Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 08, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'CLDT | ' |
Entity Registrant Name | 'CHATHAM LODGING TRUST | ' |
Entity Central Index Key | '0001476045 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 26,878,072 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Investment in hotel properties, net | $970,954 | $652,877 |
Cash and cash equivalents | 11,935 | 4,221 |
Restricted cash | 8,060 | 4,605 |
Investment in unconsolidated real estate entities | 3,321 | 774 |
Hotel receivables (net of allowance for doubtful accounts of $59 and $30, respectively) | 3,803 | 2,455 |
Deferred costs, net | 6,840 | 7,113 |
Prepaid expenses and other assets | 2,760 | 1,879 |
Total assets | 1,007,673 | 673,924 |
Liabilities and Equity: | ' | ' |
Mortgage debt | 444,535 | 222,063 |
Revolving credit facility | 98,000 | 50,000 |
Accounts payable and accrued expenses | 13,992 | 12,799 |
Distributions and losses in excess of investments of unconsolidated real estate entities | 0 | 1,576 |
Distributions payable | 2,260 | 1,950 |
Total liabilities | 558,787 | 288,388 |
Commitments and contingencies | ' | ' |
Shareholders' Equity: | ' | ' |
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at June 30, 2014 and December 31, 2013 | ' | ' |
Common shares, $0.01 par value, 500,000,000 shares authorized; 26,877,757 and 26,295,558 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 266 | 261 |
Additional paid-in capital | 445,427 | 433,900 |
Accumulated deficit | 729 | -50,792 |
Total shareholders' equity | 446,422 | 383,369 |
Noncontrolling Interests: | ' | ' |
Noncontrolling Interest in Operating Partnership | 2,464 | 2,167 |
Total equity | 448,886 | 385,536 |
Total liabilities and equity | $1,007,673 | $673,924 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Hotel receivables | $59 | $30 |
Preferred shares, par value | $0.01 | $0.01 |
Preferred shares, shares authorized | 100,000,000 | 100,000,000 |
Preferred shares, shares issued | ' | ' |
Common shares, par value | $0.01 | $0.01 |
Common shares, shares authorized | 500,000,000 | 500,000,000 |
Common shares, shares issued | 26,877,757 | 26,295,558 |
Common shares, shares outstanding | 26,877,757 | 26,295,558 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Room | $43,978 | $28,960 | $77,935 | $53,195 |
Food and beverage | 585 | 199 | 1,213 | 349 |
Other | 2,021 | 1,202 | 3,629 | 2,213 |
Cost reimbursements from unconsolidated real estate entities | 493 | 385 | 1,165 | 768 |
Total revenue | 47,077 | 30,746 | 83,942 | 56,525 |
Hotel operating expenses: | ' | ' | ' | ' |
Room | 8,802 | 6,065 | 16,557 | 11,615 |
Food and beverage | 432 | 182 | 899 | 317 |
Telephone expense | 285 | 216 | 572 | 407 |
Other hotel operating | 507 | 378 | 950 | 727 |
General and administrative | 3,847 | 2,680 | 7,274 | 5,186 |
Franchise and marketing fees | 3,602 | 2,243 | 6,394 | 4,144 |
Advertising and promotions | 859 | 651 | 1,689 | 1,308 |
Utilities | 1,482 | 1,117 | 3,102 | 2,183 |
Repairs and maintenance | 2,057 | 1,556 | 4,056 | 3,001 |
Management fees | 1,396 | 887 | 2,490 | 1,631 |
Insurance | 217 | 176 | 433 | 348 |
Total hotel operating expenses | 23,486 | 16,151 | 44,416 | 30,867 |
Depreciation and amortization | 7,365 | 4,026 | 13,680 | 7,778 |
Property taxes and insurance | 2,809 | 2,045 | 5,458 | 4,032 |
General and administrative | 2,364 | 2,064 | 4,686 | 4,046 |
Hotel property acquisition costs and other charges | 5,559 | 1,059 | 7,041 | 1,236 |
Reimbursed costs from unconsolidated real estate entities | 493 | 385 | 1,165 | 768 |
Total operating expenses | 42,076 | 25,730 | 76,446 | 48,727 |
Operating income | 5,001 | 5,016 | 7,496 | 7,798 |
Interest and other income | 12 | 111 | 26 | 115 |
Interest expense, including amortization of deferred fees | -4,362 | -2,817 | -8,100 | -5,658 |
Loss on early extinguishment of debt | 0 | 0 | -184 | -933 |
Loss from unconsolidated real estate entities | -2,000 | -89 | -2,316 | -720 |
Net gain from remeasurement and sale of investment in unconsolidated real estate entities | 66,701 | 0 | 66,701 | 0 |
Income before income tax expense | 65,352 | 2,221 | 63,623 | 602 |
Income tax expense | -38 | -45 | -41 | -45 |
Net income | 65,314 | 2,176 | 63,582 | 557 |
Net income attributable to noncontrolling interests | -108 | 0 | -108 | 0 |
Net income attributable to common shareholders | $65,206 | $2,176 | $63,474 | $557 |
Income per Common Share - Basic: | ' | ' | ' | ' |
Net income attributable to common shareholders (in dollars per share) | $2.46 | $0.12 | $2.40 | $0.02 |
Income per Common Share - Diluted: | ' | ' | ' | ' |
Net income attributable to common shareholders (in dollars per share) | $2.44 | $0.11 | $2.38 | $0.02 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 26,437,878 | 18,147,108 | 26,355,237 | 17,682,199 |
Diluted (in shares) | 26,734,919 | 18,383,626 | 26,637,261 | 17,897,255 |
Distributions per common share: (in dollars per share) | $0.24 | $0.21 | $0.45 | $0.42 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Shares | Additional Paid-In Capital | Accumulated Deficit | Total Shareholders' Equity | Noncontrolling Interest in Operating Partnership |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2012 | $206,612 | $137 | $240,355 | ($35,491) | $205,001 | $1,611 |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 13,908,907 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of shares pursuant to Equity Incentive Plan (in shares) | ' | 22,536 | ' | ' | ' | ' |
Issuance of shares pursuant to Equity Incentive Plan | 337 | ' | 337 | ' | 337 | ' |
Issuance of shares, net of offering costs of $461 in 2014 and $6,746 in 2013 (in shares) | ' | 8,568,500 | ' | ' | ' | ' |
Issuance of shares, net of offering costs of $461 in 2014 and $6,746 in 2013 | 127,421 | 86 | 127,335 | ' | 127,421 | ' |
Issuance of restricted time-based shares (in shares) | ' | 40,829 | ' | ' | ' | ' |
Issuance of performance based shares (in shares) | ' | 17,731 | ' | ' | ' | ' |
Repurchase of common shares (in shares) | ' | -445 | ' | ' | ' | ' |
Repurchase of common shares | -7 | ' | -7 | ' | -7 | ' |
Amortization of share based compensation | 911 | ' | 520 | ' | 520 | 391 |
Dividends declared on common shares ($0.45 per share) in 2014 and ($0.42 per share) in 2013 | -7,764 | ' | ' | -7,764 | -7,764 | ' |
Distributions declared on LTIP units ($0.45 per unit) in 2014 and ($0.42 per unit) in 2013 | -108 | ' | ' | ' | ' | -108 |
Net income | 557 | ' | ' | 557 | 557 | ' |
Ending Balance at Jun. 30, 2013 | 327,959 | 223 | 368,540 | -42,698 | 326,065 | 1,894 |
Ending Balance (in shares) at Jun. 30, 2013 | ' | 22,558,058 | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2013 | 385,536 | 261 | 433,900 | -50,792 | 383,369 | 2,167 |
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 26,295,558 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of shares pursuant to Equity Incentive Plan (in shares) | ' | 16,542 | ' | ' | ' | ' |
Issuance of shares pursuant to Equity Incentive Plan | 337 | ' | 337 | ' | 337 | ' |
Issuance of shares, net of offering costs of $461 in 2014 and $6,746 in 2013 (in shares) | ' | 486,969 | ' | ' | ' | ' |
Issuance of shares, net of offering costs of $461 in 2014 and $6,746 in 2013 | 10,511 | 5 | 10,506 | ' | 10,511 | ' |
Issuance of restricted time-based shares (in shares) | ' | 48,213 | ' | ' | ' | ' |
Issuance of performance based shares (in shares) | ' | 31,342 | ' | ' | ' | ' |
Repurchase of common shares (in shares) | ' | -867 | ' | ' | ' | ' |
Repurchase of common shares | -18 | ' | -18 | ' | -18 | ' |
Amortization of share based compensation | 1,007 | ' | 616 | ' | 616 | 391 |
Dividends declared on common shares ($0.45 per share) in 2014 and ($0.42 per share) in 2013 | -11,953 | ' | ' | -11,953 | -11,953 | ' |
Distributions declared on LTIP units ($0.45 per unit) in 2014 and ($0.42 per unit) in 2013 | -116 | ' | ' | ' | ' | -116 |
Reallocation of noncontrolling interest | 0 | ' | 86 | ' | 86 | -86 |
Net income | 63,582 | ' | ' | 63,474 | 63,474 | 108 |
Ending Balance at Jun. 30, 2014 | $448,886 | $266 | $445,427 | $729 | $446,422 | $2,464 |
Ending Balance (in shares) at Jun. 30, 2014 | ' | 26,877,757 | ' | ' | ' | ' |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 6 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Issuance of shares, offering costs | $461 | $6,746 |
Common shares, dividend declared per share | $0.45 | $0.42 |
LTIP units, distributions per unit | $0.45 | $0.42 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $63,582 | $557 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 13,623 | 7,739 |
Amortization of deferred franchise fees | 57 | 40 |
Amortization of deferred financing fees included in interest expense | 749 | 556 |
Net gain from remeasurement and sale of investment in unconsolidated real estate entities | -66,701 | 0 |
Loss on early extinguishment of debt | 184 | 933 |
Loss on write-off of deferred franchise fee | 0 | 64 |
Share based compensation | 1,213 | 1,080 |
Loss from unconsolidated real estate entities | 2,316 | 720 |
Changes in assets and liabilities: | ' | ' |
Hotel receivables | -389 | -204 |
Deferred costs | -136 | 296 |
Prepaid expenses and other assets | -619 | -630 |
Accounts payable and accrued expenses | 1,225 | 964 |
Net cash provided by operating activities | 15,104 | 12,115 |
Cash flows from investing activities: | ' | ' |
Improvements and additions to hotel properties | -7,721 | -7,128 |
Acquisition of hotel properties, net of cash acquired | -265,288 | -74,769 |
Distributions from unconsolidated entities | 449 | 908 |
Investment in unconsolidated real estate entities | 0 | -1,649 |
Restricted cash | -3,455 | 263 |
Net cash used in investing activities | -276,015 | -82,375 |
Cash flows from financing activities: | ' | ' |
Borrowings on revolving credit facility | 126,000 | 88,500 |
Repayments on revolving credit facility | -78,000 | -137,500 |
Payments on debt | -1,342 | -807 |
Proceeds from the issuance of debt | 256,000 | 117,033 |
Principal prepayment of mortgage debt | -32,186 | -100,130 |
Payment of financing costs | -531 | -965 |
Payment of offering costs | -511 | -6,746 |
Proceeds from issuance of common shares | 10,972 | 134,166 |
In-substance repurchase of vested common shares | -18 | -7 |
Distributions-common shares/units | -11,759 | -9,090 |
Net cash provided by financing activities | 268,625 | 84,454 |
Net change in cash and cash equivalents | 7,714 | 14,194 |
Cash and cash equivalents, beginning of period | 4,221 | 4,496 |
Cash and cash equivalents, end of period | 11,935 | 18,690 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | 7,129 | 5,241 |
Cash paid for income taxes | $165 | $50 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Cash Flows [Abstract] | ' | ' |
Accrued distributions payable | $2,260 | $1,657 |
Accrued but unpaid distribution | 89 | 60 |
Accrued share based compensation | 206 | 169 |
Accounts payable and accrued expenses | $424 | $806 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust (“REIT”) on October 26, 2009. The Company is internally-managed and was organized to invest primarily in premium-branded upscale extended-stay and select-service hotels. | |
In January 2014, the Company established an At the Market Equity Offering ("ATM Plan") whereby, from time to time, we may publicly offer and sell up to $50 million of our common shares by means of ordinary brokers’ transactions on the New York Stock Exchange, in negotiated transactions or in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, with Cantor Fitzgerald & Co. acting as sales agent. As of June 30, 2014, we had issued 486,820 shares under the ATM Plan at a weighted average price of $22.53. As of June 30, 2014, there was approximately $39.0 million of common shares available for issuance under the ATM Plan. | |
In January 2014, the Company established a dividend reinvestment and stock purchase plan ("DRSPP"). Shareholders may purchase additional common shares by reinvesting some or all of the cash dividends received on the Company's common shares. Shareholders may also make optional cash purchases of the Company's common shares subject to certain limitations detailed in the prospectus for the DRSPP. As of June 30, 2014, we had issued 149 shares under the DRSPP at a weighted average price of $22.12. As of June 30, 2014, there was approximately $25.0 million of common shares available for issuance under the DRSPP. | |
The net proceeds from any share offerings are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. Chatham Lodging Trust is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership. Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership, which are presented as non-controlling interests on our consolidated balance sheets. | |
As of June 30, 2014, the Company owned 29 hotels with an aggregate of 4,342 rooms located in 15 states and the District of Columbia. The Company also owns a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with NorthStar Realty Finance Corp (“NorthStar”), which owns 47 hotels comprising an aggregate of 6,097 rooms, and owns a 5.0% noncontrolling interest in a joint venture (the "Torrance JV") with Cerberus Capital Management ("Cerberus") that owns the 248-room Residence Inn by Marriott in Torrance, CA. | |
