Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 21, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Entity Registrant Name | CHATHAM LODGING TRUST | ||
Trading Symbol | CLDT | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 46,557,341 | ||
Entity Public Float | $ 951,278,998 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Central Index Key | 1,476,045 | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Investment in hotel properties, net | $ 1,373,773 | $ 1,320,082 |
Cash and cash equivalents | 7,192 | 9,333 |
Restricted cash | 25,145 | 27,166 |
Investment in unconsolidated real estate entities | 21,545 | 24,389 |
Hotel receivables (net of allowance for doubtful accounts $264 and $200) | 4,495 | 4,047 |
Deferred costs, net | 5,070 | 4,646 |
Prepaid expenses and other assets | 2,431 | 2,523 |
Deferred tax asset, net | 58 | 30 |
Total assets | 1,439,709 | 1,392,216 |
Liabilities and Equity: | ||
Mortgage debt, net | 501,782 | 506,316 |
Revolving credit facility | 81,500 | 32,000 |
Accounts payable and accrued expenses | 33,692 | 31,692 |
Distributions and losses in excess of investments of unconsolidated real estate entities | 9,650 | 6,582 |
Distributions payable | 5,667 | 5,846 |
Total liabilities | 632,291 | 582,436 |
Commitments and contingencies (see note 13) | ||
Shareholders’ Equity: | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common shares, $0.01 par value, 500,000,000 shares authorized; 46,525,652 and 45,375,266 shares issued and outstanding at December 31, 2018 and 2017, respectively | 465 | 450 |
Additional paid-in capital | 896,286 | 871,730 |
Retained earnings (distributions in excess of retained earnings) | (99,285) | (69,018) |
Total shareholders’ equity | 797,466 | 803,162 |
Noncontrolling Interests: | ||
Noncontrolling interest in operating partnership | 9,952 | 6,618 |
Total equity | 807,418 | 809,780 |
Total liabilities and equity | $ 1,439,709 | $ 1,392,216 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Hotel receivables, allowance for doubtful accounts | $ 264 | $ 200 |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred shares, shares issued (in shares) | 0 | 0 |
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common shares, shares issued (in shares) | 46,525,652 | 45,375,266 |
Common shares, shares outstanding (in shares) | 46,525,652 | 45,375,266 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue: | |||
Total revenue | $ 324,230,000 | $ 301,844,000 | $ 295,871,000 |
Hotel operating expenses: | |||
Total hotel operating expenses | 170,562,000 | 155,679,000 | 148,777,000 |
Depreciation and amortization | 48,169,000 | 46,292,000 | 48,775,000 |
Impairment loss | 0 | 6,663,000 | 0 |
Property taxes, ground rent and insurance | 23,678,000 | 20,916,000 | 21,564,000 |
General and administrative | 14,120,000 | 12,825,000 | 11,119,000 |
Other charges | 3,806,000 | 523,000 | 510,000 |
Reimbursable costs from unconsolidated real estate entities | 5,743,000 | 5,908,000 | 6,190,000 |
Total operating expenses | 266,078,000 | 248,806,000 | 236,935,000 |
Operating income before gain (loss) on sale of hotel property | 58,152,000 | 53,038,000 | 58,936,000 |
Operating income | 58,134,000 | 56,365,000 | 58,936,000 |
Interest and other income | 462,000 | 30,000 | 51,000 |
Interest expense, including amortization of deferred fees | (26,878,000) | (27,901,000) | (28,297,000) |
Loss on early extinguishment of debt | 0 | 0 | (4,000) |
Gain (loss) on sale of hotel property | (18,000) | 3,327,000 | 0 |
Income (loss) from unconsolidated real estate entities | (876,000) | 1,582,000 | 718,000 |
Loss on sale from unconsolidated real estate entities | 0 | 0 | (10,000) |
Income before income tax benefit (expense) | 30,842,000 | 30,076,000 | 31,394,000 |
Income tax benefit (expense) | 28,000 | (396,000) | 301,000 |
Net income | 30,870,000 | 29,680,000 | 31,695,000 |
Net income attributable to non-controlling interest | (229,000) | (202,000) | (212,000) |
Net income attributable to common shareholders | $ 30,641,000 | $ 29,478,000 | $ 31,483,000 |
Income per Common Share - Basic: | |||
Net income attributable to common shareholders (in dollars per share) | $ 0.66 | $ 0.73 | $ 0.82 |
Income per Common Share - Diluted: | |||
Net income attributable to common shareholders (in dollars per share) | $ 0.66 | $ 0.73 | $ 0.81 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 46,073,515 | 39,859,143 | 38,299,067 |
Diluted (in shares) | 46,243,660 | 40,112,266 | 38,482,875 |
Distributions per common share (in dollars per share) | $ 1.32 | $ 1.32 | $ 1.38 |
Room | |||
Revenue: | |||
Total revenue | $ 295,897,000 | $ 278,466,000 | $ 273,345,000 |
Hotel operating expenses: | |||
Total hotel operating expenses | 63,877,000 | 59,151,000 | 57,209,000 |
Food and beverage | |||
Revenue: | |||
Total revenue | 8,880,000 | 6,255,000 | 6,221,000 |
Hotel operating expenses: | |||
Total hotel operating expenses | 7,312,000 | 5,342,000 | 4,928,000 |
Other | |||
Revenue: | |||
Total revenue | 13,710,000 | 11,215,000 | 10,115,000 |
Cost reimbursements from unconsolidated real estate entities | |||
Revenue: | |||
Total revenue | 5,743,000 | 5,908,000 | 6,190,000 |
Telephone | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 1,766,000 | 1,647,000 | 1,712,000 |
Other hotel operating | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 3,296,000 | 2,886,000 | 2,358,000 |
General and administrative | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 25,567,000 | 23,639,000 | 22,274,000 |
Franchise and marketing fees | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 24,864,000 | 23,247,000 | 22,412,000 |
Advertising and promotions | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 6,227,000 | 5,380,000 | 5,147,000 |
Utilities | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 10,835,000 | 9,944,000 | 9,545,000 |
Repairs and maintenance | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 14,710,000 | 13,317,000 | 12,444,000 |
Management fees | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 10,754,000 | 9,898,000 | 9,389,000 |
Insurance | |||
Hotel operating expenses: | |||
Total hotel operating expenses | $ 1,354,000 | $ 1,228,000 | $ 1,359,000 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Total Shareholders’ Equity | Common Shares | Additional Paid - In Capital | Accumulated Deficit | Noncontrolling Interest in Operating Partnership |
Beginning Balance (in shares) at Dec. 31, 2015 | 38,308,937 | |||||
Beginning Balance at Dec. 31, 2015 | $ 697,002 | $ 692,871 | $ 379 | $ 719,773 | $ (27,281) | $ 4,131 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of shares pursuant to Equity Incentive Plan (in shares) | 26,488 | |||||
Issuance of shares pursuant to Equity Incentive Plan | 550 | 550 | 550 | |||
Issuance of shares, net of offering costs (in shares) | 23,738 | |||||
Issuance of shares, net of offering costs | 408 | 408 | $ 1 | 407 | ||
Issuance of restricted time-based shares (in shares) | 7,851 | |||||
Issuance of restricted time-based shares | 0 | |||||
Amortization of share based compensation | 2,513 | 1,278 | 1,278 | 1,235 | ||
Dividends declared on common shares | (49,859) | (49,859) | (49,859) | |||
Distributions declared on LTIP units | (719) | (719) | ||||
Reallocation of noncontrolling interest | 0 | 11 | 11 | (11) | ||
Net income | 31,695 | 31,483 | 31,483 | 212 | ||
Ending Balance (in shares) at Dec. 31, 2016 | 38,367,014 | |||||
Ending Balance at Dec. 31, 2016 | 681,590 | 676,742 | $ 380 | 722,019 | (45,657) | 4,848 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of shares pursuant to Equity Incentive Plan (in shares) | 23,980 | |||||
Issuance of shares pursuant to Equity Incentive Plan | 500 | 500 | 500 | |||
Issuance of shares, net of offering costs (in shares) | 6,979,272 | |||||
Issuance of shares, net of offering costs | 148,542 | 148,542 | $ 70 | 148,472 | ||
Issuance of restricted time-based shares (in shares) | 5,000 | |||||
Issuance of restricted time-based shares | 0 | |||||
Amortization of share based compensation | 3,284 | 815 | 815 | 2,469 | ||
Dividends declared on common shares | (52,839) | (52,839) | (52,839) | |||
Distributions declared on LTIP units | (977) | (977) | ||||
Reallocation of noncontrolling interest | 0 | (76) | (76) | 76 | ||
Net income | 29,680 | 29,478 | 29,478 | 202 | ||
Ending Balance (in shares) at Dec. 31, 2017 | 45,375,266 | |||||
Ending Balance at Dec. 31, 2017 | 809,780 | 803,162 | $ 450 | 871,730 | (69,018) | 6,618 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of shares pursuant to Equity Incentive Plan (in shares) | 21,670 | |||||
Issuance of shares pursuant to Equity Incentive Plan | 500 | 500 | 500 | |||
Issuance of shares, net of offering costs (in shares) | 1,123,716 | |||||
Issuance of shares, net of offering costs | 23,968 | 23,968 | $ 15 | 23,953 | ||
Issuance of restricted time-based shares (in shares) | 5,000 | |||||
Issuance of restricted time-based shares | 0 | |||||
Amortization of share based compensation | 3,710 | 103 | 103 | 3,607 | ||
Dividends declared on common shares | (60,908) | (60,908) | (60,908) | |||
Distributions declared on LTIP units | (1,154) | (1,154) | ||||
Forfeited distributions on LTIP units | 652 | 652 | ||||
Net income | 30,870 | 30,641 | 30,641 | 229 | ||
Ending Balance (in shares) at Dec. 31, 2018 | 46,525,652 | |||||
Ending Balance at Dec. 31, 2018 | $ 807,418 | $ 797,466 | $ 465 | $ 896,286 | $ (99,285) | $ 9,952 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of shares, offering costs | $ 518 | $ 2,149 | $ 75 |
Common shares, dividend declared per share (in dollars per share) | $ 1.32 | $ 1.32 | $ 1.30 |
LTIP units, distributions per unit (in dollars per share) | $ 1.32 | $ 1.32 | $ 1.30 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 30,870 | $ 29,680 | $ 31,695 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 47,932 | 46,060 | 48,562 |
Amortization of deferred franchise fees | 237 | 217 | 214 |
Amortization of deferred financing fees included in interest expense | 902 | 648 | 1,076 |
Gain on sale of hotel property | 18 | (3,327) | 0 |
Income (loss) on sale from unconsolidated real estate entities | 0 | 0 | 10 |
Impairment loss | 0 | 6,663 | 0 |
Loss on early extinguishment of debt | 0 | 0 | 4 |
Loss on write-off of deferred franchise fee | 0 | 16 | 0 |
Deferred tax expense (benefit) | (28) | 396 | (426) |
Share based compensation | 4,210 | 3,784 | 3,013 |
Income from unconsolidated real estate entities | 876 | (1,582) | (718) |
Distributions from unconsolidated entities | 0 | 667 | 0 |
Changes in assets and liabilities: | |||
Hotel receivables | (437) | 353 | 47 |
Deferred costs | (243) | (935) | (94) |
Prepaid expenses and other assets | 64 | 356 | 2,288 |
Accounts payable and accrued expenses | 1,814 | 3,693 | 1,998 |
Net cash provided by operating activities | 86,215 | 86,689 | 87,669 |
Cash flows from investing activities: | |||
Improvements and additions to hotel properties | (31,417) | (30,233) | (22,496) |
Acquisition of hotel properties, net of cash acquired | (70,020) | (138,248) | 0 |
Proceeds from sale of hotel properties | 0 | 12,555 | 0 |
Distributions from unconsolidated entities | 5,036 | 2,551 | 7,228 |
Investment in unconsolidated real estate entities | 0 | (5,036) | 0 |
Net cash used in investing activities | (96,401) | (158,411) | (15,268) |
Cash flows from financing activities: | |||
Borrowings on revolving credit facility | 149,000 | 129,000 | 43,450 |
Repayments on revolving credit facility | (99,500) | (149,500) | (56,530) |
Payments on debt | (4,899) | (4,160) | (3,775) |
Principal prepayment of mortgage debt | 0 | 0 | (5,954) |
Payments of financing costs | (955) | 0 | (50) |
Payment of offering costs | (518) | (2,149) | (75) |
Proceeds from issuance of common shares | 24,486 | 150,691 | 482 |
Forfeited distributions - non vested shares | 0 | (94) | (91) |
Distributions-common shares/units | (61,590) | (52,617) | (52,966) |
Net cash provided by (used in) financing activities | 6,024 | 71,171 | (75,509) |
Net change in cash, cash equivalents and restricted cash | (4,162) | (551) | (3,108) |
Cash, cash equivalents and restricted cash, beginning of period | 36,499 | 37,050 | 40,158 |
Cash, cash equivalents and restricted cash, end of period | 32,337 | 36,499 | 37,050 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 25,328 | 26,541 | 26,836 |
Cash paid for income taxes | $ 887 | $ 710 | $ 742 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Jan. 16, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Cash Flows [Abstract] | ||||
Accrued distributions payable | $ 5,667 | $ 5,846 | $ 4,700 | |
Accrued but unpaid distribution | 500 | 800 | 500 | |
Accounts payable and accrued expenses | 2,400 | 2,400 | 2,000 | |
Accrued share based compensation | $ 500 | $ 500 | $ 600 | |
Subsequent Event | ||||
Shares issued pursuant to equity incentive plan (in shares) | 27,870 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
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 on October 26, 2009. The Company is internally-managed and was organized to invest primarily in upscale extended-stay and premium-branded select-service hotels. The Company has elected to be treated as a real estate investment trust for federal income tax purposes ("REIT"). The Company had no operations prior to the consummation of its initial public offering ("IPO") in April 2010. The net proceeds from our 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. The Company is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership ("common units"). Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets. As of December 31, 2018, the Company owned 42 hotels with an aggregate of 6,283 (unaudited) rooms located in 15 states and the District of Columbia (unaudited). As of December 31, 2018, the Company also (i) held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with affiliates of Colony Capital, Inc. ("CLNY"), which was formed in the second quarter of 2014 to acquire 47 hotels from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management (“Cerberus”), comprising an aggregate of 6,098 (unaudited) rooms, (ii) held a 10.0% noncontrolling interest in a separate joint venture (the "Inland JV") with CLNY, which was formed in the fourth quarter of 2014 to acquire 48 hotels from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,402 (unaudited) rooms. We sometimes use the term, "JVs", which refers collectively to the NewINK JV and Inland JV. To qualify as a REIT, the Company cannot operate its hotels. Therefore, the Operating Partnership and its subsidiaries lease the Company's wholly owned hotels to taxable REIT subsidiary lessees (“TRS Lessees”), which are wholly owned by the Company’s taxable REIT subsidiary (“TRS”) holding company. The Company indirectly (i) owns its 10.3% interest in 47 of the NewINK JV hotels and (ii) 10.0% interest in 48 of the Inland JV hotels. All of the NewINK JV hotels and Inland JV hotels are leased to TRS Lessees, in which the Company indirectly owns a noncontrolling interests through its TRS holding company. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying 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”). These consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. 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. Reclassifications Certain prior period revenue and expense amounts in the consolidated financial statements have been reclassified to be comparable to the current period presentations. The reclassification did not have any impact on the net income. In addition, in accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, the Company moved the Gain (loss) on sale of hotel property line on the Company’s Consolidated Statements of Operations within Operating income for all periods presented. 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. Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable and mortgage debt. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for debt, the fair value of which is separately disclosed in Note 7. Investment in Hotel Properties The Company allocates the purchase prices of hotel properties acquired based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence. Hotel property acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees were expensed in 2016 and 2015. On January 1, 2017, the Company early adopted ASU 2017-01 "Definition of a Business" and now capitalizes these costs for asset acquisitions. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 5 to 20 years for building improvements and one The Company will periodically review its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property's estimated fair market value is recorded and an impairment loss recognized. For the year ended December 31, 2017, the Company incurred an impairment loss on its Washington SHS, PA hotel (See footnote 5). For the years ended December 31, 2018 and 2016, there were no impairment losses. For properties the Company considers held for sale, depreciation and amortization are no longer recorded and the value the properties is recorded at the lower of depreciated cost or fair value, less costs to sell. If circumstances arise that were previously considered unlikely, and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. The Company classifies properties as held for sale when all criteria within the Financial Accounting Standards Board's ("FASB") guidance on the impairment or disposal of long-lived assets are met. As of December 31, 2018, the Company had no hotel properties held for sale. Investment in Unconsolidated Real Estate Entities If it is determined that the Company does not have a controlling interest in a joint venture, either through its financial interest in a variable interest entity ("VIE") or in a voting interest entity, but does have the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, advances to and commitments for the investee. Investments in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. In the event a basis difference is created between the carrying amount of the Company's share of partner's capital, the resulting amount is allocated based on the assets of the investee and, if assigned to depreciable or amortizable assets, then amortized as a component of income (loss) from unconsolidated real estate entities. On January 1, 2016, the Company adopted accounting guidance under Accounting Standards Codification (ASC) Topic 810, "Consolidation,” modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities ("VIEs") or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a VIE of the Company. As the Operating Partnership is already consolidated in the financial statements of the Company, the identification of this entity as a VIE has no impact on the consolidated financial statements of the Company. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. In addition, there were no other voting interest entities under prior existing guidance determined to be variable interest entities under the revised guidance. The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and is other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture. As of December 31, 2018 and 2017, no JV investments were impaired. