt (1) $ 1,287,219 86 % $ 1,297,467 98 % Variable-rate debt 201,351 14 % 28,400 2 % Total $ 1,488,570 $ 1,325,867 Weighted-average interest rate of debt 3.86 % 3.59 % (1) Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements. |
Summary [Member] | |
Debt Tables [Line Items] | |
Schedule of Long-term Debt Instruments | As of December 31, 2020 and 2019, the Company’s debt consisted of the following (in thousands): December 31, 2020 December 31, 2019 Revolving credit facility $ 105,800 $ 50,900 Term loans and senior notes, net 864,225 813,934 Mortgage debt, net 512,546 455,573 Debt, net $ 1,482,571 $ 1,320,407 |
Credit Facilities [Member] | |
Debt Tables [Line Items] | |
Schedule of Long-term Debt Instruments | As of December 31, 2020 and 2019, the details of the Company’s credit facilities were as set forth below. All dollar amounts are in thousands. Outstanding Balance Interest Rate Maturity Date December 31, 2020 December 31, 2019 Revolving credit facility (1) LIBOR + 1.40% - 2.25% 7/27/2022 $ 105,800 $ 50,900 Term loans and senior notes $200 million term loan LIBOR + 1.35% - 2.20% 7/27/2023 200,000 200,000 $225 million term loan LIBOR + 1.35% - 2.20% 1/31/2024 225,000 225,000 $50 million term loan LIBOR + 1.35% - 2.20% 8/2/2023 50,000 50,000 $175 million term loan LIBOR + 1.65% - 2.50% 8/2/2025 175,000 175,000 2017 $85 million term loan LIBOR + 1.30% - 2.10% 7/25/2024 85,000 85,000 2019 $85 million term loan LIBOR + 1.70% - 2.55% 12/31/2029 85,000 85,000 $50 million senior notes 3.60% - 4.35% 3/31/2030 50,000 - Term loans and senior notes at stated value 870,000 820,000 Unamortized debt issuance costs (5,775 ) (6,066 ) Term loans and senior notes, net 864,225 813,934 Credit facilities, net (1) $ 970,025 $ 864,834 Weighted-average interest rate (2) 3.64 % 3.14 % (1) Excludes unamortized debt issuance costs related to the revolving credit facility totaling approximately $2.1 million and $2.6 million as of December 31, 2020 and 2019, 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 $745.0 million and $842.5 million of the outstanding variable-rate debt as of December 31, 2020 and 2019, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month LIBOR at December 31, 2020 and 2019 was 0.14% and 1.76%, respectively. |
Mortgage Debt [Member] | |
Debt Tables [Line Items] | |
Schedule of Long-term Debt Instruments | As of December 31, 2020 December 31, 2020 December 31, 2020 2019 Location Brand Interest Rate (1) Loan Assumption or Origination Date Maturity Date Principal Assumed or Originated Outstanding balance as of December 31, 2020 Outstanding balance as of December 31, 2019 San Juan Capistrano, CA Residence Inn 4.15 % 9/1/2016 (2 ) $ 16,210 $ - $ 15,073 Cape Canaveral, FL Hampton (3 ) 4/30/2020 5/1/2021 10,852 10,275 - Cape Canaveral, FL Home2 Suites (3 ) 4/30/2020 5/1/2021 10,852 10,275 - Colorado Springs, CO Hampton 6.25 % 9/1/2016 7/6/2021 7,923 7,317 7,471 Franklin, TN Courtyard 6.25 % 9/1/2016 8/6/2021 14,679 13,563 13,847 Franklin, TN Residence Inn 6.25 % 9/1/2016 8/6/2021 14,679 13,563 13,847 Grapevine, TX Hilton Garden Inn 4.89 % 8/29/2012 9/1/2022 11,810 9,434 9,775 Collegeville/Philadelphia, PA Courtyard 4.89 % 8/30/2012 9/1/2022 12,650 10,105 10,471 Hattiesburg, MS Courtyard 5.00 % 3/1/2014 9/1/2022 5,732 4,729 4,897 Kirkland, WA Courtyard 5.00 % 3/1/2014 9/1/2022 12,145 10,018 10,376 Rancho Bernardo/San Diego, CA Courtyard 5.00 % 3/1/2014 9/1/2022 15,060 12,422 12,866 Seattle, WA Residence Inn 4.96 % 3/1/2014 9/1/2022 28,269 23,294 24,130 Anchorage, AK Embassy Suites 4.97 % 9/13/2012 10/1/2022 23,230 18,660 19,324 Somerset, NJ Courtyard 4.73 % 3/1/2014 10/6/2022 8,750 7,179 7,441 Tukwila, WA Homewood Suites 4.73 % 3/1/2014 10/6/2022 9,431 7,737 8,020 Huntsville, AL Homewood Suites 4.12 % 3/1/2014 2/6/2023 8,306 6,742 6,999 Prattville, AL Courtyard 4.12 % 3/1/2014 2/6/2023 6,596 5,354 5,558 San Diego, CA Residence Inn 3.97 % 3/1/2014 3/6/2023 18,600 15,061 15,640 Miami, FL Homewood Suites 4.02 % 3/1/2014 4/1/2023 16,677 13,537 14,051 New Orleans, LA Homewood Suites 4.36 % 7/17/2014 8/11/2024 27,000 22,766 23,513 Westford, MA Residence Inn 4.28 % 3/18/2015 4/11/2025 10,000 8,605 8,876 Denver, CO Hilton Garden Inn 4.46 % 9/1/2016 6/11/2025 34,118 30,387 31,311 Oceanside, CA Courtyard 4.28 % 9/1/2016 10/1/2025 13,655 12,605 12,812 Omaha, NE Hilton Garden Inn 4.28 % 9/1/2016 10/1/2025 22,682 20,936 21,280 Boise, ID Hampton 4.37 % 5/26/2016 6/11/2026 24,000 22,146 22,588 Burbank, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,564 23,315 23,552 San Diego, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,473 23,232 23,468 San Diego, CA Hampton 3.55 % 11/3/2016 12/1/2026 18,963 17,295 17,471 Burbank, CA SpringHill Suites 3.94 % 3/9/2018 4/1/2028 28,470 27,078 27,317 Santa Ana, CA Courtyard 3.94 % 3/9/2018 4/1/2028 15,530 14,770 14,901 Richmond, VA Courtyard 3.40 % 2/12/2020 3/11/2030 14,950 14,739 - Richmond, VA Residence Inn 3.40 % 2/12/2020 3/11/2030 14,950 14,739 - Portland, ME Residence Inn 3.43 % 3/2/2020 4/1/2030 33,500 33,500 - San Jose, CA Homewood Suites 4.22 % 12/22/2017 5/1/2038 30,000 27,392 28,092 $ 591,306 512,770 454,967 Unamortized fair value adjustment of assumed debt 1,624 2,526 Unamortized debt issuance costs (1,848 ) (1,920 ) Total $ 512,546 $ 455,573 (1) Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan. (2) Loan was repaid in full in March 2020. (3) Interest rate is variable based on one-month LIBOR plus 3.00%. As of December 31, 2020, the interest rate was 3.14%. In July 2020, the principal amount of the note was reduced by approximately $1.1 million representing a credit from the developer for shared construction savings. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Interest Rate Swap Agreements | The following table sets forth information for each of the Company’s interest rate swap agreements outstanding as of December 31, 2020 and 2019. All dollar amounts are in thousands. Notional Fair Value Asset (Liability) Amount at December 31, 2020 Origination Date Effective Date Maturity Date Swap Fixed Interest Rate December 31, 2020 December 31, 2019 Interest rate swaps designated as cash flow hedges at December 31, 2020: $ 50,000 4/7/2016 9/30/2016 3/31/2021 1.09% $ (117 ) $ 317 100,000 4/7/2016 9/30/2016 3/31/2023 1.33% (2,681 ) 707 75,000 5/31/2017 7/31/2017 6/30/2024 1.96% (4,639 ) (1,286 ) 10,000 8/10/2017 8/10/2017 6/30/2024 2.01% (636 ) (185 ) 50,000 6/1/2018 1/31/2019 6/30/2025 2.89% (5,911 ) (3,407 ) 50,000 7/2/2019 7/5/2019 7/18/2024 1.65% (2,593 ) (193 ) 50,000 8/21/2019 8/23/2019 8/18/2024 1.32% (2,036 ) 595 50,000 8/21/2019 8/23/2019 8/30/2024 1.32% (2,049 ) 603 85,000 12/31/2019 12/31/2019 12/31/2029 1.86% (8,677 ) (842 ) 25,000 12/6/2018 1/31/2020 6/30/2025 2.75% (2,801 ) (1,501 ) 50,000 12/7/2018 5/18/2020 1/31/2024 2.72% (3,967 ) (2,139 ) 75,000 8/21/2019 5/18/2020 5/18/2025 1.27% (3,294 ) 1,222 75,000 7/31/2020 8/18/2020 8/18/2022 0.13% 14 - 75,000 8/21/2019 5/18/2021 5/18/2026 1.30% (3,415 ) 1,309 820,000 (42,802 ) (4,800 ) Interest rate swaps matured prior to December 31, 2020: 212,500 5/19/2015 5/21/2015 5/18/2020 1.58% - 78 110,000 7/2/2015 7/2/2015 5/18/2020 1.62% - 24 322,500 - 102 $ 1,142,500 $ (42,802 ) $ (4,698 ) |
Derivative Instruments, Gain (Loss) Recognized | The following tables present the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the years ended December 31, 2020 Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income (Loss) 2020 2019 2018 Interest rate derivatives in cash flow hedging relationships $ (45,850 ) $ (11,035 ) $ 2,608 Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net 2020 2019 2018 Interest rate derivatives in cash flow hedging relationships $ (7,746 ) $ 3,669 $ 2,380 |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Information Pertaining to Share-based Compensation Issued | The following table sets forth information pertaining to the share-based compensation issued under the 2019 Incentive Plan, the 2018 Incentive Plan and the incentive plan for 2017 (the “2017 Incentive Plan”): 2019 Incentive Plan 2018 Incentive Plan 2017 Incentive Plan Period common shares issued First Quarter 2020 First Quarter 2019 First Quarter 2018 Common shares earned under each incentive plan 665,552 156,926 415,866 Common shares surrendered on issuance date to satisfy tax withholding obligations 60,616 24,999 48,533 Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations 604,936 131,927 367,333 Closing stock price on issuance date $ 13.01 $ 16.49 $ 16.92 Total share-based compensation earned, including the surrendered shares (in millions) $ 8.7 (1) $ 2.6 (2) $ 7.0 (3) Of the total common shares earned and issued, total common shares unrestricted at time of issuance 426,553 105,345 223,421 Of the total common shares earned and issued, total common shares restricted at time of issuance 178,383 26,582 143,912 Restricted common shares vesting date December 11, 2020 December 13, 2019 December 14, 2018 Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares 60,066 5,502 41,389 ________ (1) Of the total 2019 share-based compensation, approximately $7.5 million was recognized as share-based compensation expense during the year ended December 31, 2019, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2019, and the remaining $1.2 million, which vested on December 11, 2020 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2020. (2) Of the total 2018 share-based compensation, approximately $2.4 million was recognized as share-based compensation expense during the year ended December 31, 2018, and the remaining $0.2 million, which vested on December 13, 2019, was recognized as share-based compensation expense during the year ended December 31, 2019. (3) Of the total 2017 share-based compensation, approximately $1.2 million, which vested on December 14, 2018, was recognized as share-based compensation expense during the year ended December 31, 2018. |
Management and Franchise Agre_2
Management and Franchise Agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Contractors [Abstract] | |
Schedule of Hotel Properties Managed by Third Parties | Each of the Company’s 234 hotels owned as of December 31, 2020 is operated and managed under a separate management agreement with one of the following management companies or one of their affiliates, none of which are affiliated with the Company (number of hotels by manager are as of January 1, 2021): Manager Number of Hotels LBAM-Investor Group, LLC ("LBA") 41 Dimension Development Two, LLC ("Dimension") 31 Crestline Hotels & Resorts, LLC ("Crestline") 22 White Lodging Services Corporation ("White Lodging") 22 Raymond Management Company, Inc. ("Raymond") 20 MHH Management, LLC ("McKibbon") 17 Texas Western Management Partners, LP ("Western") 17 Marriott International, Inc. ("Marriott") 14 Newport Hospitality Group, Inc. ("Newport") 12 North Central Hospitality, LLC ("North Central") 10 Aimbridge Hospitality, LLC ("Aimbridge") 9 InnVentures IVI, LP ("InnVentures") 6 Chartwell Hospitality, LLC ("Chartwell") 5 Huntington Hotel Group, LP ("Huntington") 3 Stonebridge Realty Advisors, Inc. ("Stonebridge") 3 Highgate Hotels, L.P. ("Highgate") 1 Hilton Worldwide Holdings Inc. ("Hilton") 1 Total 234 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lessee Operating And Financing Leases [Abstract] | |
Schedule of Lease-related Assets and Liabilities | The following table sets forth the lease-related assets and liabilities included in the Company’s consolidated balance sheet as of December 31, 2020 and 2019. All dollar amounts are in thousands. Consolidated Balance Sheet December 31, Classification 2020 2019 Assets Operating lease assets, net Other assets, net $ 27,250 $ 28,311 Finance ground lease assets, net (1) Investment in real estate, net 192,751 193,184 Total lease assets $ 220,001 $ 221,495 Liabilities Operating lease liabilities Accounts payable and other liabilities $ 11,642 $ 12,130 Finance lease liabilities Finance lease liabilities 219,981 216,627 Total lease liabilities $ 231,623 $ 228,757 Weighted-average remaining lease term Operating leases 38 years Finance leases 30 years Weighted-average discount rate Operating leases 5.47% Finance leases 5.26% (1) Finance ground lease assets are net of accumulated amortization of approximately $10.9 million and $4.4 million as of December 31, 2020 and 2019, respectively. |
Schedule of Lease Costs Related to Operating and Finance Ground Leases | The following table sets forth the lease costs related to the Company’s operating and finance ground leases included in the Company’s consolidated statement of operations for the years ended December 31, 2020 and 2019 (in thousands): Consolidated Statement of Year Ended December 31, Operations Classification 2020 2019 Operating lease costs (1) Operating ground lease expense $ 1,509 $ 1,658 Finance lease costs: Amortization of lease assets Depreciation and amortization expense 6,433 4,517 Interest on lease liabilities Interest and other expense, net 11,402 8,241 Total lease costs $ 19,344 $ 14,416 (1) Represents costs related to ground leases, including variable lease costs. Excludes costs related to hotel equipment leases, which are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases, which are included in general and administrative expense in the Company's consolidated statement of operations. These costs are not significant for disclosure. |
Schedule of Undiscounted Cash Flows for Each of Next Five Years and Total of Remaining Years to Operating Lease Liabilities and Finance Lease Liabilities | The following table reconciles the undiscounted cash flows for each of the next five years and total of the remaining years to the operating lease liabilities and finance lease liabilities included in the Company’s consolidated balance sheet as of December 31, 2020 (in thousands): Operating leases Finance leases 2021 $ 1,108 $ 9,618 2022 912 9,767 2023 787 10,116 2024 765 11,249 2025 776 11,602 Thereafter 31,671 454,467 Total minimum lease payments 36,019 506,819 Less: amount of lease payments representing interest 24,377 286,838 Present value of lease liabilities $ 11,642 $ 219,981 |
Supplemental Cash Flow Information related to Operating and Finance Leases | The following table sets forth supplemental cash flow information related to the Company’s operating and finance leases for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,295 $ 1,344 Operating cash flows for finance leases 8,048 6,989 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following is a summary of quarterly results of operations for the years ended December 31, 2020 and 2019 (in thousands, except per share data): 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 238,010 $ 81,078 $ 148,826 $ 133,965 Net loss $ (2,769 ) $ (78,243 ) $ (40,948 ) $ (51,247 ) Comprehensive loss $ (44,935 ) $ (82,438 ) $ (38,209 ) $ (45,729 ) Basic and diluted net loss per common share $ (0.01 ) $ (0.35 ) $ (0.18 ) $ (0.23 ) 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 303,787 $ 341,117 $ 331,722 $ 289,971 Net income $ 38,151 $ 62,090 $ 46,223 $ 25,453 Comprehensive income $ 32,107 $ 51,970 $ 42,030 $ 31,106 Basic and diluted net income per common share $ 0.17 $ 0.28 $ 0.21 $ 0.11 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||
May 31, 2020Hotel | Dec. 31, 2020USD ($)SegmentHotelRoomStateProperty$ / shares | Dec. 31, 2019USD ($)HotelProperty$ / shares | Dec. 31, 2018USD ($)Property$ / shares | |
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Number of reportable segments | Segment | 1 | |||
Number of hotels | Hotel | 234 | |||
Aggregate number of hotel rooms | Room | 29,937 | |||
Number of states in which hotels are located | State | 34 | |||
Number of hotels with intentionally consolidated operations | Hotel | 38 | 5 | ||
Property, plant and equipment, cost capitalization | The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended. | |||
Hotel property initial hold period | 39 years | |||
Impairment of real estate | $ 5,097,000 | $ 6,467,000 | $ 3,135,000 | |
Number of real estate properties held for sale | Hotel | 1 | 1 | ||
Common stock, dividends, per share, cash paid | $ / shares | $ 0.30 | $ 1.20 | $ 1.20 | |
Provision for income taxes | $ 332,000 | $ 679,000 | $ 587,000 | |
ASU 2018-13 [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Change in accounting principle, ASU adopted | true | |||
Change in accounting principle, ASU adoption date | Jan. 1, 2020 | |||
Change in accounting principle, ASU immaterial effect | true | |||
ASU 2020-04 [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Change in accounting principle, ASU adopted | true | |||
Change in accounting principle, ASU adoption date | Mar. 31, 2020 | |||
Change in accounting principle, ASU immaterial effect | true | |||
Federal Income Taxes and Taxability of Shareholder Distributions [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Common stock, dividends, per share, cash paid | $ / shares | $ 0.30 | $ 1.20 | $ 1.20 | |
Percentage of distribution paid characterized as ordinary income | 78.00% | 84.00% | ||
Percentage of distribution paid characterized as return of capital | 100.00% | 22.00% | 16.00% | |
Operating loss carryforwards (in dollars) | $ 140,000,000 | $ 101,000,000 | $ 94,000,000 | |
Provision for income taxes | $ 0 | |||
Operating loss carryforwards, expiration | beginning in 2028 | |||
Open tax years | 2017-2020 | |||
Federal Income Taxes and Taxability of Shareholder Distributions [Member] | Real Estate Investment Trust [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Operating loss carryforwards (in dollars) | $ 67,000,000 | |||
Real Estate Impairment Charges [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Number of real estate properties | Property | 1 | 1 | 3 | |
Impairment of real estate | $ 5,100,000 | $ 6,500,000 | $ 3,100,000 | |
Building [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, plant and equipment, useful life | 39 years | |||
Major Improvements [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, plant and equipment, useful life | 10 years | |||
Maximum [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Percentage of revenue reserved for replacements | 5.00% | |||
Maximum [Member] | Franchise Fees [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, plant and equipment, useful life | 20 years | |||
Maximum [Member] | Furniture and Fixtures [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, plant and equipment, useful life | 7 years | |||
Minimum [Member] | Franchise Fees [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, plant and equipment, useful life | 10 years | |||
Minimum [Member] | Furniture and Fixtures [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, plant and equipment, useful life | 3 years | |||
Hotels Held for Sale [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Number of hotels | Hotel | 1 | |||
Aggregate number of hotel rooms | Room | 118 |
Investment In Real Estate - Sch
Investment In Real Estate - Schedule of Investment in Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | |||
Real Estate Investment Property, at Cost | $ 5,968,594 | $ 5,880,167 | |
Less Accumulated Depreciation and Amortization | (1,235,698) | (1,054,429) | $ (909,893) |
Investment in Real Estate, net | 4,732,896 | 4,825,738 | |
Land [Member] | |||
Property Plant And Equipment [Line Items] | |||
Real Estate Investment Property, at Cost | 725,512 | 724,054 | |
Building and Improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Real Estate Investment Property, at Cost | 4,525,850 | 4,458,383 | |
Furniture, Fixtures and Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Real Estate Investment Property, at Cost | 499,865 | 486,386 | |
Finance Ground Lease Assets [Member] | |||
Property Plant And Equipment [Line Items] | |||
Real Estate Investment Property, at Cost | 203,617 | 197,617 | |
Franchise Fees [Member] | |||
Property Plant And Equipment [Line Items] | |||
Real Estate Investment Property, at Cost | $ 13,750 | $ 13,727 |
Investment in Real Estate - Add
Investment in Real Estate - Additional Information (Details) $ in Thousands | Apr. 30, 2020USD ($) | Jul. 31, 2020USD ($) | Dec. 31, 2020USD ($)HotelRoomState | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)HotelRoom | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)HotelRoomState | Dec. 31, 2019USD ($)HotelRoom | Dec. 31, 2018USD ($) |
Investment In Real Estate [Line Items] | |||||||||||||
Number of hotels | Hotel | 234 | 234 | |||||||||||
Aggregate number of hotel rooms | Room | 29,937 | 29,937 | |||||||||||
Number of states in which hotels are located | State | 34 | 34 | |||||||||||
Total revenue | $ 133,965 | $ 148,826 | $ 81,078 | $ 238,010 | $ 289,971 | $ 331,722 | $ 341,117 | $ 303,787 | $ 601,879 | $ 1,266,597 | $ 1,270,555 | ||
Operating income (loss) | $ (102,040) | $ 233,787 | $ 257,858 | ||||||||||
Hotel Acquisitions [Member] | |||||||||||||
Investment In Real Estate [Line Items] | |||||||||||||
Number of hotels | Hotel | 4 | 3 | 4 | 3 | |||||||||
Aggregate number of hotel rooms | Room | 483 | 343 | 483 | 343 | |||||||||
Total revenue | $ 3,500 | $ 9,600 | |||||||||||
Operating income (loss) | $ (1,500) | $ 1,800 | |||||||||||
Hotel Acquisitions [Member] | Hampton and Home2 Suites Cape Canaveral, FL [Member] | |||||||||||||
Investment In Real Estate [Line Items] | |||||||||||||
Payments to acquire real estate | $ 25,000 | ||||||||||||
Note payable term | 1 year | ||||||||||||
Note payable, face amount | $ 21,700 | ||||||||||||
Note payable, frequency of periodic payment | monthly | ||||||||||||
Notes payable, description of variable rate basis | one-month LIBOR | ||||||||||||
Debt instrument value reduced from developer for construction savings | $ 1,100 | ||||||||||||
Hotel Acquisitions [Member] | Hampton and Home2 Suites Cape Canaveral, FL [Member] | London Interbank Offered Rate (LIBOR) [Member] | Variable Interest Rate for the First Six Months of Loan [Member] | |||||||||||||
Investment In Real Estate [Line Items] | |||||||||||||
Margin added to reference rate | 2.00% | ||||||||||||
Hotel Acquisitions [Member] | Hampton and Home2 Suites Cape Canaveral, FL [Member] | London Interbank Offered Rate (LIBOR) [Member] | Variable Interest Rate for the Last Six Months of Loan [Member] | |||||||||||||
Investment In Real Estate [Line Items] | |||||||||||||
Margin added to reference rate | 3.00% | ||||||||||||
Hotels Held for Sale [Member] | |||||||||||||
Investment In Real Estate [Line Items] | |||||||||||||
Number of hotels | Hotel | 1 | 1 | |||||||||||
Aggregate number of hotel rooms | Room | 118 | 118 |
Investment in Real Estate - S_2
Investment in Real Estate - Schedule of Hotel Acquisitions (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Room | Dec. 31, 2019USD ($)Room | |
Real Estate Properties [Line Items] | ||
Rooms | 29,937 | |
Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Rooms | 483 | 343 |
Gross Purchase Price | $ | $ 111,292 | $ 59,291 |
Hampton Cape Canaveral, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Rooms | 116 | |
Hampton Cape Canaveral, FL [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | LBA | |
Date Acquired | Apr. 30, 2020 | |
Rooms | 116 | |
Gross Purchase Price | $ | $ 24,102 | |
Home2 Suites Cape Canaveral, FL [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | LBA | |
Date Acquired | Apr. 30, 2020 | |
Rooms | 108 | |
Gross Purchase Price | $ | $ 22,602 | |
Hyatt House Tempe, AZ [Member] | ||
Real Estate Properties [Line Items] | ||
Rooms | 105 | |
Hyatt House Tempe, AZ [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | Crestline | |
Date Acquired | Aug. 13, 2020 | |
Rooms | 105 | |
Gross Purchase Price | $ | $ 26,309 | |
Hyatt Place Tempe, AZ [Member] | ||
Real Estate Properties [Line Items] | ||
Rooms | 154 | |
Hyatt Place Tempe, AZ [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | Crestline | |
Date Acquired | Aug. 13, 2020 | |
Rooms | 154 | |
Gross Purchase Price | $ | $ 38,279 | |
Hampton St. Paul, MN [Member] | ||
Real Estate Properties [Line Items] | ||
Rooms | 160 | |
Hampton St. Paul, MN [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | Vista Host | |
Date Acquired | Mar. 4, 2019 | |
Rooms | 160 | |
Gross Purchase Price | $ | $ 31,680 | |
Home2 Suites Orlando, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Rooms | 128 | |
Home2 Suites Orlando, FL [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | LBA | |
Date Acquired | Mar. 19, 2019 | |
Rooms | 128 | |
Gross Purchase Price | $ | $ 20,736 | |
Independent boutique Richmond VA [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | Crestline | |
Date Acquired | Oct. 9, 2019 | |
Rooms | 55 | |
Gross Purchase Price | $ | $ 6,875 |
Assets Held for Sale and Disp_3
Assets Held for Sale and Dispositions - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||
Oct. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2018USD ($)Hotel | Dec. 31, 2020USD ($)HotelRoomTransactionAgreement | Dec. 31, 2019USD ($)HotelTransaction | Dec. 31, 2018USD ($)HotelTransaction | Dec. 31, 2020USD ($)HotelRoom | Jan. 31, 2021Hotel | |
Assets Held for Sale and Dispositions (Details) [Line Items] | ||||||||
Number of hotels | Hotel | 234 | 234 | ||||||
Gain (Loss) on Disposition of Assets | $ 10,854 | $ 5,021 | $ 152 | |||||
Loss on impairment of depreciable real estate assets | $ 5,097 | $ 6,467 | $ 3,135 | |||||
Aggregate number of hotel rooms | Room | 29,937 | 29,937 | ||||||
Homewood Suites Memphis, TN [Member] | ||||||||
Assets Held for Sale and Dispositions (Details) [Line Items] | ||||||||
Aggregate number of hotel rooms | Room | 140 | 140 | ||||||
Hotels Held for Sale [Member] | ||||||||