To qualify as a REIT, the Company cannot operate the hotels. Therefore, the Operating Partnership and its subsidiaries lease our wholly owned hotels to taxable REIT subsidiary lessees (“TRS Lessees”), which are wholly owned by one of the Company’s taxable REIT subsidiary (“TRS”) holding companies. The Company indirectly owns its interest in 47 of the NewINK JV hotels and its interest in the Torrance JV through the Operating Partnership. All of the NewINK JV hotels and the Torrance JV hotel are leased to TRS Lessees, in which the Company indirectly owns noncontrolling interests through one of its TRS holding companies. Each hotel is leased to a TRS Lessee under a percentage lease that provides for rental payments equal to the greater of (i) a fixed base rent amount or (ii) a percentage rent based on hotel room revenue. The initial term of each of the TRS leases is 5 years. Lease revenue from each TRS Lessee is eliminated in consolidation. | |
The TRS Lessees have entered into management agreements with third party management companies that provide day-to-day management for the hotels. As of June 30, 2014, Island Hospitality Management Inc. (“IHM”), which is 90% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, managed 27 of the Company’s wholly owned hotels and Concord Hospitality Enterprises Company managed two of the Company’s wholly owned hotels. As of June 30, 2014, all of the NewINK JV hotels were managed by IHM. The Torrance JV hotel is managed by Marriott International, Inc. ("Marriott"). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Presentation | |
The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. These unaudited consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full year performance due to seasonal and other factors including the timing of the acquisition of hotels. | |
The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2013, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In April 2014, the FASB issued amendments to guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results or a business activity classified as held for sale upon acquisition should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and adds new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). Early adoption is permitted for disposals that have not been reported in financial statements previously issued. We adopted this accounting standard update effective January 1, 2014 and do not expect the implementation of the amended guidance to have a material impact on the Company's consolidated financial position of results of operations, but do expect these amendments to impact the Company determination of which future property disposals qualify as discontinued operations as well as requiring additional disclosures about discontinued operations. | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that AUS 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements. |
Acquisition_of_Hotel_Propertie
Acquisition of Hotel Properties | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisition of Hotel Properties | ' | |||||||||||||||
Acquisition of Hotel Properties | ||||||||||||||||
Hotel Purchase Price Allocation | ||||||||||||||||
The allocation of the purchase price for the Silicon Valley hotels (hereinafter the "Silicon Valley Hotels") includes the following hotels (i) Residence Inn Silicon Valley I, (ii) Residence Inn Silicon Valley II, (iii) Residence Inn San Mateo and (iv) Residence Inn Mountain View, based on the fair value on the date of their acquisition was (in thousands): | ||||||||||||||||
Silicon Valley Hotels (Preliminary) | ||||||||||||||||
Acquisition date | 6/9/14 | |||||||||||||||
Number of Rooms | 751 | |||||||||||||||
Land | $ | 149,385 | ||||||||||||||
Building and improvements | 156,902 | |||||||||||||||
Furniture, fixtures and equipment | 17,565 | |||||||||||||||
Cash | 25 | |||||||||||||||
Accounts receivable | 959 | |||||||||||||||
Prepaid expenses and other assets | 289 | |||||||||||||||
Net assets acquired | $ | 325,125 | ||||||||||||||
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV | $ | (59,813 | ) | |||||||||||||
Net assets acquired, net of cash and Fair Value of interest in the Silicon Valley Hotels and New INK JV | $ | 265,287 | ||||||||||||||
The Company incurred acquisition costs of $4.8 million and $5.1 million, respectively, during the three and six months ended June 30, 2014 and $1.1 million and $1.2 million, respectively, during the three and six months ended June 30, 2013. | ||||||||||||||||
The amount of revenue and operating income from the new hotels acquired in 2014 are as follows (in thousands): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2014 | |||||||||||||||
Revenue | Operating Income | Revenue | Operating Income | |||||||||||||
Silicon Valley Hotels | $ | 3,075 | $ | 2,113 | 3,075 | $ | 2,113 | |||||||||
Total | $ | 3,075 | $ | 2,113 | $ | 3,075 | $ | 2,113 | ||||||||
Pro Forma Financial Information | ||||||||||||||||
The following condensed pro forma financial information presents the unaudited results of operations for the three and six months ended June 30, 2014 and 2013 as if the hotels acquired in 2014 and 2013 had taken place on January 1, 2013 and 2012. The unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what actual results of operations would have been had the acquisitions taken place on January 1, 2013 and 2012, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data). | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pro forma total revenue | $ | 56,383 | $ | 51,034 | $ | 103,511 | $ | 94,462 | ||||||||
Pro forma net income (loss) | $ | 3,404 | $ | 65,465 | $ | (799 | ) | $ | 67,601 | |||||||
Pro forma income (loss) per share: | ||||||||||||||||
Basic | $ | 0.13 | $ | 2.44 | $ | (0.03 | ) | $ | 2.52 | |||||||
Diluted | $ | 0.13 | $ | 2.42 | $ | (0.03 | ) | $ | 2.5 | |||||||
Weighted average Common Shares Outstanding | ||||||||||||||||
Basic | 26,877,757 | 26,877,757 | 26,877,757 | 26,877,757 | ||||||||||||
Diluted | 27,174,798 | 27,114,275 | 26,877,757 | 27,092,813 | ||||||||||||
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts | 6 Months Ended |
Jun. 30, 2014 | |
Receivables [Abstract] | ' |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts | |
The Company maintains an allowance for doubtful accounts at a level believed to be adequate to absorb estimated probable losses. That estimate is based on past loss experience, current economic and market conditions and other relevant factors. The allowance for doubtful accounts was $59 thousand and $30 thousand as of June 30, 2014 and December 31, 2013, respectively. |
Investment_in_Hotel_Properties
Investment in Hotel Properties | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Investments Schedule [Abstract] | ' | |||||||
Investment in Hotel Properties | ' | |||||||
Investment in Hotel Properties | ||||||||
Investment in hotel properties as of June 30, 2014 and December 31, 2013 consisted of the following (in thousands): | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Land and improvements | $ | 244,236 | $ | 94,847 | ||||
Building and improvements | 720,061 | 559,713 | ||||||
Furniture, fixtures and equipment | 56,179 | 36,628 | ||||||
Renovations in progress | 6,392 | 4,006 | ||||||
1,026,868 | 695,194 | |||||||
Less accumulated depreciation | (55,914 | ) | (42,317 | ) | ||||
Investment in hotel properties, net | $ | 970,954 | $ | 652,877 | ||||
Investment_in_Unconsolidated_E
Investment in Unconsolidated Entities | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Investment in Unconsolidated Entities | ' | |||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
On April 17, 2013, the Company acquired a 5.0% interest for $1.7 million in the Torrance JV. The Torrance JV acquired the 248-room Residence Inn by Marriott in Torrance, CA for $31.0 million. The Company accounts for this investment under the equity method. During the three and six months ended June 30, 2014 and 2013, the Company received cash distributions from the Torrance JV as follows (in thousands): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cash generated from other activities and excess cash | $ | — | $ | 908 | $ | 38 | $ | 908 | ||||||||
Total | $ | — | $ | 908 | $ | 38 | $ | 908 | ||||||||
The Company owned a 10.3% interest in a joint venture (the "Innkeepers JV") with Cerberus Capital Management ("Cerberus"), which owned 51 hotels comprising an aggregate of 6,848 rooms until June 9, 2014. The Company accounted for this investment under the equity method. During the three and six months ended June 30, 2014 and 2013, the Company received cash distributions from the Innkeepers JV as follows (in thousands): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cash generated from other activities and excess cash | $ | — | $ | — | $ | 411 | $ | — | ||||||||
Total | $ | — | $ | — | $ | 411 | $ | — | ||||||||
On June 9, 2014, the Company completed the sale of its joint venture with Cerberus, the Innkeepers JV, which owned a 51-hotel, 6,848-room portfolio, to a new joint venture between affiliates of NorthStar and the Company’s operating partnership (the “NewINK JV”) in which NorthStar effectively acquired Cerberus' 89.7% interest in 47 of the 51 hotels from the Innkeepers JV. The remaining four hotels, each of which is a Residence Inn that are located in Silicon Valley, CA, were purchased by the Company (see note 4). The Company owns a 10.3% interest in the NewINK JV, which owns 47 hotels comprising an aggregate of 6,097 rooms. The Company accounts for this investment under the equity method. The remeasurement gain of the Company's interest in the four Silicon Valley Hotels as a result of the step acquisition was approximately $18.8 million and the net gain from the Company's promote interest in the Innkeepers JV was approximately $47.9 million (credited toward the purchase of the Silicon Valley Hotels), resulting in a total gain of $66.7 million from the transaction. The Company's gain resulting from this transaction will be rolled tax deferred between the basis of the Company's investment in the NewINK JV and the Company's basis in the four Silicon Valley Hotels. During the three and six months ended June 30, 2014 and 2013, the Company received no cash distributions from the NewINK JV. | ||||||||||||||||
The Company’s ownership interests in the NewINK JV is subject to change in the event that either the Company or NorthStar calls for additional capital contributions to the respective JV's for certain non-discretionary requirements, or solely in the case of a capital call by NorthStar necessary for the conduct of business, including contributions to fund costs and expenses related to capital expenditures. The Company manages each of the NewINK JV and the Torrance JV (collectively, the "JV") and will receive a promote interest in each applicable JV if it meets certain return thresholds. NorthStar and Cerberus may also approve certain actions by each respective JV without the Company’s consent, including certain property dispositions conducted at arm’s length, certain actions related to the restructuring of each JV and removal of the Company as managing member in the event the Company fails to fulfill its material obligations under the applicable joint venture agreement. | ||||||||||||||||
The Company's investment in the Innkeepers JV investment is $0.0 million at June 30, 2014. The Company's investment in the NewINK JV is $2.5 million at June 30, 2014. The Company's investment in the Torrance JV is $0.8 million at June 30, 2014. The following table sets forth the combined components of net income (loss), including the Company’s share, related to the Innkeepers JV and NewINK JV for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 72,857 | $ | 70,914 | $ | 136,570 | $ | 132,207 | ||||||||
Total hotel operating expenses | 39,359 | 38,531 | 76,358 | 75,361 | ||||||||||||
Operating income | $ | 33,498 | $ | 32,383 | $ | 60,212 | $ | 56,846 | ||||||||
Net income (loss) from continuing operations | $ | (19,843 | ) | $ | 1,443 | $ | (23,177 | ) | $ | (4,552 | ) | |||||
Gain (loss) on sale of hotels | $ | — | $ | (2,517 | ) | $ | (5 | ) | $ | (2,659 | ) | |||||
Net income (loss) | $ | (19,843 | ) | $ | (1,074 | ) | $ | (23,182 | ) | $ | (7,211 | ) | ||||
Total income (loss) from unconsolidated real estate entities attributable to Chatham | $ | (2,039 | ) | $ | (110 | ) | $ | (2,382 | ) | $ | (741 | ) |
Debt
Debt | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt | ' | ||||||||||||||||
Debt | |||||||||||||||||
The Company’s mortgage loans and its senior secured revolving credit facility are collateralized by first-mortgage liens on certain of the Company’s properties. The mortgages are non-recourse except for instances of fraud or misapplication of funds. Mortgage debt consisted of the following (in thousands): | |||||||||||||||||
Collateral | Interest | Maturity Date | 6/30/14 | Balance Outstanding on Loan as of | |||||||||||||
Rate | Property | ||||||||||||||||
Carrying | |||||||||||||||||
Value | June 30, 2014 | December 31, | |||||||||||||||
2013 | |||||||||||||||||
Senior Secured Revolving Credit Facility (1) | 2.66 | % | November 5, 2016 | $ | 235,426 | $ | 98,000 | $ | 50,000 | ||||||||
SpringHill Suites by Marriott Washington, PA | 5.84 | % | April 1, 2015 | 11,719 | 4,849 | 4,937 | |||||||||||
Courtyard by Marriott Altoona, PA | 5.96 | % | April 1, 2016 | 10,744 | 6,276 | 6,378 | |||||||||||
Residence Inn by Marriott New Rochelle, NY | 5.75 | % | September 1, 2021 | 21,265 | 14,993 | 15,150 | |||||||||||
Residence Inn by Marriott San Diego, CA | 4.66 | % | February 6, 2023 | 47,631 | 30,305 | 30,546 | |||||||||||