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short term liquid investments with an original maturity of three months or less. Cash balances in individual banks may exceed federally insurable limits. Restricted Cash Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrows for reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company’s loans or hotel management agreements. Restricted cash on the accompanying consolidated balance sheets at December 31, 2018 and 2017 is $25.1 million and $27.2 million, respectively. Hotel Receivables Hotel receivables consist of amounts owed by guests staying in the hotels and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable losses. At December 31, 2018 and 2017, the allowance for doubtful accounts was $0.3 million and $0.2 million, respectively. Deferred Costs Deferred costs consist of franchise agreement fees for the Company’s hotels, costs associated with potential future acquisitions and loan costs related to the Company’s senior unsecured revolving credit facility. Deferred costs consisted of the following at December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Loan costs $ 2,057 $ 4,561 Franchise fees 4,471 4,407 Other 133 21 6,661 8,989 Less accumulated amortization (1,591) (4,343) Deferred costs, net $ 5,070 $ 4,646 Loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements. For the years ended December 31, 2018, 2017 and 2016, amortization expense related to franchise fees of $0.2 million, $0.2 million and $0.2 million, respectively, is included in depreciation and amortization in the consolidated statements of operations. Amortization expense related to loan costs of $0.9 million, $0.6 million and $0.7 million for the years ended December 31, 2018, 2017 and 2016, respectively, is included in interest expense in the consolidated statements of operations. The change in loan costs and amortization is due to refinancing our senior unsecured credit facility in March 2018. Mortgage Debt, net Mortgage debt, net consists of mortgage loans on certain hotel properties less the costs associated with acquiring those loans. Mortgage debt consisted of the following at December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Mortgage debt $ 503,555 $ 508,454 Deferred financing costs (1,773) (2,138) Mortgage debt, net $ 501,782 $ 506,316 Deferred financing loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. For the years ended December 31, 2018, 2017 and 2016, amortization expense related to loan costs of $0.4 million, $0.1 million, $0.4 million, respectively, is included in interest expense in the consolidated statement of operations. Prepaid Expenses and Other Assets The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory. Distributions and Losses in Excess of Investments in Unconsolidated Real Estate Entities At times, certain of the Company’s investments in unconsolidated entities' share of cumulative allocated losses and cash distributions received exceeds its cumulative allocated share of income and equity contributions. Although the Company typically does not make any guarantees of its investments in unconsolidated real estate entities other than certain customary non-recourse carve-out provisions, due to potential penalties along with potential upside from future financial returns, the Company generally intends to make any required capital contributions to maintain its ownership percentage and as such will record its share of cumulative allocated losses and cash distributions below zero. As a result, the carrying value of certain investments in unconsolidated entities is negative. Unconsolidated entities with negative carrying values are included in cash distributions and losses in excess of investments in unconsolidated entities in the Company’s consolidated balance sheets. Revenue Recognition Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations. Share-Based Compensation The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. The Company measures compensation expense for the LTIP and Class A Performance units based upon the Monte Carlo approach using volatility, dividend yield and a risk free interest rate in the valuation. 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 vested and non-vested restricted shares, except for performance-based shares, for which dividends on unvested shares are not paid until those shares are vested. The Company has also issued Class A Performance LTIP units from time to time as part of its compensation practices. Prior to vesting, holders of Class A Performance LTIP Units will not be entitled to vote their Class A Performance LTIP units. In addition, under the terms of the Class A Performance LTIP units, a holder of a Class A Performance LTIP unit will generally (i) be entitled to receive 10% of the distributions made on a common unit of the Operating Partnership during the period prior to vesting of such Class A Performance LTIP unit (the “Pre-Vesting Distributions”), (ii) be entitled, upon the vesting of such Class A Performance LTIP unit, to receive a special one-time “catch-up” distribution equal to the aggregate amount of distributions that were paid on a common unit during the period prior to vesting of such Class A Performance LTIP unit minus the aggregate amount of Pre-Vesting Distributions paid on such Class A Performance LTIP unit, and (iii) be entitled, following the vesting of such Class A Performance LTIP unit, to receive the same amount of distributions paid on a common unit of the Operating Partnership. Earnings Per Share A two class method is used to determine earnings per share. Basic earnings per share ("EPS") is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends or distributions, on unvested share grants and LTIP units, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of common units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and LTIP units that are subject solely to time-based vesting conditions are entitled to receive dividends or distributions on the Company's common shares or the Operating Partnership's common units, respectively, if declared. In addition, dividends on the Class A Performance LTIP units are paid the equivalent of 10% of the declared dividends on the Company's common shares. The rights to these dividends or distributions declared are non-forfeitable. As a result, the unvested restricted shares and LTIP units that are subject solely to time-based vesting conditions, as well as 10% of the unvested Class A Performance LTIP units, qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to these participating securities is based on the proportion of the weighted average of these outstanding participating securities to the sum of the basic weighted average common shares outstanding and the weighted average of these outstanding participating securities. Basic EPS is then computed by dividing income less earnings allocable to these participating securities by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities. Income Taxes The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiary (a “TRS”) which, in turn is wholly owned by the Operating Partnership. Additionally, the Company indirectly owns its interest in the hotels owned by the NewINK JV (47 hotels) and the Inland JV (48 hotels) through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are leased to TRS Lessees in which the Company indirectly owns a noncontrolling interests through its TRS holding company. The TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of FASB Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases. On December 22, 2017, the TCJA was enacted. The TCJA includes a number of changes to the existing U.S. tax code, most notably a reduction of the U.S. corporate income tax rate from 35% to 21% effective for tax years beginning after December 31, 2017. Changes in tax rates and tax laws are accounted for in the period of enactment. Therefore, as a result of the TCJA being signed into law, the net deferred tax assets before valuation allowance were reduced by $0.6 million with a corresponding net adjustment to current year tax expense for the remeasurement of the Company’s U.S. net deferred tax assets. Our federal income tax expense for periods beginning in 2018 will be based on the new rate. As of December 31, 2018, the Company is no longer subject to U.S federal income tax examinations for years before 2015 and with few exceptions to state examinations before 2015. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provision for income taxes is required in the Company's consolidated financial statements as of December 31, 2018. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. During the third quarter of 2018, management was notified that the Company's TRS was going to be examined by the Internal Revenue Service for the tax year ended December 31, 2016. The examination remains open. The Company believes it does not need to record a liability related to matters contained in the tax period open to examination. However, should the Company experience an unfavorable outcome in the matter, such outcome could have a material impact on its results of operations, financial position and cash flows. Organizational and Offering Costs The Company expenses organizational costs as incurred. Offering costs, which include selling commissions, are recorded as a reduction in additional paid-in capital in shareholders’ equity as shares are sold. For offering costs incurred prior to potential share offerings, these costs are initially recorded in deferred costs on the balance sheet and then recorded as a reduction to additional paid-in capital as shares are sold through the subsequent share offering. As of December 31, 2018 and 2017, the Company had $0 and $0 recorded in deferred costs related to deferred offering costs, respectively. Segment Information Management evaluates the Company's hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers. Recently Issued Accounting Standards On February 25, 2016, the FASB issued updated accounting guidance which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new accounting guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase by the lessee. The classification of the lease will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases. We will adopt the new accounting guidance on January 1, 2019 and apply it based on the optional transition method provided for, which allows entities to recognize a cumulative-effect adjustment to the balance sheet on the adoption date. Upon adoption, we expect to apply the package of practical expedients made available under the new accounting guidance and also make an accounting policy election to not recognize right-of-use assets or lease liabilities for leases with terms of 12 months or less. For our ground lease agreements and corporate office lease agreement, all of which are currently accounted for as operating leases, we will recognize lease liabilities with corresponding right-of use assets of a similar amount which will have a material impact on our consolidated balance sheet. We are still evaluating the impact that this guidance will have on our consolidated financial statements. On January 1, 2018, the Company adopted accounting guidance under Accounting Standards Codification (ASU) Topic 2014-09, "Revenue from Contracts with Customers" on a modified retrospective basis. Our current revenue streams are not affected under the new model and we did not recognized a cumulative effect adjustment as part of the modified retrospective method of adoption. Furthermore, the new accounting guidance will not materially impact the recognition of or the accounting for disposition of hotels, since we primarily dispose of hotels to third parties in exchange for cash with few contingencies. As it relates to capitalization of costs to acquire customer contracts, the Company has elected to use the Financial Accounting Standards Board's ("FASB") practical expedient which allows us to expense costs to acquire customer contracts as they are incurred due to their short-term nature for a specified number of nights that never exceed one year. This guidance applies to all contracts as of the adoption date. The Company has applied all relevant disclosures of this standard. On January 1, 2018, the Company adopted accounting guidance under 2016-15 ("ASU 2016-15"), Classification of Certain Cash Receipts and Cash Payments, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. The Company has certain cash payments and receipts related to debt extinguishment that is affected by the new standard. The Company has historically classified distributions received from equity method investments under the cumulative earnings approach. As such, there was no impact due to application of the new guidance. The Company applied the new guidance on a retrospective basis. On January 1, 2018, the Company adopted accounting guidance under ASU 2016-18 ("ASU 2016-18"), Restricted Cash, which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This standard addresses presentation of restricted cash in the consolidated statements of cash flows only. Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrow reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company's loans. The Company applied the new guidance on a retrospective basis. On January 5, 2017, the FASB issued ASU 2017-01 ("ASU 2017-01"), Definition of a Business, which results in more acquisitions being accounted for as asset acquisitions across all industries, particularly real estate, pharmaceutical and oil and gas. Application of the changes would also affect the accounting for disposal transactions. The changes to the definition of a business will likely result in more of the Company's property acquisitions qualifying as asset acquisitions, which will permit capitalization of acquisition costs. This standard is effective for public business entities with a calendar year end in 2018 and all other entities have an additional year to adopt. The Company has adopted this guidance as of 2017. The adoption did not have a material impact on our consolidated financial statements. |
Acquisition of Hotel Properties
Acquisition of Hotel Properties | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition of Hotel Properties | Acquisition of Hotel Properties Hotel Purchase Price Allocation We acquired the Residence Inn Summerville ("RI Summerville") hotel in Summerville, SC for $20.8 million on August 27, 2018, the Dallas Downtown Courtyard ("Dallas DT") hotel in Dallas, TX for $49.0 million on December 5, 2018, the Hilton Garden Inn Portsmouth ("Portsmouth") hotel in Portsmouth, NH for $43.4 million on September 20, 2017, the Courtyard Summerville ("Summerville") hotel in Summerville, SC for $20.2 million on November 15, 2017 and the Embassy Suites Springfield Embassy ("Springfield") hotel in Springfield, VA for $68.1 million on December 6, 2017. No acquisitions were completed in 2016. The allocation of the purchase price of each of the hotels acquired by the Company in 2018, based on the fair value on the date of its acquisition, dollars (in thousands): RI Summerville Dallas DT HGI Portsmouth CY Summerville ES Springfield Total Acquisition date 8/27/2018 12/5/2018 9/20/2017 11/15/2017 12/6/2017 Number of rooms (unaudited) 96 167 131 96 219 709 Land $ 2,300 $ 2,900 $ 3,600 $ 2,500 $ 7,700 $ 19,000 Building and improvements 17,060 42,760 37,630 16,923 58,807 173,180 Furniture, fixtures and equipment 1,234 3,340 2,120 730 1,490 8,914 Cash — 5 8 1 3 17 Accounts receivable — 8 32 1 — 41 Prepaid expenses and other assets — 68 12 28 129 237 Accounts payable and accrued expenses (9) (33) (27) (1) (51) (121) Net assets acquired, net of cash $ 20,585 $ 49,043 $ 43,367 $ 20,181 $ 68,075 $ 201,251 The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach uses inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach uses inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the respective assets. Property acquisition costs of $0.1 million and $0.7 million, respectively, were capitalized in 2018 and 2017. The amount of revenue and operating income from the hotels acquired in 2018 and 2017 from their respective date of acquisition through December 31, 2018 is as follows (in thousands): For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 Acquisition Date Revenue Operating Income Revenue Operating Income Hilton Garden Inn Portsmouth, NH 9/20/17 $ 9,160 $ 3,977 $ 2,453 $ 1,116 Courtyard Summerville, SC 11/15/17 3,969 1,643 384 152 Embassy Suites Springfield, VA 12/6/17 13,886 5,573 674 161 Residence Inn Summerville, SC 8/27/18 875 176 — — Courtyard Dallas Downtown, TX 12/5/18 258 38 — — Total $ 28,148 $ 11,407 $ 3,511 $ 1,429 On August 29, 2017, the Company purchased a parcel of land in Los Angeles county, California for $6.5 million. |
Disposition of Hotel Properties
Disposition of Hotel Properties | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposition of Hotel Properties | Disposition of Hotel Properties On December 20, 2017, the Company sold the Homewood Suites by Hilton Carlsbad (North San Diego County) for $33.0 million and recognized a gain on sale of a hotel property of $3.3 million. The buyer assumed the mortgage loan secured by the hotel of $20.0 million. Proceeds from the sale were used to repay amounts outstanding on the Company's senior unsecured revolving credit facility. This sale did not represent a strategic shift that had or will have a major effect on the Company's operations and financial results, and therefore, did not qualify to be reported as discontinued operations. For the years ended December 31, 2018, 2017 and 2016, the Company's consolidated statements of operations included operating income of $0.0 million, $2.8 million and $2.5 million, respectively related to the Homewood Suites by Hilton Carlsbad (North San Diego County). |
Investment in Hotel Properties
Investment in Hotel Properties | 12 Months Ended |
Dec. 31, 2018 | |
Investments Schedule [Abstract] | |
Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties as of December 31, 2018 and 2017 consisted of the following (in thousands): December 31, 2018 December 31, 2017 Land and improvements $ 296,253 $ 291,054 Building and improvements 1,214,780 1,140,477 Furniture, fixtures and equipment 73,411 63,443 Renovations in progress 25,370 13,262 1,609,814 1,508,236 Less: accumulated depreciation (236,041) (188,154) Investment in hotel properties, net $ 1,373,773 $ 1,320,082 During the year ended December 31, 2017, the Company identified indicators of impairment at its Washington SHS, PA hotel, primarily due to decreased operating performance and continued economic weakness. As such, the Company was required to perform a test of recoverability. This test compared the sum of the estimated future undiscounted cash flows attributable to the hotel over our remaining anticipated holding period and its expected value upon disposition to our carrying value for the hotel. The Company determined that the estimated undiscounted future cash flow attributable to the hotel did not exceed its carrying value and an impairment existed. As a result, the Company recorded a $6.7 million impairment charge in the consolidated statements of operations during the year ended December 31, 2017. Fair value was determined based on a discounted cash flow model using our estimates of future cash flows and third-party market data, considered Level 3 inputs. We may record additional impairment charges if operating results of this hotel are materially different from our forecasts, the economy and lodging industry weakens, or we shorten our contemplated holding period. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities On June 9, 2014, the Company acquired a 10.3% interest in the NewINK JV, a joint venture between affiliates of NorthStar Realty Finance Corp. ("NorthStar") and the operating partnership. The Company accounts for this investment under the equity method. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNY, which owns an 89.7% interest and the Company owns a 10.3% interest in the NewINK JV. The value of NewINK JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. As of December 31, 2018 and December 31, 2017, the Company's share of partners' capital in the NewINK JV is approximately $47.5 million and $51.8 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital is approximately $57.1 million and $58.4 million (for which the basis difference related to amortizing assets is being recognized over the life of the related assets as a basis difference adjustment). The Company serves as managing member of the NewINK JV. During the years ended December 31, 2018 and 2017, the Company received cash distributions from the NewINK JV as follows (in thousands): For the year ended December 31, 2018 2017 Cash generated from other activities and excess cash $ 3,186 $ 2,518 Total $ 3,186 $ 2,518 On November 17, 2014, the Company acquired a 10.0% interest in Inland JV, a joint venture between affiliates of NorthStar and the Operating Partnership. The Company accounts for this investment under the equity method. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNY, which owns a 90.0% interest in the Inland JV. The value of Inland JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. As of December 31, 2018 and 2017, the Company's share of partners capital in the Inland JV was approximately $32.3 million and $35.5 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital is approximately $10.7 million and $11.1 million, respectively (for which the basis difference related to amortizing assets is being recognized over the life of the related assets as a basis difference adjustment). The Company serves as managing member of the Inland JV. During the years ended December 31, 2018 and 2017, the Company received cash distributions from the Inland JV as follows (in thousands): For the year ended December 31, 2018 2017 Cash generated from other activities and excess cash $ 1,850 $ 700 Total $ 1,850 $ 700 On May 9, 2017, the NewINK JV refinanced the $840.0 million loan collateralized by the 47 hotels with a new $850.0 million loan. The new non-recourse loan is with Morgan Stanley Bank, N.A. The new loan bears interest at a rate of LIBOR plus a spread of 2.79%, has an initial maturity of June 7, 2019 and three one On June 9, 2017, the Inland JV refinanced the $817.0 million loan collateralized by the 48 hotels with a new $780.0 million non-recourse loan with Column Financial, Inc. On June 9, 2017, the Company contributed an additional $5.0 million of capital related to its share in the Inland JV to reduce the debt collateralized by the 48 hotels. The new loan bears interest at a rate of LIBOR plus a spread of 3.3%, has an initial maturity of July 9, 2019 and three one The Company’s ownership interests in the JVs are subject to change in the event that either the Company or CLNY calls for additional capital contributions to the respective JVs necessary for the conduct of business, including contributions to fund costs and expenses related to capital expenditures. In connection with (i) the non-recourse mortgage loan secured by the NewINK JV properties and the related non-recourse mezzanine loan secured by the membership interests in the owners of the NewINK JV properties and (ii) the non-recourse mortgage loan secured by the Inland JV properties, the Operating Partnership provided the applicable lenders with customary environmental indemnities, as well as guarantees of certain customary non-recourse carveout provisions such as fraud, material and intentional misrepresentations and misapplication of funds. In some circumstances, such as the bankruptcy of the applicable borrowers, the guarantees are for the full amount of the outstanding debt, but in most circumstances, the guarantees are capped at 15% of the debt outstanding at the time in question (in the case of the NewINK JV loans) or 20% of the debt outstanding at the time in question (in the case of the Inland JV loans). In connection with each of the NewINK JV and Inland JV loans, the Operating Partnership has entered into a contribution agreement with its JV partner whereby the JV partner is, in most cases, responsible to cover such JV partner’s pro rata share of any amounts due by the Operating Partnership under the applicable guarantees and environmental indemnities. The Company manages the JVs and will receive a promote interest in each applicable JV if it meets certain return thresholds for such JV. CLNY may also approve certain actions by the JVs without the Company’s consent, including certain property dispositions conducted at arm’s length, certain actions related to the restructuring of the applicable 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 investments in the NewInk JV and the Inland JV are $(9.7) million and $21.5 million, respectively, at December 31, 2018. The following tables sets forth the total assets, liabilities, equity and components of net income (loss), including the Company's share, related to all JVs for the years ended December 31, 2018, 2017 and 2016 (in thousands): Balance Sheet December 31, 2018 December 31, 2017 December 31, 2016 Assets Investment in hotel properties, net $ 2,309,396 $ 2,363,726 $ 1,849,295 Other assets 118,600 130,910 143,769 Total Assets $ 2,427,996 $ 2,494,636 $ 1,993,064 Liabilities Mortgages and notes payable, net $ 1,606,334 $ 1,597,351 $ 1,656,949 Other Liabilities 37,051 38,773 34,567 Total Liabilities 1,643,385 1,636,124 1,691,516 Equity Chatham Lodging Trust 79,744 87,326 30,428 Joint Venture Partner 704,867 771,186 271,120 Total Equity 784,611 858,512 301,548 Total Liabilities and Equity $ 2,427,996 $ 2,494,636 $ 1,993,064 For the year ended December 31, 2018 2017 2016 Revenue $ 498,507 $ 487,174 $ 484,708 Total hotel operating expenses 329,756 294,280 289,569 Hotel operating income $ 168,751 $ 192,894 $ 195,139 Net income (loss) from continuing operations $ (24,400) $ (107) $ 964 Loss on sale of hotels $ — $ — $ — Net income (loss) $ (24,400) $ (107) $ 964 Income (loss) allocable to the Company $ (2,472) $ 7 $ 118 Basis difference adjustment $ 1,596 $ 1,575 $ 600 Total income (loss) from unconsolidated real estate entities attributable to Chatham $ (876) $ 1,582 $ 718 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's mortgage loans and its senior unsecured 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. Debt consisted of the following (in thousands): Loan/Collateral Interest Rate Maturity Date 12/31/18 Property Balance Outstanding as of December 31, 2018 December 31, Senior Unsecured Revolving Credit Facility (1) 4.45 % March 8, 2022 $ — $ 81,500 $ 32,000 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 18,400 13,361 13,762 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 45,971 27,885 28,469 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 31,091 15,916 16,253 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 30,906 21,782 22,251 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 31,667 17,976 18,375 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 35,736 21,989 22,437 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 65,840 44,680 45,462 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 37,398 32,620 33,160 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 80,231 64,800 64,800 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 82,460 70,700 70,700 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 62,090 48,600 48,600 Residence Inn by Marriott Mountain View, CA 4.64 % July 1, 2024 55,597 37,900 37,900 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 35,657 30,000 30,000 Hilton Garden Inn Marina del Rey, CA (2) 4.68 % July 6, 2024 40,560 21,355 21,760 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 14,870 15,965 16,225 Hampton Inn & Suites Houston Medical Cntr., TX 4.25 % January 6, 2025 14,642 18,026 18,300 Total debt before unamortized debt issue costs $ 683,116 $ 585,055 $ 540,454 Unamortized mortgage debt issue costs (1,773) (2,138) Total debt outstanding 583,282 538,316 1. The interest rate for the senior unsecured revolving credit facility is variable and based on LIBOR plus an applicable margin ranging from 1.55% to 2.3%, or prime plus an applicable margin of 0.55% to 1.3%. On March 8, 2018, we refinanced our senior unsecured credit facility with a new facility having a maturity date in March 2023, which includes the option to extend the maturity by an additional year, and replaces our previous $250.0 million senior unsecured credit facility that was scheduled to mature in 2020. Borrowing costs have been reduced by 0 to 15 basis points from comparable leverage-based pricing levels in our previous credit facility. At December 31, 2018 current leverage level, the borrowing cost under the new facility is LIBOR plus 1.65 percent. We were in compliance with all financial covenants at December 31, 2018. At December 31, 2018 and 2017, the Company had $81.5 million and $32.0 million, respectively, of outstanding borrowings under its senior unsecured revolving credit facility. At December 31, 2018, the maximum borrowing availability under the senior unsecured revolving credit facility was $250.0 million. The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates. All of the Company's mortgage loans are fixed-rate. 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 December 31, 2018 and 2017 was $489.0 million and $506.6 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 a similar maturity and that is classified within level 3 of the fair value hierarchy. As of December 31, 2018, the Company’s only variable rate debt is under its senior unsecured revolving credit facility. The estimated fair value of the Company’s variable rate debt as of December 31, 2018 and 2017 was $81.5 million and $32.0 million, respectively. As of December 31, 2018, the Company was in compliance with all of its financial covenants. At December 31, 2018, the Company’s consolidated fixed charge coverage ratio was 3.3 and the bank covenant is 1.5. Future scheduled principal payments of debt obligations as of December 31, 2018, for each of the next five calendar years and thereafter are as follows (in thousands): Amount 2019 $ 6,992 2020 9,536 2021 21,962 2022 91,454 2023 142,546 Thereafter 312,565 Total $ 585,055 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income tax expense for the following periods are as follows (in thousands): For the year ended December 31, 2018 2017 2016 Current: Federal $ — $ — $ 56 State — — 69 Current tax expense $ — $ — $ 125 Deferred: Federal 28 (350) 380 State — (46) 46 Deferred tax benefit (expense) 28 (396) 426 Total tax benefit (expense) $ 28 $ (396) $ 301 The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to the combined income of the Company's TRS before taxes were as follows (in thousands): For the year ended December 31, 2018 2017 2016 Book income (loss) before income taxes of the TRS $ (6,040) $ (4,261) $ 974 Statutory rate of 21% for 2018 and 34% for prior years applied to pre-tax income $ (1,268) $ (1,449) $ 331 Effect of state and local income taxes, net of federal tax benefit (200) (108) 38 Tax reform impact — 644 — Provision to return adjustment — 5 (406) Permanent adjustments 12 13 16 Change in valuation allowance 1,456 1,289 (299) Valuation allowance release (28) — — Other — 2 19 Total income tax (benefit) expense $ (28) $ 396 $ (301) Effective tax rate .46 % (9.29) % (30.90) % On December 22, 2017, the TCJA was enacted. The TCJA includes a number of changes to the existing U.S. tax code, most notably a reduction of the U.S. corporate income tax rate from 35% to 21% effective for tax years beginning after December 31, 2017. Changes in tax rates and tax laws are accounted for in the period of enactment. Therefore, as a result of the TCJA being signed into law, the net deferred tax assets before valuation allowance were reduced by $0.6 million with a corresponding net adjustment to current year tax expense for the remeasurement of the Company’s U.S. net deferred tax assets. Our federal income tax expense for periods beginning in 2018 will be based on the new rate. At December 31, 2018, our TRS had a gross deferred tax asset associated with future tax deductions of $ 0.1 million . At December 31, 2018 and 2017, the Company had valuation allowances against certain deferred tax assets totaling $3.3 million and $1.3 million, respectively. The increase in valuation allowance was primarily from the increase in the net operating losses incurred during the year. The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2018 and 2017 are as follows (in thousands): For the year ended December 31, 2018 2017 Total deferreds: Allowance for doubtful accounts $ 68 $ 51 Accrued compensation 731 505 AMT credit 58 30 Total book to tax difference in partnership (193) (579) Net operating loss 2,654 1,312 Valuation allowance (3,260) (1,289) Net deferred tax asset $ 58 $ 30 As of each reporting date, the Company's management considers new evidence, both positive and negative, that could impact management's view with regard to future realization of deferred tax assets. The Company's TRS is expecting increased taxable losses in 2019. As of December 31, 2018, the TRS continues to recognize a full valuation allowance equal to 100% of the gross deferred tax assets, with the exception of the AMT tax credit, due to the uncertainty of the TRS's ability to utilize these deferred tax assets. Management will continue to monitor the need for a valuation allowance. During the third quarter of 2018, the Company was notified that the tax return of the Company's TRS was going to be examined by the Internal Revenue Service for the tax year ended December 31, 2016. The examination remains open. The Company believes it does not need to record a liability related to matters contained in the tax period open to examination. However, should the Company experience an unfavorable outcome in the matter, such outcome could have a material impact on its results of operations, financial position and cash flows. |
Dividends Declared and Paid
Dividends Declared and Paid | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Dividends Declared and Paid | Dividends Declared and Paid The Company declared regular common share dividends of $1.32 per share and distributions on LTIP units of $1.32 per unit for the year ended December 31, 2018. The dividends and distributions and their tax characterization were as follows: Record Payment Common LTIP Taxable Ordinary Income Return of Capital January 1/31/2018 2/23/2018 $ 0.11 $ 0.11 $ 0.0954 $ 0.0146 February 2/28/2018 3/30/2018 0.11 0.11 0.0954 0.0146 March 3/29/2018 4/27/2018 0.11 0.11 0.0954 0.0146 1st Quarter 2018 $ 0.33 $ 0.33 $ 0.2862 $ 0.0438 April 4/30/2018 5/25/2018 $ 0.11 $ 0.11 $ 0.0954 $ 0.0146 May 5/31/2018 6/29/2018 0.11 0.11 0.0954 0.0146 June 6/29/2018 7/27/2018 0.11 0.11 0.0954 0.0146 2nd Quarter 2018 $ 0.33 $ 0.33 $ 0.2862 $ 0.0438 July 7/31/2018 8/31/2018 $ 0.11 $ 0.11 $ 0.0954 $ 0.0146 August 8/31/2018 9/28/2018 0.11 0.11 0.0954 0.0146 September 9/28/2018 10/26/2018 0.11 0.11 0.0954 0.0146 3rd Quarter 2018 $ 0.33 $ 0.33 $ 0.2862 $ 0.0438 October 10/31/2018 11/30/2018 $ 0.11 $ 0.11 $ 0.0954 $ 0.0146 November 11/30/2018 12/28/2018 0.11 0.11 0.0954 0.0146 December 12/31/2018 1/25/2019 0.11 0.11 0.0954 0.0146 4th Quarter 2018 $ 0.33 $ 0.33 $ 0.2862 $ 0.0438 Total 2018 $ 1.32 $ 1.32 $ 1.1448 $ 0.1752 Record Payment Common LTIP Taxable Ordinary Income Unrecap. Sec 1250 Gain January 1/31/2017 2/24/2017 $ 0.11 $ 0.11 $ 0.1042 $ 0.0058 February 2/28/2017 3/31/2017 $ 0.11 $ 0.11 $ 0.1042 $ 0.0058 March 3/31/2017 4/28/2017 $ 0.11 $ 0.11 $ 0.1042 $ 0.0058 1st Quarter 2017 $ 0.33 $ 0.33 $ 0.3126 $ 0.0174 April 4/28/2017 5/26/2017 $ 0.11 $ 0.11 $ 0.1042 $ 0.0058 May 5/26/2017 6/30/2017 $ 0.11 $ 0.11 $ 0.1042 $ 0.0058 June 6/30/2017 7/28/2017 $ 0.11 $ 0.11 $ 0.1042 $ 0.0058 2nd Quarter 2017 $ 0.33 $ 0.33 $ 0.3126 $ 0.0174 July 7/31/2017 8/25/2017 $ 0.11 $ 0.11 $ 0.1042 $ 0.0058 August 8/31/2017 9/29/2017 $ 0.11 $ 0.11 $ 0.1042 $ 0.0058 September 9/29/2017 10/27/2017 $ 0.11 $ 0.11 $ 0.1042 $ 0.0058 3rd Quarter 2017 $ 0.33 $ 0.33 $ 0.3126 $ 0.0174 October 10/31/2017 11/24/2017 $ 0.11 $ 0.11 $ 0.1042 $ 0.0058 November 11/30/2017 12/29/2017 $ 0.11 $ 0.11 $ 0.1042 $ 0.0058 December 12/29/2017 1/26/2018 $ 0.11 $ 0.11 $ 0.1042 $ 0.0058 4th Quarter 2017 $ 0.33 $ 0.33 $ 0.3126 $ 0.0174 Total 2017 $ 1.32 $ 1.32 $ 1.2504 $ 0.0696 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $.01 par value per share ("common shares"). Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company's Board of Trustees. As of December 31, 2018, 46,525,652 common shares were outstanding. In January 2014, we established a $25 million dividend and reinvestment and stock purchase plan (the "Prior DRSPP"). We filed a new $50 million shelf registration statement for the dividend reinvestment and stock purchase plan (the "New DRSPP" and together with the Prior DRSPP, the "DRSPPs") on December 28, 2017 to replace the prior expiring program. Under the DRSPPs, 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 prospectuses for the DRSPPs. During the year ended December 31, 2018, we issued 766,574 shares under the New DRSPP at a weighted average price of $22.08, which generated $16.9 million of proceeds. As of December 31, 2018 and December 31, 2017, respectively, we had issued 1,508,046 and 741,730 shares under the DRSPPs at a weighted average price of $21.55 and $21.00 per share, respectively. As of December 31, 2018, there were common shares having a maximum aggregate sales price of approximately $32.5 million available for issuance under the New DRSPP. In January 2014, the Company established the Prior ATM Plan whereby, from time to time, the Company may publicly offer and sell up to $50 million of its common shares by means of ordinary brokers' transactions on the New York Stock Exchange (the "NYSE"), 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. We filed a $100 million registration statement for a new ATM program (the "ATM Plan" and together with the Prior ATM Plan, the "ATM Plans") on December 28, 2017 to replace the prior program. At the same time, the Company entered into sales agreements with Cantor Fitzgerald & Co. ("Cantor"), Barclays Capital Inc. ("Barclays"), Robert W. Baird & Co. Incorporated ("Baird"), BTIG, LLC ("BTIG"), Citigroup Global Markets Inc. ("Citigroup"), Stifel, Nicolaus & Company, Incorporated ("Stifel") and Wells Fargo Securities, LLC ("Wells Fargo") as sales agents. During the year ended December 31, 2018, we issued 350,975 shares under the ATM Plan at a weighted average price of $21.55, which generated $7.6 million of proceeds. As of December 31, 2018 and December 31, 2017, respectively, we had issued 2,498,670 and 2,147,695 shares under the ATM Plans at a weighted average price of $21.83 and $21.87 per share, respectively, in addition to the offerings above. As of December 31, 2018, there were common shares having a maximum aggregate sales price of approximately $92.4 million available for issuance under the ATM Plan. Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares, $.01 par value per share. No preferred shares were outstanding at December 31, 2018 and 2017. Operating Partnership Units |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