Assets Held for Sale and Dispositions (Details) [Line Items] | ||||||||
Number of hotels | Hotel | 3 | 11 | 3 | 3 | ||||
Operating income (loss), excluding gain (loss) on sale of real estate | $ 0 | $ (100) | $ 8,000 | |||||
Number of real estate properties | Hotel | 18 | |||||||
Hotels Held for Sale [Member] | Subsequent Event | ||||||||
Assets Held for Sale and Dispositions (Details) [Line Items] | ||||||||
Number of hotels | Hotel | 1 | |||||||
Hotels Held for Sale [Member] | Homewood Suites Charlotte, NC [Member] | ||||||||
Assets Held for Sale and Dispositions (Details) [Line Items] | ||||||||
Sale of Real Estate Assets, Gross Sales Price | $ 10,300 | |||||||
Real Estate Investment, Carrying Value | 5,300 | $ 5,300 | ||||||
Hotels Sold [Member] | ||||||||
Assets Held for Sale and Dispositions (Details) [Line Items] | ||||||||
Number of real estate properties | Hotel | 3 | |||||||
Loss on impairment of depreciable real estate assets | $ 3,100 | |||||||
Hotels Sold [Member] | 2020 Dispositions [Member] | ||||||||
Assets Held for Sale and Dispositions (Details) [Line Items] | ||||||||
Sale of Real Estate Assets, Gross Sales Price | 55,300 | |||||||
Real Estate Investment, Carrying Value | $ 43,800 | $ 43,800 | ||||||
Number of hotels | Hotel | 3 | 3 | ||||||
Number of Transactions | Transaction | 3 | |||||||
Gain (Loss) on Disposition of Assets | $ 10,900 | |||||||
Hotels Sold [Member] | 2019 Dispositions [Member] | ||||||||
Assets Held for Sale and Dispositions (Details) [Line Items] | ||||||||
Sale of Real Estate Assets, Gross Sales Price | 121,700 | |||||||
Real Estate Investment, Carrying Value | $ 115,100 | |||||||
Number of hotels | Hotel | 11 | |||||||
Number of Transactions | Transaction | 3 | |||||||
Gain (Loss) on Disposition of Assets | $ 5,600 | |||||||
Hotels Sold [Member] | 2018 Dispositions [Member] | ||||||||
Assets Held for Sale and Dispositions (Details) [Line Items] | ||||||||
Sale of Real Estate Assets, Gross Sales Price | $ 15,800 | |||||||
Number of hotels | Hotel | 3 | |||||||
Number of Transactions | Transaction | 2 | |||||||
Gain (Loss) on Disposition of Assets | $ 200 | |||||||
Hotel Under Sale Contact [Member] | Homewood Suites Memphis, TN [Member] | ||||||||
Assets Held for Sale and Dispositions (Details) [Line Items] | ||||||||
Loss on impairment of depreciable real estate assets | $ 5,100 | |||||||
Number of purchase and sale agreements | Agreement | 2 | |||||||
Aggregate number of hotel rooms | Room | 140 | 140 | ||||||
Contract termination month and year | 2020-10 | |||||||
Hotels Sold [Member] | Courtyard Winston Salem NC [Member] | ||||||||
Assets Held for Sale and Dispositions (Details) [Line Items] | ||||||||
Loss on impairment of depreciable real estate assets | $ 6,500 | |||||||
Purchase and sale agreement, gross sales price | $ 6,700 | |||||||
Hotels Sold [Member] | SpringHill Suites and TownePlace Suites Columbus, GA [Member] | ||||||||
Assets Held for Sale and Dispositions (Details) [Line Items] | ||||||||
Number of real estate properties | Hotel | 2 | |||||||
Loss on impairment of depreciable real estate assets | $ 500 | |||||||
Hotels Sold [Member] | Residence Inn Springdale, AR [Member] | ||||||||
Assets Held for Sale and Dispositions (Details) [Line Items] | ||||||||
Loss on impairment of depreciable real estate assets | $ 2,600 |
Assets Held for Sale and Disp_4
Assets Held for Sale and Dispositions - Schedule of Hotels Sold (Details) - Room | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
2020 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Rooms | 421 | ||
2019 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Rooms | 1,285 | ||
2018 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Rooms | 247 | ||
SpringHill Suites Sanford, FL [Member] | 2020 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Jan. 16, 2020 | ||
Rooms | 105 | ||
SpringHill Suites Boise, ID [Member] | 2020 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Feb. 27, 2020 | ||
Rooms | 230 | ||
Hampton Tulare, CA [Member] | 2020 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Dec. 30, 2020 | ||
Rooms | 86 | ||
Homewood Suites Sarasota, FL [Member] | 2019 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Mar. 28, 2019 | ||
Rooms | 100 | ||
TownePlace Suites Tampa, FL [Member] | 2019 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Mar. 28, 2019 | ||
Rooms | 94 | ||
SpringHill Suites Baton Rouge, LA [Member] | 2019 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Mar. 28, 2019 | ||
Rooms | 119 | ||
Hampton Holly Springs, NC [Member] | 2019 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Mar. 28, 2019 | ||
Rooms | 124 | ||
Hilton Garden Inn Duncanville, TX [Member] | 2019 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Mar. 28, 2019 | ||
Rooms | 142 | ||
Courtyard Texarkana, TX [Member] | 2019 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Mar. 28, 2019 | ||
Rooms | 90 | ||
TownePlace Suites Texarkana, TX [Member] | 2019 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Mar. 28, 2019 | ||
Rooms | 85 | ||
Courtyard Bristol, VA [Member] | 2019 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Mar. 28, 2019 | ||
Rooms | 175 | ||
Courtyard Harrisonburg, VA [Member] | 2019 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Mar. 28, 2019 | ||
Rooms | 125 | ||
Courtyard Winston Salem NC [Member] | 2019 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Dec. 19, 2019 | ||
Rooms | 122 | ||
Hampton Fort Lauderdale, FL [Member] | 2019 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Dec. 30, 2019 | ||
Rooms | 109 | ||
Spring Hill Suites Columbus G A | 2018 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Jul. 13, 2018 | ||
Rooms | 89 | ||
Towne Place Suites Columbus G A | 2018 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Jul. 13, 2018 | ||
Rooms | 86 | ||
Residence Inn Springdale, AR [Member] | 2018 Dispositions [Member] | |||
Assets Held for Sale and Dispositions (Details) [Line Items] | |||
Date Sold | Nov. 29, 2018 | ||
Rooms | 72 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Revolving credit facility | $ 105,800 | $ 50,900 |
Term loans and senior notes, net | 864,225 | 813,934 |
Mortgage debt, net | 512,546 | 455,573 |
Debt, net | $ 1,482,571 | $ 1,320,407 |
Debt - Schedule of Future Minim
Debt - Schedule of Future Minimum Debt Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 70,724 | |
2022 | 215,631 | |
2023 | 296,213 | |
2024 | 338,597 | |
2025 | 245,140 | |
Thereafter | 322,265 | |
Debt, gross | 1,488,570 | $ 1,325,867 |
Unamortized fair value adjustment of assumed debt | 1,624 | |
Unamortized debt issuance costs | (7,623) | |
Debt, net | $ 1,482,571 | $ 1,320,407 |
Debt - Schedule of Total Fixed-
Debt - Schedule of Total Fixed-Rate and Variable Rate Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |||
Fixed-rate debt | [1] | $ 1,287,219 | $ 1,297,467 |
Variable-rate debt | 201,351 | 28,400 | |
Debt, gross | $ 1,488,570 | $ 1,325,867 | |
Weighted-average interest rate of debt | 3.86% | 3.59% | |
Fixed-rate debt, Percentage | [1] | 86.00% | 98.00% |
Variable-rate debt, Percentage | 14.00% | 2.00% | |
[1] | Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements. |
Debt - Additional Information (
Debt - Additional Information (Details) | Jun. 05, 2020USD ($) | Mar. 16, 2020USD ($) | Dec. 31, 2019USD ($)Loan | Jan. 29, 2019USD ($) | Jul. 31, 2018USD ($)Loan | Dec. 31, 2020USD ($)LoanHotel_PropertyMortgage_Loan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 02, 2018USD ($) | Jul. 25, 2017USD ($) |
Debt Details [Line Items] | ||||||||||
Outstanding amount | $ 1,320,407,000 | $ 1,482,571,000 | $ 1,320,407,000 | |||||||
Proceeds from term loans and senior notes | 50,000,000 | 160,000,000 | $ 575,000,000 | |||||||
Outstanding debt | $ 1,325,867,000 | 1,488,570,000 | 1,325,867,000 | |||||||
Amortization of debt discount (premium) | (900,000) | (900,000) | (900,000) | |||||||
Amortization of debt issuance costs | 3,800,000 | 2,800,000 | 2,800,000 | |||||||
Interest costs capitalized | $ 900,000 | 1,300,000 | $ 1,000,000 | |||||||
2017 $85 Million Unsecured Term Loan Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Loan amendment description | In July 2019, the Company entered into an amendment of the 2017 $85 million term loan facility to reduce the interest rate margin from 1.80% - 2.60% to 1.30% - 2.10%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement, for the remainder of the term. | |||||||||
Number of term loans | Loan | 1 | |||||||||
Debt instrument, face amount | $ 85,000,000 | |||||||||
Debt instrument, maturity date | Jul. 25, 2024 | |||||||||
2019 $85 Million Unsecured Term Loan Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Note payable, description of variable rate basis | one-month LIBOR | |||||||||
Number of term loans | Loan | 1 | |||||||||
Debt instrument, face amount | $ 85,000,000 | $ 85,000,000 | ||||||||
Debt instrument, maturity date | Dec. 31, 2029 | |||||||||
$50 Million Senior Notes [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, face amount | $ 50,000,000 | |||||||||
Debt instrument, maturity date | Mar. 31, 2030 | |||||||||
Mortgage Debt [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, maturity date, description | maturity dates ranging from May 2021 to May 2038 | |||||||||
Outstanding debt | $ 512,800,000 | |||||||||
Number of hotel properties used to secure debt | Hotel_Property | 33 | |||||||||
Number of hotel properties carry fixed interest rates | Hotel_Property | 31 | |||||||||
Maximum [Member] | $50 Million Senior Notes [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 4.35% | |||||||||
Maximum [Member] | Mortgage Debt [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 6.25% | |||||||||
Effective interest rates | 4.97% | |||||||||
Minimum [Member] | $50 Million Senior Notes [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 3.60% | |||||||||
Minimum [Member] | Mortgage Debt [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 3.40% | |||||||||
Effective interest rates | 3.40% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage Debt [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 3.00% | |||||||||
Number of hotel properties used to secure debt | Hotel_Property | 2 | |||||||||
Number of mortgage loans | Mortgage_Loan | 1 | |||||||||
Interest rate terms | one-month LIBOR plus 3.00% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | 2019 $85 Million Unsecured Term Loan Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 2.55% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | 2019 $85 Million Unsecured Term Loan Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.70% | |||||||||
LIBOR Interest Rate Margin Prior to Amendment in July 2019 [Member] | Maximum [Member] | 2017 $85 Million Unsecured Term Loan Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 2.60% | |||||||||
LIBOR Interest Rate Margin Prior to Amendment in July 2019 [Member] | Minimum [Member] | 2017 $85 Million Unsecured Term Loan Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.80% | |||||||||
LIBOR Interest Rate Margin Subsequent to Amendment in July 2019 [Member] | Maximum [Member] | 2017 $85 Million Unsecured Term Loan Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 2.10% | |||||||||
LIBOR Interest Rate Margin Subsequent to Amendment in July 2019 [Member] | Minimum [Member] | 2017 $85 Million Unsecured Term Loan Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.30% | |||||||||
Line of Credit [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Loan amendment description | The amendments suspend the testing of the Company’s existing financial maintenance covenants under the unsecured credit facilities until the date the compliance certificate is required to be delivered for the fiscal quarter ending June 30, 2021 (unless the Company elects an earlier date) (the “Covenant Waiver Period”), and provide for, among other restrictions, the following during the Covenant Waiver Period: ● Mandatory prepayments of amounts outstanding under the Company’s unsecured credit facilities of net cash proceeds from certain debt and equity issuances and asset dispositions, subject to various exceptions. A portion of the mandatory prepayments will be available for future borrowing under the revolving credit facility; ● A minimum liquidity covenant of $100 million; ● A requirement to pledge the equity interests of each direct or indirect owner of certain unencumbered property in favor of the administrative agents if average liquidity for any month is less than $275 million or the total amount outstanding under the revolving credit facility exceeds $275 million; ● Restrictions on the Company’s and its subsidiaries’ ability to incur additional indebtedness or prepay certain existing indebtedness; ● Restrictions on the Company’s ability to make cash distributions (except to the extent required to maintain REIT status) and share repurchases; ● Maximum discretionary capital expenditures of $50 million; ● Limitations on additional investments; and ● An increase in the applicable interest rate under the unsecured credit facilities until the end of the Covenant Waiver Period to a rate that corresponds to the highest leverage-based applicable interest rate margin with respect to the unsecured credit facilities. | |||||||||
Credit Facilities [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Minimum liquidity covenant amount | $ 100,000,000 | |||||||||
Average liquidity criteria amount | 275,000,000 | |||||||||
Maximum discretionary capital expenditure | 50,000,000 | |||||||||
Note payable, description of variable rate basis | 15 basis points | |||||||||
Line of credit facility, covenant terms | The credit agreements governing the unsecured credit facilities contain mandatory prepayment requirements, customary affirmative and negative covenants, restrictions on certain investments and events of default. The credit agreements contain the following financial and restrictive covenants, each of which are suspended during the Covenant Waiver Period (capitalized terms are defined in the credit agreements): ● A ratio of Consolidated Total Indebtedness to Consolidated EBITDA of not more than 6.50 to 1.00 (subject to a higher amount in certain circumstances); ● A ratio of Consolidated Secured Indebtedness to Consolidated Total Assets of not more than 45%; ● A minimum Consolidated Tangible Net Worth of approximately $3.2 billion (plus an amount equal to 75% of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date, subject to adjustment); ● A ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges of not less than 1.50 to 1.00 for the trailing four full quarters; ● A ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness of not less than 2.00 to 1.00 for the trailing four full quarters; ● A ratio of Consolidated Unsecured Indebtedness to Unencumbered Asset Value of not more than 60% (subject to a higher level in certain circumstances); and ● A ratio of Consolidated Secured Recourse Indebtedness to Consolidated Total Assets of not more than 10%. | |||||||||
Credit Facilities [Member] | Maximum [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Outstanding amount | $ 275,000,000 | |||||||||
Credit Facilities [Member] | Eurodollar Rate Loans [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Note payable, description of variable rate basis | 0 to 25 basis points | |||||||||
Credit Facilities [Member] | Base Rate Floor [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, interest rate during period | 1.25% | |||||||||
Unsecured Credit Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Minimum consolidated tangible net worth | $ 3,200,000,000 | |||||||||
Percentage of net cash proceeds from issuances and sales of equity interests | 75 | |||||||||
Unsecured Credit Facility [Member] | Maximum [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Ratio of consolidated total indebtedness to consolidated EBITDA | 6.50 | |||||||||
Ratio of consolidated secured indebtedness to consolidated total assets | 45.00% | |||||||||
Ratio of un secured indebtedness to unencumbered asset value | 60.00% | |||||||||
Ratio of secured recourse indebtedness to consolidated total assets | 10.00% | |||||||||
Unsecured Credit Facility [Member] | Minimum [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Ratio of adjusted consolidated EBITDA to consolidated fixed charges | 1.50 | |||||||||
Ratio of unencumbered adjusted NOI to consolidated implied interest expense | 2 | |||||||||
$850 Million Unsecured Credit Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Note payable, description of variable rate basis | one-month LIBOR | |||||||||
Line of credit facility, maximum borrowing capacity | $ 850,000,000 | |||||||||
Line of credit facility, remaining borrowing capacity | 319,200,000 | |||||||||
$850 Million Unsecured Credit Facility [Member] | $425 Million Unsecured Revolving Credit Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 425,000,000 | |||||||||
Line of credit facility, expiration date | Jul. 27, 2022 | |||||||||
Debt instrument, maturity date, description | maturity date may be extended up to one year | |||||||||
Debt instrument extended maturity date term | 1 year | |||||||||
$850 Million Unsecured Credit Facility [Member] | Million 425 Unsecured Term Loan Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Term loan facility, maximum borrowing capacity | $ 425,000,000 | |||||||||
Number of term loans | Loan | 2 | |||||||||
$850 Million Unsecured Credit Facility [Member] | Million 425 Unsecured Term Loan Facility [Member] | $200 Million Unsecured Term Loan [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, face amount | $ 200,000,000 | |||||||||
Debt instrument, maturity date | Jul. 27, 2023 | |||||||||
$850 Million Unsecured Credit Facility [Member] | Million 425 Unsecured Term Loan Facility [Member] | $225 Million Unsecured Term Loan [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, face amount | $ 225,000,000 | |||||||||
Debt instrument, maturity date | Jan. 31, 2024 | |||||||||
$850 Million Unsecured Credit Facility [Member] | Maximum [Member] | $425 Million Unsecured Revolving Credit Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | |||||||||
$850 Million Unsecured Credit Facility [Member] | Minimum [Member] | $425 Million Unsecured Revolving Credit Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.20% | |||||||||
$850 Million Unsecured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||||||
$850 Million Unsecured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.35% | |||||||||
$225 Million Unsecured Term Loan Facility [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Note payable, description of variable rate basis | one-month LIBOR | |||||||||
Term loan facility, maximum borrowing capacity | $ 225,000,000 | |||||||||
Date of amended and restated credit facility | Aug. 2, 2018 | |||||||||
$225 Million Unsecured Term Loan Facility [Member] | $50 Million Unsecured Term Loan [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, face amount | $ 50,000,000 | |||||||||
Debt instrument, maturity date | Aug. 2, 2023 | |||||||||
$225 Million Unsecured Term Loan Facility [Member] | $175 Million Unsecured Term Loan [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, face amount | $ 100,000,000 | |||||||||
Debt instrument, maturity date | Aug. 2, 2025 | |||||||||
Total borrowing capacity under term loan | $ 175,000,000 | |||||||||
Proceeds from term loans and senior notes | $ 75,000,000 | |||||||||
Debt instrument, description | $100 million was funded on August 2, 2018 and the remaining $75 million was funded on January 29, 2019 | |||||||||
$225 Million Unsecured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||||||
$225 Million Unsecured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||
Debt Details [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.35% |
Debt - Schedule of Unsecured Cr
Debt - Schedule of Unsecured Credit Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | |||
Outstanding Balance | $ 1,488,570 | $ 1,325,867 | |
Revolving credit facility outstanding balance | 105,800 | 50,900 | |
Unamortized debt issuance costs | (7,623) | ||
Term loans and senior notes, net | 864,225 | 813,934 | |
Credit facilities, net | $ 1,482,571 | $ 1,320,407 | |
Weighted-average interest rate | 3.86% | 3.59% | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | [1] | LIBOR + 1.40% - 2.25% | |
Maturity Date | [1] | Jul. 27, 2022 | |
Revolving credit facility outstanding balance | [1] | $ 105,800 | $ 50,900 |
Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [1] | 1.40% | |
Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [1] | 2.25% | |
$200 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | LIBOR + 1.35% - 2.20% | ||
Maturity Date | Jul. 27, 2023 | ||
Outstanding Balance | $ 200,000 | 200,000 | |
$200 Million Term Loan [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.35% | ||
$200 Million Term Loan [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 2.20% | ||
$225 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | LIBOR + 1.35% - 2.20% | ||
Maturity Date | Jan. 31, 2024 | ||
Outstanding Balance | $ 225,000 | 225,000 | |
$225 Million Term Loan [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.35% | ||
$225 Million Term Loan [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 2.20% | ||
$50 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | LIBOR + 1.35% - 2.20% | ||
Maturity Date | Aug. 2, 2023 | ||
Outstanding Balance | $ 50,000 | 50,000 | |
$50 Million Term Loan [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.35% | ||
$50 Million Term Loan [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 2.20% | ||
$175 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | LIBOR + 1.65% - 2.50% | ||
Maturity Date | Aug. 2, 2025 | ||
Outstanding Balance | $ 175,000 | 175,000 | |
$175 Million Term Loan [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.65% | ||
$175 Million Term Loan [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 2.50% | ||
2017 $85 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | LIBOR + 1.30% - 2.10% | ||
Maturity Date | Jul. 25, 2024 | ||
Outstanding Balance | $ 85,000 | 85,000 | |
2017 $85 Million Term Loan [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.30% | ||
2017 $85 Million Term Loan [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 2.10% | ||
2019 $85 Million Unsecured Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | LIBOR + 1.70% - 2.55% | ||
Maturity Date | Dec. 31, 2029 | ||
Outstanding Balance | $ 85,000 | 85,000 | |
2019 $85 Million Unsecured Term Loan Facility [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.70% | ||
2019 $85 Million Unsecured Term Loan Facility [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 2.55% | ||
$50 Million Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | 3.60% - 4.35% | ||
Maturity Date | Mar. 31, 2030 | ||
Outstanding Balance | $ 50,000 | ||
$50 Million Senior Notes [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.60% | ||
$50 Million Senior Notes [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.35% | ||
Term Loans and Senior Loans, Net [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding Balance | $ 870,000 | 820,000 | |
Unamortized debt issuance costs | (5,775) | (6,066) | |
Term loans and senior notes, net | 864,225 | 813,934 | |
Credit Facilities, Net [Member] | |||
Debt Instrument [Line Items] | |||
Credit facilities, net | [1] | $ 970,025 | $ 864,834 |
Weighted-average interest rate | [2] | 3.64% | 3.14% |
[1] | Excludes unamortized debt issuance costs related to the revolving credit facility totaling approximately $2.1 million and $2.6 million as of December 31, 2020 and 2019, 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 $745.0 million and $842.5 million of the outstanding variable-rate debt as of December 31, 2020 and 2019, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month LIBOR at December 31, 2020 and 2019 was 0.14% and 1.76%, respectively. |
Debt - Schedule of Unsecured _2
Debt - Schedule of Unsecured Credit Facilities (Parentheticals) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Details [Line Items] | ||
Debt issuance costs, net | $ 7,623 | |
Derivative, notional amount | $ 1,142,500 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Details [Line Items] | ||
Debt Instrument, Basis of Variable Rate | 0.14% | 1.76% |
Outstanding Variable-Rate Debt Effectively Fixed By Interest Rate Swaps [Member] | ||
Debt Details [Line Items] | ||
Derivative, notional amount | $ 745,000 | $ 842,500 |
Revolving Credit Facilities [Member] | ||
Debt Details [Line Items] | ||
Debt issuance costs, net | $ 2,100 | $ 2,600 |
Debt - Schedule of Mortgage Deb
Debt - Schedule of Mortgage Debt Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | |||
Outstanding Balance | $ 1,488,570 | $ 1,325,867 | |
Unamortized fair value adjustment of assumed debt | 1,624 | ||
Unamortized debt issuance costs | (7,623) | ||
Total | $ 512,546 | 455,573 | |
Residence Inn San Juan Capistrano, CA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate? | [1] | 4.15% | |
Loan Assumption or Origination Date | Sep. 1, 2016 | ||
Principal Assumed or Originated | $ 16,210 | ||
Outstanding Balance | 15,073 | ||
Hampton Cape Canaveral, FL [Member] | |||
Debt Instrument [Line Items] | |||
Loan Assumption or Origination Date | Apr. 30, 2020 | ||
Maturity Date | May 1, 2021 | ||
Principal Assumed or Originated | $ 10,852 | ||
Outstanding Balance | $ 10,275 | ||
Home2 Suites Cape Canaveral, FL [Member] | |||
Debt Instrument [Line Items] | |||
Loan Assumption or Origination Date | Apr. 30, 2020 | ||
Maturity Date | May 1, 2021 | ||