Homewood Suites by Hilton San Antonio, TX | 4.59 | % | February 6, 2023 | 29,883 | 17,314 | 17,454 | |||||||||||
Residence Inn by Marriott Vienna, VA | 4.49 | % | February 6, 2023 | 33,473 | 23,730 | 23,925 | |||||||||||
Courtyard by Marriott Houston, TX | 4.19 | % | May 6, 2023 | 33,028 | 19,644 | 19,812 | |||||||||||
Hyatt Place Pittsburgh, PA | 4.65 | % | July 6, 2023 | 38,809 | 23,844 | 24,028 | |||||||||||
Residence Inn by Marriott Bellevue, WA | 4.97 | % | December 6, 2023 | 70,144 | 47,580 | 47,580 | |||||||||||
Residence Inn by Marriott Garden Grove, CA (2) | 4.79 | % | April 6, 2024 | 43,713 | 34,000 | 32,253 | |||||||||||
Residence Inn by Marriott Silicon Valley I, CA (3) | 4.64 | % | July 6, 2024 | 92,533 | 64,800 | — | |||||||||||
Residence Inn by Marriott Silicon Valley II, CA (3) | 4.64 | % | July 6, 2024 | 101,644 | 70,700 | — | |||||||||||
Residence Inn by Marriott San Mateo, CA (3) | 4.64 | % | July 6, 2024 | 72,489 | 48,600 | — | |||||||||||
Residence Inn by Marriott Mountain View, CA (3) | 4.64 | % | July 6, 2024 | 56,264 | 37,900 | — | |||||||||||
Total | $ | 898,765 | $ | 542,535 | $ | 272,063 | |||||||||||
-1 | Thirteen properties in the borrowing base serve as collateral for borrowings under the senior secured revolving credit facility at June 30, 2014. The interest rate for the senior secured revolving credit facility is variable and based on LIBOR plus 2.5%. | ||||||||||||||||
-2 | On March 21, 2014, the Company refinanced the mortgage for the Residence Inn Garden Grove hotel. The new loan has a 10-year term and a 30-year amortization payment schedule but is interest only for the first 12 months. The Company incurred $0.2 million in costs for early extinguishment of debt related to the old loan. | ||||||||||||||||
-3 | On June 9, 2014, the Company obtained 4 new mortgage loans secured by a first mortgage for the Silicon Valley I, Silicon Valley II, San Mateo and Mountain View hotels. The new loans have a 10-year term and a 30-year amortization payment schedule but are interest only for the first 60 months. | ||||||||||||||||
The Company entered into an amendment (the "Amendment") to its amended and restated senior secured revolving credit facility on December 11, 2013. The Amendment extends the maturity date to November 5, 2016 and includes an option to extend the maturity date by an additional year. The senior secured revolving credit facility includes limitations on the extent of allowable distributions to the Company not to exceed the greater of 95% of Adjusted Funds from Operations (as defined in the senior secured revolving credit facility) and the minimum amount of distributions required for the Company to maintain its REIT status. Other key terms are as follows: | |||||||||||||||||
Facility amount | $175 million | ||||||||||||||||
Accordion feature | Increase additional $50 million | ||||||||||||||||
LIBOR floor | None | ||||||||||||||||
Interest rate applicable margin | 200-300 basis points, based on leverage ratio | ||||||||||||||||
Unused fee | 25 basis points if less than 50% unused, 35 basis points if more than 50% unused | ||||||||||||||||
Minimum fixed charge coverage ratio | 1.5x | ||||||||||||||||
At June 30, 2014 and December 31, 2013, the Company had $98.0 million and $50.0 million, respectively, of outstanding borrowings under its senior secured revolving credit facility. At June 30, 2014, the maximum borrowing availability under the senior secured revolving credit facility was $175.0 million. | |||||||||||||||||
The Company estimates the fair value of its fixed rate debt, which is all of the Company's mortgage loans, by discounting the future cash flows of each instrument at estimated market rates. Rates take into consideration general market conditions, quality and estimated value of collateral and maturity of debt with similar credit terms and are classified within level 3 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt as of June 30, 2014 and December 31, 2013 was $446.4 million and $220.0 million, respectively. | |||||||||||||||||
The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with similar maturity and is classified within level 3 of the fair value hierarchy. The Company’s only variable rate debt is under its senior secured revolving credit facility. The estimated fair value of the Company’s variable rate debt as of June 30, 2014 and December 31, 2013 was $98.0 million and $50.0 million, respectively. | |||||||||||||||||
As of June 30, 2014, the Company was in compliance with all of its financial covenants. At June 30, 2014, the Company’s consolidated fixed charge coverage ratio was 2.87. Future scheduled principal payments of debt obligations as of June 30, 2014, for each of the next five calendar years and thereafter are as follows (in thousands): | |||||||||||||||||
Amount | |||||||||||||||||
2014 (remaining six months) | $ | 1,317 | |||||||||||||||
2015 | 8,313 | ||||||||||||||||
2016 | 107,533 | ||||||||||||||||
2017 | 3,802 | ||||||||||||||||
2018 | 3,980 | ||||||||||||||||
Thereafter | 417,590 | ||||||||||||||||
Total | $ | 542,535 | |||||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
The Company’s TRSs are subject to federal and state income taxes. The Company’s TRSs are structured under two TRS holding companies, which are referred to as TRS 1 and TRS 2, that are treated separately for income tax purposes. | ||||||||||||||||
The components of income tax expense for the following periods are as follows (in thousands): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Federal | $ | 28 | $ | 35 | $ | 30 | $ | 35 | ||||||||
State | 10 | 10 | 11 | 10 | ||||||||||||
Tax expense | $ | 38 | $ | 45 | $ | 41 | $ | 45 | ||||||||
At June 30, 2014, TRS 1 had a gross deferred tax asset associated with future tax deductions of $3.2 million. TRS 1 has continued to record a full valuation allowance equal to 100% of the gross deferred tax asset due to the uncertainty of realizing the benefit of its deferred assets due to the cumulative taxable losses incurred by TRS 1 since its inception. TRS 2 has a gross deferred tax asset of $0.0 million as of June 30, 2014. |
Dividends_Declared_and_Paid
Dividends Declared and Paid | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Dividends Declared and Paid | ' | ||||||||||||
Dividends Declared and Paid | |||||||||||||
The Company declared total common share dividends of $0.24 per share and distributions on long-term incentive plan (“LTIP”) units of $0.24 per unit for the three months ended June 30, 2014 and $0.45 per share and distributions on LTIP units of $0.45 per unit for the six months ended June 30, 2014. The dividends and distributions were as follows: | |||||||||||||
Record | Payment | Common | LTIP | ||||||||||
Date | Date | share | unit | ||||||||||
distribution | distribution | ||||||||||||
amount | amount | ||||||||||||
January | 1/31/14 | 2/28/14 | $ | 0.07 | $ | 0.07 | |||||||
February | 2/28/14 | 3/28/14 | 0.07 | 0.07 | |||||||||
March | 3/31/14 | 4/25/14 | 0.07 | 0.07 | |||||||||
1st Quarter 2014 | $ | 0.21 | $ | 0.21 | |||||||||
April | 4/30/14 | 5/30/14 | $ | 0.08 | $ | 0.08 | |||||||
May | 5/30/14 | 6/27/14 | 0.08 | 0.08 | |||||||||
June | 6/30/14 | 7/25/14 | 0.08 | $ | 0.08 | ||||||||
2nd Quarter 2014 | $ | 0.24 | $ | 0.24 | |||||||||
Total 2014 | $ | 0.45 | $ | 0.45 | |||||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
The two class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. Unvested restricted shares and unvested LTIP units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. The following is a reconciliation of the amounts used in calculating basic and diluted net loss per share (in thousands, except share and per share data): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income attributable to common shareholders | $ | 65,206 | $ | 2,176 | $ | 63,474 | $ | 557 | ||||||||
Dividends paid on unvested shares and units | (69 | ) | (73 | ) | (145 | ) | (151 | ) | ||||||||
Net income attributable to common shareholders | $ | 65,137 | $ | 2,103 | $ | 63,329 | $ | 406 | ||||||||
Denominator: | ||||||||||||||||
Weighted average number of common shares - basic | 26,437,878 | 18,147,108 | 26,355,237 | 17,682,199 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Unvested shares | 297,041 | 236,518 | 282,024 | 215,056 | ||||||||||||
Weighted average number of common shares - diluted | 26,734,919 | 18,383,626 | 26,637,261 | 17,897,255 | ||||||||||||
Basic income per Common Share: | ||||||||||||||||
Net income attributable to common shareholders per weighted average basic common share | $ | 2.46 | $ | 0.12 | $ | 2.4 | $ | 0.02 | ||||||||
Diluted income per Common Share: | ||||||||||||||||
Net income attributable to common shareholders per weighted average diluted common share | $ | 2.44 | $ | 0.11 | $ | 2.38 | $ | 0.02 | ||||||||
Equity_Incentive_Plan
Equity Incentive Plan | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Equity Incentive Plan | ' | |||||||||||||||
Equity Incentive Plan | ||||||||||||||||
The Company maintains its Equity Incentive Plan to attract and retain independent trustees, executive officers and other key employees and service providers. The plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. The plan was amended and restated as of May 17, 2013 to increase the maximum number of shares available under the plan to 3,000,000 shares. Share awards under this plan generally vest over three years, though compensation for the Company’s independent trustees includes shares granted that vest immediately. The Company pays dividends on unvested shares and units, except for performance based shares, for which dividends on unvested performance based shares are not paid until those shares are vested. Certain awards may provide for accelerated vesting if there is a change in control. In January 2014 and 2013, the Company issued 16,542 and 22,536 common shares, respectively, to its independent trustees as compensation for services performed in 2013 and 2012. The quantity of shares was calculated based on the average of the closing prices for the Company’s common shares on the New York Stock Exchange for the last ten trading days preceding the reporting date. The Company would have distributed 9,137 common shares for services performed in 2014 had this liability classified award been satisfied as of June 30, 2014. As of June 30, 2014, there were 2,296,458 common shares available for issuance under the Equity Incentive Plan. | ||||||||||||||||
Restricted Share Awards | ||||||||||||||||
A summary of the shares granted to executive officers pursuant to the Equity Incentive Plan as of June 30, 2014 are: | ||||||||||||||||
Award Type | Award Date | Total Shares Granted | Vested as of June 30, 2014 | |||||||||||||
2012 Time-based Awards | 2/23/12 | 61,376 | 40,918 | |||||||||||||
2012 Performance-based Awards | 2/23/12 | 53,191 | 35,462 | |||||||||||||
2013 Time-based Awards | 1/29/13 | 40,829 | 13,611 | |||||||||||||
2013 Performance-based Awards | 5/17/13 | 40,829 | 13,611 | |||||||||||||
2014 Time-based Awards | 1/31/14 | 48,213 | — | |||||||||||||
2014 Performance-based Awards | 1/31/14 | 38,805 | — | |||||||||||||
Time-based shares will vest over a three-year period. The performance-based shares will be issued and vest over a three-year period only if and to the extent that long-term performance criteria established by the Board of Trustees are met and the recipient remains employed by the Company through the vesting date. | ||||||||||||||||
The Company measures compensation expense for time-based vesting restricted share awards based upon the fair market value of its common shares at the date of grant. For the performance-based shares granted in 2012, 2013 and 2014, compensation expense is based on a valuation of $10.20, $10.93 and $13.17, respectively, per performance share granted, which takes into account that some or all of the awards may not vest if long-term performance criteria are not met during the vesting period. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statements of operations. The Company pays dividends on non-vested time-based restricted shares. Dividends for performance-based shares are accrued and paid annually only if and to the extent that long-term performance criteria established by the Board of Trustees are met and the recipient remains employed by the Company on the vesting date. | ||||||||||||||||
A summary of the Company’s restricted share awards for the six months ended June 30, 2014 and year ended December 31, 2013 is as follows: | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Number of | Weighted - | Number of | Weighted - | |||||||||||||
Shares | Average Grant | Shares | Average Grant | |||||||||||||
Date Fair | Date Fair | |||||||||||||||
Value | Value | |||||||||||||||
Non-vested at beginning of the period | $ | 158,035 | $ | 12.39 | $ | 140,077 | $ | 12.7 | ||||||||
Granted | 87,018 | 17.46 | 81,658 | 13.43 | ||||||||||||
Vested | (65,412 | ) | 12.17 | (63,700 | ) | 14.39 | ||||||||||
Non-vested at end of the period | $ | 179,641 | $ | 14.92 | $ | 158,035 | $ | 12.39 | ||||||||