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. The LTIP units held by the non-controlling interest holders, which may be converted to common shares of beneficial interest, have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance 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 income per share (in thousands, except share and per share data): For the year ended December 31, 2018 2017 2016 Numerator: Net income $ 30,641 $ 29,478 $ 31,483 Dividends paid on unvested shares and LTIP units (310) (235) (189) Net income attributable to common shareholders $ 30,331 $ 29,243 $ 31,294 Denominator: Weighted average number of common shares - basic 46,073,515 39,859,143 38,299,067 Effect of dilutive securities: Unvested shares 170,145 253,123 183,808 Weighted average number of common shares - diluted 46,243,660 40,112,266 38,482,875 Basic income per Common Share: Net income attributable to common shareholders per weighted average common share $ 0.66 $ 0.73 $ 0.82 Diluted income per Common Share: Net income attributable to common shareholders per weighted average common share $ 0.66 $ 0.73 $ 0.81 |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2018 | |
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 five Restricted Share Awards From time to time, the Company may award restricted shares under the Equity Incentive Plan as compensation to officers, employees and non-employee trustees. The Company recognizes compensation expense for the restricted shares on a straight-line basis over the vesting period based on the fair market value of the shares on the date of issuance. A summary of the Company’s restricted share awards for the years ended December 31, 2018, 2017 and 2016 is as follows: December 31, 2018 December 31, 2017 December 31, 2016 Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Non-vested at beginning of the period 57,514 $ 23.78 110,825 $ 22.05 170,480 $ 21.38 Granted 5,000 17.40 5,000 20.20 — — Vested (30,084) 26.24 (32,441) 25.77 (59,655) 20.14 Forfeited (24,096) 21.21 (25,870) 13.17 — — Unvested at end of the period 8,334 $ 18.52 57,514 $ 23.78 110,825 $ 22.05 As of December 31, 2018 and 2017, there were $0.1 million and $0.1 million, respectively, of unrecognized compensation costs related to restricted share awards. As of December 31, 2018, these costs were expected to be recognized over a weighted–average period of approximately 2.4 years. For the years ended December 31, 2018, 2017 and 2016, the Company recognized approximately $0.1 million, $0.8 million and $1.3 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 Awards LTIP units are a special class of partnership interests in the Operating Partnership which may be issued to eligible participants for the performance of services to or for the benefit of the Company. Under the Equity Incentive Plan, each LTIP unit issued is deemed equivalent to an award of one common share thereby reducing the number of shares available for other equity awards on a one-for-one basis. A summary of the Company's LTIP unit awards for the years ended years ended December 31, 2018, 2017 and 2016 is as follows: December 31, 2018 December 31, 2017 December 31, 2016 Number of Weighted - Number of Weighted - Number of Weighted - Non-vested at beginning of the period 482,056 $ 16.58 295,551 $ 14.36 183,300 $ 14.13 Granted 244,917 16.94 223,922 $ 19.20 112,251 $ 14.73 Vested (67,275) 16.42 (37,417) $ 14.73 — $ — Forfeited (183,300) 14.13 — $ — — $ — Non-vested at end of period 476,398 $ 17.73 482,056 $ 16.58 295,551 $ 14.36 Outperformance Plan LTIP Awards On June 1, 2015, the Company's Operating Partnership, granted 183,300 Class A Performance LTIP units, as recommended by the Compensation Committee of the Board (the "Compensation Committee"), pursuant to long-term, multi-year performance plan (the "Outperformance Plan"). As of June 1, 2018, the Class A Performance LTIP units did not meet the required market based Total Shareholder Return ("TSR") measurements and therefore, the accrued dividends and units have been forfeited. The Company will continue to amortize the remaining expense related to these awards over the next two years due to the awards being market based. Time-Based LTIP Awards On March 1, 2018, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 97,968 time-based awards (the “2018 Time-Based LTIP Unit Award”). The grants were made pursuant to award agreements that provide for time-based vesting (the "LTIP Unit Time-Based Vesting Agreement"). Time-Based LTIP Unit Awards will vest ratably provided that the recipient remains employed by the Company through the applicable vesting date , subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company ). Prior to vesting, a holder is entitled to receive distributions on the LTIP Units that comprise the 2018 Time-Based LTIP Unit Awards and the prior year LTIP unit Awards set forth in the table above. Performance-Based LTIP Awards On March 1, 2018, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, also granted 146,949 performance-based awards (the "2018 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that have market based vesting conditions. The Performance-Based LTIP Unit Awards are comprised of Class A Performance LTIP units that will vest only if and to the extent that (i) the Company achieves certain long-term market based TSR criteria established by the Compensation Committee and (ii) the recipient remains employed by the Company through the applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company. Compensation expense is based on an estimated value of $17.02 per 2018 Performance-Based LTIP Unit Award, which takes into account that some or all of the awards may not vest if long-term market based TSR criteria are not met during the vesting period. The 2018 Performance-Based LTIP Unit Awards may be earned based on the Company's relative TSR performance for the three-year period beginning on March 1, 2018 and ending on February 28, 2021. The 2018 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 150% of target value as follows: Relative TSR Hurdles (Percentile) Payout Percentage Threshold 25th 50% Target 50th 100% Maximum 75th 150% Payouts at performance levels in between the hurdles will be calculated by straight-line interpolation. The Company estimated the aggregate compensation cost to be recognized over the service period determined as of the grant date under ASC 718, excluding the effect of estimated forfeitures, using the Monte Carlo Approach. In determining the discounted value of the LTIP units, the Company considered the inherent uncertainty that the LTIP units would never reach parity with the other common units of the Operating Partnership and thus have an economic value of zero to the grantee. Additional factors considered in estimating the value of the LTIP units included discounts for illiquidity; expectations for future dividends; risk free interest rates; stock volatility; and economic environment and market conditions. The grant date fair value of the LTIPs and the assumptions used to estimate the values are as follows: Grant Date Number of Units Granted Estimated Value per Unit Volatility Dividend Yield Risk Free Interest Rate Outperformance Plan 6/1/2015 183,300 $14.13 26% 4.5% 0.95% 2016 Time-Based LTIP Unit Awards 1/28/2016 72,966 $16.69 28% —% 0.79% 2016 Performance-Based LTIP Unit Awards 1/28/2016 39,285 $11.09 30% 5.8% 1.13% 2017 Time-Based LTIP Unit Awards 3/1/2017 89,574 $18.53 24% —% 0.92% 2017 Performance-Based LTIP Unit Awards 3/1/2017 134,348 $19.65 25% 5.8% 1.47% 2018 Time-Based LTIP Unit Awards 3/1/2018 97,968 $16.83 26% —% 2.07% 2018 Performance-Based LTIP Unit Awards 3/1/2018 146,949 $17.02 26% 6.20% 2.37% The Company recorded $3.6 million, $2.5 million and $1.2 million in compensation expense related to the LTIP units for years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018 and 2017, there was $5.0 million and $4.4 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 1.8 years, which represents the weighted average remaining vesting period of the LTIP units. Board of Trustee Share Compensation For 2018, 2017 and 2016, each independent trustee was compensated $0.1 million for their services. Each trustee may elect to receive up to 100% of their compensation in the form of shares, but must receive at least 50% in the form of shares. In January 2018, 2017 and 2016, the Company issued 21,670, 23,980 and 26,488 common shares, respectively, to its independent trustees as compensation for services performed in 2017, 2016 and 2015, respectively. The quantity of shares was calculated based on the average of the closing price for the Company’s common shares on the NYSE for the last ten |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation The nature of the operations of the Company's hotels exposes those hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. IHM is currently a defendant in two class action lawsuits pending in the Santa Clara County Superior Court. The first class action lawsuit was filed on October 21, 2016 under the title Ruffy, et al, v. Island Hospitality Management, LLC, et al. Case No. 16-CV-301473 and the second class action lawsuit was filed on March 21, 2018 under the title Doonan, et al, v. Island Hospitality Management, LLC, et al. Case No 18-CV-325187. The class actions relate to hotels operated by IHM in the state of California and owned by affiliates of the Company and the NewINK JV, and/or certain third parties. The complaint alleges various wage and hour law violations based on alleged misclassification of certain hotel managerial staff and violation of certain California statutes regarding incorrect information contained on employee paystubs. The plaintiffs seek injunctive relief, money damages, penalties, and interest. None of the potential classes has been certified and we are defending our case vigorously. As of December 31, 2018, included in accounts payable and accrued expenses is $0.1 million which represents an estimate of the Company’s total exposure to the litigations based on standard indemnification obligations under hotel management agreements with IHM. Hotel Ground Rent The Courtyard Altoona hotel is subject to a ground lease with an expiration date of April 30, 2029 with an extension option by the Company of up to 12 additional terms of five years each. Monthly payments are determined by the quarterly average room occupancy of the hotel. Rent currently is equal to approximately $8,400 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 by two and one-half percent (2.5%) on an annual basis. The Residence Inn San Diego Gaslamp hotel is subject to a ground lease with an expiration of January 31, 2065 with an extension option by the Company of up to three additional terms of ten At the Residence Inn New Rochelle hotel is subject to an air rights lease and garage lease that each expires 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 the cost of capital repairs. Aggregate rent for 2018 under these leases amounted to approximately $29,000 per quarter. The Hilton Garden Inn Marina del Rey hotel is subject to a ground lease with an expiration of December 31, 2067. Minimum monthly payments are currently approximately $47,500 per month and a percentage rent payment less the minimum rent is due in arrears equal to 5% to 25% of gross income based on the type of income. Office Lease The Company entered into a corporate office lease in September 2015. The lease is for a term of 11 years and includes a 12-month rent abatement period and certain tenant improvement allowances. The Company has a renewal option of up to 2 successive terms of five Future minimum rental payments under the terms of all non-cancellable operating ground leases and the office lease 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 payments required under the ground, air rights, garage leases and office lease as of December 31, 2018, for each of the next five calendar years and thereafter (in thousands): Amount Other (1) Office Lease 2019 $ 1,273 $ 792 2020 1,320 812 2021 1,326 831 2022 1,329 853 2023 1,332 874 Thereafter 69,225 2,436 Total $ 75,805 $ 6,598 (1) Other leases included ground, garage and air rights leases at our hotels. Management Agreements The management agreements with Concord had an initial ten The management agreements with IHM have an initial term of five years and automatically renew for two five As of December 31, 2018, terms of the Company's management agreements are (dollars are not in thousands): Property Management Company Base Management Fee Monthly Accounting Fee Monthly Revenue Management Fee Incentive Management Fee Cap Courtyard Altoona IHM 3.0 % $ 1,500 $ 1,000 1.0 % Springhill Suites Washington IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Minneapolis-Mall of America IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Nashville-Brentwood IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Dallas-Market Center IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Hartford-Farmington IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Orlando-Maitland IHM 3.0 % 1,200 1,000 1.0 % Hampton Inn & Suites Houston-Medical Center IHM 3.0 % 1,000 1,000 1.0 % Residence Inn Long Island Holtsville IHM 3.0 % 1,000 1,000 1.0 % Residence Inn White Plains IHM 3.0 % 1,000 750 1.0 % Residence Inn New Rochelle IHM 3.0 % 1,000 750 1.0 % Residence Inn Garden Grove IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Mission Valley IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton San Antonio River Walk IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Washington DC IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Tysons Corner IHM 3.0 % 1,200 1,000 1.0 % Hampton Inn Portland Downtown IHM 3.0 % 1,000 550 1.0 % Courtyard Houston IHM 3.0 % 1,000 550 1.0 % Hyatt Place Pittsburgh North Shore IHM 3.0 % 1,500 1,000 1.0 % Hampton Inn Exeter IHM 3.0 % 1,200 1,000 1.0 % Hilton Garden Inn Denver Tech IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Bellevue IHM 3.0 % 1,200 1,000 1.0 % Springhill Suites Savannah IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Silicon Valley I IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Silicon Valley II IHM 3.0 % 1,200 1,000 1.0 % Residence Inn San Mateo IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Mountain View IHM 3.0 % 1,200 1,000 1.0 % Hyatt Place Cherry Creek IHM 3.0 % 1,500 1,000 1.0 % Courtyard Addison IHM 3.0 % 1,500 1,000 1.0 % Courtyard West University Houston IHM 3.0 % 1,500 1,000 1.0 % Residence Inn West University Houston IHM 3.0 % 1,200 1,000 1.0 % Hilton Garden Inn Burlington IHM 3.0 % 1,500 1,000 1.0 % Residence Inn San Diego Gaslamp IHM 3.0 % 1,500 1,000 1.0 % Hilton Garden Inn Marina del Rey IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Dedham IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Il Lugano IHM 3.0 % 1,500 1,000 1.0 % Hilton Garden Inn Portsmouth IHM 3.0 % 1,500 1,000 1.0 % Courtyard Summerville IHM 3.0 % 1,500 1,000 1.0 % Embassy Suites Springfield IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Summerville IHM 3.0 % 1,500 1,000 1.0 % Courtyard Dallas IHM 3.0 % 1,500 1,000 1.0 % Franchise Agreements The fees associated with the franchise agreements are calculated as a specified percentage of the hotel's gross room revenue. Terms of the Company's franchise agreements are as of December 31, 2018: Property Franchise/Royalty Fee Marketing/Program Fee Expiration Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Minneapolis-Mall of America 4.0 % 4.0 % 2025 Homewood Suites by Hilton Nashville-Brentwood 4.0 % 4.0 % 2025 Homewood Suites by Hilton Dallas-Market Center 4.0 % 4.0 % 2025 Homewood Suites by Hilton Hartford-Farmington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Orlando-Maitland 4.0 % 4.0 % 2025 Hampton Inn & Suites Houston-Medical Center 5.0 % 4.0 % 2035 Courtyard Altoona 5.5 % 2.0 % 2030 Springhill Suites Washington 5.0 % 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 5.0 % 2.5 % 2031 Residence Inn Mission Valley 5.0 % 2.5 % 2031 Homewood Suites by Hilton San Antonio River Walk 4.0 % 4.0 % 2026 Residence Inn Washington DC 5.5 % 2.5 % 2033 Residence Inn Tysons Corner 5.0 % 2.5 % 2031 Hampton Inn Portland Downtown 6.0 % 4.0 % 2032 Courtyard Houston 5.5 % 2.0 % 2030 Hyatt Place Pittsburgh North Shore 5.0 % 3.5 % 2030 Hampton Inn Exeter 6.0 % 4.0 % 2031 Hilton Garden Inn Denver Tech 5.5 % 4.3 % 2028 Residence Inn Bellevue 5.5 % 2.5 % 2033 Springhill Suites Savannah 5.0 % 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 Hyatt Place Cherry Creek 3% to 5% 3.5 % 2034 Courtyard Addison 5.5 % 2.0 % 2029 Courtyard West University Houston 5.5 % 2.0 % 2029 Residence Inn West University Houston 6.0 % 2.5 % 2024 Hilton Garden Inn Burlington 5.5 % 4.3 % 2029 Residence Inn San Diego Gaslamp 6.0 % 2.5 % 2035 Hilton Garden Inn Marina del Rey 3% to 5.5% 4.3 % 2030 Residence Inn Dedham 6.0 % 2.5 % 2030 Residence Inn Il Lugano 3% to 6% 2.5 % 2045 Hilton Garden Inn Portsmouth 5.5 % 4.0 % 2037 Courtyard Summerville 6.0 % 2.5 % 2037 Embassy Suites Springfield 5.5 % 4.0 % 2037 Residence Inn Summerville 6.0 % 2.5 % 2038 Courtyard Dallas 4% to 6% 2.0 % 2038 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Mr. Fisher owns 51% of IHM. As of December 31, 2018, the Company had hotel management agreements with IHM to manage 42 of its wholly owned hotels. As of December 31, 2018, all 47 hotels owned by the NewINK JV and 34 of the 48 hotels owned by the Inland JV were managed by IHM. Hotel management, revenue management and accounting fees accrued or paid to IHM for the hotels owned by the Company for the years ended December 31, 2018, 2017 and 2016 were $10.8 million, $9.9 million and $9.2 million, respectively. At December 31, 2018 and 2017, the amounts due to IHM were $1.1 million and $1.2 million, respectively. Incentive management fees paid to IHM by the Company for the years ended December 31, 2018, 2017 and 2016 were $0.1 million, $0.2 million and $0.3 million, respectively. The Company provides services to an entity Castleblack Owner Holding, LLC. ("Castleblack") which is 97.5% owned by affiliates of CLNY and 2.5% owned by Mr. Fisher. For the years ended December 31, 2018 and 2017 the company provided services of $0.4 million and zero, respectively. Cost reimbursements from unconsolidated real estate entities revenue represents reimbursements of costs incurred on behalf of the NewINK and Inland JVs and Castleblack. These costs relate primarily to corporate payroll costs at the NewINK and Inland JVs and Castleblack where the Company is the employer and shared office expenses. 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. Various shared office expenses and rent are paid by the Company and allocated to the NewINK JV, the Inland JV, Castleblack and IHM based on the amount of square footage occupied by each entity. Insurance expenses for medical, workers compensation and general liability are paid by the NewINK JV and allocated back to the hotel properties or applicable entity for the years ended December 31, 2018, 2017 and 2016 were $7.5 million, $6.8 million and $6.9 million, respectively. |