Principal Assumed or Originated | $ 10,852 | ||
Outstanding Balance | $ 10,275 | ||
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 | $ 7,317 | 7,471 | |
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 | $ 13,563 | 13,847 | |
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 | $ 13,563 | 13,847 | |
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 | $ 9,434 | 9,775 | |
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 | $ 10,105 | 10,471 | |
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 | $ 4,729 | 4,897 | |
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 | $ 10,018 | 10,376 | |
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 | $ 12,422 | 12,866 | |
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 | $ 23,294 | 24,130 | |
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 | $ 18,660 | 19,324 | |
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 | $ 7,179 | 7,441 | |
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 | $ 7,737 | 8,020 | |
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 | $ 6,742 | 6,999 | |
Courtyard Prattville, 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 | $ 6,596 | ||
Outstanding Balance | $ 5,354 | 5,558 | |
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 | $ 15,061 | 15,640 | |
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 | $ 13,537 | 14,051 | |
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 | $ 22,766 | 23,513 | |
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 | $ 8,605 | 8,876 | |
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 | $ 30,387 | 31,311 | |
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 | $ 12,605 | 12,812 | |
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 | $ 20,936 | 21,280 | |
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 | $ 22,146 | 22,588 | |
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 | $ 23,315 | 23,552 | |
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 | $ 23,232 | 23,468 | |
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 | $ 17,295 | 17,471 | |
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 | $ 27,078 | 27,317 | |
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 | $ 14,770 | 14,901 | |
Courtyard Richmond, VA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate? | [1] | 3.40% | |
Loan Assumption or Origination Date | Feb. 12, 2020 | ||
Maturity Date | Mar. 11, 2030 | ||
Principal Assumed or Originated | $ 14,950 | ||
Outstanding Balance | $ 14,739 | ||
Residence Inn Richmond, VA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate? | [1] | 3.40% | |
Loan Assumption or Origination Date | Feb. 12, 2020 | ||
Maturity Date | Mar. 11, 2030 | ||
Principal Assumed or Originated | $ 14,950 | ||
Outstanding Balance | $ 14,739 | ||
Residence Inn Portland, ME [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate? | [1] | 3.43% | |
Loan Assumption or Origination Date | Mar. 2, 2020 | ||
Maturity Date | Apr. 1, 2030 | ||
Principal Assumed or Originated | $ 33,500 | ||
Outstanding Balance | $ 33,500 | ||
Homewood Suites San Jose, CA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate? | [1] | 4.22% | |
Loan Assumption or Origination Date | Dec. 22, 2017 | ||
Maturity Date | May 1, 2038 | ||
Principal Assumed or Originated | $ 30,000 | ||
Outstanding Balance | 27,392 | 28,092 | |
Aggregate Properties [Member] | |||
Debt Instrument [Line Items] | |||
Principal Assumed or Originated | 591,306 | ||
Outstanding Balance | 512,770 | 454,967 | |
Unamortized fair value adjustment of assumed debt | 1,624 | 2,526 | |
Unamortized debt issuance costs | $ (1,848) | $ (1,920) | |
[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. |
Debt - Schedule of Mortgage D_2
Debt - Schedule of Mortgage Debt Obligations (Parentheticals) (Details) - Mortgage Debt [Member] - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Dec. 31, 2020 | |
Hampton and Home2 Suites Cape Canaveral, FL [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 3.14% | |
Debt instrument value reduced from developer for construction savings | $ 1.1 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 3.00% | |
Interest rate terms | one-month LIBOR plus 3.00% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Debt, net | $ 1,482,571 | $ 1,320,407 |
Long-term debt, fair value | 1,500,000 | $ 1,300,000 |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | $ (11,200) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 1,142,500 | |
Fair value asset (liability) | (42,802) | $ (4,698) |
Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | 820,000 | |
Fair value asset (liability) | (42,802) | (4,800) |
Matured Prior to September 30, 2020 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | 322,500 | |
Fair value asset (liability) | 102 | |
Interest Rate Swap #1 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Apr. 7, 2016 | |
Effective Date | Sep. 30, 2016 | |
Maturity date | Mar. 31, 2021 | |
Swap fixed interest rate | 1.09% | |
Fair value asset (liability) | $ (117) | 317 |
Interest Rate Swap #2 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 100,000 | |
Origination Date | Apr. 7, 2016 | |
Effective Date | Sep. 30, 2016 | |
Maturity date | Mar. 31, 2023 | |
Swap fixed interest rate | 1.33% | |
Fair value asset (liability) | $ (2,681) | 707 |
Interest Rate Swap #3 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 75,000 | |
Origination Date | May 31, 2017 | |
Effective Date | Jul. 31, 2017 | |
Maturity date | Jun. 30, 2024 | |
Swap fixed interest rate | 1.96% | |
Fair value asset (liability) | $ (4,639) | (1,286) |
Interest Rate Swap #4 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 10,000 | |
Origination Date | Aug. 10, 2017 | |
Effective Date | Aug. 10, 2017 | |
Maturity date | Jun. 30, 2024 | |
Swap fixed interest rate | 2.01% | |
Fair value asset (liability) | $ (636) | (185) |
Interest Rate Swap #5 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Jun. 1, 2018 | |
Effective Date | Jan. 31, 2019 | |
Maturity date | Jun. 30, 2025 | |
Swap fixed interest rate | 2.89% | |
Fair value asset (liability) | $ (5,911) | (3,407) |
Interest Rate Swap #6 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Jul. 2, 2019 | |
Effective Date | Jul. 5, 2019 | |
Maturity date | Jul. 18, 2024 | |
Swap fixed interest rate | 1.65% | |
Fair value asset (liability) | $ (2,593) | (193) |
Interest Rate Swap #7 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Aug. 21, 2019 | |
Effective Date | Aug. 23, 2019 | |
Maturity date | Aug. 18, 2024 | |
Swap fixed interest rate | 1.32% | |
Fair value asset (liability) | $ (2,036) | 595 |
Interest Rate Swap #8 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Aug. 21, 2019 | |
Effective Date | Aug. 23, 2019 | |
Maturity date | Aug. 30, 2024 | |
Swap fixed interest rate | 1.32% | |
Fair value asset (liability) | $ (2,049) | 603 |
Interest Rate Swap #9 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 85,000 | |
Origination Date | Dec. 31, 2019 | |
Effective Date | Dec. 31, 2019 | |
Maturity date | Dec. 31, 2029 | |
Swap fixed interest rate | 1.86% | |
Fair value asset (liability) | $ (8,677) | (842) |
Interest Rate Swap #10 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 25,000 | |
Origination Date | Dec. 6, 2018 | |
Effective Date | Jan. 31, 2020 | |
Maturity date | Jun. 30, 2025 | |
Swap fixed interest rate | 2.75% | |
Fair value asset (liability) | $ (2,801) | (1,501) |
Interest Rate Swap #11 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Dec. 7, 2018 | |
Effective Date | May 18, 2020 | |
Maturity date | Jan. 31, 2024 | |
Swap fixed interest rate | 2.72% | |
Fair value asset (liability) | $ (3,967) | (2,139) |
Interest Rate Swap #12 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 75,000 | |
Origination Date | Aug. 21, 2019 | |
Effective Date | May 18, 2020 | |
Maturity date | May 18, 2025 | |
Swap fixed interest rate | 1.27% | |
Fair value asset (liability) | $ (3,294) | 1,222 |
Interest Rate Swap #13 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 75,000 | |
Origination Date | Jul. 31, 2020 | |
Effective Date | Aug. 18, 2020 | |
Maturity date | Aug. 18, 2022 | |
Swap fixed interest rate | 0.13% | |
Fair value asset (liability) | $ 14 | |
Interest Rate Swap #14 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 75,000 | |
Origination Date | Aug. 21, 2019 | |
Effective Date | May 18, 2021 | |
Maturity date | May 18, 2026 | |
Swap fixed interest rate | 1.30% | |
Fair value asset (liability) | $ (3,415) | 1,309 |
Interest Rate Swap #15 [Member] | Matured Prior to September 30, 2020 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 212,500 | |
Origination Date | May 19, 2015 | |
Effective Date | May 21, 2015 | |
Maturity date | May 18, 2020 | |
Swap fixed interest rate | 1.58% | |
Fair value asset (liability) | 78 | |
Interest Rate Swap #16 | Matured Prior to September 30, 2020 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 110,000 | |
Origination Date | Jul. 2, 2015 | |
Effective Date | Jul. 2, 2015 | |
Maturity date | May 18, 2020 | |
Swap fixed interest rate | 1.62% | |
Fair value asset (liability) | $ 24 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Derivative Instruments, Gain (Loss) Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments Gain Loss Recognized [Abstract] | |||
Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ (45,850) | $ (11,035) | $ 2,608 |
Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net | $ (7,746) | $ 3,669 | $ 2,380 |
Related Parties - Additional In
Related Parties - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Aircraft Owned by Executive Officers [Member] | General and Administrative Expenses [Member] | |||
Related Parties Details [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 100,000 | $ 100,000 | $ 100,000 |
Reimbursement Received From Related Parties For Their Proportionate Share of Staffing and Office Related Costs Provided by Apple Hospitality [Member] | |||
Related Parties Details [Line Items] | |||
Related Party Transaction, Amounts of Transaction | (1,200,000) | (1,300,000) | $ (1,100,000) |
Due from related parties | $ 300,000 | $ 500,000 | |
Cost Sharing Arrangement [Member] | |||
Related Parties Details [Line Items] | |||
Related party transaction, Description of transaction | To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under this cash management process, each company may advance or defer up to $1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies. | ||
Cost Sharing Arrangement [Member] | Maximum [Member] | |||
Related Parties Details [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 1,000,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 25 Months Ended | ||||
Jan. 31, 2020 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 11, 2019 | Aug. 12, 2020 | May 31, 2020 | |
Shareholders Equity Details [Line Items] | ||||||||
Annual distribution rate | $ 1.20 | |||||||
Common stock, dividends, per share, cash paid | $ 0.30 | $ 1.20 | $ 1.20 | |||||
Payments of ordinary dividends, common stock | $ 22,400,000 | $ 67,378,000 | $ 268,672,000 | $ 275,892,000 | ||||
Stock repurchase program, authorized amount | $ 345,000,000 | |||||||
Share repurchase program, end period | 2021-07 | |||||||
Number of shares repurchased | 1,500,000 | 300,000 | 6,600,000 | |||||
Stock repurchased value per share | $ 9.42 | $ 14.92 | $ 15.87 | |||||
Stock repurchased value | $ 14,336,000 | $ 4,335,000 | $ 104,304,000 | |||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||||||
Preferred stock, shares issued (in shares) | 0 | 0 | ||||||
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 | ||||||
ATM Program Executed Feb 28 2017 and Terminated Apr 11 2019 [Member] | ||||||||
Shareholders Equity Details [Line Items] | ||||||||
Stock issuance program, authorized amount | $ 300,000,000 | |||||||
Issuance of common shares, net (in Shares) | 200,000 | 7,200,000 | ||||||
Shares issued weighted average market sales price per share (in dollars per share) | $ 19.73 | $ 19.56 | ||||||
Proceeds from issuance of common stock, gross | $ 4,800,000 | $ 139,800,000 | ||||||
ATM Program Executed August 12, 2020 [Member] | ||||||||
Shareholders Equity Details [Line Items] | ||||||||
Stock issuance program, authorized amount | $ 300,000,000 |
Compensation Plans - Additional
Compensation Plans - Additional Information (Details) | Apr. 01, 2020USD ($)Officershares | Dec. 31, 2020USD ($)Agreement$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) |
New Officer Share-based Payment Arrangement [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Number of new officers | Officer | 5 | |||
Share based compensation, net (in Shares) | shares | 200,000 | |||
Total share-based compensation earned, including the surrendered shares (in millions) | $ 1,800,000 | |||
Restricted common shares vesting date | Mar. 31, 2023 | |||
Restriction period | 3 years | |||
Share-based compensation expense | $ 400,000 | |||
One-Time Payment Under Separation Agreement [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Number of separation agreements | Agreement | 2 | |||
One-time grant, fully vested common shares | shares | 35,070 | |||
Grant date value | $ 350,000 | |||
One-Time Payment Under Separation Agreement [Member] | Retirement of Executive Vice President and Chief Financial Officer [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Labor and related expense | 1,250,000 | |||
One-Time Payment Under Separation Agreement [Member] | Retirement of Executive Vice President and Chief Operating Officer [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Labor and related expense | 1,250,000 | |||
One-Time Payment Under Separation Agreement [Member] | Retirements of Executive Vice President and Chief Operating Officer; and Executive Vice President and Chief Financial Officer [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Labor and related expense | $ 2,500,000 | |||
One-Time Payment Under Separation Agreement [Member] | Resignation of Executive Vice President and Chief Financial Officer [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Labor and related expense | $ 1,600,000 | |||
One-Time Payment Under Separation Agreement [Member] | Retirement of Executive Vice President and Chief Legal Officer [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Labor and related expense | 500,000 | |||
2014 Omnibus Incentive Plan [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares) | shares | 10,000,000 | |||
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares) | shares | 8,100,000 | |||
2020 Executive Management Incentive Plan [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Accrued liability for potential executive bonus payments | $ 6,100,000 | |||
Share-based compensation, subject to vesting | 1,900,000 | |||
2020 Executive Management Incentive Plan [Member] | Potential Aggregate Payout [Member] | Minimum [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Labor and related expense | 0 | |||
Voluntary reduction | 0 | |||
2020 Executive Management Incentive Plan [Member] | Potential Aggregate Payout [Member] | Maximum [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Labor and related expense | 13,100,000 | |||
Voluntary reduction | $ 5,200,000 | |||
2020 Executive Management Incentive Plan [Member] | Unrestricted Shares at Time of Issuance [Member] | Share Based Compensation [Member] | Equity Awards Issued in the First Quarter of 2021 [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Vesting percentage | 50.00% | |||
2020 Executive Management Incentive Plan [Member] | Restricted Stock Vesting on December 10, 2021 [Member] | Share Based Compensation [Member] | Equity Awards Issued in the First Quarter of 2021 [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Vesting percentage | 50.00% | |||
2019 Executive Management Incentive Plan [Member] | Resignation of Executive Vice President and Chief Financial Officer [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Labor and related expense | 600,000 | |||
2019 Executive Management Incentive Plan [Member] | Share Based Compensation [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Accrued liability for potential executive bonus payments | 10,600,000 | |||
Accrued bonuses share based compensation current | 7,500,000 | |||
2018 Executive Management Incentive Plan [Member] | Share Based Compensation [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Accrued liability for potential executive bonus payments | $ 4,300,000 | |||
Accrued bonuses share based compensation current | 2,400,000 | |||
Non-Employee Director Deferral Program Effective June 1, 2018 [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Deferred compensation arrangement with individual, compensation expense | $ 300,000 | $ 400,000 | $ 300,000 | |
Share-based compensation arrangement by share-based payment award, shares deferred (in shares) | shares | 78,000 | 47,000 | ||
Share-based compensation arrangement by share-based payment award, shares deferred weighted average grant date fair value (in dollars per share) | $ / shares | $ 14.46 | $ 16.32 | ||
Deferred Compensation Equity | $ 1,100,000 | $ 700,000 |
Compensation Plans - Informatio
Compensation Plans - Information Pertaining to Share-based Compensation Issued (Details) - Share Based Compensation [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
2019 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2020 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Period common shares issued | First Quarter 2020 | |||
Common shares earned under each incentive plan | 665,552,000 | |||
Common shares surrendered on issuance date to satisfy tax withholding obligations | 60,616,000 | |||
Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations | 604,936,000 | |||
Closing stock price on issuance date | $ 13.01 | |||
Total share-based compensation earned, including the surrendered shares (in millions) | [1] | $ 8.7 | ||
Of the total common shares earned and issued, total common shares unrestricted at time of issuance | 426,553,000 | |||
Of the total common shares earned and issued, total common shares restricted at time of issuance | 178,383,000 | |||
Restricted common shares vesting date | Dec. 11, 2020 | |||
Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares | 60,066,000 | |||
2018 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2019 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Period common shares issued | First Quarter 2019 | |||
Common shares earned under each incentive plan | 156,926,000 | |||
Common shares surrendered on issuance date to satisfy tax withholding obligations | 24,999,000 | |||
Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations | 131,927,000 | |||
Closing stock price on issuance date | $ 16.49 | |||
Total share-based compensation earned, including the surrendered shares (in millions) | [2] | $ 2.6 | ||
Of the total common shares earned and issued, total common shares unrestricted at time of issuance | 105,345,000 | |||
Of the total common shares earned and issued, total common shares restricted at time of issuance | 26,582,000 | |||
Restricted common shares vesting date | Dec. 13, 2019 | |||
Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares | 5,502,000 | |||
2017 Executive Management Incentive Plan [Member] | Equity Awards Issued in First Quarter of 2018 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Period common shares issued | First Quarter 2018 | |||
Common shares earned under each incentive plan | 415,866,000 | |||
Common shares surrendered on issuance date to satisfy tax withholding obligations | 48,533,000 | |||
Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations | 367,333,000 | |||
Closing stock price on issuance date | $ 16.92 | |||
Total share-based compensation earned, including the surrendered shares (in millions) | [3] | $ 7 | ||
Of the total common shares earned and issued, total common shares unrestricted at time of issuance | 223,421,000 | |||
Of the total common shares earned and issued, total common shares restricted at time of issuance | 143,912,000 | |||
Restricted common shares vesting date | Dec. 14, 2018 | |||
Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares | 41,389,000 | |||
[1] | Of the total 2019 share-based compensation, approximately $7.5 million was recognized as share-based compensation expense during the year ended December 31, 2019, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2019, and the remaining $1.2 million, which vested on December 11, 2020 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2020. | |||
[2] | Of the total 2018 share-based compensation, approximately $2.4 million was recognized as share-based compensation expense during the year ended December 31, 2018, and the remaining $0.2 million, which vested on December 13, 2019, was recognized as share-based compensation expense during the year ended December 31, 2019. | |||
[3] | Of the total 2017 share-based compensation, approximately $1.2 million, which vested on December 14, 2018, was recognized as share-based compensation expense during the year ended December 31, 2018. |
Compensation Plans - Informat_2
Compensation Plans - Information Pertaining to Share-based Compensation Issued (Parenthetical) (Details) - Share Based Compensation [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
2019 Executive Management Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation recorded as expense included in accounts payable and other liabilities | $ 7.5 | ||
2019 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2020 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation recorded as expense included in accounts payable and other liabilities | 7.5 | ||
Share-based compensation expense | $ 1.2 | ||
2018 Executive Management Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation recorded as expense included in accounts payable and other liabilities | $ 2.4 | ||
2018 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2019 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | $ 0.2 | 2.4 | |
2017 Executive Management Incentive Plan [Member] | Equity Awards Issued in First Quarter of 2017 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | $ 1.2 |
Management and Franchise Agre_3
Management and Franchise Agreements - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Hotel | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Management And Franchise Agreements Details [Line Items] | |||
Number of hotels | Hotel | 234 | ||
Percentage of hotels operate under variable management fee agreement | 80.00% | ||
Cost of goods and services sold | $ | $ 402,278 | $ 724,416 | $ 715,934 |
Number of hotels operated by manager | Hotel | 234 | ||
Marriott or Hilton [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Number of hotels operated by manager | Hotel | 15 | ||
Management Service [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Cost of goods and services sold | $ | $ 19,817 | 43,828 | 43,937 |
Royalty [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Cost of goods and services sold | $ | $ 26,387 | $ 54,862 | $ 54,494 |
Minimum [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Management agreement, initial term | 1 year | ||
Management agreement average initial term | 1 year | ||
Franchise agreement, initial term | 10 years | ||
Maximum [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Management agreement, initial term | 30 years | ||
Management agreement average initial term | 2 years | ||
Franchise agreement, initial term | 30 years | ||
Variable Management Fee Structure [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Management agreement, description | As of December 31, 2020, over 80% of the Company’s hotels operate under a variable management fee agreement, with an average initial term of approximately one to two years, which the Company believes better aligns incentives for each hotel manager to maximize each property’s performance than a base-plus-incentive management fee structure | ||
Hotel management fee, percentage | 3.00% | ||
Variable Management Fee Structure [Member] | Minimum [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Hotel management fee, percentage | 2.50% | ||
Variable Management Fee Structure [Member] | Maximum [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Hotel management fee, percentage | 3.50% |
Management and Franchise Agre_4
Management and Franchise Agreements - Management and Franchise Agreements (Details) | 12 Months Ended |
Dec. 31, 2020Hotel | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 234 |
LBA [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 41 |
Dimension [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 31 |
Crestline [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 22 |
White Lodging [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 22 |
Raymond [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 20 |
McKibbon [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 17 |
Western [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 17 |
Marriott [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 14 |
Newport [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 12 |
North Central [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 10 |
Aimbridge [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 9 |
InnVentures [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 6 |
Chartwell [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 5 |
Huntington [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 3 |
Stonebridge [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 3 |
Highgate [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 1 |