As of June 30, 2014 and December 31, 2013, there were $2.1 million and $1.2 million, respectively, of unrecognized compensation costs related to restricted share awards. As of June 30, 2014, these costs were expected to be recognized over a weighted–average period of approximately 2.1 years. For the three months ended June 30, 2014 and 2013, the Company recognized approximately $0.3 million and $0.2 million, respectively and for the six months ended June 30, 2014 and 2013, the Company recognized approximately $0.6 million and $0.5 million, respectively of expense related to the restricted share awards. This expense is included in general and administrative expenses in the accompanying consolidated statements of operations. | ||||||||||||||||
Long-Term Incentive Plan Units | ||||||||||||||||
The Company recorded $0.2 million and $0.2 million in compensation expense related to the LTIP units for the three months ended June 30, 2014 and 2013, respectively and $0.4 million and $0.4 million in compensation expense related to the LTIP units for the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014 and December 31, 2013, there was $0.6 million and $1.0 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 0.9 years, which represents the weighted average remaining vesting period of the LTIP units. Upon the closing of the Company's equity offering on September 30, 2013, the Company determined that a revaluation event occurred, as defined in the Internal Revenue Code of 1986, as amended, and 26,250 LTIP units of one of the officers of the Company achieved full parity with the common Operating Partnership units with respect to liquidating distributions and all other purposes. Three-fifths of these units have vested as of June 30, 2014. As of June 4, 2014, the Company determined that a revaluation event occurred, as defined in the Internal Revenue Code of 1986, as amended, and 231,525 LTIP units of the other two officers of the Company achieved full parity with the common Operating Partnership units with respect to liquidating distributions and all other purposes. Four-fifths of these units have vested June 30, 2014. Accordingly, these LTIP units will be allocated their pro-rata share of the Company's net income. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||
Commitments and Contingencies | ' | |||||||||
Commitments and Contingencies | ||||||||||
Litigation | ||||||||||
The nature of the operations of the hotels exposes the hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company or its properties. | ||||||||||
Hotel Ground Rent | ||||||||||
The Altoona hotel is subject to a ground lease with an expiration date of April 30, 2029 with an extension option of up to 12 additional terms of five years each. Monthly payments are determined by the quarterly average room occupancy of the hotel. Rent is equal to approximately $7,500 per month when monthly occupancy is less than 85% and can increase up to approximately $20,000 per month if occupancy is 100%, with minimum rent increased on an annual basis by two and one-half percent (2.5%). | ||||||||||
At the New Rochelle Residence Inn, there is an air rights lease and garage lease that each expire on December 1, 2104. The lease agreements with the City of New Rochelle cover the space above the parking garage that is occupied by the hotel as well as 128 parking spaces in a parking garage that is attached to the hotel. The annual base rent for the garage lease is the hotel’s proportionate share of the city’s adopted budget for the operations, management and maintenance of the garage and established reserves to fund for the cost of capital repairs. | ||||||||||
Future minimum rental payments under the terms of all non-cancellable operating ground leases under which the Company is the lessee are expensed on a straight-line basis regardless of when payments are due. The following is a schedule of the minimum future obligation payments required under the ground, air rights and garages leases as of June 30, 2014, for the remainder of 2014 and for each of the next four calendar years and thereafter (in thousands): | ||||||||||
Amount | ||||||||||
2014 (remaining six months) | $ | 104 | ||||||||
2015 | 210 | |||||||||
2016 | 212 | |||||||||
2017 | 214 | |||||||||
2018 | 217 | |||||||||
Thereafter | 11,228 | |||||||||
Total | $ | 12,185 | ||||||||
Management Agreements | ||||||||||
The management agreements with Concord have an initial ten-year term that expires on February 28, 2017 and will renew automatically for successive one-year terms unless terminated by the TRS lessee or the manager by written notice to the other party no later than 90 days prior to the then current term’s expiration date. The management agreements may be terminated for cause, including the failure of the managed hotel operating performance to meet specified levels. If the Company were to terminate the management agreements during the first nine years of the term other than for breach or default by the manager, the Company would be responsible for paying termination fees to the manager. | ||||||||||
The management agreements with IHM have an initial term of five years and may be renewed for two five-year periods at IHM’s option by written notice to us no later than 90 days prior to the then current term’s expiration date. The IHM management agreements provide for early termination at the Company’s option upon sale of any IHM-managed hotel for no termination fee, with six months advance notice. The IHM management agreements may be terminated for cause, including the failure of the managed hotel to meet specified performance levels. | ||||||||||
Terms of the Company's management agreements are: | ||||||||||
Property | Management Company | Base Management Fee | Monthly Accounting Fee | Monthly Revenue Management Fee | Incentive Management Fee | |||||
Courtyard Altoona | Concord | 4 | % | 1,211 | — | — | % | |||
Springhill Suites Washington | Concord | 4 | % | 991 | — | — | % | |||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Minneapolis-Mall of America | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Nashville-Brentwood | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Dallas-Market Center | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Hartford-Farmington | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Orlando-Maitland | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Carlsbad (North San Diego County) | IHM | 3 | % | 1,000 | — | 1 | % | |||
Hampton Inn & Suites Houston-Medical Center | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn Long Island Holtsville | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn White Plains | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn New Rochelle | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn Garden Grove | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Residence Inn Mission Valley | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Homewood Suites by Hilton San Antonio River Walk | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Residence Inn Washington DC | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Residence Inn Tysons Corner | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Hampton Inn Portland Downtown | IHM | 3 | % | 1,000 | 550 | 1 | % | |||
Courtyard Houston | IHM | 3 | % | 1,000 | 550 | 1 | % | |||
Hyatt Place Pittsburgh North Shore | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Hampton Inn Exeter | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Hilton Garden Inn Denver Tech | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Residence Inn Bellevue | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Springhill Suites Savannah | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn Silicon Valley I | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn Silicon Valley II | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn San Mateo | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn Mountain View | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Management fees totaled approximately $1.4 million and $0.9 million, respectively, for the three months ended June 30, 2014 and 2013, respectively and approximately $2.5 million and $1.6 million, respectively, for the six months ended June 30, 2014 and 2013. | ||||||||||
Franchise Agreements | ||||||||||
Terms of the Company's Franchise agreements are: | ||||||||||
Property | Franchise/Royalty Fee | Marketing/Program Fee | Expiration | |||||||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Minneapolis-Mall of America | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Nashville-Brentwood | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Dallas-Market Center | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Hartford-Farmington | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Orlando-Maitland | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Carlsbad (North San Diego County) | 4 | % | 4 | % | 2028 | |||||
Hampton Inn & Suites Houston-Medical Center | 5 | % | 4 | % | 2020 | |||||
Courtyard Altoona | 5.5 | % | 2 | % | 2030 | |||||
Springhill Suites Washington | 5 | % | 2.5 | % | 2030 | |||||
Residence Inn Long Island Holtsville | 5.5 | % | 2.5 | % | 2025 | |||||
Residence Inn White Plains | 5.5 | % | 2.5 | % | 2030 | |||||
Residence Inn New Rochelle | 5.5 | % | 2.5 | % | 2030 | |||||
Residence Inn Garden Grove | 5 | % | 2.5 | % | 2031 | |||||
Residence Inn Mission Valley | 5 | % | 2.5 | % | 2031 | |||||
Homewood Suites by Hilton San Antonio River Walk | 4 | % | 4 | % | 2026 | |||||
Residence Inn Washington DC | 5.5 | % | 2.5 | % | 2033 | |||||
Residence Inn Tysons Corner | 5 | % | 2.5 | % | 2031 | |||||
Hampton Inn Portland Downtown | 6 | % | 4 | % | 2032 | |||||
Courtyard Houston | 5.5 | % | 2 | % | 2030 | |||||
Hyatt Place Pittsburgh North Shore | 5 | % | 3.5 | % | 2030 | |||||
Hampton Inn Exeter | 6 | % | 4 | % | 2031 | |||||
Hilton Garden Inn Denver Tech | 4.3 | % | 5.5 | % | 2028 | |||||
Residence Inn Bellevue | 5.5 | % | 2.5 | % | 2033 | |||||
Springhill Suites Savannah | 5 | % | 2.5 | % | 2033 | |||||
Residence Inn Silicon Valley I | 5.5 | % | 2.5 | % | 2029 | |||||
Residence Inn Silicon Valley II | 5.5 | % | 2.5 | % | 2029 | |||||
Residence Inn San Mateo | 5.5 | % | 2.5 | % | 2029 | |||||
Residence Inn Mountain View | 5.5 | % | 2.5 | % | 2029 | |||||
Franchise fees totaled approximately $3.6 million and $2.2 million, respectively, for the three months ended June 30, 2014 and 2013, respectively and approximately $6.4 million and $4.1 million, respectively, for the six months ended June 30, 2014 and 2013. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Mr. Fisher owns 90% of IHM. As of June 30, 2014, the Company had hotel management agreements with IHM to manage 27 of its hotels. As of June 30, 2014, all 47 hotels owned by the NewINK JV are managed by IHM. Hotel management, revenue management and accounting fees paid to IHM for the Chatham properties for the three months ended June 30, 2014 and 2013 were $1.3 million and $0.7 million, respectively and for the six months ended June 30, 2014 and 2013 were $2.3 million and $1.4 million, respectively. At June 30, 2014 and December 31, 2013, the amounts due to IHM were $0.8 million and $0.5 million, respectively. | |
Cost reimbursements from unconsolidated real estate entities revenue represent reimbursements of costs incurred on behalf of the Innkeepers JV and NewINK JV. These costs relate primarily to corporate payroll costs at the JVs where the Company is the employer. As the Company records cost reimbursements based upon costs incurred with no added markup, the revenue and related expense has no impact on the Company’s operating income or net income. Cost reimbursements from the JVs are recorded based upon the occurrence of a reimbursed activity. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On July 2, 2014, the Company obtained debt secured by a first mortgage on the Savannah Hotel of $30.0 million. The loan has a 10-year term and a 30-year amortization payment schedule but is interest only for the first 60 months. The interest rate on the loan is 4.62%. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. These unaudited consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full year performance due to seasonal and other factors including the timing of the acquisition of hotels. | |
The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2013, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
Recently Issued Accounting Standards | ' |
In April 2014, the FASB issued amendments to guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results or a business activity classified as held for sale upon acquisition should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and adds new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). Early adoption is permitted for disposals that have not been reported in financial statements previously issued. We adopted this accounting standard update effective January 1, 2014 and do not expect the implementation of the amended guidance to have a material impact on the Company's consolidated financial position of results of operations, but do expect these amendments to impact the Company determination of which future property disposals qualify as discontinued operations as well as requiring additional disclosures about discontinued operations. | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that AUS 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements |
Acquisition_of_Hotel_Propertie1
Acquisition of Hotel Properties (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Purchase Price Allocation | ' | |||||||||||||||