Quarterly Operating Results (un
Quarterly Operating Results (unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Operating Results (unaudited) | Quarterly Operating Results (unaudited) Quarter Ended - 2018 March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenue $ 72,915 $ 85,374 $ 88,897 $ 77,044 Total operating expenses 62,630 66,237 68,522 68,707 Operating income 10,285 19,137 20,375 8,337 Net income attributable to common shareholders 2,848 13,387 14,580 (174) Income (loss) per common share, basic (1) 0.06 0.29 0.31 0.00 Income (loss) per common share, diluted (1) 0.06 0.29 0.31 0.00 Weighted average number of common shares outstanding: Basic 45,753,792 45,867,625 46,149,765 46,513,688 Diluted 46,022,690 46,084,688 46,384,969 46,765,797 Quarter Ended - 2017 March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenue $ 69,887 $ 78,647 $ 82,145 $ 71,165 Total operating expenses 57,861 67,738 61,785 58,095 Operating income 12,026 10,909 20,360 13,070 Net income attributable to common shareholders 4,613 5,034 14,393 5,438 Income per common share, basic (1) 0.12 0.13 0.36 0.12 Income per common share, diluted (1) 0.12 0.13 0.36 0.12 Weighted average number of common shares outstanding: Basic 38,361,113 38,525,306 39,298,974 43,205,683 Diluted 38,573,928 38,749,661 39,550,494 43,522,022 (1) The sum of per share amounts for the four quarters may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year. Unvested restricted shares and unvested LTIP units could potentially dilute basic earnings per share in the future were not 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. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (in thousands) Initial Cost Gross Amount at End of Year Description Year of Acquisition Encumbrances Land Buildings & Improvements Cost Cap. Sub. To Acq. Land Cost Cap. Sub. To Acq. Bldg & Improvements Land Buildings & Improvements Total Bldg & Improvements Accumulated Depreciation Year of Original Construction Depreciation Life Homewood Suites Orlando - Maitland, FL 2010 — $ 1,800 $ 7,200 $ 34 $ 5,139 $ 1,834 $ 12,339 $ 14,173 $ 12,339 $ 2,932 2000 (1) Homewood Suites Boston - Billerica, MA 2010 15,965 1,470 10,555 48 3,597 1,518 14,152 15,670 14,152 2,890 1999 (1) Homewood Suites Minneapolis - Mall of America, Bloomington, MN 2010 — 3,500 13,960 19 3,992 3,519 17,952 21,471 17,952 4,007 1998 (1) Homewood Suites Nashville - Brentwood, TN 2010 — 1,525 9,300 12 3,563 1,537 12,863 14,400 12,863 2,856 1998 (1) Homewood Suites Dallas - Market Center, Dallas, TX 2010 — 2,500 7,583 30 3,276 2,530 10,859 13,389 10,859 2,344 1998 (1) Homewood Suites Hartford - Farmington, CT 2010 — 1,325 9,375 92 1,281 1,417 10,656 12,073 10,656 2,588 1999 (1) Hampton Inn & Suites Houston - Houston, TX 2010 18,026 3,200 12,709 56 1,595 3,256 14,304 17,560 14,304 3,170 1997 (1) Residence Inn Holtsville - Holtsville, NY 2010 — 2,200 18,765 — 1,159 2,200 19,924 22,124 19,924 4,443 2004 (1) Courtyard Altoona - Altoona, PA 2010 — — 10,730 — 1,068 — 11,798 11,798 11,798 2,728 2001 (1) SpringHill Suites Washington - Washington, PA 2010 — 1,000 10,692 — (5,604) 1,000 5,088 6,088 5,088 2,453 2000 (1) Residence Inn White Plains - White Plains, NY 2010 — 2,200 17,677 — 7,463 2,200 25,140 27,340 25,140 5,642 1982 (1) Residence Inn New Rochelle - New Rochelle, NY 2010 13,361 — 20,281 9 3,117 9 23,398 23,407 23,398 5,288 2000 (1) Residence Inn Garden Grove - Garden Grove, CA 2011 32,620 7,109 35,484 — 1,926 7,109 37,410 44,519 37,410 7,405 2003 (1) Residence Inn Mission Valley - San Diego, CA 2011 27,885 9,856 39,535 — 2068 9,856 41,603 51,459 41,603 7,666 2003 (1) Homewood Suites San Antonio - San Antonio, TX 2011 15,916 5,999 24,764 7 5,181 6,006 29,945 35,951 29,945 5,900 1996 (1) Residence Inn Washington DC - Washington, DC 2011 — 6,083 22,063 28 5,597 6,111 27,660 33,771 27,660 5,968 1974 (1) Residence Inn Tyson's Corner - Vienna, VA 2011 21,782 5,752 28,917 — 568 5,752 29,485 35,237 29,485 5,491 2001 (1) Hampton Inn Portland Downtown - Portland, ME 2012 — 4,315 22,664 — 248 4,315 22,912 27,227 22,912 3,460 2011 (1) Courtyard Houston - Houston, TX 2013 17,976 5,600 27,350 — 2,143 5,600 29,493 35,093 29,493 4,285 2010 (1) Hyatt Place Pittsburgh - Pittsburgh, PA 2013 21,989 3,000 35,576 — 1208 3,000 36,784 39,784 36,784 5,049 2011 (1) Hampton Inn & Suites Exeter - Exeter, NH 2013 — 1,900 12,350 4 118 1,904 12,468 14,372 12,468 1,692 2010 (1) Hilton Garden Inn Denver Tech - Denver, CO 2013 — 4,100 23,100 5 595 4,105 23,695 27,800 23,695 3,274 1999 (1) Residence Inn Bellevue - Bellevue, WA 2013 44,680 13,800 56,957 — 2,151 13,800 59,108 72,908 59,108 7,846 2008 (1) SpringHill Suites Savannah - Savannah, GA 2013 30,000 2,400 36,050 — 1,324 2,400 37,374 39,774 37,374 4,942 2009 (1) Residence Inn Silicon Valley I - Sunnyvale, CA 2014 64,800 42,652 45,846 — 448 42,652 46,294 88,946 46,294 14,049 1983 (1) Residence Inn Silicon Valley II - Sunnyvale, CA 2014 70,700 46,474 50,380 — 1047 46,474 51,427 97,901 51,427 15,564 1985 (1) Residence Inn San Mateo - San Mateo, CA 2014 48,600 38,420 31,352 — 507 38,420 31,859 70,279 31,859 9,656 1985 (1) Residence Inn Mt. View - Mountain View, CA 2014 37,900 22,019 31,813 — 9,807 22,019 41,620 63,639 41,620 10,888 1985 (1) Hyatt Place Cherry Creek - Cherry Creek, CO 2014 — 3,700 26,300 — 1,651 3,700 27,951 31,651 27,951 3,065 1987 (1) Courtyard Addison - Dallas, TX 2014 — 2,413 21,554 — 2,236 2,413 23,790 26,203 23,790 2,579 2000 (1) Courtyard West University - Houston, TX 2014 — 2,012 17,916 — 478 2,012 18,394 20,406 18,394 1,938 2004 (1) Residence Inn West University - Houston, TX 2014 — 3,640 25,631 — 1,476 3,640 27,107 30,747 27,107 2,958 2004 (1) Hilton Garden Inn Burlington - Burlington, MA 2014 — 4,918 27,193 — 1,471 4,918 28,664 33,582 28,664 3,192 1975 (1) Residence Inn Gaslamp - San Diego, CA 2015 — — 89,040 — 1,688 — 90,728 90,728 90,728 8,799 2009 (1) Hilton Garden Inn Marina del Rey, CA 2015 21,355 — 43,210 — 627 — 43,837 43,837 43,837 3,652 2013 (1) Residence Inn Dedham, MA 2015 — 4,230 17,304 — 37 4,230 17,341 21,571 17,341 1,504 1998 (1) Residence Inn Ft. Lauderdale, FL 2015 — 9,200 24,048 — 1041 9,200 25,089 34,289 25,089 2,110 2008 (1) - continued - Initial Cost Gross Amount at End of Year Description Year of Acquisition Encumbrances Land Buildings & Improvements Cost Cap. Sub. To Acq. Land Cost Cap. Sub. To Acq. Bldg & Improvements Land Buildings & Improvements Total Bldg & Improvements Accumulated Depreciation Year of Original Construction Depreciation Life Warner Center 2017 — 6,500 — 99 — 6,599 — 6,599 — — (1) Hilton Garden Inn Portsmouth, NH 2017 — 3,600 37,630 — 254 3,600 37,884 41,484 37,884 1215 2006 (1) Courtyard Summerville, SC 2017 — 2,500 16,923 — 129 2,500 17,052 19,552 17,052 480 2014 (1) Embassy Suites Springfield, VA 2017 — 7,700 58,807 — 264 7,700 59,071 66,771 59,071 1583 2013 (1) Residence Inn Summerville, SC 2018 — 2,300 17,060 — 198 2,300 17,258 19,558 17,258 150 2018 (1) Courtyard Dallas Downtown, TX 2018 — 2,900 42,760 — 73 2,900 42,833 45,733 42,833 79 2018 (1) Grand Total(s) $ 295,812 $ 1,138,404 $ 443 $ 76,205 $ 296,255 $ 1,214,609 $ 1,510,864 $ 1,214,609 $ 187,780 (1) Depreciation is computed based upon the following estimated useful lives: Years Building 40 Land improvements 20 Building improvements 5-20 Notes: (a) The change in total cost of real estate assets for the year ended is as follows: 2018 2017 2016 2015 2014 2013 Balance at the beginning of the year $ 1,431,374 $ 1,320,273 $ 1,306,192 $ 1,105,504 $ 654,560 423,729 Acquisitions 65,020 133,660 — 187,032 444,233 222,273 Dispositions during the year — (33,053) — — — — Capital expenditures and transfers from construction-in-progress 14,470 10,494 14,081 13,656 6,711 8,558 Investment in Real Estate $ 1,510,864 $ 1,431,374 $ 1,320,273 $ 1,306,192 $ 1,105,504 $ 654,560 -continued- (b) The change in accumulated depreciation and amortization of real estate assets for the year ended is as follows: Balance at the beginning of the year $ 148,071 $ 116,866 $ 83,245 $ 50,910 $ 28,980 17,398 Depreciation and amortization 39,709 36,401 33,621 32,335 21,930 11,582 Dispositions during the year $ — $ (5196) $ — $ — $ — $ — Balance at the end of the year $ 187,780 $ 148,071 $ 116,866 $ 83,245 $ 50,910 $ 28,980 (c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,511,033 as of December 31, 2018. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying 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”). These consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. |
Reclassifications | ReclassificationsCertain prior period revenue and expense amounts in the consolidated financial statements have been reclassified to be comparable to the current period presentations. The reclassification did not have any impact on the net income. In addition, in accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, the Company moved the Gain (loss) on sale of hotel property line on the Company’s Consolidated Statements of Operations within Operating income for all periods presented. |
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. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable and mortgage debt. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for debt, the fair value of which is separately disclosed in Note 7. |
Investment in Hotel Properties | Investment in Hotel Properties The Company allocates the purchase prices of hotel properties acquired based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence. Hotel property acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees were expensed in 2016 and 2015. On January 1, 2017, the Company early adopted ASU 2017-01 "Definition of a Business" and now capitalizes these costs for asset acquisitions. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 5 to 20 years for building improvements and one The Company will periodically review its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property's estimated fair market value is recorded and an impairment loss recognized. For the year ended December 31, 2017, the Company incurred an impairment loss on its Washington SHS, PA hotel (See footnote 5). For the years ended December 31, 2018 and 2016, there were no impairment losses. |
Investment in Unconsolidated Real Estate Entities | Investment in Unconsolidated Real Estate Entities If it is determined that the Company does not have a controlling interest in a joint venture, either through its financial interest in a variable interest entity ("VIE") or in a voting interest entity, but does have the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, advances to and commitments for the investee. Investments in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. In the event a basis difference is created between the carrying amount of the Company's share of partner's capital, the resulting amount is allocated based on the assets of the investee and, if assigned to depreciable or amortizable assets, then amortized as a component of income (loss) from unconsolidated real estate entities. On January 1, 2016, the Company adopted accounting guidance under Accounting Standards Codification (ASC) Topic 810, "Consolidation,” modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities ("VIEs") or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a VIE of the Company. As the Operating Partnership is already consolidated in the financial statements of the Company, the identification of this entity as a VIE has no impact on the consolidated financial statements of the Company. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. In addition, there were no other voting interest entities under prior existing guidance determined to be variable interest entities under the revised guidance. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short term liquid investments with an original maturity of three months or less. Cash balances in individual banks may exceed federally insurable limits. |
Restricted Cash | Restricted Cash Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrows for reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company’s loans or hotel management agreements. |
Hotel Receivables | Hotel ReceivablesHotel receivables consist of amounts owed by guests staying in the hotels and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable losses. |
Deferred Costs | Deferred Costs Deferred costs consist of franchise agreement fees for the Company’s hotels, costs associated with potential future acquisitions and loan costs related to the Company’s senior unsecured revolving credit facility. Deferred costs consisted of the following at December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Loan costs $ 2,057 $ 4,561 Franchise fees 4,471 4,407 Other 133 21 6,661 8,989 Less accumulated amortization (1,591) (4,343) Deferred costs, net $ 5,070 $ 4,646 |
Mortgage Debt, net | Mortgage Debt, netMortgage debt, net consists of mortgage loans on certain hotel properties less the costs associated with acquiring those loans. |
Prepaid Expenses And Other Assets | Prepaid Expenses and Other Assets The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory. |
Distributions and Losses in Excess of Investments in Unconsolidated Real Estate Entities | Distributions and Losses in Excess of Investments in Unconsolidated Real Estate Entities At times, certain of the Company’s investments in unconsolidated entities' share of cumulative allocated losses and cash distributions received exceeds its cumulative allocated share of income and equity contributions. Although the Company typically does not make any guarantees of its investments in unconsolidated real estate entities other than certain customary non-recourse carve-out provisions, due to potential penalties along with potential upside from future financial returns, the Company generally intends to make any required capital contributions to maintain its ownership percentage and as such will record its share of cumulative allocated losses and cash distributions below zero. As a result, the carrying value of certain investments in unconsolidated entities is negative. Unconsolidated entities with negative carrying values are included in cash distributions and losses in excess of investments in unconsolidated entities in the Company’s consolidated balance sheets. |
Revenue Recognition | Revenue Recognition Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations. |
Share-Based Compensation | Share-Based Compensation The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. The Company measures compensation expense for the LTIP and Class A Performance units based upon the Monte Carlo approach using volatility, dividend yield and a risk free interest rate in the valuation. 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 vested and non-vested restricted shares, except for performance-based shares, for which dividends on unvested shares are not paid until those shares are vested. The Company has also issued Class A Performance LTIP units from time to time as part of its compensation practices. Prior to vesting, holders of Class A Performance LTIP Units will not be entitled to vote their Class A Performance LTIP units. In addition, under the terms of the Class A Performance LTIP units, a holder of a Class A Performance LTIP unit will generally (i) be entitled to receive 10% of the distributions made on a common unit of the Operating Partnership during the period prior to vesting of such Class A Performance LTIP unit (the “Pre-Vesting Distributions”), (ii) be entitled, upon the vesting of such Class A Performance LTIP unit, to receive a special one-time “catch-up” distribution equal to the aggregate amount of distributions that were paid on a common unit during the period prior to vesting of such Class A Performance LTIP unit minus the aggregate amount of Pre-Vesting Distributions paid on such Class A Performance LTIP unit, and (iii) be entitled, following the vesting of such Class A Performance LTIP unit, to receive the same amount of distributions paid on a common unit of the Operating Partnership. |
Earnings Per Share | Earnings Per Share A two class method is used to determine earnings per share. Basic earnings per share ("EPS") is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends or distributions, on unvested share grants and LTIP units, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of common units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and LTIP units that are subject solely to time-based vesting conditions are entitled to receive dividends or distributions on the Company's common shares or the Operating Partnership's common units, respectively, if declared. In addition, dividends on the Class A Performance LTIP units are paid the equivalent of 10% of the declared dividends on the Company's common shares. The rights to these dividends or distributions declared are non-forfeitable. As a result, the unvested restricted shares and LTIP units that are subject solely to time-based vesting conditions, as well as 10% of the unvested Class A Performance LTIP units, qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to these participating securities is based on the proportion of the weighted average of these outstanding participating securities to the sum of the basic weighted average common shares outstanding and the weighted average of these outstanding participating securities. Basic EPS is then computed by dividing income less earnings allocable to these participating securities by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities. |
Income Taxes | Income Taxes The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiary (a “TRS”) which, in turn is wholly owned by the Operating Partnership. Additionally, the Company indirectly owns its interest in the hotels owned by the NewINK JV (47 hotels) and the Inland JV (48 hotels) through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are leased to TRS Lessees in which the Company indirectly owns a noncontrolling interests through its TRS holding company. The TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of FASB Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases. On December 22, 2017, the TCJA was enacted. The TCJA includes a number of changes to the existing U.S. tax code, most notably a reduction of the U.S. corporate income tax rate from 35% to 21% effective for tax years beginning after December 31, 2017. Changes in tax rates and tax laws are accounted for in the period of enactment. Therefore, as a result of the TCJA being signed into law, the net deferred tax assets before valuation allowance were reduced by $0.6 million with a corresponding net adjustment to current year tax expense for the remeasurement of the Company’s U.S. net deferred tax assets. Our federal income tax expense for periods beginning in 2018 will be based on the new rate. As of December 31, 2018, the Company is no longer subject to U.S federal income tax examinations for years before 2015 and with few exceptions to state examinations before 2015. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provision for income taxes is required in the Company's consolidated financial statements as of December 31, 2018. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. During the third quarter of 2018, management was notified that the Company's TRS was going to be examined by the Internal Revenue Service for the tax year ended December 31, 2016. The examination remains open. The Company believes it does not need to record a liability related to matters contained in the tax period open to examination. However, should the Company experience an unfavorable outcome in the matter, such outcome could have a material impact on its results of operations, financial position and cash flows. |