Hilton [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 1 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)PropertyLease | Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2017USD ($) | |
Lease Commitments Details [Line Items] | |||||
Shareholders equity | $ 3,029,347 | $ 3,291,013 | $ 3,409,010 | $ 3,571,085 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Lease Commitments Details [Line Items] | |||||
Shareholders equity | (5,201) | $ (5,200) | |||
ASU 2016-02 [Member] | |||||
Lease Commitments Details [Line Items] | |||||
Change in accounting principle, ASU adopted | true | ||||
Change in accounting principle, ASU adoption date | Jan. 1, 2019 | ||||
Hotel Ground Lease [Member] | |||||
Lease Commitments Details [Line Items] | |||||
Number of properties subject to ground leases | Property | 15 | ||||
Number of leases classified as finance leases | Lease | 6 | ||||
Parking Lot Ground Lease [Member] | |||||
Lease Commitments Details [Line Items] | |||||
Number of properties subject to ground leases | Property | 3 | ||||
Hotel and Parking Lot Ground Leases [Member] | |||||
Lease Commitments Details [Line Items] | |||||
Number of leases classified as operating leases | Lease | 12 | ||||
Hotel and Parking Lot Ground Leases [Member] | Prior to Adoption of Accounting Standards Update 2016-02 [Member] | |||||
Lease Commitments Details [Line Items] | |||||
Amortization of intangible lease assets (liabilities), net | 800 | ||||
Straight line rent expense | $ 3,500 | ||||
Hotel and Parking Lot Ground Leases [Member] | Minimum [Member] | |||||
Lease Commitments Details [Line Items] | |||||
Lessee, lease term of contract | 3 years | ||||
Lessee, lease renewal term | 5 years | ||||
Hotel and Parking Lot Ground Leases [Member] | Maximum [Member] | |||||
Lease Commitments Details [Line Items] | |||||
Lessee, lease term of contract | 98 years | ||||
Lessee, lease renewal term | 120 years | ||||
Finance Ground Lease with Increase in Estimated Required Lease Payments [Member] | |||||
Lease Commitments Details [Line Items] | |||||
Number of properties subject to ground leases | Property | 1 | ||||
Increase in lease right of use asset | $ 53,000 | ||||
Increase in lease liability | $ 53,000 |
Lease Commitments - Schedule of
Lease Commitments - Schedule of Lease-related Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Operating lease assets, net | $ 27,250 | $ 28,311 | |
Finance ground lease assets, net | [1] | 192,751 | 193,184 |
Total lease assets | 220,001 | 221,495 | |
Liabilities | |||
Operating lease liabilities | $ 11,642 | 12,130 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | ||
Finance lease liabilities | $ 219,981 | 216,627 | |
Total lease liabilities | $ 231,623 | $ 228,757 | |
Weighted-average remaining lease term | |||
Operating leases | 38 years | ||
Finance leases | 30 years | ||
Weighted-average discount rate | |||
Operating leases | 5.47% | ||
Finance leases | 5.26% | ||
[1] | Finance ground lease assets are net of accumulated amortization of approximately $10.9 million and $4.4 million as of December 31, 2020 and 2019, respectively. |
Lease Commitments - Schedule _2
Lease Commitments - Schedule of Lease-related Assets and Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Lease Commitments Details [Line Items] | |||
Real estate investment property, accumulated depreciation | $ 1,235,698 | $ 1,054,429 | $ 909,893 |
Hotel Ground Lease [Member] | |||
Lease Commitments Details [Line Items] | |||
Real estate investment property, accumulated depreciation | $ 10,900 | $ 4,400 |
Lease Commitments - Schedule _3
Lease Commitments - Schedule of Lease Costs Related to Operating and Finance Ground Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule Of Lease Cost [Abstract] | |||
Operating lease costs | [1] | $ 1,509 | $ 1,658 |
Finance lease costs: | |||
Amortization of lease assets | 6,433 | 4,517 | |
Interest on lease liabilities | 11,402 | 8,241 | |
Total lease costs | $ 19,344 | $ 14,416 | |
[1] | Represents costs related to ground leases, including variable lease costs. Excludes costs related to hotel equipment leases, which are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases, which are included in general and administrative expense in the Company's consolidated statement of operations. These costs are not significant for disclosure. |
Lease Commitments - Schedule _4
Lease Commitments - Schedule of Undiscounted Cash Flows for Each of Next Five Years and Total of Remaining Years to Operating Lease Liabilities and Finance Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lease Commitments Details Maturity Of Lessee Lease Liabilities [Line Items] | ||
Present value of lease liabilities | $ 11,642 | $ 12,130 |
Present value of lease liabilities | 219,981 | $ 216,627 |
Operating Leases [Member] | ||
Lease Commitments Details Maturity Of Lessee Lease Liabilities [Line Items] | ||
2021 | 1,108 | |
2022 | 912 | |
2023 | 787 | |
2024 | 765 | |
2025 | 776 | |
Thereafter | 31,671 | |
Total minimum lease payments | 36,019 | |
Less: amount of lease payments representing interest | 24,377 | |
Present value of lease liabilities | 11,642 | |
Finance Leases [Member] | ||
Lease Commitments Details Maturity Of Lessee Lease Liabilities [Line Items] | ||
2021 | 9,618 | |
2022 | 9,767 | |
2023 | 10,116 | |
2024 | 11,249 | |
2025 | 11,602 | |
Thereafter | 454,467 | |
Total minimum lease payments | 506,819 | |
Less: amount of lease payments representing interest | 286,838 | |
Present value of lease liabilities | $ 219,981 |
Lease Commitments - Supplementa
Lease Commitments - Supplemental Cash Flow Information related to Operating and Finance Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Supplemental Cash Flow Information [Abstract] | ||
Operating cash flows for operating leases | $ 1,295 | $ 1,344 |
Operating cash flows for finance leases | $ 8,048 | $ 6,989 |
Hotel Purchase Contract Commi_2
Hotel Purchase Contract Commitments - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)RoomContract | |
Hotel Purchase Contract Commitments Details [Line Items] | |
Aggregate number of hotel rooms | 29,937 |
Hotels Under Development [Member] | Hilton Garden Inn Madison WI [Member] | |
Hotel Purchase Contract Commitments Details [Line Items] | |
Number of outstanding contract | Contract | 1 |
Purchase contract gross purchase price | $ | $ 49.6 |
Hotel completion and opened date | Feb. 18, 2021 |
Aggregate number of hotel rooms | 176 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 133,965 | $ 148,826 | $ 81,078 | $ 238,010 | $ 289,971 | $ 331,722 | $ 341,117 | $ 303,787 | $ 601,879 | $ 1,266,597 | $ 1,270,555 |
Net income (loss) | (51,247) | (40,948) | (78,243) | (2,769) | 25,453 | 46,223 | 62,090 | 38,151 | (173,207) | 171,917 | 206,086 |
Comprehensive loss | $ (45,729) | $ (38,209) | $ (82,438) | $ (44,935) | $ 31,106 | $ 42,030 | $ 51,970 | $ 32,107 | $ (211,311) | $ 157,213 | $ 206,314 |
Basic and diluted net income (loss) per common share (in Dollars per share) | $ (0.23) | $ (0.18) | $ (0.35) | $ (0.01) | $ 0.11 | $ 0.21 | $ 0.28 | $ 0.17 | $ (0.77) | $ 0.77 | $ 0.90 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Millions | Feb. 18, 2021USD ($)Room | Dec. 31, 2020Room |
Subsequent Event [Line Items] | ||
Aggregate number of hotel rooms | 29,937 | |
Subsequent Event | Hotel Acquisitions [Member] | Hilton Garden Inn Madison WI [Member] | ||
Subsequent Event [Line Items] | ||
Aggregate number of hotel rooms | 176 | |
Purchase and sale agreement, gross sales price | $ | $ 49.6 |
SCHEDULE III Real Estate and _2
SCHEDULE III Real Estate and Accumulated Depreciation and Amortization - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)Room | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Real Estate Properties [Line Items] | |||||
Total Gross Cost | $ 5,764,977 | $ 5,682,550 | $ 5,726,303 | $ 5,524,443 | |
Accumulated Depreciation | $ (1,224,832) | $ (1,049,996) | $ (909,893) | $ (731,284) | |
Aggregate number of hotel rooms | Room | 29,937 | ||||
Total [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 512,770 | ||||
Initial Cost, Land | [1] | 725,512 | |||
Initial Cost, Building, FF&E, and Other | 4,621,158 | ||||
Subsequently Capitalized Building Improvements & FF&E | 418,307 | ||||
Total Gross Cost | [2] | 5,764,977 | |||
Accumulated Depreciation | $ (1,224,832) | ||||
Aggregate number of hotel rooms | Room | 29,819 | ||||
Embassy Suites Anchorage, AK [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 18,660 | ||||
Initial Cost, Land | [1] | 2,955 | |||
Initial Cost, Building, FF&E, and Other | 39,053 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,408 | ||||
Total Gross Cost | [2] | 46,416 | |||
Accumulated Depreciation | $ (15,391) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Apr-10 | ||||
Aggregate number of hotel rooms | Room | 169 | ||||
Embassy Suites Anchorage, AK [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Embassy Suites Anchorage, AK [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Anchorage, AK [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,683 | |||
Initial Cost, Building, FF&E, and Other | 21,606 | ||||
Subsequently Capitalized Building Improvements & FF&E | 32 | ||||
Total Gross Cost | [2] | 24,321 | |||
Accumulated Depreciation | $ (2,413) | ||||
Date of Construction | 2015 | ||||
Date Acquired | Dec-17 | ||||
Aggregate number of hotel rooms | Room | 135 | ||||
Home2 Suites Anchorage, AK [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Anchorage, AK [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Auburn, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,580 | |||
Initial Cost, Building, FF&E, and Other | 9,659 | ||||
Subsequently Capitalized Building Improvements & FF&E | 585 | ||||
Total Gross Cost | [2] | 11,824 | |||
Accumulated Depreciation | $ (2,983) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 101 | ||||
Hilton Garden Inn Auburn, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Auburn, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Birmingham, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,310 | |||
Initial Cost, Building, FF&E, and Other | 6,425 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,385 | ||||
Total Gross Cost | [2] | 10,120 | |||
Accumulated Depreciation | $ (2,126) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 84 | ||||
Courtyard Birmingham, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Birmingham, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Birmingham, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,425 | |||
Initial Cost, Building, FF&E, and Other | 15,555 | ||||
Subsequently Capitalized Building Improvements & FF&E | 15 | ||||
Total Gross Cost | [2] | 18,995 | |||
Accumulated Depreciation | $ (2,026) | ||||
Date of Construction | 2017 | ||||
Date Acquired | Sep-17 | ||||
Aggregate number of hotel rooms | Room | 104 | ||||
Hilton Garden Inn Birmingham, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Birmingham, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Birmingham, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,491 | |||
Initial Cost, Building, FF&E, and Other | 15,603 | ||||
Subsequently Capitalized Building Improvements & FF&E | 14 | ||||
Total Gross Cost | [2] | 19,108 | |||
Accumulated Depreciation | $ (1,943) | ||||
Date of Construction | 2017 | ||||
Date Acquired | Sep-17 | ||||
Aggregate number of hotel rooms | Room | 106 | ||||
Home2 Suites Birmingham, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Birmingham, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Birmingham, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,010 | |||
Initial Cost, Building, FF&E, and Other | 12,981 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,918 | ||||
Total Gross Cost | [2] | 15,909 | |||
Accumulated Depreciation | $ (3,873) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 95 | ||||
Homewood Suites Birmingham, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Birmingham, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Dothan, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,037 | |||
Initial Cost, Building, FF&E, and Other | 10,581 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,574 | ||||
Total Gross Cost | [2] | 13,192 | |||
Accumulated Depreciation | $ (4,598) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Jun-09 | ||||
Aggregate number of hotel rooms | Room | 104 | ||||
Hilton Garden Inn Dothan, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Dothan, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Dothan, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 970 | |||
Initial Cost, Building, FF&E, and Other | 13,185 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,071 | ||||
Total Gross Cost | [2] | 15,226 | |||
Accumulated Depreciation | $ (3,224) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 84 | ||||
Residence Inn Dothan, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Dothan, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Huntsville, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 550 | |||
Initial Cost, Building, FF&E, and Other | 11,962 | ||||
Subsequently Capitalized Building Improvements & FF&E | 81 | ||||
Total Gross Cost | [2] | 12,593 | |||
Accumulated Depreciation | $ (1,838) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 98 | ||||
Hampton Huntsville, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Huntsville, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Huntsville, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 890 | |||
Initial Cost, Building, FF&E, and Other | 11,227 | ||||
Subsequently Capitalized Building Improvements & FF&E | 527 | ||||
Total Gross Cost | [2] | 12,644 | |||
Accumulated Depreciation | $ (3,057) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 101 | ||||
Hilton Garden Inn Huntsville, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Huntsville, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Huntsville, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 490 | |||
Initial Cost, Building, FF&E, and Other | 10,840 | ||||
Subsequently Capitalized Building Improvements & FF&E | 86 | ||||
Total Gross Cost | [2] | 11,416 | |||
Accumulated Depreciation | $ (1,646) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 77 | ||||
Home2 Suites Huntsville, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Huntsville, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Huntsville, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 6,742 | ||||
Initial Cost, Land | [1] | 210 | |||
Initial Cost, Building, FF&E, and Other | 15,654 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,995 | ||||
Total Gross Cost | [2] | 17,859 | |||
Accumulated Depreciation | $ (4,377) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 107 | ||||
Homewood Suites Huntsville, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Huntsville, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Mobile, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 11,452 | ||||
Subsequently Capitalized Building Improvements & FF&E | 427 | ||||
Total Gross Cost | [2] | 11,879 | |||
Accumulated Depreciation | $ (1,822) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 101 | ||||
Hampton Mobile, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Mobile, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Montgomery, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,640 | |||
Initial Cost, Building, FF&E, and Other | 12,315 | ||||
Subsequently Capitalized Building Improvements & FF&E | 428 | ||||
Total Gross Cost | [2] | 15,383 | |||
Accumulated Depreciation | $ (3,408) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 97 | ||||
Hilton Garden Inn Montgomery, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Montgomery, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Montgomery, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,760 | |||
Initial Cost, Building, FF&E, and Other | 10,818 | ||||
Subsequently Capitalized Building Improvements & FF&E | 536 | ||||
Total Gross Cost | [2] | 13,114 | |||
Accumulated Depreciation | $ (3,341) | ||||
Date of Construction | 2004 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 91 | ||||
Homewood Suites Montgomery, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Montgomery, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Prattville, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 5,354 | ||||
Initial Cost, Land | [1] | 2,050 | |||
Initial Cost, Building, FF&E, and Other | 9,101 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,033 | ||||
Total Gross Cost | [2] | 12,184 | |||
Accumulated Depreciation | $ (2,661) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 84 | ||||
Courtyard Prattville, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Prattville, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Rogers, AR [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 911 | |||
Initial Cost, Building, FF&E, and Other | 8,483 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,103 | ||||
Total Gross Cost | [2] | 13,497 | |||
Accumulated Depreciation | $ (3,853) | ||||
Date of Construction | 1998 | ||||
Date Acquired | Aug-10 | ||||
Aggregate number of hotel rooms | Room | 122 | ||||
Hampton Rogers, AR [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Rogers, AR [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Rogers, AR [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,375 | |||
Initial Cost, Building, FF&E, and Other | 9,514 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,434 | ||||
Total Gross Cost | [2] | 13,323 | |||
Accumulated Depreciation | $ (5,235) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Apr-10 | ||||
Aggregate number of hotel rooms | Room | 126 | ||||
Homewood Suites Rogers, AR [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Rogers, AR [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Rogers, AR [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,130 | |||
Initial Cost, Building, FF&E, and Other | 12,417 | ||||
Subsequently Capitalized Building Improvements & FF&E | 646 | ||||
Total Gross Cost | [2] | 14,193 | |||
Accumulated Depreciation | $ (3,385) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 88 | ||||
Residence Inn Rogers, AR [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Rogers, AR [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Chandler, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,061 | |||
Initial Cost, Building, FF&E, and Other | 16,008 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,683 | ||||
Total Gross Cost | [2] | 18,752 | |||
Accumulated Depreciation | $ (5,999) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 150 | ||||
Courtyard Chandler, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Chandler, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Chandler, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 778 | |||
Initial Cost, Building, FF&E, and Other | 11,272 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,085 | ||||
Total Gross Cost | [2] | 13,135 | |||
Accumulated Depreciation | $ (4,109) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Fairfield Chandler, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Chandler, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Phoenix, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,413 | |||
Initial Cost, Building, FF&E, and Other | 14,669 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,526 | ||||
Total Gross Cost | [2] | 18,608 | |||
Accumulated Depreciation | $ (6,415) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 164 | ||||
Courtyard Phoenix, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Phoenix, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Phoenix, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,730 | |||
Initial Cost, Building, FF&E, and Other | 17,401 | ||||
Subsequently Capitalized Building Improvements & FF&E | 274 | ||||
Total Gross Cost | [2] | 19,405 | |||
Accumulated Depreciation | $ (2,683) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 127 | ||||
Courtyard Phoenix, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Phoenix, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Phoenix, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 15,209 | ||||
Subsequently Capitalized Building Improvements & FF&E | 408 | ||||
Total Gross Cost | [2] | 15,617 | |||
Accumulated Depreciation | $ (2,501) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 125 | ||||
Hampton Phoenix, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Phoenix, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Phoenix, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,406 | |||
Initial Cost, Building, FF&E, and Other | 41,174 | ||||
Subsequently Capitalized Building Improvements & FF&E | 13 | ||||
Total Gross Cost | [2] | 44,593 | |||
Accumulated Depreciation | $ (3,878) | ||||
Date of Construction | 2018 | ||||
Date Acquired | May-18 | ||||
Aggregate number of hotel rooms | Room | 210 | ||||
Hampton Phoenix, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Phoenix, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Phoenix, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 18,907 | ||||
Subsequently Capitalized Building Improvements & FF&E | 243 | ||||
Total Gross Cost | [2] | 19,150 | |||
Accumulated Depreciation | $ (3,163) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 134 | ||||
Homewood Suites Phoenix, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Phoenix, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Phoenix, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,111 | |||
Initial Cost, Building, FF&E, and Other | 12,953 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,886 | ||||
Total Gross Cost | [2] | 15,950 | |||
Accumulated Depreciation | $ (5,375) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 129 | ||||
Residence Inn Phoenix, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Phoenix, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Scottsdale, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 6,000 | |||
Initial Cost, Building, FF&E, and Other | 26,861 | ||||
Subsequently Capitalized Building Improvements & FF&E | 460 | ||||
Total Gross Cost | [2] | 33,321 | |||
Accumulated Depreciation | $ (3,663) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 122 | ||||
Hilton Garden Inn Scottsdale, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Scottsdale, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hyatt House Tempe, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 23,990 | ||||
Total Gross Cost | [2] | 23,990 | |||
Accumulated Depreciation | $ (374) | ||||
Date of Construction | 2020 | ||||
Date Acquired | Aug-20 | ||||
Aggregate number of hotel rooms | Room | 105 | ||||
Hyatt House Tempe, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hyatt House Tempe, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hyatt Place Tempe, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 34,877 | ||||
Total Gross Cost | [2] | 34,877 | |||
Accumulated Depreciation | $ (531) | ||||
Date of Construction | 2020 | ||||
Date Acquired | Aug-20 | ||||
Aggregate number of hotel rooms | Room | 154 | ||||
Hyatt Place Tempe, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hyatt Place Tempe, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Tucson, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,005 | |||
Initial Cost, Building, FF&E, and Other | 17,925 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,072 | ||||
Total Gross Cost | [2] | 21,002 | |||
Accumulated Depreciation | $ (7,878) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Jul-08 | ||||
Aggregate number of hotel rooms | Room | 125 | ||||
Hilton Garden Inn Tucson, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Tucson, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Towne Place Suites Tucson, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 992 | |||
Initial Cost, Building, FF&E, and Other | 14,543 | ||||
Subsequently Capitalized Building Improvements & FF&E | 294 | ||||
Total Gross Cost | [2] | 15,829 | |||
Accumulated Depreciation | $ (4,473) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Oct-11 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Towne Place Suites Tucson, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Towne Place Suites Tucson, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Agoura Hills, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,430 | |||
Initial Cost, Building, FF&E, and Other | 21,290 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,410 | ||||
Total Gross Cost | [2] | 27,130 | |||
Accumulated Depreciation | $ (5,973) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 125 | ||||
Homewood Suites Agoura Hills, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Agoura Hills, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Burbank, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 23,315 | ||||
Initial Cost, Land | [1] | 12,916 | |||
Initial Cost, Building, FF&E, and Other | 41,218 | ||||
Subsequently Capitalized Building Improvements & FF&E | 774 | ||||
Total Gross Cost | [2] | 54,908 | |||
Accumulated Depreciation | $ (7,589) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Aug-15 | ||||
Aggregate number of hotel rooms | Room | 190 | ||||
Courtyard Burbank, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Burbank, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Burbank, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 32,270 | |||
Initial Cost, Building, FF&E, and Other | 41,559 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,864 | ||||
Total Gross Cost | [2] | 76,693 | |||