The allocation of the purchase price for the Silicon Valley hotels (hereinafter the "Silicon Valley Hotels") includes the following hotels (i) Residence Inn Silicon Valley I, (ii) Residence Inn Silicon Valley II, (iii) Residence Inn San Mateo and (iv) Residence Inn Mountain View, based on the fair value on the date of their acquisition was (in thousands): | ||||||||||||||||
Silicon Valley Hotels (Preliminary) | ||||||||||||||||
Acquisition date | 6/9/14 | |||||||||||||||
Number of Rooms | 751 | |||||||||||||||
Land | $ | 149,385 | ||||||||||||||
Building and improvements | 156,902 | |||||||||||||||
Furniture, fixtures and equipment | 17,565 | |||||||||||||||
Cash | 25 | |||||||||||||||
Accounts receivable | 959 | |||||||||||||||
Prepaid expenses and other assets | 289 | |||||||||||||||
Net assets acquired | $ | 325,125 | ||||||||||||||
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV | $ | (59,813 | ) | |||||||||||||
Net assets acquired, net of cash and Fair Value of interest in the Silicon Valley Hotels and New INK JV | $ | 265,287 | ||||||||||||||
Pro Forma Financial Information | ' | |||||||||||||||
The amount of revenue and operating income from the new hotels acquired in 2014 are as follows (in thousands): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2014 | |||||||||||||||
Revenue | Operating Income | Revenue | Operating Income | |||||||||||||
Silicon Valley Hotels | $ | 3,075 | $ | 2,113 | 3,075 | $ | 2,113 | |||||||||
Total | $ | 3,075 | $ | 2,113 | $ | 3,075 | $ | 2,113 | ||||||||
The following condensed pro forma financial information presents the unaudited results of operations for the three and six months ended June 30, 2014 and 2013 as if the hotels acquired in 2014 and 2013 had taken place on January 1, 2013 and 2012. The unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what actual results of operations would have been had the acquisitions taken place on January 1, 2013 and 2012, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data). | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pro forma total revenue | $ | 56,383 | $ | 51,034 | $ | 103,511 | $ | 94,462 | ||||||||
Pro forma net income (loss) | $ | 3,404 | $ | 65,465 | $ | (799 | ) | $ | 67,601 | |||||||
Pro forma income (loss) per share: | ||||||||||||||||
Basic | $ | 0.13 | $ | 2.44 | $ | (0.03 | ) | $ | 2.52 | |||||||
Diluted | $ | 0.13 | $ | 2.42 | $ | (0.03 | ) | $ | 2.5 | |||||||
Weighted average Common Shares Outstanding | ||||||||||||||||
Basic | 26,877,757 | 26,877,757 | 26,877,757 | 26,877,757 | ||||||||||||
Diluted | 27,174,798 | 27,114,275 | 26,877,757 | 27,092,813 | ||||||||||||
Investment_in_Hotel_Properties1
Investment in Hotel Properties (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Investments Schedule [Abstract] | ' | |||||||
Investment in Hotel Properties | ' | |||||||
Investment in hotel properties as of June 30, 2014 and December 31, 2013 consisted of the following (in thousands): | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Land and improvements | $ | 244,236 | $ | 94,847 | ||||
Building and improvements | 720,061 | 559,713 | ||||||
Furniture, fixtures and equipment | 56,179 | 36,628 | ||||||
Renovations in progress | 6,392 | 4,006 | ||||||
1,026,868 | 695,194 | |||||||
Less accumulated depreciation | (55,914 | ) | (42,317 | ) | ||||
Investment in hotel properties, net | $ | 970,954 | $ | 652,877 | ||||
Investment_in_Unconsolidated_E1
Investment in Unconsolidated Entities (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||
Schedule Of Income From Joint Venture Table | ' | |||||||||||||||
The following table sets forth the combined components of net income (loss), including the Company’s share, related to the Innkeepers JV and NewINK JV for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 72,857 | $ | 70,914 | $ | 136,570 | $ | 132,207 | ||||||||
Total hotel operating expenses | 39,359 | 38,531 | 76,358 | 75,361 | ||||||||||||
Operating income | $ | 33,498 | $ | 32,383 | $ | 60,212 | $ | 56,846 | ||||||||
Net income (loss) from continuing operations | $ | (19,843 | ) | $ | 1,443 | $ | (23,177 | ) | $ | (4,552 | ) | |||||
Gain (loss) on sale of hotels | $ | — | $ | (2,517 | ) | $ | (5 | ) | $ | (2,659 | ) | |||||
Net income (loss) | $ | (19,843 | ) | $ | (1,074 | ) | $ | (23,182 | ) | $ | (7,211 | ) | ||||
Total income (loss) from unconsolidated real estate entities attributable to Chatham | $ | (2,039 | ) | $ | (110 | ) | $ | (2,382 | ) | $ | (741 | ) | ||||
Torrance Joint Venture | ' | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||
Additional Cash Flow Information Table | ' | |||||||||||||||
During the three and six months ended June 30, 2014 and 2013, the Company received cash distributions from the Torrance JV as follows (in thousands): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cash generated from other activities and excess cash | $ | — | $ | 908 | $ | 38 | $ | 908 | ||||||||
Total | $ | — | $ | 908 | $ | 38 | $ | 908 | ||||||||
Innkeepers Joint Venture | ' | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||
Additional Cash Flow Information Table | ' | |||||||||||||||
During the three and six months ended June 30, 2014 and 2013, the Company received cash distributions from the Innkeepers JV as follows (in thousands): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cash generated from other activities and excess cash | $ | — | $ | — | $ | 411 | $ | — | ||||||||
Total | $ | — | $ | — | $ | 411 | $ | — | ||||||||
Debt_Tables
Debt (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Components of Mortgage Debt | ' | ||||||||||||||||
Mortgage debt consisted of the following (in thousands): | |||||||||||||||||
Collateral | Interest | Maturity Date | 6/30/14 | Balance Outstanding on Loan as of | |||||||||||||
Rate | Property | ||||||||||||||||
Carrying | |||||||||||||||||
Value | June 30, 2014 | December 31, | |||||||||||||||
2013 | |||||||||||||||||
Senior Secured Revolving Credit Facility (1) | 2.66 | % | November 5, 2016 | $ | 235,426 | $ | 98,000 | $ | 50,000 | ||||||||
SpringHill Suites by Marriott Washington, PA | 5.84 | % | April 1, 2015 | 11,719 | 4,849 | 4,937 | |||||||||||
Courtyard by Marriott Altoona, PA | 5.96 | % | April 1, 2016 | 10,744 | 6,276 | 6,378 | |||||||||||
Residence Inn by Marriott New Rochelle, NY | 5.75 | % | September 1, 2021 | 21,265 | 14,993 | 15,150 | |||||||||||
Residence Inn by Marriott San Diego, CA | 4.66 | % | February 6, 2023 | 47,631 | 30,305 | 30,546 | |||||||||||
Homewood Suites by Hilton San Antonio, TX | 4.59 | % | February 6, 2023 | 29,883 | 17,314 | 17,454 | |||||||||||
Residence Inn by Marriott Vienna, VA | 4.49 | % | February 6, 2023 | 33,473 | 23,730 | 23,925 | |||||||||||
Courtyard by Marriott Houston, TX | 4.19 | % | May 6, 2023 | 33,028 | 19,644 | 19,812 | |||||||||||
Hyatt Place Pittsburgh, PA | 4.65 | % | July 6, 2023 | 38,809 | 23,844 | 24,028 | |||||||||||
Residence Inn by Marriott Bellevue, WA | 4.97 | % | December 6, 2023 | 70,144 | 47,580 | 47,580 | |||||||||||
Residence Inn by Marriott Garden Grove, CA (2) | 4.79 | % | April 6, 2024 | 43,713 | 34,000 | 32,253 | |||||||||||
Residence Inn by Marriott Silicon Valley I, CA (3) | 4.64 | % | July 6, 2024 | 92,533 | 64,800 | — | |||||||||||
Residence Inn by Marriott Silicon Valley II, CA (3) | 4.64 | % | July 6, 2024 | 101,644 | 70,700 | — | |||||||||||
Residence Inn by Marriott San Mateo, CA (3) | 4.64 | % | July 6, 2024 | 72,489 | 48,600 | — | |||||||||||
Residence Inn by Marriott Mountain View, CA (3) | 4.64 | % | July 6, 2024 | 56,264 | 37,900 | — | |||||||||||
Total | $ | 898,765 | $ | 542,535 | $ | 272,063 | |||||||||||
-1 | Thirteen properties in the borrowing base serve as collateral for borrowings under the senior secured revolving credit facility at June 30, 2014. The interest rate for the senior secured revolving credit facility is variable and based on LIBOR plus 2.5%. | ||||||||||||||||
-2 | On March 21, 2014, the Company refinanced the mortgage for the Residence Inn Garden Grove hotel. The new loan has a 10-year term and a 30-year amortization payment schedule but is interest only for the first 12 months. The Company incurred $0.2 million in costs for early extinguishment of debt related to the old loan. | ||||||||||||||||
-3 | On June 9, 2014, the Company obtained 4 new mortgage loans secured by a first mortgage for the Silicon Valley I, Silicon Valley II, San Mateo and Mountain View hotels. The new loans have a 10-year term and a 30-year amortization payment schedule but are interest only for the first 60 months. | ||||||||||||||||
Summary of Amendment to Senior Secured Revolving Credit Facility | ' | ||||||||||||||||
Other key terms are as follows: | |||||||||||||||||
Facility amount | $175 million | ||||||||||||||||
Accordion feature | Increase additional $50 million | ||||||||||||||||
LIBOR floor | None | ||||||||||||||||
Interest rate applicable margin | 200-300 basis points, based on leverage ratio | ||||||||||||||||
Unused fee | 25 basis points if less than 50% unused, 35 basis points if more than 50% unused | ||||||||||||||||
Minimum fixed charge coverage ratio | 1.5x | ||||||||||||||||
Future Scheduled Principal Payments of Debt Obligations | ' | ||||||||||||||||
Future scheduled principal payments of debt obligations as of June 30, 2014, for each of the next five calendar years and thereafter are as follows (in thousands): | |||||||||||||||||
Amount | |||||||||||||||||
2014 (remaining six months) | $ | 1,317 | |||||||||||||||
2015 | 8,313 | ||||||||||||||||
2016 | 107,533 | ||||||||||||||||
2017 | 3,802 | ||||||||||||||||
2018 | 3,980 | ||||||||||||||||
Thereafter | 417,590 | ||||||||||||||||
Total | $ | 542,535 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Components of Income Tax Expense | ' | |||||||||||||||
The components of income tax expense for the following periods are as follows (in thousands): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Federal | $ | 28 | $ | 35 | $ | 30 | $ | 35 | ||||||||
State | 10 | 10 | 11 | 10 | ||||||||||||
Tax expense | $ | 38 | $ | 45 | $ | 41 | $ | 45 | ||||||||
Dividends_Declared_and_Paid_Ta
Dividends Declared and Paid (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Dividends Declared and Paid | ' | ||||||||||||
The dividends and distributions were as follows: | |||||||||||||
Record | Payment | Common | LTIP | ||||||||||
Date | Date | share | unit | ||||||||||
distribution | distribution | ||||||||||||
amount | amount | ||||||||||||
January | 1/31/14 | 2/28/14 | $ | 0.07 | $ | 0.07 | |||||||
February | 2/28/14 | 3/28/14 | 0.07 | 0.07 | |||||||||
March | 3/31/14 | 4/25/14 | 0.07 | 0.07 | |||||||||
1st Quarter 2014 | $ | 0.21 | $ | 0.21 | |||||||||
April | 4/30/14 | 5/30/14 | $ | 0.08 | $ | 0.08 | |||||||
May | 5/30/14 | 6/27/14 | 0.08 | 0.08 | |||||||||
June | 6/30/14 | 7/25/14 | 0.08 | $ | 0.08 | ||||||||
2nd Quarter 2014 | $ | 0.24 | $ | 0.24 | |||||||||
Total 2014 | $ | 0.45 | $ | 0.45 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share | ' | |||||||||||||||
The following is a reconciliation of the amounts used in calculating basic and diluted net loss per share (in thousands, except share and per share data): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income attributable to common shareholders | $ | 65,206 | $ | 2,176 | $ | 63,474 | $ | 557 | ||||||||
Dividends paid on unvested shares and units | (69 | ) | (73 | ) | (145 | ) | (151 | ) | ||||||||
Net income attributable to common shareholders | $ | 65,137 | $ | 2,103 | $ | 63,329 | $ | 406 | ||||||||
Denominator: | ||||||||||||||||
Weighted average number of common shares - basic | 26,437,878 | 18,147,108 | 26,355,237 | 17,682,199 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Unvested shares | 297,041 | 236,518 | 282,024 | 215,056 | ||||||||||||
Weighted average number of common shares - diluted | 26,734,919 | 18,383,626 | 26,637,261 | 17,897,255 | ||||||||||||
Basic income per Common Share: | ||||||||||||||||
Net income attributable to common shareholders per weighted average basic common share | $ | 2.46 | $ | 0.12 | $ | 2.4 | $ | 0.02 | ||||||||
Diluted income per Common Share: | ||||||||||||||||
Net income attributable to common shareholders per weighted average diluted common share | $ | 2.44 | $ | 0.11 | $ | 2.38 | $ | 0.02 | ||||||||
Equity_Incentive_Plan_Tables
Equity Incentive Plan (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Summary of Restricted Share Awards | ' | |||||||||||||||
A summary of the Company’s restricted share awards for the six months ended June 30, 2014 and year ended December 31, 2013 is as follows: | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Number of | Weighted - | Number of | Weighted - | |||||||||||||
Shares | Average Grant | Shares | Average Grant | |||||||||||||
Date Fair | Date Fair | |||||||||||||||
Value | Value | |||||||||||||||
Non-vested at beginning of the period | $ | 158,035 | $ | 12.39 | $ | 140,077 | $ | 12.7 | ||||||||
Granted | 87,018 | 17.46 | 81,658 | 13.43 | ||||||||||||
Vested | (65,412 | ) | 12.17 | (63,700 | ) | 14.39 | ||||||||||
Non-vested at end of the period | $ | 179,641 | $ | 14.92 | $ | 158,035 | $ | 12.39 | ||||||||
A summary of the shares granted to executive officers pursuant to the Equity Incentive Plan as of June 30, 2014 are: | ||||||||||||||||
Award Type | Award Date | Total Shares Granted | Vested as of June 30, 2014 | |||||||||||||
2012 Time-based Awards | 2/23/12 | 61,376 | 40,918 | |||||||||||||
2012 Performance-based Awards | 2/23/12 | 53,191 | 35,462 | |||||||||||||
2013 Time-based Awards | 1/29/13 | 40,829 | 13,611 | |||||||||||||
2013 Performance-based Awards | 5/17/13 | 40,829 | 13,611 | |||||||||||||