Organizational and Offering Costs | Organizational and Offering CostsThe Company expenses organizational costs as incurred. Offering costs, which include selling commissions, are recorded as a reduction in additional paid-in capital in shareholders’ equity as shares are sold. For offering costs incurred prior to potential share offerings, these costs are initially recorded in deferred costs on the balance sheet and then recorded as a reduction to additional paid-in capital as shares are sold through the subsequent share offering. |
Segment Information | Segment InformationManagement evaluates the Company's hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards On February 25, 2016, the FASB issued updated accounting guidance which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new accounting guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase by the lessee. The classification of the lease will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases. We will adopt the new accounting guidance on January 1, 2019 and apply it based on the optional transition method provided for, which allows entities to recognize a cumulative-effect adjustment to the balance sheet on the adoption date. Upon adoption, we expect to apply the package of practical expedients made available under the new accounting guidance and also make an accounting policy election to not recognize right-of-use assets or lease liabilities for leases with terms of 12 months or less. For our ground lease agreements and corporate office lease agreement, all of which are currently accounted for as operating leases, we will recognize lease liabilities with corresponding right-of use assets of a similar amount which will have a material impact on our consolidated balance sheet. We are still evaluating the impact that this guidance will have on our consolidated financial statements. On January 1, 2018, the Company adopted accounting guidance under Accounting Standards Codification (ASU) Topic 2014-09, "Revenue from Contracts with Customers" on a modified retrospective basis. Our current revenue streams are not affected under the new model and we did not recognized a cumulative effect adjustment as part of the modified retrospective method of adoption. Furthermore, the new accounting guidance will not materially impact the recognition of or the accounting for disposition of hotels, since we primarily dispose of hotels to third parties in exchange for cash with few contingencies. As it relates to capitalization of costs to acquire customer contracts, the Company has elected to use the Financial Accounting Standards Board's ("FASB") practical expedient which allows us to expense costs to acquire customer contracts as they are incurred due to their short-term nature for a specified number of nights that never exceed one year. This guidance applies to all contracts as of the adoption date. The Company has applied all relevant disclosures of this standard. On January 1, 2018, the Company adopted accounting guidance under 2016-15 ("ASU 2016-15"), Classification of Certain Cash Receipts and Cash Payments, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. The Company has certain cash payments and receipts related to debt extinguishment that is affected by the new standard. The Company has historically classified distributions received from equity method investments under the cumulative earnings approach. As such, there was no impact due to application of the new guidance. The Company applied the new guidance on a retrospective basis. On January 1, 2018, the Company adopted accounting guidance under ASU 2016-18 ("ASU 2016-18"), Restricted Cash, which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This standard addresses presentation of restricted cash in the consolidated statements of cash flows only. Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrow reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company's loans. The Company applied the new guidance on a retrospective basis. On January 5, 2017, the FASB issued ASU 2017-01 ("ASU 2017-01"), Definition of a Business, which results in more acquisitions being accounted for as asset acquisitions across all industries, particularly real estate, pharmaceutical and oil and gas. Application of the changes would also affect the accounting for disposal transactions. The changes to the definition of a business will likely result in more of the Company's property acquisitions qualifying as asset acquisitions, which will permit capitalization of acquisition costs. This standard is effective for public business entities with a calendar year end in 2018 and all other entities have an additional year to adopt. The Company has adopted this guidance as of 2017. The adoption did not have a material impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Components of Deferred Costs | Deferred costs consisted of the following at December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Loan costs $ 2,057 $ 4,561 Franchise fees 4,471 4,407 Other 133 21 6,661 8,989 Less accumulated amortization (1,591) (4,343) Deferred costs, net $ 5,070 $ 4,646 |
Schedule of Mortgage Loans | Mortgage debt consisted of the following at December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Mortgage debt $ 503,555 $ 508,454 Deferred financing costs (1,773) (2,138) Mortgage debt, net $ 501,782 $ 506,316 |
Acquisition of Hotel Properti_2
Acquisition of Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Purchase Price Allocation | The allocation of the purchase price of each of the hotels acquired by the Company in 2018, based on the fair value on the date of its acquisition, dollars (in thousands): RI Summerville Dallas DT HGI Portsmouth CY Summerville ES Springfield Total Acquisition date 8/27/2018 12/5/2018 9/20/2017 11/15/2017 12/6/2017 Number of rooms (unaudited) 96 167 131 96 219 709 Land $ 2,300 $ 2,900 $ 3,600 $ 2,500 $ 7,700 $ 19,000 Building and improvements 17,060 42,760 37,630 16,923 58,807 173,180 Furniture, fixtures and equipment 1,234 3,340 2,120 730 1,490 8,914 Cash — 5 8 1 3 17 Accounts receivable — 8 32 1 — 41 Prepaid expenses and other assets — 68 12 28 129 237 Accounts payable and accrued expenses (9) (33) (27) (1) (51) (121) Net assets acquired, net of cash $ 20,585 $ 49,043 $ 43,367 $ 20,181 $ 68,075 $ 201,251 |
Revenue and Operating Income of New Hotels Acquired | The amount of revenue and operating income from the hotels acquired in 2018 and 2017 from their respective date of acquisition through December 31, 2018 is as follows (in thousands): For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 Acquisition Date Revenue Operating Income Revenue Operating Income Hilton Garden Inn Portsmouth, NH 9/20/17 $ 9,160 $ 3,977 $ 2,453 $ 1,116 Courtyard Summerville, SC 11/15/17 3,969 1,643 384 152 Embassy Suites Springfield, VA 12/6/17 13,886 5,573 674 161 Residence Inn Summerville, SC 8/27/18 875 176 — — Courtyard Dallas Downtown, TX 12/5/18 258 38 — — Total $ 28,148 $ 11,407 $ 3,511 $ 1,429 |
Investment in Hotel Properties
Investment in Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments Schedule [Abstract] | |
Investment in Hotel Properties | Investment in hotel properties as of December 31, 2018 and 2017 consisted of the following (in thousands): December 31, 2018 December 31, 2017 Land and improvements $ 296,253 $ 291,054 Building and improvements 1,214,780 1,140,477 Furniture, fixtures and equipment 73,411 63,443 Renovations in progress 25,370 13,262 1,609,814 1,508,236 Less: accumulated depreciation (236,041) (188,154) Investment in hotel properties, net $ 1,373,773 $ 1,320,082 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |
Additional Cash Flow Information | During the years ended December 31, 2018 and 2017, the Company received cash distributions from the NewINK JV as follows (in thousands): For the year ended December 31, 2018 2017 Cash generated from other activities and excess cash $ 3,186 $ 2,518 Total $ 3,186 $ 2,518 |
Schedule of Assets Liabilities and Equity of Joint Venture | The following tables sets forth the total assets, liabilities, equity and components of net income (loss), including the Company's share, related to all JVs for the years ended December 31, 2018, 2017 and 2016 (in thousands): Balance Sheet December 31, 2018 December 31, 2017 December 31, 2016 Assets Investment in hotel properties, net $ 2,309,396 $ 2,363,726 $ 1,849,295 Other assets 118,600 130,910 143,769 Total Assets $ 2,427,996 $ 2,494,636 $ 1,993,064 Liabilities Mortgages and notes payable, net $ 1,606,334 $ 1,597,351 $ 1,656,949 Other Liabilities 37,051 38,773 34,567 Total Liabilities 1,643,385 1,636,124 1,691,516 Equity Chatham Lodging Trust 79,744 87,326 30,428 Joint Venture Partner 704,867 771,186 271,120 Total Equity 784,611 858,512 301,548 Total Liabilities and Equity $ 2,427,996 $ 2,494,636 $ 1,993,064 |
Schedule of Income From Joint Venture | For the year ended December 31, 2018 2017 2016 Revenue $ 498,507 $ 487,174 $ 484,708 Total hotel operating expenses 329,756 294,280 289,569 Hotel operating income $ 168,751 $ 192,894 $ 195,139 Net income (loss) from continuing operations $ (24,400) $ (107) $ 964 Loss on sale of hotels $ — $ — $ — Net income (loss) $ (24,400) $ (107) $ 964 Income (loss) allocable to the Company $ (2,472) $ 7 $ 118 Basis difference adjustment $ 1,596 $ 1,575 $ 600 Total income (loss) from unconsolidated real estate entities attributable to Chatham $ (876) $ 1,582 $ 718 |
NewINK Joint Venture | |
Schedule of Equity Method Investments [Line Items] | |
Additional Cash Flow Information | During the years ended December 31, 2018 and 2017, the Company received cash distributions from the NewINK JV as follows (in thousands): |
Inland Joint Venture | |
Schedule of Equity Method Investments [Line Items] | |
Additional Cash Flow Information | During the years ended December 31, 2018 and 2017, the Company received cash distributions from the Inland JV as follows (in thousands): For the year ended December 31, 2018 2017 Cash generated from other activities and excess cash $ 1,850 $ 700 Total $ 1,850 $ 700 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Components of Mortgage Debt | Debt consisted of the following (in thousands): Loan/Collateral Interest Rate Maturity Date 12/31/18 Property Balance Outstanding as of December 31, 2018 December 31, Senior Unsecured Revolving Credit Facility (1) 4.45 % March 8, 2022 $ — $ 81,500 $ 32,000 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 18,400 13,361 13,762 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 45,971 27,885 28,469 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 31,091 15,916 16,253 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 30,906 21,782 22,251 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 31,667 17,976 18,375 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 35,736 21,989 22,437 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 65,840 44,680 45,462 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 37,398 32,620 33,160 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 80,231 64,800 64,800 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 82,460 70,700 70,700 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 62,090 48,600 48,600 Residence Inn by Marriott Mountain View, CA 4.64 % July 1, 2024 55,597 37,900 37,900 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 35,657 30,000 30,000 Hilton Garden Inn Marina del Rey, CA (2) 4.68 % July 6, 2024 40,560 21,355 21,760 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 14,870 15,965 16,225 Hampton Inn & Suites Houston Medical Cntr., TX 4.25 % January 6, 2025 14,642 18,026 18,300 Total debt before unamortized debt issue costs $ 683,116 $ 585,055 $ 540,454 Unamortized mortgage debt issue costs (1,773) (2,138) Total debt outstanding 583,282 538,316 1. The interest rate for the senior unsecured revolving credit facility is variable and based on LIBOR plus an applicable margin ranging from 1.55% to 2.3%, or prime plus an applicable margin of 0.55% to 1.3%. |
Future Scheduled Principal Payments of Debt Obligations | Future scheduled principal payments of debt obligations as of December 31, 2018, for each of the next five calendar years and thereafter are as follows (in thousands): Amount 2019 $ 6,992 2020 9,536 2021 21,962 2022 91,454 2023 142,546 Thereafter 312,565 Total $ 585,055 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 year ended December 31, 2018 2017 2016 Current: Federal $ — $ — $ 56 State — — 69 Current tax expense $ — $ — $ 125 Deferred: Federal 28 (350) 380 State — (46) 46 Deferred tax benefit (expense) 28 (396) 426 Total tax benefit (expense) $ 28 $ (396) $ 301 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to the combined income of the Company's TRS before taxes were as follows (in thousands): For the year ended December 31, 2018 2017 2016 Book income (loss) before income taxes of the TRS $ (6,040) $ (4,261) $ 974 Statutory rate of 21% for 2018 and 34% for prior years applied to pre-tax income $ (1,268) $ (1,449) $ 331 Effect of state and local income taxes, net of federal tax benefit (200) (108) 38 Tax reform impact — 644 — Provision to return adjustment — 5 (406) Permanent adjustments 12 13 16 Change in valuation allowance 1,456 1,289 (299) Valuation allowance release (28) — — Other — 2 19 Total income tax (benefit) expense $ (28) $ 396 $ (301) Effective tax rate .46 % (9.29) % (30.90) % |
Schedule of Deferred Tax Assets and Liabilities | The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2018 and 2017 are as follows (in thousands): For the year ended December 31, 2018 2017 Total deferreds: Allowance for doubtful accounts $ 68 $ 51 Accrued compensation 731 505 AMT credit 58 30 Total book to tax difference in partnership (193) (579) Net operating loss 2,654 1,312 Valuation allowance (3,260) (1,289) Net deferred tax asset $ 58 $ 30 |
Dividends Declared and Paid (Ta
Dividends Declared and Paid (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Dividends Declared and Paid | The dividends and distributions and their tax characterization were as follows: Record Payment Common LTIP Taxable Ordinary Income Return of Capital January 1/31/2018 2/23/2018 $ 0.11 $ 0.11 $ 0.0954 $ 0.0146 February 2/28/2018 3/30/2018 0.11 0.11 0.0954 0.0146 March 3/29/2018 4/27/2018 0.11 0.11 0.0954 0.0146 1st Quarter 2018 $ 0.33 $ 0.33 $ 0.2862 $ 0.0438 April 4/30/2018 5/25/2018 $ 0.11 $ 0.11 $ 0.0954 $ 0.0146 May 5/31/2018 6/29/2018 0.11 0.11 0.0954 0.0146 June 6/29/2018 7/27/2018 0.11 0.11 0.0954 0.0146 2nd Quarter 2018 $ 0.33 $ 0.33 $ 0.2862 $ 0.0438 July 7/31/2018 8/31/2018 $ 0.11 $ 0.11 $ 0.0954 $ 0.0146 August 8/31/2018 9/28/2018 0.11 0.11 0.0954 0.0146 September 9/28/2018 10/26/2018 0.11 0.11 0.0954 0.0146 3rd Quarter 2018 $ 0.33 $ 0.33 $ 0.2862 $ 0.0438 October 10/31/2018 11/30/2018 $ 0.11 $ 0.11 $ 0.0954 $ 0.0146 November 11/30/2018 12/28/2018 0.11 0.11 0.0954 0.0146 December 12/31/2018 1/25/2019 0.11 0.11 0.0954 0.0146 4th Quarter 2018 $ 0.33 $ 0.33 $ 0.2862 $ 0.0438 Total 2018 $ 1.32 $ 1.32 $ 1.1448 $ 0.1752 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 income per share (in thousands, except share and per share data): For the year ended December 31, 2018 2017 2016 Numerator: Net income $ 30,641 $ 29,478 $ 31,483 Dividends paid on unvested shares and LTIP units (310) (235) (189) Net income attributable to common shareholders $ 30,331 $ 29,243 $ 31,294 Denominator: Weighted average number of common shares - basic 46,073,515 39,859,143 38,299,067 Effect of dilutive securities: Unvested shares 170,145 253,123 183,808 Weighted average number of common shares - diluted 46,243,660 40,112,266 38,482,875 Basic income per Common Share: Net income attributable to common shareholders per weighted average common share $ 0.66 $ 0.73 $ 0.82 Diluted income per Common Share: Net income attributable to common shareholders per weighted average common share $ 0.66 $ 0.73 $ 0.81 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 years ended December 31, 2018, 2017 and 2016 is as follows: December 31, 2018 December 31, 2017 December 31, 2016 Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Non-vested at beginning of the period 57,514 $ 23.78 110,825 $ 22.05 170,480 $ 21.38 Granted 5,000 17.40 5,000 20.20 — — Vested (30,084) 26.24 (32,441) 25.77 (59,655) 20.14 Forfeited (24,096) 21.21 (25,870) 13.17 — — Unvested at end of the period 8,334 $ 18.52 57,514 $ 23.78 110,825 $ 22.05 |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | A summary of the Company's LTIP unit awards for the years ended years ended December 31, 2018, 2017 and 2016 is as follows: December 31, 2018 December 31, 2017 December 31, 2016 Number of Weighted - Number of Weighted - Number of Weighted - Non-vested at beginning of the period 482,056 $ 16.58 295,551 $ 14.36 183,300 $ 14.13 Granted 244,917 16.94 223,922 $ 19.20 112,251 $ 14.73 Vested (67,275) 16.42 (37,417) $ 14.73 — $ — Forfeited (183,300) 14.13 — $ — — $ — Non-vested at end of period 476,398 $ 17.73 482,056 $ 16.58 295,551 $ 14.36 |
Schedule of Share-based Payment Award, Performance-Based Long-Term Incentive Plan Payout Unit Awards | The 2018 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 150% of target value as follows: Relative TSR Hurdles (Percentile) Payout Percentage Threshold 25th 50% Target 50th 100% Maximum 75th 150% |
Schedule of Share-based Payment Award, Valuation Assumptions | The grant date fair value of the LTIPs and the assumptions used to estimate the values are as follows: Grant Date Number of Units Granted Estimated Value per Unit Volatility Dividend Yield Risk Free Interest Rate Outperformance Plan 6/1/2015 183,300 $14.13 26% 4.5% 0.95% 2016 Time-Based LTIP Unit Awards 1/28/2016 72,966 $16.69 28% —% 0.79% 2016 Performance-Based LTIP Unit Awards 1/28/2016 39,285 $11.09 30% 5.8% 1.13% 2017 Time-Based LTIP Unit Awards 3/1/2017 89,574 $18.53 24% —% 0.92% 2017 Performance-Based LTIP Unit Awards 3/1/2017 134,348 $19.65 25% 5.8% 1.47% 2018 Time-Based LTIP Unit Awards 3/1/2018 97,968 $16.83 26% —% 2.07% 2018 Performance-Based LTIP Unit Awards 3/1/2018 146,949 $17.02 26% 6.20% 2.37% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Future Obligation Payments Required Under Ground Leases | The following is a schedule of the minimum future payments required under the ground, air rights, garage leases and office lease as of December 31, 2018, for each of the next five calendar years and thereafter (in thousands): Amount Other (1) Office Lease 2019 $ 1,273 $ 792 2020 1,320 812 2021 1,326 831 2022 1,329 853 2023 1,332 874 Thereafter 69,225 2,436 Total $ 75,805 $ 6,598 (1) Other leases included ground, garage and air rights leases at our hotels. |