Accumulated Depreciation | $ (10,203) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 166 | ||||
Residence Inn Burbank, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Burbank, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Burbank, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 27,078 | ||||
Initial Cost, Land | [1] | 10,734 | |||
Initial Cost, Building, FF&E, and Other | 49,181 | ||||
Subsequently Capitalized Building Improvements & FF&E | 125 | ||||
Total Gross Cost | [2] | 60,040 | |||
Accumulated Depreciation | $ (8,489) | ||||
Date of Construction | 2015 | ||||
Date Acquired | Jul-15 | ||||
Aggregate number of hotel rooms | Room | 170 | ||||
SpringHill Suites Burbank, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Burbank, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Clovis, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,287 | |||
Initial Cost, Building, FF&E, and Other | 9,888 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,227 | ||||
Total Gross Cost | [2] | 12,402 | |||
Accumulated Depreciation | $ (4,112) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Jul-09 | ||||
Aggregate number of hotel rooms | Room | 86 | ||||
Hampton Clovis, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Clovis, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Clovis, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,500 | |||
Initial Cost, Building, FF&E, and Other | 10,970 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,763 | ||||
Total Gross Cost | [2] | 14,233 | |||
Accumulated Depreciation | $ (4,383) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Feb-10 | ||||
Aggregate number of hotel rooms | Room | 83 | ||||
Homewood Suites Clovis, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Clovis, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Cypress, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,410 | |||
Initial Cost, Building, FF&E, and Other | 35,033 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,539 | ||||
Total Gross Cost | [2] | 40,982 | |||
Accumulated Depreciation | $ (8,959) | ||||
Date of Construction | 1988 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 180 | ||||
Courtyard Cypress, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Cypress, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Cypress, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,209 | |||
Initial Cost, Building, FF&E, and Other | 16,749 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,304 | ||||
Total Gross Cost | [2] | 22,262 | |||
Accumulated Depreciation | $ (3,939) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Jun-15 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Hampton Cypress, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Cypress, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Oceanside, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 12,605 | ||||
Initial Cost, Land | [1] | 3,080 | |||
Initial Cost, Building, FF&E, and Other | 25,769 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,084 | ||||
Total Gross Cost | [2] | 30,933 | |||
Accumulated Depreciation | $ (3,778) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 142 | ||||
Courtyard Oceanside, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Oceanside, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Oceanside, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 7,790 | |||
Initial Cost, Building, FF&E, and Other | 24,048 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,232 | ||||
Total Gross Cost | [2] | 34,070 | |||
Accumulated Depreciation | $ (6,157) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 125 | ||||
Residence Inn Oceanside, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Oceanside, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Rancho Bernardo / San Diego, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 12,422 | ||||
Initial Cost, Land | [1] | 16,380 | |||
Initial Cost, Building, FF&E, and Other | 28,952 | ||||
Subsequently Capitalized Building Improvements & FF&E | 846 | ||||
Total Gross Cost | [2] | 46,178 | |||
Accumulated Depreciation | $ (7,551) | ||||
Date of Construction | 1987 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 210 | ||||
Courtyard Rancho Bernardo / San Diego, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Rancho Bernardo / San Diego, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Sacramento, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 5,920 | |||
Initial Cost, Building, FF&E, and Other | 21,515 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,882 | ||||
Total Gross Cost | [2] | 31,317 | |||
Accumulated Depreciation | $ (6,791) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 153 | ||||
Hilton Garden Inn Sacramento, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Sacramento, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn San Bernardino, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,490 | |||
Initial Cost, Building, FF&E, and Other | 13,662 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,928 | ||||
Total Gross Cost | [2] | 17,080 | |||
Accumulated Depreciation | $ (5,300) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Feb-11 | ||||
Aggregate number of hotel rooms | Room | 95 | ||||
Residence Inn San Bernardino, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn San Bernardino, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard San Diego, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 23,232 | ||||
Initial Cost, Land | [1] | 11,268 | |||
Initial Cost, Building, FF&E, and Other | 44,851 | ||||
Subsequently Capitalized Building Improvements & FF&E | 986 | ||||
Total Gross Cost | [2] | 57,105 | |||
Accumulated Depreciation | $ (8,520) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Sep-15 | ||||
Aggregate number of hotel rooms | Room | 245 | ||||
Courtyard San Diego, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard San Diego, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton San Diego, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 17,295 | ||||
Initial Cost, Land | [1] | 13,570 | |||
Initial Cost, Building, FF&E, and Other | 36,644 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,152 | ||||
Total Gross Cost | [2] | 53,366 | |||
Accumulated Depreciation | $ (8,988) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 177 | ||||
Hampton San Diego, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton San Diego, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn San Diego, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 8,020 | |||
Initial Cost, Building, FF&E, and Other | 29,151 | ||||
Subsequently Capitalized Building Improvements & FF&E | 712 | ||||
Total Gross Cost | [2] | 37,883 | |||
Accumulated Depreciation | $ (7,372) | ||||
Date of Construction | 2004 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 200 | ||||
Hilton Garden Inn San Diego, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn San Diego, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn San Diego, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 15,061 | ||||
Initial Cost, Land | [1] | 22,400 | |||
Initial Cost, Building, FF&E, and Other | 20,640 | ||||
Subsequently Capitalized Building Improvements & FF&E | 489 | ||||
Total Gross Cost | [2] | 43,529 | |||
Accumulated Depreciation | $ (5,912) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 121 | ||||
Residence Inn San Diego, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn San Diego, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites San Jose, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 27,392 | ||||
Initial Cost, Land | [1] | 12,860 | |||
Initial Cost, Building, FF&E, and Other | 28,084 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,230 | ||||
Total Gross Cost | [2] | 46,174 | |||
Accumulated Depreciation | $ (9,914) | ||||
Date of Construction | 1991 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 140 | ||||
Homewood Suites San Jose, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites San Jose, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn San Juan Capistrano, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 32,292 | ||||
Subsequently Capitalized Building Improvements & FF&E | 159 | ||||
Total Gross Cost | [2] | 32,451 | |||
Accumulated Depreciation | $ (4,530) | ||||
Date of Construction | 2012 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 130 | ||||
Residence Inn San Juan Capistrano, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn San Juan Capistrano, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Santa Ana, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 14,770 | ||||
Initial Cost, Land | [1] | 3,082 | |||
Initial Cost, Building, FF&E, and Other | 21,051 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,171 | ||||
Total Gross Cost | [2] | 26,304 | |||
Accumulated Depreciation | $ (6,926) | ||||
Date of Construction | 2011 | ||||
Date Acquired | May-11 | ||||
Aggregate number of hotel rooms | Room | 155 | ||||
Courtyard Santa Ana, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Santa Ana, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Santa Clarita, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,568 | |||
Initial Cost, Building, FF&E, and Other | 18,721 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,639 | ||||
Total Gross Cost | [2] | 25,928 | |||
Accumulated Depreciation | $ (8,807) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Sep-08 | ||||
Aggregate number of hotel rooms | Room | 140 | ||||
Courtyard Santa Clarita, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Santa Clarita, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Santa Clarita, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,864 | |||
Initial Cost, Building, FF&E, and Other | 7,753 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,965 | ||||
Total Gross Cost | [2] | 11,582 | |||
Accumulated Depreciation | $ (4,207) | ||||
Date of Construction | 1997 | ||||
Date Acquired | Oct-08 | ||||
Aggregate number of hotel rooms | Room | 66 | ||||
Fairfield Santa Clarita, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Santa Clarita, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Santa Clarita, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,812 | |||
Initial Cost, Building, FF&E, and Other | 15,761 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,313 | ||||
Total Gross Cost | [2] | 23,886 | |||
Accumulated Depreciation | $ (8,471) | ||||
Date of Construction | 1988 | ||||
Date Acquired | Oct-08 | ||||
Aggregate number of hotel rooms | Room | 128 | ||||
Hampton Santa Clarita, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Santa Clarita, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Santa Clarita, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,539 | |||
Initial Cost, Building, FF&E, and Other | 14,493 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,227 | ||||
Total Gross Cost | [2] | 21,259 | |||
Accumulated Depreciation | $ (8,394) | ||||
Date of Construction | 1997 | ||||
Date Acquired | Oct-08 | ||||
Aggregate number of hotel rooms | Room | 90 | ||||
Residence Inn Santa Clarita, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Santa Clarita, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Tustin, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 7,700 | |||
Initial Cost, Building, FF&E, and Other | 26,580 | ||||
Subsequently Capitalized Building Improvements & FF&E | 160 | ||||
Total Gross Cost | [2] | 34,440 | |||
Accumulated Depreciation | $ (3,728) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 145 | ||||
Fairfield Tustin, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Tustin, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Tustin, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 11,680 | |||
Initial Cost, Building, FF&E, and Other | 33,645 | ||||
Subsequently Capitalized Building Improvements & FF&E | 183 | ||||
Total Gross Cost | [2] | 45,508 | |||
Accumulated Depreciation | $ (4,850) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 149 | ||||
Residence Inn Tustin, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Tustin, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Colorado Springs, CO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 7,317 | ||||
Initial Cost, Land | [1] | 1,780 | |||
Initial Cost, Building, FF&E, and Other | 15,860 | ||||
Subsequently Capitalized Building Improvements & FF&E | 292 | ||||
Total Gross Cost | [2] | 17,932 | |||
Accumulated Depreciation | $ (2,483) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 101 | ||||
Hampton Colorado Springs, CO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Colorado Springs, CO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Denver, CO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 30,387 | ||||
Initial Cost, Land | [1] | 9,940 | |||
Initial Cost, Building, FF&E, and Other | 57,595 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,143 | ||||
Total Gross Cost | [2] | 68,678 | |||
Accumulated Depreciation | $ (8,736) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 221 | ||||
Hilton Garden Inn Denver, CO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Denver, CO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Highlands Ranch, CO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 5,480 | |||
Initial Cost, Building, FF&E, and Other | 20,465 | ||||
Subsequently Capitalized Building Improvements & FF&E | 530 | ||||
Total Gross Cost | [2] | 26,475 | |||
Accumulated Depreciation | $ (4,844) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 128 | ||||
Hilton Garden Inn Highlands Ranch, CO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Highlands Ranch, CO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Highlands Ranch, CO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 5,350 | |||
Initial Cost, Building, FF&E, and Other | 19,167 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,428 | ||||
Total Gross Cost | [2] | 27,945 | |||
Accumulated Depreciation | $ (6,490) | ||||
Date of Construction | 1996 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 117 | ||||
Residence Inn Highlands Ranch, CO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Highlands Ranch, CO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Boca Raton, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 7,220 | |||
Initial Cost, Building, FF&E, and Other | 22,177 | ||||
Subsequently Capitalized Building Improvements & FF&E | 620 | ||||
Total Gross Cost | [2] | 30,017 | |||
Accumulated Depreciation | $ (3,414) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 149 | ||||
Hilton Garden Inn Boca Raton, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Boca Raton, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Tucson, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,080 | |||
Initial Cost, Building, FF&E, and Other | 12,424 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,732 | ||||
Total Gross Cost | [2] | 16,236 | |||
Accumulated Depreciation | $ (3,701) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Residence Inn Tucson, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Tucson, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Cape Canaveral, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 10,275 | ||||
Initial Cost, Land | [1] | 2,594 | |||
Initial Cost, Building, FF&E, and Other | 20,951 | ||||
Total Gross Cost | [2] | 23,545 | |||
Accumulated Depreciation | $ (576) | ||||
Date of Construction | 2020 | ||||
Date Acquired | Apr-20 | ||||
Aggregate number of hotel rooms | Room | 116 | ||||
Hampton Cape Canaveral, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Cape Canaveral, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Cape Canaveral, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,780 | |||
Initial Cost, Building, FF&E, and Other | 23,967 | ||||
Subsequently Capitalized Building Improvements & FF&E | 43 | ||||
Total Gross Cost | [2] | 26,790 | |||
Accumulated Depreciation | $ (3,971) | ||||
Date of Construction | 2016 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 153 | ||||
Homewood Suites Cape Canaveral, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Cape Canaveral, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Cape Canaveral, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 10,275 | ||||
Initial Cost, Land | [1] | 2,415 | |||
Initial Cost, Building, FF&E, and Other | 19,668 | ||||
Total Gross Cost | [2] | 22,083 | |||
Accumulated Depreciation | $ (554) | ||||
Date of Construction | 2020 | ||||
Date Acquired | Apr-20 | ||||
Aggregate number of hotel rooms | Room | 108 | ||||
Home2 Suites Cape Canaveral, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Cape Canaveral, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Fort Lauderdale, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,793 | |||
Initial Cost, Building, FF&E, and Other | 21,357 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,003 | ||||
Total Gross Cost | [2] | 28,153 | |||
Accumulated Depreciation | $ (6,095) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Jun-15 | ||||
Aggregate number of hotel rooms | Room | 156 | ||||
Hampton Fort Lauderdale, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Fort Lauderdale, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Fort Lauderdale, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 5,760 | |||
Initial Cost, Building, FF&E, and Other | 26,727 | ||||
Subsequently Capitalized Building Improvements & FF&E | 102 | ||||
Total Gross Cost | [2] | 32,589 | |||
Accumulated Depreciation | $ (4,027) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 156 | ||||
Residence Inn Fort Lauderdale, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Fort Lauderdale, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Gainesville, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,300 | |||
Initial Cost, Building, FF&E, and Other | 17,322 | ||||
Subsequently Capitalized Building Improvements & FF&E | 450 | ||||
Total Gross Cost | [2] | 19,072 | |||
Accumulated Depreciation | $ (2,592) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 104 | ||||
Hilton Garden Inn Gainesville, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Gainesville, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Gainesville, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,740 | |||
Initial Cost, Building, FF&E, and Other | 16,329 | ||||
Subsequently Capitalized Building Improvements & FF&E | 410 | ||||
Total Gross Cost | [2] | 18,479 | |||
Accumulated Depreciation | $ (2,633) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
Homewood Suites Gainesville, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Gainesville, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Jacksonville, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 9,480 | |||
Initial Cost, Building, FF&E, and Other | 21,247 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,578 | ||||
Total Gross Cost | [2] | 33,305 | |||
Accumulated Depreciation | $ (6,868) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 119 | ||||
Homewood Suites Jacksonville, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Jacksonville, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hyatt Place Jacksonville, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,013 | |||
Initial Cost, Building, FF&E, and Other | 13,533 | ||||
Subsequently Capitalized Building Improvements & FF&E | 403 | ||||
Total Gross Cost | [2] | 15,949 | |||
Accumulated Depreciation | $ (1,136) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Dec-18 | ||||
Aggregate number of hotel rooms | Room | 127 | ||||
Hyatt Place Jacksonville, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hyatt Place Jacksonville, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Lakeland, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,740 | |||
Initial Cost, Building, FF&E, and Other | 10,813 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,449 | ||||
Total Gross Cost | [2] | 16,002 | |||
Accumulated Depreciation | $ (3,138) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 78 | ||||
Courtyard Lakeland, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Lakeland, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Miami, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 31,488 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,875 | ||||
Total Gross Cost | [2] | 33,363 | |||
Accumulated Depreciation | $ (7,401) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 118 | ||||
Courtyard Miami, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Miami, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Miami, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,972 | |||
Initial Cost, Building, FF&E, and Other | 9,987 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,475 | ||||
Total Gross Cost | [2] | 18,434 | |||
Accumulated Depreciation | $ (6,641) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Apr-10 | ||||
Aggregate number of hotel rooms | Room | 121 | ||||
Hampton Miami, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Miami, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Miami, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 13,537 | ||||
Initial Cost, Land | [1] | 18,820 | |||
Initial Cost, Building, FF&E, and Other | 25,375 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,195 | ||||
Total Gross Cost | [2] | 48,390 | |||
Accumulated Depreciation | $ (8,343) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 162 | ||||
Homewood Suites Miami, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Miami, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Orlando, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,140 | |||
Initial Cost, Building, FF&E, and Other | 22,580 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,884 | ||||
Total Gross Cost | [2] | 28,604 | |||
Accumulated Depreciation | $ (9,197) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Jul-09 | ||||
Aggregate number of hotel rooms | Room | 200 | ||||
Fairfield Orlando, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Orlando, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Orlando, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,731 | |||
Initial Cost, Building, FF&E, and Other | 18,063 | ||||
Subsequently Capitalized Building Improvements & FF&E | 58 | ||||
Total Gross Cost | [2] | 20,852 | |||
Accumulated Depreciation | $ (1,349) | ||||
Date of Construction | 2019 | ||||
Date Acquired | Mar-19 | ||||
Aggregate number of hotel rooms | Room | 128 | ||||
Home2 Suites Orlando, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Orlando, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Orlando, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,141 | |||
Initial Cost, Building, FF&E, and Other | 25,779 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,881 | ||||
Total Gross Cost | [2] | 31,801 | |||
Accumulated Depreciation | $ (10,487) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Jul-09 | ||||
Aggregate number of hotel rooms | Room | 200 | ||||
SpringHill Suites Orlando, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Orlando, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Panama City, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,605 | |||
Initial Cost, Building, FF&E, and Other | 9,995 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,320 | ||||
Total Gross Cost | [2] | 12,920 | |||
Accumulated Depreciation | $ (4,385) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Mar-09 | ||||
Aggregate number of hotel rooms | Room | 95 | ||||
Hampton Panama City, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Panama City, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Panama City, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 908 | |||
Initial Cost, Building, FF&E, and Other | 9,549 | ||||
Subsequently Capitalized Building Improvements & FF&E | 440 | ||||
Total Gross Cost | [2] | 10,897 | |||
Accumulated Depreciation | $ (3,563) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Jan-10 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
TownePlace Suites Panama City, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Panama City, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Pensacola, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,770 | |||
Initial Cost, Building, FF&E, and Other | 12,562 | ||||
Subsequently Capitalized Building Improvements & FF&E | 270 | ||||
Total Gross Cost | [2] | 14,602 | |||
Accumulated Depreciation | $ (1,939) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 97 | ||||
TownePlace Suites Pensacola, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Pensacola, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Tallahassee, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 960 | |||
Initial Cost, Building, FF&E, and Other | 11,734 | ||||
Subsequently Capitalized Building Improvements & FF&E | 156 | ||||
Total Gross Cost | [2] | 12,850 | |||
Accumulated Depreciation | $ (1,645) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 97 | ||||
Fairfield Tallahassee, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Tallahassee, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Tallahassee, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 10,938 | ||||
Subsequently Capitalized Building Improvements & FF&E | 381 | ||||
Total Gross Cost | [2] | 11,319 | |||
Accumulated Depreciation | $ (2,881) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 85 | ||||
Hilton Garden Inn Tallahassee, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Tallahassee, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Embassy Suites Tampa, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,824 | |||