2014 Time-based Awards | 1/31/14 | 48,213 | — | |||||||||||||
2014 Performance-based Awards | 1/31/14 | 38,805 | — | |||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||
Minimum Future Obligation Payments Required Under Ground Leases | ' | |||||||||
The following is a schedule of the minimum future obligation payments required under the ground, air rights and garages leases as of June 30, 2014, for the remainder of 2014 and for each of the next four calendar years and thereafter (in thousands): | ||||||||||
Amount | ||||||||||
2014 (remaining six months) | $ | 104 | ||||||||
2015 | 210 | |||||||||
2016 | 212 | |||||||||
2017 | 214 | |||||||||
2018 | 217 | |||||||||
Thereafter | 11,228 | |||||||||
Total | $ | 12,185 | ||||||||
Schedule of Management Agreement Terms | ' | |||||||||
Terms of the Company's management agreements are: | ||||||||||
Property | Management Company | Base Management Fee | Monthly Accounting Fee | Monthly Revenue Management Fee | Incentive Management Fee | |||||
Courtyard Altoona | Concord | 4 | % | 1,211 | — | — | % | |||
Springhill Suites Washington | Concord | 4 | % | 991 | — | — | % | |||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Minneapolis-Mall of America | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Nashville-Brentwood | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Dallas-Market Center | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Hartford-Farmington | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Orlando-Maitland | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Carlsbad (North San Diego County) | IHM | 3 | % | 1,000 | — | 1 | % | |||
Hampton Inn & Suites Houston-Medical Center | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn Long Island Holtsville | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn White Plains | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn New Rochelle | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn Garden Grove | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Residence Inn Mission Valley | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Homewood Suites by Hilton San Antonio River Walk | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Residence Inn Washington DC | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Residence Inn Tysons Corner | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Hampton Inn Portland Downtown | IHM | 3 | % | 1,000 | 550 | 1 | % | |||
Courtyard Houston | IHM | 3 | % | 1,000 | 550 | 1 | % | |||
Hyatt Place Pittsburgh North Shore | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Hampton Inn Exeter | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Hilton Garden Inn Denver Tech | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Residence Inn Bellevue | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Springhill Suites Savannah | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn Silicon Valley I | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn Silicon Valley II | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn San Mateo | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn Mountain View | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Schedule of Franchise Agreement Terms | ' | |||||||||
Terms of the Company's Franchise agreements are: | ||||||||||
Property | Franchise/Royalty Fee | Marketing/Program Fee | Expiration | |||||||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Minneapolis-Mall of America | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Nashville-Brentwood | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Dallas-Market Center | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Hartford-Farmington | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Orlando-Maitland | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Carlsbad (North San Diego County) | 4 | % | 4 | % | 2028 | |||||
Hampton Inn & Suites Houston-Medical Center | 5 | % | 4 | % | 2020 | |||||
Courtyard Altoona | 5.5 | % | 2 | % | 2030 | |||||
Springhill Suites Washington | 5 | % | 2.5 | % | 2030 | |||||
Residence Inn Long Island Holtsville | 5.5 | % | 2.5 | % | 2025 | |||||
Residence Inn White Plains | 5.5 | % | 2.5 | % | 2030 | |||||
Residence Inn New Rochelle | 5.5 | % | 2.5 | % | 2030 | |||||
Residence Inn Garden Grove | 5 | % | 2.5 | % | 2031 | |||||
Residence Inn Mission Valley | 5 | % | 2.5 | % | 2031 | |||||
Homewood Suites by Hilton San Antonio River Walk | 4 | % | 4 | % | 2026 | |||||
Residence Inn Washington DC | 5.5 | % | 2.5 | % | 2033 | |||||
Residence Inn Tysons Corner | 5 | % | 2.5 | % | 2031 | |||||
Hampton Inn Portland Downtown | 6 | % | 4 | % | 2032 | |||||
Courtyard Houston | 5.5 | % | 2 | % | 2030 | |||||
Hyatt Place Pittsburgh North Shore | 5 | % | 3.5 | % | 2030 | |||||
Hampton Inn Exeter | 6 | % | 4 | % | 2031 | |||||
Hilton Garden Inn Denver Tech | 4.3 | % | 5.5 | % | 2028 | |||||
Residence Inn Bellevue | 5.5 | % | 2.5 | % | 2033 | |||||
Springhill Suites Savannah | 5 | % | 2.5 | % | 2033 | |||||
Residence Inn Silicon Valley I | 5.5 | % | 2.5 | % | 2029 | |||||
Residence Inn Silicon Valley II | 5.5 | % | 2.5 | % | 2029 | |||||
Residence Inn San Mateo | 5.5 | % | 2.5 | % | 2029 | |||||
Residence Inn Mountain View | 5.5 | % | 2.5 | % | 2029 |
Organization_Additional_Inform
Organization - Additional Information (Details) (USD $) | 6 Months Ended | 1 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 08, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 17, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
state | Indirectly Owned Interest In Joint Venture Hotels | Cerberus Capital Management | Cerberus Capital Management | Cerberus Capital Management | Cerberus Capital Management | Cerberus Capital Management | Island Hospitality Management Inc. | Concord Hospitality Enterprises | ATM Plan [Member] | ATM Plan [Member] | DRSP Plan [Member] | |
Hotel | Hotel | Innkeepers Joint Venture | Innkeepers Joint Venture | Minority Interest In Joint Venture Rooms | Torrance Joint Venture | Torrance Joint Venture | Hotel | Hotel | ||||
Room | Hotel | Room | Room | |||||||||
Room | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock purchase plan, authorized amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' |
Shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 486,820 | 149 |
Stock purchase plan, average price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.53 | $22.12 |
Stock purchase plan, remaining authorized repurchase amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $39,000,000 | $25,000,000 |
Percentage of common units of limited partnership owned | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotels in ownership by Company | 29 | 47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate number of rooms in hotels | 4,342 | ' | ' | ' | 6,097 | 248 | 248 | ' | ' | ' | ' | ' |
Number of states in which hotels are owned | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indirect ownership in the leased, hotels | ' | ' | 10.30% | 10.30% | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' |
Initial term of each TRS lease | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in related party owned by the company's chairman | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' |
Number of hotels managed by related party | ' | ' | ' | ' | 47 | ' | ' | 27 | 2 | ' | ' | ' |
Acquisition_of_Hotel_Propertie2
Acquisition of Hotel Properties - Allocation of Purchase Price to Hotels Based on Fair Value (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 09, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 09, 2014 |
Room | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Revenue | ' | $3,075 | $3,075 | ' |
Operating Income | ' | 2,113 | 2,113 | ' |
Silicon Valley Acquisition | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Acquisition date | 9-Jun-14 | ' | ' | ' |
Number of Rooms | ' | ' | ' | 751 |
Land | ' | ' | ' | 149,385 |
Building and improvements | ' | ' | ' | 156,902 |
Furniture, fixtures and equipment | ' | ' | ' | 17,565 |
Cash | ' | ' | ' | 25 |
Accounts receivable | ' | ' | ' | 959 |
Prepaid expenses and other assets | ' | ' | ' | 289 |
Net assets acquired | ' | ' | ' | 325,125 |
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV | ' | ' | ' | -59,813 |
Net assets acquired, net of cash and Fair Value of interest in the Silicon Valley Hotels and New INK JV | ' | ' | ' | 265,287 |
Revenue | ' | 3,075 | 3,075 | ' |
Operating Income | ' | $2,113 | $2,113 | ' |
Acquisition_of_Hotel_Propertie3
Acquisition of Hotel Properties - Additional Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Acquisition costs incurred | $4.80 | $1.10 | $5.10 | $1.20 |
Acquisition_of_Hotel_Propertie4
Acquisition of Hotel Properties - Proforma Financial Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pro forma income per share: | ' | ' | ' | ' |
Weighted average number of common shares - basic (in shares) | 26,437,878 | 18,147,108 | 26,355,237 | 17,682,199 |
Weighted average number of common shares - diluted (in shares) | 26,734,919 | 18,383,626 | 26,637,261 | 17,897,255 |
Recent Acquisitions | ' | ' | ' | ' |
Business Acquisition, Pro Forma Information [Line Items] | ' | ' | ' | ' |
Pro forma total revenue | 56,383 | 51,034 | 103,511 | 94,462 |
Pro forma net income | 3,404 | 65,465 | -799 | 67,601 |
Pro forma income per share: | ' | ' | ' | ' |
Basic (in dollars per share) | 0.13 | 2.44 | -0.03 | 2.52 |
Diluted (in dollars per share) | 0.13 | 2.42 | -0.03 | 2.5 |
Weighted average number of common shares - basic (in shares) | 26,877,757 | 26,877,757 | 26,877,757 | 26,877,757 |
Weighted average number of common shares - diluted (in shares) | 27,174,798 | 27,114,275 | 26,877,757 | 27,092,813 |
Allowance_for_Doubtful_Account1
Allowance for Doubtful Accounts - Additional Information (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Hotel receivables | $59 | $30 |
Investment_in_Hotel_Properties2
Investment in Hotel Properties (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments Schedule [Abstract] | ' | ' |
Land and improvements | $244,236 | $94,847 |
Building and improvements | 720,061 | 559,713 |
Furniture, fixtures and equipment | 56,179 | 36,628 |
Renovations in progress | 6,392 | 4,006 |
Investment in hotel properties, at cost | 1,026,868 | 695,194 |
Less accumulated depreciation | -55,914 | -42,317 |
Investment in hotel properties, net | $970,954 | $652,877 |
Investment_in_Unconsolidated_E2
Investment in Unconsolidated Entities - Additional Information (Details) (USD $) | Jun. 30, 2014 | Jun. 09, 2014 | Jun. 09, 2014 | Jun. 09, 2014 | Jun. 09, 2014 | Jun. 08, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Apr. 17, 2013 | Apr. 17, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 08, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 |
Room | Hotel | NewINK Joint Venture | NewINK Joint Venture | NewINK Joint Venture | Inkeepers Joint Venture | Torrance Joint Venture | Torrance Joint Venture | Torrance Joint Venture | Torrance Joint Venture | Torrance Joint Venture | Torrance Joint Venture | Torrance Joint Venture | Innkeepers Joint Venture | Innkeepers Joint Venture | Innkeepers Joint Venture | Innkeepers Joint Venture | Innkeepers Joint Venture | Innkeepers Joint Venture | NewINK Joint Venture | NewINK Joint Venture | NewINK Joint Venture | NewINK Joint Venture | NewINK Joint Venture | |
Hotel | Silicon Valley Acquisition | Hotel | Cerberus Capital Management | Cerberus Capital Management | Cerberus Capital Management | Cerberus Capital Management | Cerberus Capital Management | NorthStar Realty Finance Corp | ||||||||||||||||
Hotel | Room | Room | Hotel | Room | ||||||||||||||||||||
Room | Hotel | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indirect ownership in the leased, hotels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | 10.30% | 10.30% | ' | ' | ' | ' | 10.30% |
Investment in joint venture | ' | ' | ' | ' | ' | ' | $800,000 | ' | $800,000 | ' | ' | $1,700,000 | $31,000,000 | $0 | ' | $0 | ' | ' | ' | $2,500,000 | ' | $2,500,000 | ' | ' |
Aggregate number of rooms in hotels | 4,342 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 248 | 248 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotels in joint venture real estate portfolio | ' | ' | ' | 47 | ' | 51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51 | ' | ' | ' | ' | 47 |
Gain (loss) on remeasurement of joint venture | ' | ' | 18,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on sale of joint venture | ' | ' | 47,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on sale of joint venture after remeasurement | ' | ' | 66,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of hotels, number of hotels | ' | 4 | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel rooms in joint venture real estate portfolio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,848 | ' | ' | ' | ' | 6,097 |
Joint venture, percentage ownership by third party | ' | ' | ' | 89.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash generated from other activities and excess cash | ' | ' | ' | ' | ' | ' | $0 | $908,000 | $38,000 | $908,000 | ' | ' | ' | $0 | $0 | $411,000 | $0 | ' | ' | $0 | $0 | $0 | $0 | ' |
Investment_in_Unconsolidated_E3
Investment in Unconsolidated Entities - Cash Received and Distributions from Joint Venture (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net change in cash and cash equivalents | ' | ' | $7,714 | $14,194 |
Torrance Joint Venture | ' | ' | ' | ' |