Schedule of Management Agreement Terms | As of December 31, 2018, terms of the Company's management agreements are (dollars are not in thousands): Property Management Company Base Management Fee Monthly Accounting Fee Monthly Revenue Management Fee Incentive Management Fee Cap Courtyard Altoona IHM 3.0 % $ 1,500 $ 1,000 1.0 % Springhill Suites Washington IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Minneapolis-Mall of America IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Nashville-Brentwood IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Dallas-Market Center IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Hartford-Farmington IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Orlando-Maitland IHM 3.0 % 1,200 1,000 1.0 % Hampton Inn & Suites Houston-Medical Center IHM 3.0 % 1,000 1,000 1.0 % Residence Inn Long Island Holtsville IHM 3.0 % 1,000 1,000 1.0 % Residence Inn White Plains IHM 3.0 % 1,000 750 1.0 % Residence Inn New Rochelle IHM 3.0 % 1,000 750 1.0 % Residence Inn Garden Grove IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Mission Valley IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton San Antonio River Walk IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Washington DC IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Tysons Corner IHM 3.0 % 1,200 1,000 1.0 % Hampton Inn Portland Downtown IHM 3.0 % 1,000 550 1.0 % Courtyard Houston IHM 3.0 % 1,000 550 1.0 % Hyatt Place Pittsburgh North Shore IHM 3.0 % 1,500 1,000 1.0 % Hampton Inn Exeter IHM 3.0 % 1,200 1,000 1.0 % Hilton Garden Inn Denver Tech IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Bellevue IHM 3.0 % 1,200 1,000 1.0 % Springhill Suites Savannah IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Silicon Valley I IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Silicon Valley II IHM 3.0 % 1,200 1,000 1.0 % Residence Inn San Mateo IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Mountain View IHM 3.0 % 1,200 1,000 1.0 % Hyatt Place Cherry Creek IHM 3.0 % 1,500 1,000 1.0 % Courtyard Addison IHM 3.0 % 1,500 1,000 1.0 % Courtyard West University Houston IHM 3.0 % 1,500 1,000 1.0 % Residence Inn West University Houston IHM 3.0 % 1,200 1,000 1.0 % Hilton Garden Inn Burlington IHM 3.0 % 1,500 1,000 1.0 % Residence Inn San Diego Gaslamp IHM 3.0 % 1,500 1,000 1.0 % Hilton Garden Inn Marina del Rey IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Dedham IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Il Lugano IHM 3.0 % 1,500 1,000 1.0 % Hilton Garden Inn Portsmouth IHM 3.0 % 1,500 1,000 1.0 % Courtyard Summerville IHM 3.0 % 1,500 1,000 1.0 % Embassy Suites Springfield IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Summerville IHM 3.0 % 1,500 1,000 1.0 % Courtyard Dallas IHM 3.0 % 1,500 1,000 1.0 % |
Schedule of Franchise Agreement Terms | Terms of the Company's franchise agreements are as of December 31, 2018: Property Franchise/Royalty Fee Marketing/Program Fee Expiration Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Minneapolis-Mall of America 4.0 % 4.0 % 2025 Homewood Suites by Hilton Nashville-Brentwood 4.0 % 4.0 % 2025 Homewood Suites by Hilton Dallas-Market Center 4.0 % 4.0 % 2025 Homewood Suites by Hilton Hartford-Farmington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Orlando-Maitland 4.0 % 4.0 % 2025 Hampton Inn & Suites Houston-Medical Center 5.0 % 4.0 % 2035 Courtyard Altoona 5.5 % 2.0 % 2030 Springhill Suites Washington 5.0 % 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 5.0 % 2.5 % 2031 Residence Inn Mission Valley 5.0 % 2.5 % 2031 Homewood Suites by Hilton San Antonio River Walk 4.0 % 4.0 % 2026 Residence Inn Washington DC 5.5 % 2.5 % 2033 Residence Inn Tysons Corner 5.0 % 2.5 % 2031 Hampton Inn Portland Downtown 6.0 % 4.0 % 2032 Courtyard Houston 5.5 % 2.0 % 2030 Hyatt Place Pittsburgh North Shore 5.0 % 3.5 % 2030 Hampton Inn Exeter 6.0 % 4.0 % 2031 Hilton Garden Inn Denver Tech 5.5 % 4.3 % 2028 Residence Inn Bellevue 5.5 % 2.5 % 2033 Springhill Suites Savannah 5.0 % 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 Hyatt Place Cherry Creek 3% to 5% 3.5 % 2034 Courtyard Addison 5.5 % 2.0 % 2029 Courtyard West University Houston 5.5 % 2.0 % 2029 Residence Inn West University Houston 6.0 % 2.5 % 2024 Hilton Garden Inn Burlington 5.5 % 4.3 % 2029 Residence Inn San Diego Gaslamp 6.0 % 2.5 % 2035 Hilton Garden Inn Marina del Rey 3% to 5.5% 4.3 % 2030 Residence Inn Dedham 6.0 % 2.5 % 2030 Residence Inn Il Lugano 3% to 6% 2.5 % 2045 Hilton Garden Inn Portsmouth 5.5 % 4.0 % 2037 Courtyard Summerville 6.0 % 2.5 % 2037 Embassy Suites Springfield 5.5 % 4.0 % 2037 Residence Inn Summerville 6.0 % 2.5 % 2038 Courtyard Dallas 4% to 6% 2.0 % 2038 |
Quarterly Operating Results (_2
Quarterly Operating Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Ended - 2018 March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenue $ 72,915 $ 85,374 $ 88,897 $ 77,044 Total operating expenses 62,630 66,237 68,522 68,707 Operating income 10,285 19,137 20,375 8,337 Net income attributable to common shareholders 2,848 13,387 14,580 (174) Income (loss) per common share, basic (1) 0.06 0.29 0.31 0.00 Income (loss) per common share, diluted (1) 0.06 0.29 0.31 0.00 Weighted average number of common shares outstanding: Basic 45,753,792 45,867,625 46,149,765 46,513,688 Diluted 46,022,690 46,084,688 46,384,969 46,765,797 Quarter Ended - 2017 March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenue $ 69,887 $ 78,647 $ 82,145 $ 71,165 Total operating expenses 57,861 67,738 61,785 58,095 Operating income 12,026 10,909 20,360 13,070 Net income attributable to common shareholders 4,613 5,034 14,393 5,438 Income per common share, basic (1) 0.12 0.13 0.36 0.12 Income per common share, diluted (1) 0.12 0.13 0.36 0.12 Weighted average number of common shares outstanding: Basic 38,361,113 38,525,306 39,298,974 43,205,683 Diluted 38,573,928 38,749,661 39,550,494 43,522,022 (1) The sum of per share amounts for the four quarters may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year. Unvested restricted shares and unvested LTIP units could potentially dilute basic earnings per share in the future were not 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. |
Organization - Additional Infor
Organization - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2018HotelRoomstate | Jun. 09, 2017Hotel | Dec. 30, 2015Hotel | Nov. 17, 2014 | Jun. 09, 2014 | |
Subsidiary, Sale of Stock [Line Items] | |||||
Percentage of common units of limited partnership owned (as a percentage) | 100.00% | ||||
Number of hotels in ownership by Company | 42 | ||||
Aggregate number of rooms in hotels | Room | 6,283 | ||||
Number of states in which hotels are owned | state | 15 | ||||
Initial term of each TRS lease | 5 years | ||||
Island Hospitality Management Inc. | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Ownership percentage in related party owned by the company's chairman | 51.00% | ||||
NewINK Joint Venture | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of hotels in ownership by Company | 47 | ||||
Indirect ownership in the leased, hotels | 10.30% | ||||
NewINK Joint Venture | Cerberus Capital Management | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of hotels managed by related party | 47 | ||||
Innkeepers Joint Venture | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Aggregate number of rooms in hotels | Room | 6,098 | ||||
Inland Joint Venture | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Aggregate number of rooms in hotels | Room | 6,402 | ||||
Indirect ownership in the leased, hotels | 10.00% | ||||
Number of hotels acquired | 48 | 48 | |||
Inland Joint Venture | Island Hospitality Management Inc. | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of hotels managed by related party | 34 | ||||
Inland Joint Venture | Marriott International, Inc. | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of hotels managed by related party | 14 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Investment in Hotel Properties (Details) - Hotel | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Number of hotel properties impaired | 0 | 0 | 0 |
Number of hotel properties held for sale | 0 | ||
Building | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 40 years | ||
Land Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 20 years | ||
Building Improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years | ||
Building Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 20 years | ||
Furniture, fixtures, and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 1 year | ||
Furniture, fixtures, and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Investment in Unconsolidated Real Estate Entities (Details) - Hotel | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | |||
Number of hotel properties impaired | 0 | 0 | 0 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Restricted Cash and Hotel Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 25,145 | $ 27,166 |
Hotel receivables, allowance for doubtful accounts | 264 | 200 |
Renovation, Property Tax And Insurance Escrows | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 25,100 | $ 27,200 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Deferred Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Costs [Abstract] | |||
Loan costs | $ 2,057 | $ 4,561 | |
Franchise fees | 4,471 | 4,407 | |
Other | 133 | 21 | |
Deferred costs, gross | 6,661 | 8,989 | |
Less accumulated amortization | (1,591) | (4,343) | |
Deferred costs, net | 5,070 | 4,646 | |
Schedule of Deferred Costs [Line Items] | |||
Amortization of deferred franchise fees | 237 | 217 | $ 214 |
Amortization of deferred financing fees included in interest expense | 902 | 648 | 1,076 |
Franchise | |||
Schedule of Deferred Costs [Line Items] | |||
Amortization of deferred franchise fees | 200 | 200 | 200 |
Loans | |||
Schedule of Deferred Costs [Line Items] | |||
Amortization of deferred financing fees included in interest expense | 900 | 600 | 700 |
Mortgages | |||
Schedule of Deferred Costs [Line Items] | |||
Amortization of deferred financing fees included in interest expense | $ 400 | $ 100 | $ 400 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Mortgage Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Mortgage debt | $ 503,555 | $ 508,454 |
Deferred financing costs | (1,773) | 2,138 |
Mortgage debt, net | $ 501,782 | $ 506,316 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | Dec. 22, 2017USD ($) | Jun. 01, 2015 | Dec. 31, 2018USD ($)Hotel | Dec. 31, 2017USD ($) | Dec. 30, 2015Hotel |
Income Tax Holiday [Line Items] | |||||
Percentage of REIT taxable income distributed to its shareholders (at least) | 90.00% | ||||
Tax holiday period for REIT taxable income | 4 years | ||||
Number of hotels in ownership by Company | Hotel | 42 | ||||
Deferred tax asset related to TCJA | $ | $ 600 | ||||
Deferred finance costs, net | $ | $ 0 | $ 0 | |||
NewINK Joint Venture | |||||
Income Tax Holiday [Line Items] | |||||
Number of hotels in ownership by Company | Hotel | 47 | ||||
Class A Performance LTIP Units | |||||
Income Tax Holiday [Line Items] | |||||
Distribution entitlement (in percentage) | 10.00% |
Acquisition of Hotel Properti_3
Acquisition of Hotel Properties - Additional Information (Details) - USD ($) $ in Millions | Dec. 05, 2018 | Aug. 27, 2018 | Dec. 06, 2017 | Nov. 15, 2017 | Sep. 20, 2017 | Aug. 29, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||||||
Property acquisition costs capitalized | $ 0.1 | $ 0.7 | ||||||
Dallas Downtown Courtyard | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration transferred | $ 49 | |||||||
Hilton Garden Inn Portsmouth | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration transferred | $ 43.4 | |||||||
Courtyard Summerville, SC | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration transferred | $ 20.8 | $ 20.2 | ||||||
Embassy Suites Springfield, VA | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration transferred | $ 68.1 | |||||||
Los Angeles County | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration transferred | $ 6.5 |
Acquisition of Hotel Properti_4
Acquisition of Hotel Properties - Allocation of Purchase Price to Hotels Based on Fair Value (Details) $ in Thousands | Dec. 05, 2018USD ($)Hotel | Aug. 27, 2018USD ($)Hotel | Dec. 06, 2017USD ($)Room | Nov. 15, 2017USD ($)Room | Sep. 20, 2017USD ($)Hotel | Dec. 31, 2018USD ($)Room |
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||||||
Number of rooms (unaudited) | Room | 709 | |||||
Land | $ 19,000 | |||||
Building and improvements | 173,180 | |||||
Furniture, fixtures and equipment | 8,914 | |||||
Cash | 17 | |||||
Accounts receivable | 41 | |||||
Prepaid expenses and other assets | 237 | |||||
Accounts payable and accrued expenses | (121) | |||||
Net assets acquired, net of cash | $ 201,251 | |||||
Residence Inn Summerville | ||||||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||||||
Number of rooms (unaudited) | Hotel | 96 | |||||
Land | $ 2,300 | |||||
Building and improvements | 17,060 | |||||
Furniture, fixtures and equipment | 1,234 | |||||
Cash | 0 | |||||
Accounts receivable | 0 | |||||
Prepaid expenses and other assets | 0 | |||||
Accounts payable and accrued expenses | (9) | |||||
Net assets acquired, net of cash | $ 20,585 | |||||
Dallas Downtown Courtyard | ||||||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||||||
Number of rooms (unaudited) | Hotel | 167 | |||||
Land | $ 2,900 | |||||
Building and improvements | 42,760 | |||||
Furniture, fixtures and equipment | 3,340 | |||||
Cash | 5 | |||||
Accounts receivable | 8 | |||||
Prepaid expenses and other assets | 68 | |||||
Accounts payable and accrued expenses | (33) | |||||
Net assets acquired, net of cash | $ 49,043 | |||||
Hilton Garden Inn Portsmouth | ||||||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||||||
Number of rooms (unaudited) | Hotel | 131 | |||||
Land | $ 3,600 | |||||
Building and improvements | 37,630 | |||||
Furniture, fixtures and equipment | 2,120 | |||||
Cash | 8 | |||||
Accounts receivable | 32 | |||||
Prepaid expenses and other assets | 12 | |||||
Accounts payable and accrued expenses | (27) | |||||
Net assets acquired, net of cash | $ 43,367 | |||||
Courtyard Summerville, SC | ||||||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||||||
Number of rooms (unaudited) | Room | 96 | |||||
Land | $ 2,500 | |||||
Building and improvements | 16,923 | |||||
Furniture, fixtures and equipment | 730 | |||||
Cash | 1 | |||||
Accounts receivable | 1 | |||||
Prepaid expenses and other assets | 28 | |||||
Accounts payable and accrued expenses | (1) | |||||
Net assets acquired, net of cash | $ 20,181 | |||||
Embassy Suites Springfield | ||||||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||||||
Number of rooms (unaudited) | Room | 219 | |||||
Land | $ 7,700 | |||||
Building and improvements | 58,807 | |||||
Furniture, fixtures and equipment | 1,490 | |||||
Cash | 3 | |||||
Accounts receivable | 0 | |||||
Prepaid expenses and other assets | 129 | |||||
Accounts payable and accrued expenses | (51) | |||||
Net assets acquired, net of cash | $ 68,075 |
Acquisition of Hotel Properti_5
Acquisition of Hotel Properties - Revenue and Operating Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Hilton Garden Inn Portsmouth | ||
Business Acquisition [Line Items] | ||
Revenue | $ 9,160 | $ 2,453 |
Operating Income | 3,977 | 1,116 |
Courtyard Summerville, SC | ||
Business Acquisition [Line Items] | ||
Revenue | 3,969 | 384 |
Operating Income | 1,643 | 152 |
Embassy Suites Springfield, VA | ||
Business Acquisition [Line Items] | ||
Revenue | 13,886 | 674 |
Operating Income | 5,573 | 161 |
Residence Inn Summerville | ||
Business Acquisition [Line Items] | ||
Revenue | 875 | 0 |
Operating Income | 176 | 0 |
Dallas Downtown Courtyard | ||
Business Acquisition [Line Items] | ||
Revenue | 258 | 0 |
Operating Income | 38 | 0 |
Total | ||
Business Acquisition [Line Items] | ||
Revenue | 28,148 | 3,511 |
Operating Income | $ 11,407 | $ 1,429 |
Disposition of Hotel Properti_2
Disposition of Hotel Properties - Narrative (Details) - USD ($) $ in Thousands | Dec. 20, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of hotel property | $ (18) | $ 3,327 | $ 0 | |
Homewood Suites by Hilton Carlsbad (North San Diego County) | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Amount sold in disposition of property | $ 33,000 | |||
Gain on sale of hotel property | 3,300 | |||
Operating income in disposition of property | $ 0 | $ 2,800 | $ 2,500 | |
Mortgage loan secured by hotel | $ 20,000 |
Investment in Hotel Propertie_2
Investment in Hotel Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments Schedule [Abstract] | |||
Land and improvements | $ 296,253 | $ 291,054 | |
Building and improvements | 1,214,780 | 1,140,477 | |
Furniture, fixtures and equipment | 73,411 | 63,443 | |
Renovations in progress | 25,370 | 13,262 | |
Investment in hotel properties, at cost | 1,609,814 | 1,508,236 | |
Less: accumulated depreciation | (236,041) | (188,154) | |
Investment in hotel properties, net | 1,373,773 | 1,320,082 | |
Asset impairment charges | $ 0 | $ 6,663 | $ 0 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities - Additional Information (Details) | Jun. 09, 2017USD ($)option | May 09, 2017USD ($)option | Dec. 31, 2018USD ($)HotelRoom | Dec. 31, 2017USD ($) | Dec. 30, 2015Hotel | Nov. 17, 2014 | Jun. 09, 2014 |
Schedule of Equity Method Investments [Line Items] | |||||||
Aggregate number of rooms in hotels | Room | 6,283 | ||||||
Investment in unconsolidated real estate entities | $ 21,545,000 | $ 24,389,000 | |||||
Number of hotels in ownership by Company | Hotel | 42 | ||||||
Outstanding borrowing under the revolving credit facility | $ 81,500,000 | 32,000,000 | |||||
Percentage of maximum amount of debt outstanding | 15.00% | ||||||
Percentage of outstanding debt balances | 20.00% | ||||||
Innkeepers Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Aggregate number of rooms in hotels | Room | 6,098 | ||||||
NewINK Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Indirect ownership in the leased, hotels | 10.30% | ||||||
Investment in joint venture | $ (9,700,000) | ||||||
Percentage ownership by third party (in percentage) | 89.70% | ||||||
Investment in unconsolidated real estate entities | 47,500,000 | 51,800,000 | |||||
Difference between carrying amount and share of partners' capital | 57,100,000 | 58,400,000 | |||||
Number of hotels in ownership by Company | Hotel | 47 | ||||||
Inland Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Indirect ownership in the leased, hotels | 10.00% | ||||||
Investment in joint venture | $ 21,500,000 | ||||||
Aggregate number of rooms in hotels | Room | 6,402 | ||||||
Percentage ownership by third party (in percentage) | 90.00% | ||||||
Investment in unconsolidated real estate entities | $ 32,300,000 | 35,500,000 | |||||
Difference between carrying amount and share of partners' capital | $ 10,700,000 | $ 11,100,000 | |||||