Initial Cost, Building, FF&E, and Other | 20,034 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,361 | ||||
Total Gross Cost | [2] | 25,219 | |||
Accumulated Depreciation | $ (8,265) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 147 | ||||
Embassy Suites Tampa, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Embassy Suites Tampa, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Albany, GA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 899 | |||
Initial Cost, Building, FF&E, and Other | 7,263 | ||||
Subsequently Capitalized Building Improvements & FF&E | 190 | ||||
Total Gross Cost | [2] | 8,352 | |||
Accumulated Depreciation | $ (2,711) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Jan-10 | ||||
Aggregate number of hotel rooms | Room | 87 | ||||
Fairfield Albany, GA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Albany, GA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Atlanta / Downtown, GA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 7,861 | |||
Initial Cost, Building, FF&E, and Other | 16,374 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,690 | ||||
Total Gross Cost | [2] | 27,925 | |||
Accumulated Depreciation | $ (2,230) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Feb-18 | ||||
Aggregate number of hotel rooms | Room | 119 | ||||
Hampton Atlanta / Downtown, GA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Atlanta / Downtown, GA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Atlanta / Perimeter Dunwoody, GA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,228 | |||
Initial Cost, Building, FF&E, and Other | 26,498 | ||||
Subsequently Capitalized Building Improvements & FF&E | 29 | ||||
Total Gross Cost | [2] | 29,755 | |||
Accumulated Depreciation | $ (2,290) | ||||
Date of Construction | 2016 | ||||
Date Acquired | Jun-18 | ||||
Aggregate number of hotel rooms | Room | 132 | ||||
Hampton Atlanta / Perimeter Dunwoody, GA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Atlanta / Perimeter Dunwoody, GA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Atlanta, GA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 740 | |||
Initial Cost, Building, FF&E, and Other | 23,122 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,045 | ||||
Total Gross Cost | [2] | 24,907 | |||
Accumulated Depreciation | $ (3,790) | ||||
Date of Construction | 2016 | ||||
Date Acquired | Jul-16 | ||||
Aggregate number of hotel rooms | Room | 128 | ||||
Home2 Suites Atlanta, GA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Atlanta, GA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Macon, GA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 15,043 | ||||
Subsequently Capitalized Building Improvements & FF&E | 586 | ||||
Total Gross Cost | [2] | 15,629 | |||
Accumulated Depreciation | $ (3,801) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 101 | ||||
Hilton Garden Inn Macon, GA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Macon, GA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Savannah, GA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 14,716 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,194 | ||||
Total Gross Cost | [2] | 16,910 | |||
Accumulated Depreciation | $ (4,019) | ||||
Date of Construction | 2004 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 105 | ||||
Hilton Garden Inn Savannah, GA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Savannah, GA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Cedar Rapids, IA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,590 | |||
Initial Cost, Building, FF&E, and Other | 11,364 | ||||
Subsequently Capitalized Building Improvements & FF&E | 192 | ||||
Total Gross Cost | [2] | 13,146 | |||
Accumulated Depreciation | $ (1,982) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
Hampton Cedar Rapids, IA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Cedar Rapids, IA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Cedar Rapids, IA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,770 | |||
Initial Cost, Building, FF&E, and Other | 13,116 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,992 | ||||
Total Gross Cost | [2] | 16,878 | |||
Accumulated Depreciation | $ (2,357) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 95 | ||||
Homewood Suites Cedar Rapids, IA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Cedar Rapids, IA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Davenport, IA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 400 | |||
Initial Cost, Building, FF&E, and Other | 16,915 | ||||
Subsequently Capitalized Building Improvements & FF&E | 725 | ||||
Total Gross Cost | [2] | 18,040 | |||
Accumulated Depreciation | $ (2,712) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
Hampton Davenport, IA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Davenport, IA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Boise, ID [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 22,146 | ||||
Initial Cost, Land | [1] | 1,335 | |||
Initial Cost, Building, FF&E, and Other | 21,114 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,082 | ||||
Total Gross Cost | [2] | 25,531 | |||
Accumulated Depreciation | $ (8,999) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Apr-10 | ||||
Aggregate number of hotel rooms | Room | 186 | ||||
Hampton Boise, ID [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Boise, ID [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Des Plaines, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 10,000 | |||
Initial Cost, Building, FF&E, and Other | 38,116 | ||||
Subsequently Capitalized Building Improvements & FF&E | 731 | ||||
Total Gross Cost | [2] | 48,847 | |||
Accumulated Depreciation | $ (5,366) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 252 | ||||
Hilton Garden Inn Des Plaines, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Des Plaines, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Hoffman Estates, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,770 | |||
Initial Cost, Building, FF&E, and Other | 14,373 | ||||
Subsequently Capitalized Building Improvements & FF&E | 814 | ||||
Total Gross Cost | [2] | 16,957 | |||
Accumulated Depreciation | $ (2,501) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 184 | ||||
Hilton Garden Inn Hoffman Estates, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Hoffman Estates, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Mettawa, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,246 | |||
Initial Cost, Building, FF&E, and Other | 28,328 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,741 | ||||
Total Gross Cost | [2] | 33,315 | |||
Accumulated Depreciation | $ (9,913) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 170 | ||||
Hilton Garden Inn Mettawa, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Mettawa, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Mettawa, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,722 | |||
Initial Cost, Building, FF&E, and Other | 21,843 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,851 | ||||
Total Gross Cost | [2] | 25,416 | |||
Accumulated Depreciation | $ (7,513) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 130 | ||||
Residence Inn Mettawa, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Mettawa, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Rosemont, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,410 | |||
Initial Cost, Building, FF&E, and Other | 23,594 | ||||
Subsequently Capitalized Building Improvements & FF&E | 58 | ||||
Total Gross Cost | [2] | 27,062 | |||
Accumulated Depreciation | $ (3,731) | ||||
Date of Construction | 2015 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 158 | ||||
Hampton Rosemont, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Rosemont, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Schaumburg, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,450 | |||
Initial Cost, Building, FF&E, and Other | 19,122 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,684 | ||||
Total Gross Cost | [2] | 23,256 | |||
Accumulated Depreciation | $ (7,569) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 166 | ||||
Hilton Garden Inn Schaumburg, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Schaumburg, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Skokie, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,650 | |||
Initial Cost, Building, FF&E, and Other | 31,284 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,076 | ||||
Total Gross Cost | [2] | 37,010 | |||
Accumulated Depreciation | $ (4,866) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 225 | ||||
Hampton Skokie, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Skokie, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Warrenville, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,171 | |||
Initial Cost, Building, FF&E, and Other | 20,894 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,684 | ||||
Total Gross Cost | [2] | 24,749 | |||
Accumulated Depreciation | $ (7,649) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 135 | ||||
Hilton Garden Inn Warrenville, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Warrenville, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Indianapolis, IN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,310 | |||
Initial Cost, Building, FF&E, and Other | 11,542 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,143 | ||||
Total Gross Cost | [2] | 14,995 | |||
Accumulated Depreciation | $ (4,760) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 130 | ||||
SpringHill Suites Indianapolis, IN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Indianapolis, IN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Merrillville, IN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,860 | |||
Initial Cost, Building, FF&E, and Other | 17,755 | ||||
Subsequently Capitalized Building Improvements & FF&E | 647 | ||||
Total Gross Cost | [2] | 20,262 | |||
Accumulated Depreciation | $ (2,809) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Hilton Garden Inn Merrillville, IN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Merrillville, IN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Mishawaka, IN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 898 | |||
Initial Cost, Building, FF&E, and Other | 12,862 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,504 | ||||
Total Gross Cost | [2] | 15,264 | |||
Accumulated Depreciation | $ (4,780) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 106 | ||||
Residence Inn Mishawaka, IN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Mishawaka, IN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield South Bend, IN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,090 | |||
Initial Cost, Building, FF&E, and Other | 23,361 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,348 | ||||
Total Gross Cost | [2] | 26,799 | |||
Accumulated Depreciation | $ (3,382) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 119 | ||||
Fairfield South Bend, IN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield South Bend, IN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Jacksonville, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 910 | |||
Initial Cost, Building, FF&E, and Other | 12,527 | ||||
Subsequently Capitalized Building Improvements & FF&E | 228 | ||||
Total Gross Cost | [2] | 13,665 | |||
Accumulated Depreciation | $ (1,906) | ||||
Date of Construction | 2012 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 105 | ||||
Home2 Suites Jacksonville, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Jacksonville, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Overland Park, KS [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,230 | |||
Initial Cost, Building, FF&E, and Other | 11,713 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,485 | ||||
Total Gross Cost | [2] | 14,428 | |||
Accumulated Depreciation | $ (3,022) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Fairfield Overland Park, KS [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Overland Park, KS [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Overland Park, KS [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,790 | |||
Initial Cost, Building, FF&E, and Other | 20,633 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,867 | ||||
Total Gross Cost | [2] | 25,290 | |||
Accumulated Depreciation | $ (6,786) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 120 | ||||
Residence Inn Overland Park, KS [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Overland Park, KS [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Overland Park, KS [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,060 | |||
Initial Cost, Building, FF&E, and Other | 8,263 | ||||
Subsequently Capitalized Building Improvements & FF&E | 588 | ||||
Total Gross Cost | [2] | 9,911 | |||
Accumulated Depreciation | $ (3,310) | ||||
Date of Construction | 1998 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 102 | ||||
SpringHill Suites Overland Park, KS [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Overland Park, KS [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Wichita, KS [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,940 | |||
Initial Cost, Building, FF&E, and Other | 9,739 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,153 | ||||
Total Gross Cost | [2] | 12,832 | |||
Accumulated Depreciation | $ (3,583) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 90 | ||||
Courtyard Wichita, KS [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Wichita, KS [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Lafayette, LA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 17,898 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,314 | ||||
Total Gross Cost | [2] | 21,212 | |||
Accumulated Depreciation | $ (7,869) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Jul-10 | ||||
Aggregate number of hotel rooms | Room | 153 | ||||
Hilton Garden Inn Lafayette, LA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Lafayette, LA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Lafayette, LA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 709 | |||
Initial Cost, Building, FF&E, and Other | 9,400 | ||||
Subsequently Capitalized Building Improvements & FF&E | 216 | ||||
Total Gross Cost | [2] | 10,325 | |||
Accumulated Depreciation | $ (3,116) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Jun-11 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
SpringHill Suites Lafayette, LA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Lafayette, LA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites New Orleans, LA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 22,766 | ||||
Initial Cost, Land | [1] | 4,150 | |||
Initial Cost, Building, FF&E, and Other | 52,258 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,109 | ||||
Total Gross Cost | [2] | 61,517 | |||
Accumulated Depreciation | $ (13,272) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 166 | ||||
Homewood Suites New Orleans, LA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites New Orleans, LA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Andover, MA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 702 | |||
Initial Cost, Building, FF&E, and Other | 5,799 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,714 | ||||
Total Gross Cost | [2] | 9,215 | |||
Accumulated Depreciation | $ (3,881) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 136 | ||||
SpringHill Suites Andover, MA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Andover, MA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Marlborough, MA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,480 | |||
Initial Cost, Building, FF&E, and Other | 17,341 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,902 | ||||
Total Gross Cost | [2] | 22,723 | |||
Accumulated Depreciation | $ (5,011) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 112 | ||||
Residence Inn Marlborough, MA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Marlborough, MA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Westford, MA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,410 | |||
Initial Cost, Building, FF&E, and Other | 16,320 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,644 | ||||
Total Gross Cost | [2] | 21,374 | |||
Accumulated Depreciation | $ (4,255) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Hampton Westford, MA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Westford, MA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Westford, MA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 8,605 | ||||
Initial Cost, Land | [1] | 1,760 | |||
Initial Cost, Building, FF&E, and Other | 20,791 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,430 | ||||
Total Gross Cost | [2] | 26,981 | |||
Accumulated Depreciation | $ (5,677) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 108 | ||||
Residence Inn Westford, MA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Westford, MA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Annapolis, MD [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,350 | |||
Initial Cost, Building, FF&E, and Other | 13,974 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,927 | ||||
Total Gross Cost | [2] | 20,251 | |||
Accumulated Depreciation | $ (4,393) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 126 | ||||
Hilton Garden Inn Annapolis, MD [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Annapolis, MD [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Silver Spring, MD [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,361 | |||
Initial Cost, Building, FF&E, and Other | 16,094 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,728 | ||||
Total Gross Cost | [2] | 19,183 | |||
Accumulated Depreciation | $ (5,694) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Jul-10 | ||||
Aggregate number of hotel rooms | Room | 107 | ||||
Hilton Garden Inn Silver Spring, MD [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Silver Spring, MD [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Portland, ME [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 33,500 | ||||
Initial Cost, Land | [1] | 4,440 | |||
Initial Cost, Building, FF&E, and Other | 51,534 | ||||
Subsequently Capitalized Building Improvements & FF&E | 765 | ||||
Total Gross Cost | [2] | 56,739 | |||
Accumulated Depreciation | $ (5,234) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Oct-17 | ||||
Aggregate number of hotel rooms | Room | 179 | ||||
Residence Inn Portland, ME [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Portland, ME [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Novi, MI [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,213 | |||
Initial Cost, Building, FF&E, and Other | 15,052 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,280 | ||||
Total Gross Cost | [2] | 18,545 | |||
Accumulated Depreciation | $ (6,109) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 148 | ||||
Hilton Garden Inn Novi, MI [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Novi, MI [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Maple Grove, MN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,560 | |||
Initial Cost, Building, FF&E, and Other | 13,717 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,257 | ||||
Total Gross Cost | [2] | 18,534 | |||
Accumulated Depreciation | $ (2,537) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 121 | ||||
Hilton Garden Inn Maple Grove, MN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Maple Grove, MN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Rochester, MN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 916 | |||
Initial Cost, Building, FF&E, and Other | 13,225 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,411 | ||||
Total Gross Cost | [2] | 16,552 | |||
Accumulated Depreciation | $ (5,775) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Aug-09 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Hampton Rochester, MN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Rochester, MN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton St. Paul, MN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,523 | |||
Initial Cost, Building, FF&E, and Other | 29,365 | ||||
Subsequently Capitalized Building Improvements & FF&E | 10 | ||||
Total Gross Cost | [2] | 31,898 | |||
Accumulated Depreciation | $ (1,831) | ||||
Date of Construction | 2016 | ||||
Date Acquired | Mar-19 | ||||
Aggregate number of hotel rooms | Room | 160 | ||||
Hampton St. Paul, MN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton St. Paul, MN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Kansas City, MO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 727 | |||
Initial Cost, Building, FF&E, and Other | 9,363 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,595 | ||||
Total Gross Cost | [2] | 11,685 | |||
Accumulated Depreciation | $ (4,105) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Aug-10 | ||||
Aggregate number of hotel rooms | Room | 122 | ||||
Hampton Kansas City, MO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Kansas City, MO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Kansas City, MO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,000 | |||
Initial Cost, Building, FF&E, and Other | 20,818 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,543 | ||||
Total Gross Cost | [2] | 26,361 | |||
Accumulated Depreciation | $ (5,916) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 106 | ||||
Residence Inn Kansas City, MO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Kansas City, MO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton St. Louis, MO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,758 | |||
Initial Cost, Building, FF&E, and Other | 20,954 | ||||
Subsequently Capitalized Building Improvements & FF&E | 9,424 | ||||
Total Gross Cost | [2] | 32,136 | |||
Accumulated Depreciation | $ (10,858) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Aug-10 | ||||
Aggregate number of hotel rooms | Room | 190 | ||||
Hampton St. Louis, MO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton St. Louis, MO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton St. Louis, MO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 758 | |||
Initial Cost, Building, FF&E, and Other | 15,287 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,223 | ||||
Total Gross Cost | [2] | 18,268 | |||
Accumulated Depreciation | $ (6,295) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Apr-10 | ||||
Aggregate number of hotel rooms | Room | 126 | ||||
Hampton St. Louis, MO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton St. Louis, MO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Hattiesburg, MS [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 4,729 | ||||
Initial Cost, Land | [1] | 1,390 | |||
Initial Cost, Building, FF&E, and Other | 11,324 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,299 | ||||
Total Gross Cost | [2] | 14,013 | |||
Accumulated Depreciation | $ (2,969) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 84 | ||||
Courtyard Hattiesburg, MS [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Hattiesburg, MS [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Hattiesburg, MS [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 906 | |||
Initial Cost, Building, FF&E, and Other | 9,151 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,061 | ||||
Total Gross Cost | [2] | 11,118 | |||
Accumulated Depreciation | $ (4,081) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Dec-08 | ||||
Aggregate number of hotel rooms | Room | 84 | ||||
Residence Inn Hattiesburg, MS [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Hattiesburg, MS [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Carolina Beach, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 7,490 | |||
Initial Cost, Building, FF&E, and Other | 31,588 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,110 | ||||
Total Gross Cost | [2] | 43,188 | |||
Accumulated Depreciation | $ (8,118) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 144 | ||||
Courtyard Carolina Beach, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Carolina Beach, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Charlotte NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,030 | |||
Initial Cost, Building, FF&E, and Other | 11,111 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,204 | ||||
Total Gross Cost | [2] | 13,345 | |||
Accumulated Depreciation | $ (1,911) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 94 | ||||
Fairfield Charlotte NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Charlotte NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Durham, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,232 | |||
Initial Cost, Building, FF&E, and Other | 18,343 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,041 | ||||
Total Gross Cost | [2] | 24,616 | |||
Accumulated Depreciation | $ (10,029) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Dec-08 | ||||
Aggregate number of hotel rooms | Room | 122 | ||||
Homewood Suites Durham, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Durham, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Fayetteville, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 746 | |||
Initial Cost, Building, FF&E, and Other | 10,563 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,237 | ||||