Cash generated from other activities and excess cash | 0 | 908 | 38 | 908 |
Net change in cash and cash equivalents | ' | 908 | 38 | 908 |
Innkeepers Joint Venture | ' | ' | ' | ' |
Cash generated from other activities and excess cash | 0 | 0 | 411 | 0 |
Net change in cash and cash equivalents | $0 | $0 | $411 | $0 |
Investment_in_Unconsolidated_E4
Investment in Unconsolidated Entities - Components of Net Loss, Including Share, Related to Joint Venture (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Total hotel operating expenses | $42,076 | $25,730 | $76,446 | $48,727 |
Operating income | 5,001 | 5,016 | 7,496 | 7,798 |
Net income (loss) | 65,206 | 2,176 | 63,474 | 557 |
Total Minority Interest Joint Ventures | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenue | 72,857 | 70,914 | 136,570 | 132,207 |
Total hotel operating expenses | 39,359 | 38,531 | 76,358 | 75,361 |
Operating income | 33,498 | 32,383 | 60,212 | 56,846 |
Net income (loss) from continuing operations | -19,843 | 1,443 | -23,177 | -4,552 |
Gain (loss) on sale of hotels | 0 | -2,517 | -5 | -2,659 |
Net income (loss) | -19,843 | -1,074 | -23,182 | -7,211 |
Total income (loss) from unconsolidated real estate entities attributable to Chatham | ($2,039) | ($110) | ($2,382) | ($741) |
Debt_Components_of_Mortgage_De
Debt - Components of Mortgage Debt (Details) (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Carrying Value | $898,765 | ' | ||
Mortgage debt | 542,535 | 272,063 | ||
Senior Secured Revolving Credit Facility | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 2.66% | [1] | ' | |
Maturity Date | 5-Nov-16 | [1] | ' | |
Carrying Value | 235,426 | [1] | ' | |
Mortgage debt | 98,000 | [1] | 50,000 | [1] |
SpringHill Suites by Marriott Washington, PA | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 5.84% | ' | ||
Maturity Date | 1-Apr-15 | ' | ||
Carrying Value | 11,719 | ' | ||
Mortgage debt | 4,849 | 4,937 | ||
Courtyard by Marriott Altoona, PA | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 5.96% | ' | ||
Maturity Date | 1-Apr-16 | ' | ||
Carrying Value | 10,744 | ' | ||
Mortgage debt | 6,276 | 6,378 | ||
Residence Inn by Marriott New Rochelle, NY | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 5.75% | ' | ||
Maturity Date | 1-Sep-21 | ' | ||
Carrying Value | 21,265 | ' | ||
Mortgage debt | 14,993 | 15,150 | ||
Residence Inn by Marriott San Diego, CA | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 4.66% | ' | ||
Maturity Date | 6-Feb-23 | ' | ||
Carrying Value | 47,631 | ' | ||
Mortgage debt | 30,305 | 30,546 | ||
Homewood Suites by Hilton San Antonio, TX | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 4.59% | ' | ||
Maturity Date | 6-Feb-23 | ' | ||
Carrying Value | 29,883 | ' | ||
Mortgage debt | 17,314 | 17,454 | ||
Residence Inn by Marriott Vienna, VA | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 4.49% | ' | ||
Maturity Date | 6-Feb-23 | ' | ||
Carrying Value | 33,473 | ' | ||
Mortgage debt | 23,730 | 23,925 | ||
Courtyard by Marriott Houston, TX | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 4.19% | ' | ||
Maturity Date | 6-May-23 | ' | ||
Carrying Value | 33,028 | ' | ||
Mortgage debt | 19,644 | 19,812 | ||
Hyatt Place Pittsburgh, PA | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 4.65% | ' | ||
Maturity Date | 6-Jul-23 | ' | ||
Carrying Value | 38,809 | ' | ||
Mortgage debt | 23,844 | 24,028 | ||
Residence Inn by Marriott Bellevue, WA | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 4.97% | ' | ||
Maturity Date | 6-Dec-23 | ' | ||
Carrying Value | 70,144 | ' | ||
Mortgage debt | 47,580 | 47,580 | ||
Residence Inn by Marriott Garden Grove, CA | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 4.79% | [2] | ' | |
Maturity Date | 6-Apr-24 | [2] | ' | |
Carrying Value | 43,713 | [2] | ' | |
Mortgage debt | 34,000 | [2] | 32,253 | [2] |
Residence Inn by Marriott Silicon Valley I, Sunnyvale, CA | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 4.64% | [3] | ' | |
Maturity Date | 6-Jul-24 | [3] | ' | |
Carrying Value | 92,533 | [3] | ' | |
Mortgage debt | 64,800 | [3] | 0 | [3] |
Residence Inn by Marriott Silicon Valley II, Sunnyvale, CA | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 4.64% | [3] | ' | |
Maturity Date | 6-Jul-24 | [3] | ' | |
Carrying Value | 101,644 | [3] | ' | |
Mortgage debt | 70,700 | [3] | 0 | [3] |
Residence Inn by Marriott San Mateo, CA | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 4.64% | [3] | ' | |
Maturity Date | 6-Jul-24 | [3] | ' | |
Carrying Value | 72,489 | [3] | ' | |
Mortgage debt | 48,600 | [3] | 0 | [3] |
Residence Inn by Marriott Mountain View, CA | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Interest Rate | 4.64% | [3] | ' | |
Maturity Date | 6-Jul-24 | [3] | ' | |
Carrying Value | 56,264 | [3] | ' | |
Mortgage debt | $37,900 | [3] | $0 | [3] |
[1] | Thirteen properties in the borrowing base serve as collateral for borrowings under the senior secured revolving credit facility at JuneB 30, 2014. The interest rate for the senior secured revolving credit facility is variable and based on LIBOR plus 2.5%. | |||
[2] | On March 21, 2014, the Company refinanced the mortgage for the Residence Inn Garden Grove hotel. The new loan has a 10-year term and a 30-year amortization payment schedule but is interest only for the first 12 months. The Company incurred $0.2 million in costs for early extinguishment of debt related to the old loan. | |||
[3] | On June 9, 2014, the Company obtained 4 new mortgage loans secured by a first mortgage for the Silicon Valley I, Silicon Valley II, San Mateo and Mountain View hotels. The new loans have a 10-year term and a 30-year amortization payment schedule but are interest only for the first 60 months. |
Debt_Components_of_Mortgage_De1
Debt - Components of Mortgage Debt (Parenthetical) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 21, 2014 | Jun. 09, 2014 | Jun. 09, 2014 |
Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Residence Inn by Marriott Garden Grove, CA | Silicon Valley I, Silicon Valley II, San Mateo and Mountain View Loans | Silicon Valley I, Silicon Valley II, San Mateo and Mountain View Loans | |||||
Property | LIBOR | mortgage | |||||||
Participating Mortgage Loans [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties in borrowing base securing borrowing under credit facility | ' | ' | ' | ' | 13 | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' |
Loan term | ' | ' | ' | ' | ' | ' | '10 years | '10 years | ' |
Loans amortization payment term | ' | ' | ' | ' | ' | ' | '30 years | '30 years | ' |
Interest only term | ' | ' | ' | ' | ' | ' | '12 months | '60 months | ' |
Loss on early extinguishment of debt | $0 | $0 | $184 | $933 | ' | ' | $200 | ' | ' |
Number of loans | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Debt_Summary_of_Amendment_to_S
Debt - Summary of Amendment to Senior Secured Revolving Credit Facility (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 11, 2013 | |
Debt Disclosure [Abstract] | ' | ' |
Distribution limit, percentage of adjusted funds | ' | 95.00% |
Facility amount | $175,000,000 | ' |
Interest rate applicable margin | '200-300 basis points, based on leverage ratio | ' |
Unused fee | '25 basis points if less than 50% unused, 35 basis points if more than 50% unused | ' |
Minimum fixed charge coverage ratio | 1.5 | ' |
Debt_Summary_of_Amendment_to_S1
Debt - Summary of Amendment to Senior Secured Revolving Credit Facility (Parenthetical) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Senior Secured Notes [Line Items] | ' |
Additional credit facility | $50,000,000 |
Minimum | ' |
Senior Secured Notes [Line Items] | ' |
Line of credit, interest spread basis points | 2.00% |
Line of credit facility commitment fee, basis points | 0.25% |
Maximum | ' |
Senior Secured Notes [Line Items] | ' |
Line of credit, interest spread basis points | 3.00% |
Line of credit facility commitment fee, basis points | 0.35% |
Debt_Additional_Information_De
Debt - Additional Information (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Outstanding borrowings under credit facility | $98,000,000 | $50,000,000 |
Maximum borrowing availability under revolving credit facility | 175,000,000 | ' |
Consolidated fixed charge coverage ratio | 2.87 | ' |
Fixed Rate Debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Estimated fair value of debt | 446,400,000 | 220,000,000 |
Variable rate debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Estimated fair value of debt | 98,000,000 | 50,000,000 |
Senior Secured Revolving Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding borrowings under credit facility | 98,000,000 | 50,000,000 |
Maximum borrowing availability under revolving credit facility | $175,000,000 | ' |
Debt_Future_Scheduled_Principa
Debt - Future Scheduled Principal Payments of Debt Obligations (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 (remaining six months) | $1,317 | ' |
2015 | 8,313 | ' |
2016 | 107,533 | ' |
2017 | 3,802 | ' |
2018 | 3,980 | ' |
Thereafter | 417,590 | ' |
Total | $542,535 | $272,063 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Federal | $28 | $35 | $30 | $35 |
State | 10 | 10 | 11 | 10 |
Tax expense | $38 | $45 | $41 | $45 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Trs Lessee One | ' |
Income Taxes [Line Items] | ' |
Gross deferred tax asset associated with future tax deductions | $3.20 |
Recorded valuation allowance equal to gross deferred tax asset | 100.00% |
Trs Lessee Two | ' |
Income Taxes [Line Items] | ' |
Gross deferred tax asset associated with future tax deductions | $0 |
Dividends_Declared_and_Paid_Ad
Dividends Declared and Paid - Additional Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2014 | 31-May-14 | Apr. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, dividend declared per share | $0.08 | $0.08 | $0.08 | $0.07 | $0.07 | $0.07 | $0.24 | $0.21 | $0.45 | $0.42 |
Long-term incentive plan (LTIP) units, distributions per unit | $0.08 | $0.08 | $0.08 | $0.07 | $0.07 | $0.07 | $0.24 | $0.21 | $0.45 | $0.42 |
Dividends_Declared_and_Paid_Di
Dividends Declared and Paid - Dividend Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2014 | 31-May-14 | Apr. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Record Date | 30-Jun-14 | 30-May-14 | 30-Apr-14 | 31-Mar-14 | 28-Feb-14 | 31-Jan-14 | ' | ' | ' | ' |
Payment Date | 25-Jul-14 | 27-Jun-14 | 30-May-14 | 25-Apr-14 | 28-Mar-14 | 28-Feb-14 | ' | ' | ' | ' |
Common share distribution amount | $0.08 | $0.08 | $0.08 | $0.07 | $0.07 | $0.07 | $0.24 | $0.21 | $0.45 | $0.42 |
LTIP unit distribution amount | $0.08 | $0.08 | $0.08 | $0.07 | $0.07 | $0.07 | $0.24 | $0.21 | $0.45 | $0.42 |
Earnings_Per_Share_Reconciliat
Earnings Per Share - Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income attributable to common shareholders | $65,206 | $2,176 | $63,474 | $557 |
Dividends paid on unvested shares and units | -69 | -73 | -145 | -151 |
Net income attributable to common shareholders | $65,137 | $2,103 | $63,329 | $406 |
Denominator: | ' | ' | ' | ' |
Weighted average number of common shares - basic (in shares) | 26,437,878 | 18,147,108 | 26,355,237 | 17,682,199 |
Effect of dilutive securities: | ' | ' | ' | ' |
Unvested shares (in shares) | 297,041 | 236,518 | 282,024 | 215,056 |
Weighted average number of common shares - diluted (in shares) | 26,734,919 | 18,383,626 | 26,637,261 | 17,897,255 |
Basic income per Common Share: | ' | ' | ' | ' |
Net income attributable to common shareholders per weighted average basic common share (in dollars per share) | $2.46 | $0.12 | $2.40 | $0.02 |
Diluted income per Common Share: | ' | ' | ' | ' |
Net income attributable to common shareholders per weighted average diluted common share (in dollars per share) | $2.44 | $0.11 | $2.38 | $0.02 |
Equity_Incentive_Plan_Addition
Equity Incentive Plan - Additional Information (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | 17-May-13 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 04, 2014 | Jun. 30, 2014 | Jun. 04, 2014 |
In Millions, except Share data, unless otherwise specified | Independent Trustees | Independent Trustees | Independent Trustees | Equity Incentive Plan | Equity Incentive Plan | 2010 Equity Incentive Plan | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Long Term Incentive Plan Units | Long Term Incentive Plan Units | Long Term Incentive Plan Units | Long Term Incentive Plan Units | Long Term Incentive Plan Units | Long Term Incentive Plan Units | Long Term Incentive Plan Units | Long Term Incentive Plan Units | Long Term Incentive Plan Units | |||
Officer | Officer | Officer | Officer | Officer | |||||||||||||||||||
Awarded September 30, 2013 | Awarded September 30, 2013 | Awarded June 4, 2014 | Awarded June 4, 2014 | Awarded June 4, 2014 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period for share awards under equity | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common share issued as compensation for services performed | ' | ' | ' | 16,542 | 22,536 | 9,137 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of trading days preceding the reporting date for which average of closing price of common shares is taken | ' | ' | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | 2,296,458 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense valuation of performance-based shares | $13.17 | $10.93 | $10.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.10 | ' | $2.10 | ' | $1.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted - average period for recognition of unrecognized compensation costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 1 month 24 days | ' | ' | ' | ' | '0 years 10 months 8 days | ' | ' | ' | ' | ' | ' |