Total Gross Cost | [2] | 12,546 | |||
Accumulated Depreciation | $ (4,055) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Feb-11 | ||||
Aggregate number of hotel rooms | Room | 118 | ||||
Home2 Suites Fayetteville, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Fayetteville, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Fayetteville, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,530 | |||
Initial Cost, Building, FF&E, and Other | 19,799 | ||||
Subsequently Capitalized Building Improvements & FF&E | 982 | ||||
Total Gross Cost | [2] | 24,311 | |||
Accumulated Depreciation | $ (5,225) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 92 | ||||
Residence Inn Fayetteville, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Fayetteville, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Greensboro, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,850 | |||
Initial Cost, Building, FF&E, and Other | 10,157 | ||||
Subsequently Capitalized Building Improvements & FF&E | 486 | ||||
Total Gross Cost | [2] | 12,493 | |||
Accumulated Depreciation | $ (2,805) | ||||
Date of Construction | 2004 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 82 | ||||
SpringHill Suites Greensboro, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Greensboro, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Wilmington, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,310 | |||
Initial Cost, Building, FF&E, and Other | 13,034 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,213 | ||||
Total Gross Cost | [2] | 15,557 | |||
Accumulated Depreciation | $ (3,364) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 122 | ||||
Fairfield Wilmington, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Wilmington, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Winston-Salem, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,170 | |||
Initial Cost, Building, FF&E, and Other | 14,268 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,024 | ||||
Total Gross Cost | [2] | 17,462 | |||
Accumulated Depreciation | $ (1,954) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 94 | ||||
Hampton Winston-Salem, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Winston-Salem, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Omaha, NE [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 6,700 | |||
Initial Cost, Building, FF&E, and Other | 36,829 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,083 | ||||
Total Gross Cost | [2] | 49,612 | |||
Accumulated Depreciation | $ (9,826) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 181 | ||||
Courtyard Omaha, NE [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Omaha, NE [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Omaha, NE [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,710 | |||
Initial Cost, Building, FF&E, and Other | 22,636 | ||||
Subsequently Capitalized Building Improvements & FF&E | 308 | ||||
Total Gross Cost | [2] | 24,654 | |||
Accumulated Depreciation | $ (3,396) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 139 | ||||
Hampton Omaha, NE [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Omaha, NE [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Omaha, NE [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 20,936 | ||||
Initial Cost, Land | [1] | 1,620 | |||
Initial Cost, Building, FF&E, and Other | 35,962 | ||||
Subsequently Capitalized Building Improvements & FF&E | 661 | ||||
Total Gross Cost | [2] | 38,243 | |||
Accumulated Depreciation | $ (5,205) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 178 | ||||
Hilton Garden Inn Omaha, NE [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Omaha, NE [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Omaha, NE {Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,890 | |||
Initial Cost, Building, FF&E, and Other | 22,014 | ||||
Subsequently Capitalized Building Improvements & FF&E | 171 | ||||
Total Gross Cost | [2] | 24,075 | |||
Accumulated Depreciation | $ (3,537) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 123 | ||||
Homewood Suites Omaha, NE {Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Omaha, NE {Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Cranford, NJ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,550 | |||
Initial Cost, Building, FF&E, and Other | 23,828 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,968 | ||||
Total Gross Cost | [2] | 32,346 | |||
Accumulated Depreciation | $ (7,350) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 108 | ||||
Homewood Suites Cranford, NJ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Cranford, NJ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Mahwah, NJ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,220 | |||
Initial Cost, Building, FF&E, and Other | 22,742 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,320 | ||||
Total Gross Cost | [2] | 30,282 | |||
Accumulated Depreciation | $ (7,078) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Homewood Suites Mahwah, NJ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Mahwah, NJ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Mount Laurel, NJ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,589 | |||
Initial Cost, Building, FF&E, and Other | 13,476 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,221 | ||||
Total Gross Cost | [2] | 21,286 | |||
Accumulated Depreciation | $ (6,174) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Jan-11 | ||||
Aggregate number of hotel rooms | Room | 118 | ||||
Homewood Suites Mount Laurel, NJ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Mount Laurel, NJ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Somerset, NJ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 7,179 | ||||
Initial Cost, Building, FF&E, and Other | 27,133 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,557 | ||||
Total Gross Cost | [2] | 30,690 | |||
Accumulated Depreciation | $ (9,637) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 162 | ||||
Courtyard Somerset, NJ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Somerset, NJ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 25 years | ||||
Courtyard West Orange, NJ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,054 | |||
Initial Cost, Building, FF&E, and Other | 19,513 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,982 | ||||
Total Gross Cost | [2] | 25,549 | |||
Accumulated Depreciation | $ (7,402) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Jan-11 | ||||
Aggregate number of hotel rooms | Room | 131 | ||||
Courtyard West Orange, NJ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard West Orange, NJ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Islip/Ronkonkoma, NY [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 6,510 | |||
Initial Cost, Building, FF&E, and Other | 28,718 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,278 | ||||
Total Gross Cost | [2] | 41,506 | |||
Accumulated Depreciation | $ (7,569) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 166 | ||||
Hilton Garden Inn Islip/Ronkonkoma, NY [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Islip/Ronkonkoma, NY [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Independent New York, NY [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 102,832 | ||||
Subsequently Capitalized Building Improvements & FF&E | [3] | (72,723) | |||
Total Gross Cost | [2] | 30,109 | |||
Accumulated Depreciation | $ (16,215) | ||||
Date of Construction | 1916 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 208 | ||||
Independent New York, NY [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Independent New York, NY [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 32 years | ||||
Courtyard Syracuse, NY [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 812 | |||
Initial Cost, Building, FF&E, and Other | 23,278 | ||||
Subsequently Capitalized Building Improvements & FF&E | 107 | ||||
Total Gross Cost | [2] | 24,197 | |||
Accumulated Depreciation | $ (3,991) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Oct-15 | ||||
Aggregate number of hotel rooms | Room | 102 | ||||
Courtyard Syracuse, NY [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Syracuse, NY [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Syracuse, NY [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 621 | |||
Initial Cost, Building, FF&E, and Other | 17,589 | ||||
Subsequently Capitalized Building Improvements & FF&E | 113 | ||||
Total Gross Cost | [2] | 18,323 | |||
Accumulated Depreciation | $ (3,145) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Oct-15 | ||||
Aggregate number of hotel rooms | Room | 78 | ||||
Residence Inn Syracuse, NY [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Syracuse, NY [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Mason, OH [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,120 | |||
Initial Cost, Building, FF&E, and Other | 16,770 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,134 | ||||
Total Gross Cost | [2] | 19,024 | |||
Accumulated Depreciation | $ (2,811) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Hilton Garden Inn Mason, OH [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Mason, OH [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Twinsburg, OH [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,419 | |||
Initial Cost, Building, FF&E, and Other | 16,614 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,934 | ||||
Total Gross Cost | [2] | 21,967 | |||
Accumulated Depreciation | $ (8,723) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Oct-08 | ||||
Aggregate number of hotel rooms | Room | 142 | ||||
Hilton Garden Inn Twinsburg, OH [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Twinsburg, OH [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Oklahoma City, OK [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,430 | |||
Initial Cost, Building, FF&E, and Other | 31,327 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,212 | ||||
Total Gross Cost | [2] | 34,969 | |||
Accumulated Depreciation | $ (11,068) | ||||
Date of Construction | 2009 | ||||
Date Acquired | May-10 | ||||
Aggregate number of hotel rooms | Room | 200 | ||||
Hampton Oklahoma City, OK [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Oklahoma City, OK [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Oklahoma City, OK [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,270 | |||
Initial Cost, Building, FF&E, and Other | 32,700 | ||||
Subsequently Capitalized Building Improvements & FF&E | 154 | ||||
Total Gross Cost | [2] | 34,124 | |||
Accumulated Depreciation | $ (4,597) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 155 | ||||
Hilton Garden Inn Oklahoma City, OK [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Oklahoma City, OK [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Oklahoma City, OK [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 760 | |||
Initial Cost, Building, FF&E, and Other | 20,056 | ||||
Subsequently Capitalized Building Improvements & FF&E | 15 | ||||
Total Gross Cost | [2] | 20,831 | |||
Accumulated Depreciation | $ (2,927) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 100 | ||||
Homewood Suites Oklahoma City, OK [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Oklahoma City, OK [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Oklahoma City (West), OK [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,280 | |||
Initial Cost, Building, FF&E, and Other | 13,340 | ||||
Subsequently Capitalized Building Improvements & FF&E | 386 | ||||
Total Gross Cost | [2] | 15,006 | |||
Accumulated Depreciation | $ (2,482) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 90 | ||||
Homewood Suites Oklahoma City (West), OK [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Oklahoma City (West), OK [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Collegeville/Philadelphia, PA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 10,105 | ||||
Initial Cost, Land | [1] | 2,115 | |||
Initial Cost, Building, FF&E, and Other | 17,953 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,621 | ||||
Total Gross Cost | [2] | 24,689 | |||
Accumulated Depreciation | $ (7,344) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 132 | ||||
Courtyard Collegeville/Philadelphia, PA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Collegeville/Philadelphia, PA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Malvern/Philadelphia, PA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 996 | |||
Initial Cost, Building, FF&E, and Other | 20,374 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,134 | ||||
Total Gross Cost | [2] | 23,504 | |||
Accumulated Depreciation | $ (7,375) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 127 | ||||
Courtyard Malvern/Philadelphia, PA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Malvern/Philadelphia, PA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Pittsburgh, PA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,503 | |||
Initial Cost, Building, FF&E, and Other | 18,537 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,929 | ||||
Total Gross Cost | [2] | 25,969 | |||
Accumulated Depreciation | $ (9,215) | ||||
Date of Construction | 1991 | ||||
Date Acquired | Dec-08 | ||||
Aggregate number of hotel rooms | Room | 132 | ||||
Hampton Pittsburgh, PA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Pittsburgh, PA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Charleston, SC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,250 | |||
Initial Cost, Building, FF&E, and Other | 16,778 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,445 | ||||
Total Gross Cost | [2] | 21,473 | |||
Accumulated Depreciation | $ (2,579) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 122 | ||||
Home2 Suites Charleston, SC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Charleston, SC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Columbia, SC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,540 | |||
Initial Cost, Building, FF&E, and Other | 16,399 | ||||
Subsequently Capitalized Building Improvements & FF&E | 755 | ||||
Total Gross Cost | [2] | 20,694 | |||
Accumulated Depreciation | $ (4,855) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 143 | ||||
Hilton Garden Inn Columbia, SC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Columbia, SC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Columbia, SC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,330 | |||
Initial Cost, Building, FF&E, and Other | 10,839 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,199 | ||||
Total Gross Cost | [2] | 13,368 | |||
Accumulated Depreciation | $ (1,978) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 91 | ||||
TownePlace Suites Columbia, SC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Columbia, SC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Greenville, SC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 900 | |||
Initial Cost, Building, FF&E, and Other | 9,778 | ||||
Subsequently Capitalized Building Improvements & FF&E | 547 | ||||
Total Gross Cost | [2] | 11,225 | |||
Accumulated Depreciation | $ (2,905) | ||||
Date of Construction | 1998 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 78 | ||||
Residence Inn Greenville, SC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Greenville, SC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Hilton Head, SC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,600 | |||
Initial Cost, Building, FF&E, and Other | 11,386 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,419 | ||||
Total Gross Cost | [2] | 17,405 | |||
Accumulated Depreciation | $ (3,563) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 104 | ||||
Hilton Garden Inn Hilton Head, SC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Hilton Head, SC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Chattanooga, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,410 | |||
Initial Cost, Building, FF&E, and Other | 9,361 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,873 | ||||
Total Gross Cost | [2] | 13,644 | |||
Accumulated Depreciation | $ (3,815) | ||||
Date of Construction | 1997 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 76 | ||||
Homewood Suites Chattanooga, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Chattanooga, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Franklin, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 13,563 | ||||
Initial Cost, Land | [1] | 2,510 | |||
Initial Cost, Building, FF&E, and Other | 31,341 | ||||
Subsequently Capitalized Building Improvements & FF&E | 639 | ||||
Total Gross Cost | [2] | 34,490 | |||
Accumulated Depreciation | $ (4,418) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 126 | ||||
Courtyard Franklin, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Franklin, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Franklin, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 13,563 | ||||
Initial Cost, Land | [1] | 2,970 | |||
Initial Cost, Building, FF&E, and Other | 29,208 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,496 | ||||
Total Gross Cost | [2] | 33,674 | |||
Accumulated Depreciation | $ (4,442) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Residence Inn Franklin, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Franklin, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Jackson, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 692 | |||
Initial Cost, Building, FF&E, and Other | 12,281 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,402 | ||||
Total Gross Cost | [2] | 14,375 | |||
Accumulated Depreciation | $ (5,118) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Dec-08 | ||||
Aggregate number of hotel rooms | Room | 85 | ||||
Hampton Jackson, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Jackson, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Johnson City, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,105 | |||
Initial Cost, Building, FF&E, and Other | 8,632 | ||||
Subsequently Capitalized Building Improvements & FF&E | 279 | ||||
Total Gross Cost | [2] | 10,016 | |||
Accumulated Depreciation | $ (3,365) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Sep-09 | ||||
Aggregate number of hotel rooms | Room | 90 | ||||
Courtyard Johnson City, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Johnson City, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Knoxville, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,160 | |||
Initial Cost, Building, FF&E, and Other | 14,704 | ||||
Subsequently Capitalized Building Improvements & FF&E | 221 | ||||
Total Gross Cost | [2] | 17,085 | |||
Accumulated Depreciation | $ (2,403) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
Homewood Suites Knoxville, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Knoxville, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Knoxville, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,840 | |||
Initial Cost, Building, FF&E, and Other | 12,441 | ||||
Subsequently Capitalized Building Improvements & FF&E | 240 | ||||
Total Gross Cost | [2] | 14,521 | |||
Accumulated Depreciation | $ (2,017) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
SpringHill Suites Knoxville, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Knoxville, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Knoxville, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,190 | |||
Initial Cost, Building, FF&E, and Other | 7,920 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,459 | ||||
Total Gross Cost | [2] | 10,569 | |||
Accumulated Depreciation | $ (1,866) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 97 | ||||
TownePlace Suites Knoxville, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Knoxville, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Memphis, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,449 | |||
Initial Cost, Building, FF&E, and Other | 37,097 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,417 | ||||
Total Gross Cost | [2] | 43,963 | |||
Accumulated Depreciation | $ (4,228) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Feb-18 | ||||
Aggregate number of hotel rooms | Room | 144 | ||||
Hampton Memphis, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Memphis, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Memphis, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,930 | |||
Initial Cost, Building, FF&E, and Other | 13,028 | ||||
Subsequently Capitalized Building Improvements & FF&E | [3] | (1,824) | |||
Total Gross Cost | [2] | 13,134 | |||
Accumulated Depreciation | $ (5,289) | ||||
Date of Construction | 1989 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 140 | ||||
Homewood Suites Memphis, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Memphis, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Nashville, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,754 | |||
Initial Cost, Building, FF&E, and Other | 39,997 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,038 | ||||
Total Gross Cost | [2] | 46,789 | |||
Accumulated Depreciation | $ (14,521) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Sep-10 | ||||
Aggregate number of hotel rooms | Room | 194 | ||||
Hilton Garden Inn Nashville, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Nashville, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Nashville, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,153 | |||
Initial Cost, Building, FF&E, and Other | 15,206 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,411 | ||||
Total Gross Cost | [2] | 17,770 | |||
Accumulated Depreciation | $ (4,793) | ||||
Date of Construction | 2012 | ||||
Date Acquired | May-12 | ||||
Aggregate number of hotel rooms | Room | 119 | ||||
Home2 Suites Nashville, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Nashville, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Nashville, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 7,390 | |||
Initial Cost, Building, FF&E, and Other | 13,929 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,226 | ||||
Total Gross Cost | [2] | 22,545 | |||
Accumulated Depreciation | $ (2,135) | ||||
Date of Construction | 2012 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 101 | ||||
TownePlace Suites Nashville, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Nashville, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Addison, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,210 | |||
Initial Cost, Building, FF&E, and Other | 19,700 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,950 | ||||
Total Gross Cost | [2] | 23,860 | |||
Accumulated Depreciation | $ (5,989) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 159 | ||||
SpringHill Suites Addison, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Addison, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Allen, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,442 | |||
Initial Cost, Building, FF&E, and Other | 11,456 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,801 | ||||
Total Gross Cost | [2] | 14,699 | |||
Accumulated Depreciation | $ (5,843) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Sep-08 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
Hampton Allen, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Allen, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Allen, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,130 | |||
Initial Cost, Building, FF&E, and Other | 16,731 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,377 | ||||
Total Gross Cost | [2] | 24,238 | |||
Accumulated Depreciation | $ (9,963) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Oct-08 | ||||
Aggregate number of hotel rooms | Room | 150 | ||||
Hilton Garden Inn Allen, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Allen, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Arlington, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,217 | |||
Initial Cost, Building, FF&E, and Other | 8,738 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,620 | ||||
Total Gross Cost | [2] | 11,575 | |||
Accumulated Depreciation | $ (3,710) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Dec-10 | ||||
Aggregate number of hotel rooms | Room | 98 | ||||
Hampton Arlington, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Arlington, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Austin, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,579 | |||
Initial Cost, Building, FF&E, and Other | 18,487 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,083 | ||||
Total Gross Cost | [2] | 22,149 | |||
Accumulated Depreciation | $ (6,372) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 145 | ||||
Courtyard Austin, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Austin, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Austin, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,306 | |||
Initial Cost, Building, FF&E, and Other | 16,504 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,908 | ||||
Total Gross Cost | [2] | 19,718 | |||
Accumulated Depreciation | $ (5,831) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 150 | ||||
Fairfield Austin, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Austin, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Austin, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,459 | |||
Initial Cost, Building, FF&E, and Other | 17,184 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,435 | ||||
Total Gross Cost | [2] | 24,078 | |||
Accumulated Depreciation | $ (8,352) | ||||
Date of Construction | 1996 | ||||
Date Acquired | Apr-09 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Hampton Austin, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Austin, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Austin, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,614 | |||
Initial Cost, Building, FF&E, and Other | 14,451 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,165 | ||||
Total Gross Cost | [2] | 18,230 | |||
Accumulated Depreciation | $ (5,801) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 117 | ||||
Hilton Garden Inn Austin, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Austin, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Austin, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,898 | |||
Initial Cost, Building, FF&E, and Other | 16,462 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,087 | ||||
Total Gross Cost | [2] | 24,447 | |||
Accumulated Depreciation | $ (8,302) | ||||
Date of Construction | 1997 | ||||
Date Acquired | Apr-09 | ||||
Aggregate number of hotel rooms | Room | 97 | ||||
Homewood Suites Austin, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Austin, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Austin/Round Rock, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 865 | |||
Initial Cost, Building, FF&E, and Other | 10,999 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,202 | ||||
Total Gross Cost | [2] | 16,066 | |||
Accumulated Depreciation | $ (5,699) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Mar-09 | ||||
Aggregate number of hotel rooms | Room | 94 | ||||
Hampton Austin/Round Rock, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Austin/Round Rock, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Austin/Round Rock, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,180 | |||
Initial Cost, Building, FF&E, and Other | 25,644 | ||||
Subsequently Capitalized Building Improvements & FF&E | 197 | ||||
Total Gross Cost | [2] | 28,021 | |||
Accumulated Depreciation | $ (3,348) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 115 | ||||
Homewood Suites Austin/Round Rock, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Austin/Round Rock, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Beaumont, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,177 | |||
Initial Cost, Building, FF&E, and Other | 16,180 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,632 | ||||
Total Gross Cost | [2] | 18,989 | |||
Accumulated Depreciation | $ (7,236) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Oct-08 | ||||
Aggregate number of hotel rooms | Room | 133 | ||||
Residence Inn Beaumont, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Beaumont, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Burleson/Fort Worth, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 557 | |||
Initial Cost, Building, FF&E, and Other | 6,601 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,627 | ||||
Total Gross Cost | [2] | 8,785 | |||
Accumulated Depreciation | $ (2,233) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Oct-14 | ||||
Aggregate number of hotel rooms | Room | 88 | ||||
Hampton Burleson/Fort Worth, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Burleson/Fort Worth, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Dallas, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,920 | |||
Initial Cost, Building, FF&E, and Other | 29,427 | ||||
Subsequently Capitalized Building Improvements & FF&E | 224 | ||||
Total Gross Cost | [2] | 34,571 | |||
Accumulated Depreciation | $ (4,225) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 130 | ||||
Homewood Suites Dallas, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Dallas, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Denton, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 990 | |||
Initial Cost, Building, FF&E, and Other | 14,895 | ||||
Subsequently Capitalized Building Improvements & FF&E | 263 | ||||
Total Gross Cost | [2] | 16,148 | |||
Accumulated Depreciation | $ (2,643) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 107 | ||||
Homewood Suites Denton, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Denton, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn El Paso, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,244 | |||
Initial Cost, Building, FF&E, and Other | 18,300 | ||||
Subsequently Capitalized Building Improvements & FF&E | 471 | ||||
Total Gross Cost | [2] | 20,015 | |||
Accumulated Depreciation | $ (5,830) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Dec-11 | ||||
Aggregate number of hotel rooms | Room | 145 | ||||
Hilton Garden Inn El Paso, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn El Paso, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites El Paso, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,800 | |||
Initial Cost, Building, FF&E, and Other | 16,657 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,958 | ||||
Total Gross Cost | [2] | 21,415 | |||
Accumulated Depreciation | $ (4,589) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 114 | ||||
Homewood Suites El Paso, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites El Paso, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Fort Worth, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,313 | |||
Initial Cost, Building, FF&E, and Other | 15,825 | ||||
Subsequently Capitalized Building Improvements & FF&E | 113 | ||||
Total Gross Cost | [2] | 18,251 | |||
Accumulated Depreciation | $ (2,433) | ||||
Date of Construction | 2017 | ||||
Date Acquired | Feb-17 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Courtyard Fort Worth, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Fort Worth, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Fort Worth, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,104 | |||
Initial Cost, Building, FF&E, and Other | 16,311 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,640 | ||||
Total Gross Cost | [2] | 20,055 | |||
Accumulated Depreciation | $ (5,782) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Jul-10 | ||||
Aggregate number of hotel rooms | Room | 140 | ||||
TownePlace Suites Fort Worth, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Fort Worth, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Frisco, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,507 | |||
Initial Cost, Building, FF&E, and Other | 12,981 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,603 | ||||
Total Gross Cost | [2] | 17,091 | |||
Accumulated Depreciation | $ (5,836) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Dec-08 | ||||
Aggregate number of hotel rooms | Room | 102 | ||||
Hilton Garden Inn Frisco, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Frisco, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Grapevine, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 9,434 | ||||
Initial Cost, Land | [1] | 1,522 | |||
Initial Cost, Building, FF&E, and Other | 15,543 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,971 | ||||
Total Gross Cost | [2] | 19,036 | |||
Accumulated Depreciation | $ (5,734) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Sep-10 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Hilton Garden Inn Grapevine, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Grapevine, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Houston, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,080 | |||
Initial Cost, Building, FF&E, and Other | 21,836 | ||||
Subsequently Capitalized Building Improvements & FF&E | 123 | ||||
Total Gross Cost | [2] | 24,039 | |||
Accumulated Depreciation | $ (3,306) | ||||
Date of Construction | 2012 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Courtyard Houston, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Houston, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Marriott Houston, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,143 | |||
Initial Cost, Building, FF&E, and Other | 46,623 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,702 | ||||
Total Gross Cost | [2] | 52,468 | |||
Accumulated Depreciation | $ (16,179) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Jan-10 | ||||
Aggregate number of hotel rooms | Room | 206 | ||||
Marriott Houston, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Marriott Houston, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Houston, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 12,070 | |||
Initial Cost, Building, FF&E, and Other | 19,769 | ||||
Subsequently Capitalized Building Improvements & FF&E | 923 | ||||
Total Gross Cost | [2] | 32,762 | |||
Accumulated Depreciation | $ (5,856) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 129 | ||||
Residence Inn Houston, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Houston, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Houston, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,070 | |||
Initial Cost, Building, FF&E, and Other | 11,186 | ||||
Subsequently Capitalized Building Improvements & FF&E | 239 | ||||
Total Gross Cost | [2] | 13,495 | |||
Accumulated Depreciation | $ (1,943) | ||||
Date of Construction | 2012 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 120 | ||||
Residence Inn Houston, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Houston, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Irving, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 705 | |||
Initial Cost, Building, FF&E, and Other | 9,610 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,597 | ||||
Total Gross Cost | [2] | 11,912 | |||
Accumulated Depreciation | $ (4,137) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Dec-10 | ||||
Aggregate number of hotel rooms | Room | 77 | ||||
Homewood Suites Irving, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Irving, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Lewisville, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,361 | |||
Initial Cost, Building, FF&E, and Other | 23,919 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,844 | ||||
Total Gross Cost | [2] | 30,124 | |||
Accumulated Depreciation | $ (11,305) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Oct-08 | ||||
Aggregate number of hotel rooms | Room | 165 | ||||
Hilton Garden Inn Lewisville, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Lewisville, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites San Antonio, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,220 | |||
Initial Cost, Building, FF&E, and Other | 9,610 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,170 | ||||
Total Gross Cost | [2] | 13,000 | |||
Accumulated Depreciation | $ (3,010) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 106 | ||||
TownePlace Suites San Antonio, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites San Antonio, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Shenandoah, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,350 | |||
Initial Cost, Building, FF&E, and Other | 17,256 | ||||
Subsequently Capitalized Building Improvements & FF&E | 86 | ||||
Total Gross Cost | [2] | 20,692 | |||
Accumulated Depreciation | $ (2,658) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Courtyard Shenandoah, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Shenandoah, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Stafford, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,880 | |||
Initial Cost, Building, FF&E, and Other | 10,969 | ||||
Subsequently Capitalized Building Improvements & FF&E | 436 | ||||
Total Gross Cost | [2] | 13,285 | |||
Accumulated Depreciation | $ (3,460) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 78 | ||||
Homewood Suites Stafford, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Stafford, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Texarkana, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 636 | |||
Initial Cost, Building, FF&E, and Other | 8,723 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,401 | ||||
Total Gross Cost | [2] | 10,760 | |||
Accumulated Depreciation | $ (3,537) | ||||
Date of Construction | 2004 | ||||
Date Acquired | Jan-11 | ||||
Aggregate number of hotel rooms | Room | 81 | ||||
Hampton Texarkana, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Texarkana, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Provo, UT [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,150 | |||
Initial Cost, Building, FF&E, and Other | 18,277 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,314 | ||||
Total Gross Cost | [2] | 22,741 | |||
Accumulated Depreciation | $ (5,518) | ||||
Date of Construction | 1996 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 114 | ||||
Residence Inn Provo, UT [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Provo, UT [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Salt Lake City, UT [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,515 | |||
Initial Cost, Building, FF&E, and Other | 24,214 | ||||
Subsequently Capitalized Building Improvements & FF&E | 285 | ||||
Total Gross Cost | [2] | 26,014 | |||
Accumulated Depreciation | $ (2,631) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Oct-17 | ||||
Aggregate number of hotel rooms | Room | 136 | ||||
Residence Inn Salt Lake City, UT [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Salt Lake City, UT [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Salt Lake City, UT [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,092 | |||
Initial Cost, Building, FF&E, and Other | 16,465 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,778 | ||||
Total Gross Cost | [2] | 19,335 | |||
Accumulated Depreciation | $ (5,945) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 143 | ||||
SpringHill Suites Salt Lake City, UT [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Salt Lake City, UT [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Alexandria, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 6,860 | |||
Initial Cost, Building, FF&E, and Other | 19,681 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,111 | ||||
Total Gross Cost | [2] | 30,652 | |||
Accumulated Depreciation | $ (6,695) | ||||
Date of Construction | 1987 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 178 | ||||
Courtyard Alexandria, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Alexandria, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Alexandria, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 5,968 | |||
Subsequently Capitalized Building Improvements & FF&E | 20,814 | ||||
Total Gross Cost | [2] | 26,782 | |||
Accumulated Depreciation | $ (6,957) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Mar-09 | ||||
Aggregate number of hotel rooms | Room | 155 | ||||
SpringHill Suites Alexandria, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Alexandria, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Charlottesville, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 21,130 | |||
Initial Cost, Building, FF&E, and Other | 27,737 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,327 | ||||
Total Gross Cost | [2] | 51,194 | |||
Accumulated Depreciation | $ (7,011) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 139 | ||||
Courtyard Charlottesville, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Charlottesville, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Manassas, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,395 | |||
Initial Cost, Building, FF&E, and Other | 14,962 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,924 | ||||
Total Gross Cost | [2] | 18,281 | |||
Accumulated Depreciation | $ (5,621) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Feb-11 | ||||
Aggregate number of hotel rooms | Room | 107 | ||||
Residence Inn Manassas, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Manassas, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Richmond, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 14,739 | ||||
Initial Cost, Land | [1] | 2,003 | |||
Subsequently Capitalized Building Improvements & FF&E | 23,154 | ||||
Total Gross Cost | [2] | 25,157 | |||
Accumulated Depreciation | $ (5,448) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Jul-12 | ||||
Aggregate number of hotel rooms | Room | 135 | ||||
Courtyard Richmond, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Richmond, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Independent Richmond, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 584 | |||
Initial Cost, Building, FF&E, and Other | 6,386 | ||||
Subsequently Capitalized Building Improvements & FF&E | 89 | ||||
Total Gross Cost | [2] | 7,059 | |||
Accumulated Depreciation | $ (238) | ||||
Date of Construction | 1988 | ||||
Date Acquired | Oct-19 | ||||
Aggregate number of hotel rooms | Room | 55 | ||||
Independent Richmond, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Independent Richmond, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Marriott Richmond, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 83,698 | ||||
Subsequently Capitalized Building Improvements & FF&E | 24,816 | ||||
Total Gross Cost | [2] | 108,514 | |||
Accumulated Depreciation | $ (24,775) | ||||
Date of Construction | 1984 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 413 | ||||
Marriott Richmond, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Marriott Richmond, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Richmond, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 14,739 | ||||
Initial Cost, Land | [1] | 1,113 | |||
Subsequently Capitalized Building Improvements & FF&E | 12,774 | ||||
Total Gross Cost | [2] | 13,887 | |||
Accumulated Depreciation | $ (3,002) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Jul-12 | ||||
Aggregate number of hotel rooms | Room | 75 | ||||
Residence Inn Richmond, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Richmond, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Richmond, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,930 | |||
Initial Cost, Building, FF&E, and Other | 10,726 | ||||
Subsequently Capitalized Building Improvements & FF&E | 130 | ||||
Total Gross Cost | [2] | 12,786 | |||
Accumulated Depreciation | $ (1,947) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
SpringHill Suites Richmond, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Richmond, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Suffolk, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 940 | |||
Initial Cost, Building, FF&E, and Other | 5,186 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,351 | ||||
Total Gross Cost | [2] | 7,477 | |||
Accumulated Depreciation | $ (2,173) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 92 | ||||
Courtyard Suffolk, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Suffolk, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Suffolk, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 710 | |||
Initial Cost, Building, FF&E, and Other | 5,241 | ||||
Subsequently Capitalized Building Improvements & FF&E | 768 | ||||
Total Gross Cost | [2] | 6,719 | |||
Accumulated Depreciation | $ (1,816) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 72 | ||||
TownePlace Suites Suffolk, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Suffolk, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Virginia Beach, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 10,580 | |||
Initial Cost, Building, FF&E, and Other | 29,140 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,686 | ||||
Total Gross Cost | [2] | 43,406 | |||
Accumulated Depreciation | $ (7,617) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 141 | ||||
Courtyard Virginia Beach, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Virginia Beach, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Virginia Beach, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 12,000 | |||
Initial Cost, Building, FF&E, and Other | 40,556 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,351 | ||||
Total Gross Cost | [2] | 56,907 | |||
Accumulated Depreciation | $ (10,094) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 160 | ||||
Courtyard Virginia Beach, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Virginia Beach, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Kirkland, WA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 10,018 | ||||
Initial Cost, Land | [1] | 18,950 | |||
Initial Cost, Building, FF&E, and Other | 25,028 | ||||
Subsequently Capitalized Building Improvements & FF&E | 691 | ||||
Total Gross Cost | [2] | 44,669 | |||
Accumulated Depreciation | $ (6,747) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 150 | ||||
Courtyard Kirkland, WA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Kirkland, WA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Seattle, WA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 23,294 | ||||
Initial Cost, Building, FF&E, and Other | 92,786 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,301 | ||||
Total Gross Cost | [2] | 98,087 | |||
Accumulated Depreciation | $ (24,633) | ||||
Date of Construction | 1991 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 234 | ||||
Residence Inn Seattle, WA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Seattle, WA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Tukwila, WA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 7,737 | ||||
Initial Cost, Land | [1] | 8,130 | |||
Initial Cost, Building, FF&E, and Other | 16,659 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,565 | ||||
Total Gross Cost | [2] | 29,354 | |||
Accumulated Depreciation | $ (6,376) | ||||
Date of Construction | 1992 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 106 | ||||
Homewood Suites Tukwila, WA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Tukwila, WA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Vancouver, WA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,010 | |||
Initial Cost, Building, FF&E, and Other | 16,162 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,684 | ||||
Total Gross Cost | [2] | 20,856 | |||
Accumulated Depreciation | $ (4,571) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 119 | ||||
SpringHill Suites Vancouver, WA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Vancouver, WA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Corporate Office Richmond, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 682 | |||
Initial Cost, Building, FF&E, and Other | 3,723 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,178 | ||||
Total Gross Cost | [2] | 6,583 | |||
Accumulated Depreciation | $ (2,403) | ||||
Date of Construction | 1893 | ||||
Date Acquired | May-13 | ||||
Corporate Office Richmond, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Corporate Office Richmond, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
[1] | Land is owned fee simple unless cost is $0, which means the property is subject to a ground lease. | ||||
[2] | The aggregate cost for federal income tax purposes is approximately $5.4 billion at December 31, 2020 (unaudited). | ||||
[3] | Amount includes a reduction in cost due to recognition of an impairment loss. |
SCHEDULE III Real Estate and _3
SCHEDULE III Real Estate and Accumulated Depreciation and Amortization - Rollforward of Investment in Real Estate and Accumulated Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Rollforward Of Investment In Real Estate And Accumulated Depreciation And Amortization [Abstract] | ||||
Balance as of January 1 | $ 5,682,550 | $ 5,726,303 | $ 5,524,443 | |
Acquisitions | 104,496 | 59,652 | 153,034 | |
Improvements | 37,579 | 78,679 | 71,058 | |
Dispositions | (57,417) | (159,685) | (19,097) | |
Assets Held for Sale | [1] | 2,866 | (15,932) | |
Impairment of Depreciable Assets | (5,097) | (6,467) | (3,135) | |
Total Gross Cost as of December 31 | 5,764,977 | 5,682,550 | 5,726,303 | |
Finance Ground Lease Assets as of December 31 | [2] | 203,617 | 197,617 | |
Total Investment in Real Estate | 5,968,594 | 5,880,167 | 5,726,303 | |
Accumulated Depreciation as of January 1 | (1,049,996) | (909,893) | (731,284) | |
Depreciation Expense | (192,346) | (187,729) | (182,527) | |
Accumulated Depreciation on Dispositions | 13,599 | 43,787 | 3,918 | |
Assets Held for Sale | [1] | 3,911 | 3,839 | |
Accumulated Depreciation as of December 31 | (1,224,832) | (1,049,996) | (909,893) | |
Accumulated Amortization of Finance Leases as of December 31 | [2] | (10,866) | (4,433) | |
Accumulated Depreciation and Amortization as of December 31 | $ (1,235,698) | $ (1,054,429) | $ (909,893) | |
[1] | As of December 31, 2020, the Company had one hotel classified as held for sale, which is not included in this schedule, and is expected to be sold in the first quarter of 2021. | |||
[2] | Effective January 1, 2019, the Company adopted Accounting Standards Update No. 2016-02, Leases |
SCHEDULE III Real Estate and _4
SCHEDULE III Real Estate and Accumulated Depreciation and Amortization - Rollforward of Investment in Real Estate and Accumulated Depreciation and Amortization (Parenthetical) (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2020USD ($)Hotel | |
S C H E D U L E I I I Real Estate And Accumulated Depreciation And Amortization Details [Line Items] | |
Land Ownership Description | Land is owned fee simple unless cost is $0, which means the property is subject to a ground lease. |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis (in Dollars) | $ | $ 5.4 |
Number of hotels | 234 |
Hotels Classified as Held for Sale and Subsequently Sold [Member] | |
S C H E D U L E I I I Real Estate And Accumulated Depreciation And Amortization Details [Line Items] | |
Number of hotels | 1 |