Compensation expense, recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.2 | 0.6 | 0.5 | ' | 0.2 | 0.2 | 0.4 | 0.4 | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to LTIP Units. | $0.60 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of awards achieving full parity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,250 | ' | ' | ' | 231,525 |
Number of recipients | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 2 | ' | ' |
Awards vested to date, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | 80000.00% | ' |
Equity_Incentive_Plan_Restrict
Equity Incentive Plan - Restricted Share Awards Granted and Vested (Details) | 0 Months Ended | 28 Months Ended | 0 Months Ended | 28 Months Ended | 0 Months Ended | 17 Months Ended | 0 Months Ended | 13 Months Ended | 0 Months Ended | 5 Months Ended | 0 Months Ended | 5 Months Ended |
Feb. 23, 2012 | Jun. 30, 2014 | Feb. 23, 2012 | Jun. 30, 2014 | Jan. 29, 2013 | Jun. 30, 2014 | 17-May-13 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | |
Awarded February 23, 2012 | Awarded February 23, 2012 | Awarded February 23, 2012 | Awarded February 23, 2012 | Awarded January 29, 2013 | Awarded January 29, 2013 | Awarded May 17, 2013 | Awarded May 17, 2013 | Awarded January 31, 2014 | Awarded January 31, 2014 | Awarded January 31, 2014 | Awarded January 31, 2014 | |
Time-based Restricted Stock Awards | Time-based Restricted Stock Awards | Performance-based Restricted Stock Awards | Performance-based Restricted Stock Awards | Time-based Restricted Stock Awards | Time-based Restricted Stock Awards | Performance-based Restricted Stock Awards | Performance-based Restricted Stock Awards | Time-based Restricted Stock Awards | Time-based Restricted Stock Awards | Performance-based Restricted Stock Awards | Performance-based Restricted Stock Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Shares Granted | 61,376 | ' | 53,191 | ' | 40,829 | ' | 40,829 | ' | 48,213 | ' | 38,805 | ' |
Vested | ' | 40,918 | ' | 35,462 | ' | 13,611 | ' | 13,611 | ' | 0 | ' | 0 |
Equity_Incentive_Plan_Summary_
Equity Incentive Plan - Summary of Restricted Share Awards (Details) (Restricted Stock, USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Restricted Stock | ' | ' |
Summary of company's restricted share awards | ' | ' |
Number of Shares, Nonvested at beginning of the period (in shares) | 158,035 | 140,077 |
Number of Shares, Granted (in shares) | 87,018 | 81,658 |
Number of Shares, Vested (in shares) | -65,412 | -63,700 |
Number of Shares, Nonvested at end of the period (in shares) | 179,641 | 158,035 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' |
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share) | $12.39 | $12.70 |
Weighted - Average Grant Date Fair Value, Granted (in dollars per share) | $17.46 | $13.43 |
Weighted - Average Grant Date Fair Value, Vested (in dollars per share) | $12.17 | $14.39 |
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share) | $14.92 | $12.39 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Term | ||||
Capital Leased Assets [Line Items] | ' | ' | ' | ' |
Maximum additional terms up to which ground lease can be extended | ' | ' | 12 | ' |
Periods in each additional renewal term | ' | ' | '5 years | ' |
Approximate rent when monthly occupancy is less than 85% | ' | ' | $7,500 | ' |
Percentage of occupancy under condition one | ' | ' | 85.00% | ' |
Approximate rent when monthly occupancy is 100% | ' | ' | 20,000 | ' |
Percentage of occupancy under condition two | ' | ' | 100.00% | ' |
Minimum percentage of annual rent increase | ' | ' | 2.50% | ' |
Management fees recorded within hotel other operating expenses | 1,400,000 | 900,000 | 2,500,000 | 1,600,000 |
Maximum | ' | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' | ' |
Franchise fees recorded within hotel other operating expenses | $3,600,000 | $2,200,000 | $6,400,000 | $4,100,000 |
Hotel Management Agreement | Island Hospitality Management Inc. | ' | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' | ' |
Initial terms of management agreements | ' | ' | '5 years | ' |
Minimum notice period for termination of management agreement | ' | ' | '6 months | ' |
Number of renewal periods | ' | ' | 2 | ' |
Renewal periods of management agreements | ' | ' | '5 years | ' |
Notice period for successive renewal of agreement | ' | ' | '90 days | ' |
Concord | Hotel Management Agreement | ' | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' | ' |
Periods in each additional renewal term | ' | ' | '1 year | ' |
Initial terms of management agreements | ' | ' | '10 years | ' |
Expiry date of initial term of management agreement | ' | ' | 28-Feb-17 | ' |
Minimum notice period for termination of management agreement | ' | ' | '90 days | ' |
Ground Leases | ' | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' | ' |
Lease expiration date | ' | ' | 30-Apr-29 | ' |
Air Rights Lease And Garage Lease | ' | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' | ' |
Lease expiration date | ' | ' | 1-Dec-04 | ' |
Number of parking spaces occupied by hotel | 128 | ' | 128 | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Minimum Future Obligation Payments Required Under Ground Leases (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Minimum future obligation payments required under ground leases | ' |
2014 (remaining six months) | $104 |
2015 | 210 |
2016 | 212 |
2017 | 214 |
2018 | 217 |
Thereafter | 11,228 |
Total | $12,185 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Terms of Management Agreements (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Courtyard Altoona | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 4.00% |
Monthly Accounting Fee | $1,211 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 0.00% |
Springhill Suites Washington | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 4.00% |
Monthly Accounting Fee | 991 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 0.00% |
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 2.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton Minneapolis-Mall of America | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 2.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton Nashville-Brentwood | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 2.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton Dallas-Market Center | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 2.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton Hartford-Farmington | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 2.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton Orlando-Maitland | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 2.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton Carlsbad (North San Diego County) | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Hampton Inn & Suites Houston-Medical Center | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn Long Island Holtsville | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn White Plains | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn New Rochelle | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn Garden Grove | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 2.50% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn Mission Valley | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 2.50% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton San Antonio River Walk | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 2.50% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn Washington DC | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 2.50% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn Tysons Corner | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 2.50% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Hampton Inn Portland Downtown | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Courtyard Houston | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Hyatt Place Pittsburgh North Shore | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,500 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Hampton Inn Exeter | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Hilton Garden Inn Denver Tech | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,500 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Residence Inn Bellevue | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Springhill Suites Savannah | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Residence Inn Silicon Valley I | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Residence Inn Silicon Valley II | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Residence Inn San Mateo | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Residence Inn Mountain View | ' |
Real Estate Properties [Line Items] | ' |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | $1,000 |
Incentive Management Fee | 1.00% |
Commitments_and_Contingencies_4
Commitments and Contingencies - Terms of Franchise Agreements (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | '2025 |
Homewood Suites by Hilton Minneapolis-Mall of America | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | '2025 |
Homewood Suites by Hilton Nashville-Brentwood | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | '2025 |
Homewood Suites by Hilton Dallas-Market Center | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | '2025 |
Homewood Suites by Hilton Hartford-Farmington | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | '2025 |
Homewood Suites by Hilton Orlando-Maitland | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | '2025 |
Homewood Suites by Hilton Carlsbad (North San Diego County) | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | '2028 |
Hampton Inn & Suites Houston-Medical Center | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 4.00% |
Expiration | '2020 |
Courtyard Altoona | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.00% |
Expiration | '2030 |
Springhill Suites Washington | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Expiration | '2030 |
Residence Inn Long Island Holtsville | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | '2025 |
Residence Inn White Plains | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | '2030 |
Residence Inn New Rochelle | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | '2030 |
Residence Inn Garden Grove | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Expiration | '2031 |
Residence Inn Mission Valley | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Expiration | '2031 |
Homewood Suites by Hilton San Antonio River Walk | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | '2026 |
Residence Inn Washington DC | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | '2033 |
Residence Inn Tysons Corner | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Expiration | '2031 |
Hampton Inn Portland Downtown | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 4.00% |
Expiration | '2032 |
Courtyard Houston | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.00% |
Expiration | '2030 |
Hyatt Place Pittsburgh North Shore | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 3.50% |
Expiration | '2030 |
Hampton Inn Exeter | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 4.00% |
Expiration | '2031 |
Hilton Garden Inn Denver Tech | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 4.30% |
Marketing/Program Fee | 5.50% |
Expiration | '2028 |
Residence Inn Bellevue | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | '2033 |
Springhill Suites Savannah | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Expiration | '2033 |
Residence Inn Silicon Valley I | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | '2029 |
Residence Inn Silicon Valley II | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | '2029 |
Residence Inn San Mateo | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | '2029 |
Residence Inn Mountain View | ' |
Real Estate Properties [Line Items] | ' |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | '2029 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Hotel | Hotel | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Number of hotels in ownership by Company | 29 | ' | 29 | ' | ' |
Management and accounting fees paid by the company | $1.30 | $0.70 | $2.30 | $1.40 | ' |
Amounts due to related party | $0.80 | ' | $0.80 | ' | $0.50 |
Minority Interest In Joint Venture with Cerberus | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Number of hotels in ownership by Company | 47 | ' | 47 | ' | ' |
Island Hospitality Management Inc. | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Ownership percentage in related party owned by the company's chairman | 90.00% | ' | 90.00% | ' | ' |
Number of hotels managed by related party | 27 | ' | 27 | ' | ' |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (Subsequent Event, Savannah Hotel, USD $) | 0 Months Ended | |
Jul. 02, 2014 | Jul. 02, 2014 | |
Subsequent Event | Savannah Hotel | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Face amount | ' | $30,000,000 |
Loan term | '10 years | ' |
Loans amortization payment term | '30 years | ' |
Interest only term | '60 months | ' |
Debt interest rate | ' | 4.62% |