Senior Notes | NewINK Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Loan amount refinanced | $ 840,000,000 | ||||||
Outstanding borrowing under the revolving credit facility | $ 850,000,000 | ||||||
Senior Notes | Inland Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Loan amount refinanced | $ 817,000,000 | ||||||
Outstanding borrowing under the revolving credit facility | 780,000,000 | ||||||
Additional borrowing capacity | $ 5,000,000 | ||||||
LIBOR | Senior Notes | NewINK Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 2.79% | ||||||
Number of extension options | option | 3 | ||||||
Period of extension options | 1 year | ||||||
LIBOR | Senior Notes | Inland Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 3.30% | ||||||
Number of extension options | option | 3 | ||||||
Period of extension options | 1 year |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities - Cash Received and Distributions from Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
NewINK Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash generated from other activities and excess cash | $ 3,186 | $ 2,518 |
Net change in cash and cash equivalents | 3,186 | 2,518 |
Inland Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash generated from other activities and excess cash | 1,850 | 700 |
Net change in cash and cash equivalents | $ 1,850 | $ 700 |
Investment in Unconsolidated _5
Investment in Unconsolidated Entities - Components of Assets, Liabilities, and Equity Related to Joint Venture (Details) (Details) - Total Minority Interest Joint Ventures - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | |||
Investment in hotel properties, net | $ 2,309,396 | $ 2,363,726 | $ 1,849,295 |
Other assets | 118,600 | 130,910 | 143,769 |
Total Assets | 2,427,996 | 2,494,636 | 1,993,064 |
Liabilities | |||
Mortgages and notes payable | 1,606,334 | 1,597,351 | 1,656,949 |
Other Liabilities | 37,051 | 38,773 | 34,567 |
Total Liabilities | 1,643,385 | 1,636,124 | 1,691,516 |
Equity | |||
Chatham Lodging Trust | 79,744 | 87,326 | 30,428 |
Joint Venture Partner | 704,867 | 771,186 | 271,120 |
Total Equity | 784,611 | 858,512 | 301,548 |
Total Liabilities and Equity | $ 2,427,996 | $ 2,494,636 | $ 1,993,064 |
Investment in Unconsolidated _6
Investment in Unconsolidated Entities - Components of Net Loss, Including Share, Related to Joint Venture (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total hotel operating expenses | $ 68,707 | $ 68,522 | $ 66,237 | $ 62,630 | $ 58,095 | $ 61,785 | $ 67,738 | $ 57,861 | $ 266,078 | $ 248,806 | $ 236,935 |
Operating income | $ 8,337 | $ 20,375 | $ 19,137 | $ 10,285 | $ 13,070 | $ 20,360 | $ 10,909 | $ 12,026 | 58,134 | 56,365 | 58,936 |
Net income attributable to common shareholders | 30,641 | 29,478 | 31,483 | ||||||||
Total income (loss) from unconsolidated real estate entities attributable to Chatham | 0 | 0 | (10) | ||||||||
Total Minority Interest Joint Ventures | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenue | 498,507 | 487,174 | 484,708 | ||||||||
Total hotel operating expenses | 329,756 | 294,280 | 289,569 | ||||||||
Operating income | 168,751 | 192,894 | 195,139 | ||||||||
Net income (loss) from continuing operations | (24,400) | (107) | 964 | ||||||||
Loss on sale of hotels | 0 | 0 | 0 | ||||||||
Net income attributable to common shareholders | (24,400) | (107) | 964 | ||||||||
Income (loss) allocable to the Company | (2,472) | 7 | 118 | ||||||||
Basis difference adjustment | 1,596 | 1,575 | 600 | ||||||||
Total income (loss) from unconsolidated real estate entities attributable to Chatham | $ (876) | $ 1,582 | $ 718 |
Debt - Components of Mortgage D
Debt - Components of Mortgage Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Participating Mortgage Loans [Line Items] | ||
Carrying Value | $ 683,116 | |
Balance Outstanding | 585,055 | $ 540,454 |
Unamortized mortgage debt issue costs | (1,773) | (2,138) |
Total debt outstanding | $ 583,282 | 538,316 |
Senior Unsecured Revolving Credit Facility | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.45% | |
Carrying Value | $ 0 | |
Balance Outstanding | $ 81,500 | 32,000 |
Residence Inn by Marriott New Rochelle, NY | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 5.75% | |
Carrying Value | $ 18,400 | |
Balance Outstanding | $ 13,361 | 13,762 |
Residence Inn by Marriott San Diego, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.66% | |
Carrying Value | $ 45,971 | |
Balance Outstanding | $ 27,885 | 28,469 |
Homewood Suites by Hilton San Antonio, TX | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.59% | |
Carrying Value | $ 31,091 | |
Balance Outstanding | $ 15,916 | 16,253 |
Residence Inn by Marriott Vienna, VA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.49% | |
Carrying Value | $ 30,906 | |
Balance Outstanding | $ 21,782 | 22,251 |
Courtyard by Marriott Houston, TX | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.19% | |
Carrying Value | $ 31,667 | |
Balance Outstanding | $ 17,976 | 18,375 |
Hyatt Place Pittsburgh, PA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.65% | |
Carrying Value | $ 35,736 | |
Balance Outstanding | $ 21,989 | 22,437 |
Residence Inn by Marriott Bellevue, WA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.97% | |
Carrying Value | $ 65,840 | |
Balance Outstanding | $ 44,680 | 45,462 |
Residence Inn by Marriott Garden Grove, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.79% | |
Carrying Value | $ 37,398 | |
Balance Outstanding | $ 32,620 | 33,160 |
Residence Inn by Marriott Silicon Valley I, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.64% | |
Carrying Value | $ 80,231 | |
Balance Outstanding | $ 64,800 | 64,800 |
Residence Inn by Marriott Silicon Valley II, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.64% | |
Carrying Value | $ 82,460 | |
Balance Outstanding | $ 70,700 | 70,700 |
Residence Inn by Marriott San Mateo, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.64% | |
Carrying Value | $ 62,090 | |
Balance Outstanding | $ 48,600 | 48,600 |
Residence Inn by Marriott Mountain View, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.64% | |
Carrying Value | $ 55,597 | |
Balance Outstanding | $ 37,900 | 37,900 |
SpringHill Suites by Marriott Savannah, GA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.62% | |
Carrying Value | $ 35,657 | |
Balance Outstanding | $ 30,000 | 30,000 |
Hilton Garden Inn Marina del Rey, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.68% | |
Carrying Value | $ 40,560 | |
Balance Outstanding | $ 21,355 | 21,760 |
Homewood Suites by Hilton Billerica, MA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.32% | |
Carrying Value | $ 14,870 | |
Balance Outstanding | $ 15,965 | 16,225 |
Hampton Inn & Suites Houston Medical Cntr., TX | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.25% | |
Carrying Value | $ 14,642 | |
Balance Outstanding | $ 18,026 | $ 18,300 |
Debt - Components of Mortgage_2
Debt - Components of Mortgage Debt (Footnotes) (Details) - Senior Unsecured Revolving Credit Facility | Mar. 08, 2018 | Dec. 31, 2018 |
Minimum | ||
Participating Mortgage Loans [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.00% | |
Maximum | ||
Participating Mortgage Loans [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.50% | |
LIBOR | Minimum | ||
Participating Mortgage Loans [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.55% | |
LIBOR | Maximum | ||
Participating Mortgage Loans [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.30% | |
Prime Rate | Minimum | ||
Participating Mortgage Loans [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.55% | |
Prime Rate | Maximum | ||
Participating Mortgage Loans [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.30% |
Debt - Additional Information (
Debt - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Mar. 08, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||
Maximum borrowing availability under revolving credit facility | $ 250,000,000 | ||
Outstanding borrowing under the revolving credit facility | $ 81,500,000 | $ 32,000,000 | |
Consolidated fixed charge coverage ratio (in percentage) | 3.3 | ||
Fixed charge coverage ratio (in percentage) | 1.5 | ||
Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Estimated fair value of debt | $ 489,000,000 | 506,600,000 | |
Senior Secured Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing availability under revolving credit facility | $ 250,000,000 | ||
Estimated fair value of debt | 81,500,000 | 32,000,000 | |
Outstanding borrowing under the revolving credit facility | $ 81,500,000 | $ 32,000,000 | |
LIBOR | Variable rate debt | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.65% |
Debt - Summary of Amendment to
Debt - Summary of Amendment to Senior Secured Revolving Credit Facility (Details) | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
Borrowing capacity (up to) | $ 250,000,000 |
Debt - Summary of Amendment t_2
Debt - Summary of Amendment to Senior Secured Revolving Credit Facility (Descriptors) (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Senior Secured Notes [Line Items] | |
Amounts which can be increased to the credit facility, subject to lender approval (up to) | $ 150,000,000 |
Minimum | LIBOR | |
Senior Secured Notes [Line Items] | |
Line of credit, interest spread basis points (in percentage) | 1.55% |
Maximum | LIBOR | |
Senior Secured Notes [Line Items] | |
Line of credit, interest spread basis points (in percentage) | 2.30% |
Debt - Future Scheduled Princip
Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,019 | $ 6,992 | |
2,020 | 9,536 | |
2,021 | 21,962 | |
2,022 | 91,454 | |
2,023 | 142,546 | |
Thereafter | 312,565 | |
Total | $ 585,055 | $ 540,454 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ 0 | $ 0 | $ 56,000 |
State | 0 | 0 | 69,000 |
Current tax expense | 0 | 0 | 125,000 |
Deferred: | |||
Federal | 28,000 | (350,000) | 380,000 |
State | 0 | (46,000) | 46,000 |
Deferred tax benefit | 28,000 | (396,000) | 426,000 |
Total tax (expense) benefit | $ (28,000) | $ 396,000 | $ (301,000) |
Income Taxes - Difference Betwe
Income Taxes - Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate (Detail) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Book income (loss) before income taxes of the TRS | $ (6,040) | $ (4,261) | $ 974 |
Statutory rate applied to pre-tax income | (1,268) | (1,449) | 331 |
Effect of state and local income taxes, net of federal tax benefit | (200) | (108) | 38 |
Tax reform impact | 0 | 644 | 0 |
Provision to return adjustment | 0 | 5 | (406) |
Permanent adjustments | 12 | 13 | 16 |
Change in valuation allowance | 1,456 | 1,289 | (299) |
Valuation allowance release | (28) | 0 | 0 |
Other | 0 | 2 | 19 |
Total tax (expense) benefit | $ (28) | $ 396 | $ (301) |
Effective tax rate | 0.46% | (9.29%) | (30.90%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Dec. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Taxes [Line Items] | |||
Deferred tax asset related to TCJA | $ 600,000 | ||
Valuation allowance | $ 3,300,000 | $ 1,300,000 | |
Trs Lessee One | |||
Income Taxes [Line Items] | |||
Deferred tax asset | $ 100,000 |
Income Taxes - Difference Bet_2
Income Taxes - Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate (Descriptors) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 21.00% | 34.00% | 34.00% |
Income Taxes - Tax Effect of Ea
Income Taxes - Tax Effect of Each Type of Temporary Difference and Carry Forward that Gives Rise to Deferred Tax Asset (Detail) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets, Net [Abstract] | ||
Allowance for doubtful accounts | $ 68 | $ 51 |
Accrued compensation | 731 | 505 |
AMT credit | 58 | 30 |
Total book to tax difference in partnership | 193 | 579 |
Net operating loss | 2,654 | 1,312 |
Valuation allowance | (3,260) | (1,289) |
Net deferred tax asset | $ 58 | $ 30 |
Dividends Declared and Paid - A
Dividends Declared and Paid - Additional Information (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | ||
Total regular dividends declared (in dollars per shares) | $ 1.32 | |
Regular Long-term incentive plan (LTIP) units, distributions per unit (in dollars per share) | $ 1.32 | |
Percentage of distribution considered taxable income | 86.70% | 94.70% |
Percentage of 1250 unrecaptured gain | 13.30% | |
Percentage of distribution considered capital gain | 5.30% |
Dividends Declared and Paid - D
Dividends Declared and Paid - Dividend Information (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 30, 2018 | Nov. 30, 2018 | Oct. 31, 2018 | Sep. 30, 2018 | Aug. 31, 2018 | Jul. 31, 2018 | Jun. 29, 2018 | May 31, 2018 | Apr. 30, 2018 | Mar. 30, 2018 | Feb. 28, 2018 | Jan. 30, 2018 | Dec. 30, 2017 | Nov. 30, 2017 | Oct. 31, 2017 | Sep. 29, 2017 | Aug. 31, 2017 | Jul. 31, 2017 | Jun. 29, 2017 | May 31, 2017 | Apr. 30, 2017 | Mar. 30, 2017 | Feb. 28, 2017 | Jan. 30, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | ||||||||||||||||||||||||||||||||||
Common Share Distribution Amount (in dollars per share) | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.33 | $ 1.32 | $ 1.32 |
LTIP Unit Distribution Amount (in dollars per share) | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 1.32 | 1.32 |
Ordinary Income (in dollars per share) | 0.0954 | 0.0954 | 0.0954 | 0.0954 | 0.0954 | 0.0954 | 0.0954 | 0.0954 | 0.0954 | 0.0954 | 0.0954 | 0.0954 | 0.1042 | 0.1042 | 0.1042 | 0.1042 | 0.1042 | 0.1042 | 0.1042 | 0.1042 | 0.1042 | 0.1042 | 0.1042 | 0.1042 | 0.2862 | 0.2862 | 0.2862 | 0.2862 | 0.3126 | 0.3126 | 0.3126 | 0.3126 | 1.1448 | 1.2504 |
Capital Gain (in dollars per share) | $ 0.0146 | $ 0.0146 | $ 0.0146 | $ 0.0146 | $ 0.0146 | $ 0.0146 | $ 0.0146 | $ 0.0146 | $ 0.0146 | $ 0.0146 | $ 0.0146 | $ 0.0146 | $ 0.0438 | $ 0.0438 | $ 0.0438 | $ 0.0438 | $ 0.1752 | |||||||||||||||||
Unrecaptured section 1250 gain (in dollars per share) | $ 0.0058 | $ 0.0058 | $ 0.0058 | $ 0.0058 | $ 0.0058 | $ 0.0058 | $ 0.0058 | $ 0.0058 | $ 0.0058 | $ 0.0058 | $ 0.0058 | $ 0.0058 | $ 0.0174 | $ 0.0174 | $ 0.0174 | $ 0.0174 | $ 0.0696 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) | Mar. 01, 2018shares | Mar. 01, 2017shares | Jan. 28, 2016shares | Jun. 01, 2015shares | Dec. 31, 2017USD ($)$ / sharesshares | Jan. 31, 2014USD ($) | Dec. 31, 2018USD ($)vote$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)shares |
Stockholders Equity Note Disclosure [Line Items] | |||||||||
Common shares, shares authorized (up to) (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | ||||||
Common shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Number of votes per common share | vote | 1 | ||||||||
Common shares, shares outstanding (in shares) | 45,375,266 | 46,525,652 | 45,375,266 | ||||||
Proceeds from issuance of common shares | $ | $ 24,486,000 | $ 150,691,000 | $ 482,000 | ||||||
Preferred shares, shares authorized (up to) (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | ||||||
Preferred shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | ||||||
Operating partnership common units held by unaffiliated third parties (in shares) | 0 | 0 | 0 | ||||||
Long Term Incentive Plan Units | |||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||
Percent of units with full parity that have vested | 100.00% | ||||||||
Shares granted (in shares) | 183,300 | 244,917 | 223,922 | 112,251 | |||||
Class A Performance LTIP Units | |||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||
Distribution entitlement (in percentage) | 10.00% | ||||||||
Long Term Incentive Plan Units, Time-Based | |||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||
Shares granted (in shares) | 97,968 | 89,574 | 72,966 | ||||||
DRSP Plan | |||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||
Additional common shares issued (in shares) | 1,508,046 | 741,730 | |||||||
Stock purchase plan, authorized amount | $ | $ 50,000,000 | $ 25,000,000 | |||||||
Weighted average price per share (in dollars per share) | $ / shares | $ 21.55 | $ 21 | |||||||
Remaining authorized repurchase amount | $ | $ 32,500,000 | ||||||||
New DRSPP | |||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||
Additional common shares issued (in shares) | 766,574 | ||||||||
Weighted average price per share (in dollars per share) | $ / shares | $ 22.08 | ||||||||
Proceeds from issuance of common shares | $ | $ 16,900,000 | ||||||||
ATM Plan | |||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||
Common shares, shares outstanding (in shares) | 350,975 | ||||||||
Additional common shares issued (in shares) | 2,498,670 | 2,147,695 | |||||||
Stock purchase plan, authorized amount | $ | $ 100,000,000 | $ 50,000,000 | |||||||
Weighted average price per share (in dollars per share) | $ / shares | $ 21.83 | $ 21.87 | |||||||
Proceeds from issuance of common shares | $ | $ 7,600,000 | ||||||||
Remaining authorized repurchase amount | $ | $ 92,400,000 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net income | $ 30,641 | $ 29,478 | $ 31,483 | ||||||||
Dividends paid on unvested shares and LTIP units | (310) | (235) | (189) | ||||||||
Net income attributable to common shareholders | $ (174) | $ 14,580 | $ 13,387 | $ 2,848 | $ 5,438 | $ 14,393 | $ 5,034 | $ 4,613 | $ 30,331 | $ 29,243 | $ 31,294 |
Denominator: | |||||||||||
Weighted average number of common shares - basic (in shares) | 46,513,688 | 46,149,765 | 45,867,625 | 45,753,792 | 43,205,683 | 39,298,974 | 38,525,306 | 38,361,113 | 46,073,515 | 39,859,143 | 38,299,067 |
Effect of dilutive securities: | |||||||||||
Unvested shares (in shares) | 170,145 | 253,123 | 183,808 | ||||||||
Weighted average number of common shares - diluted (In shares) | 46,765,797 | 46,384,969 | 46,084,688 | 46,022,690 | 43,522,022 | 39,550,494 | 38,749,661 | 38,573,928 | 46,243,660 | 40,112,266 | 38,482,875 |
Basic income per Common Share: | |||||||||||
Net income attributable to common shareholders per weighted average common share (in dollars per share) | $ 0 | $ 0.31 | $ 0.29 | $ 0.06 | $ 0.12 | $ 0.36 | $ 0.13 | $ 0.12 | $ 0.66 | $ 0.73 | $ 0.82 |
Diluted income per Common Share: | |||||||||||
Net income attributable to common shareholders per weighted average common share (in dollars per share) | $ 0 | $ 0.31 | $ 0.29 | $ 0.06 | $ 0.12 | $ 0.36 | $ 0.13 | $ 0.12 | $ 0.66 | $ 0.73 | $ 0.81 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Details) $ / shares in Units, $ in Millions | Jan. 16, 2019shares | Mar. 01, 2018$ / sharesshares | Jun. 01, 2015shares | May 17, 2013shares | Jan. 31, 2018shares | Jan. 31, 2017shares | Jan. 31, 2016shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares |
Independent Trustees | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Trustee fees | $ | $ 0.1 | $ 0.1 | $ 0.1 | |||||||
Common shares issued as compensation for services performed (in shares) | 21,670 | 23,980 | 26,488 | |||||||
Independent Trustees | Subsequent Event | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common shares issued as compensation for services performed (in shares) | 27,870 | |||||||||
Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Trustee fees paid in shares (up to 100%) (at least 50%) (in percentage) | 50.00% | |||||||||
Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Trustee fees paid in shares (up to 100%) (at least 50%) (in percentage) | 100.00% | |||||||||
2018 Time-Based LTIP Unit Award | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of Shares, Granted (in shares) | 97,968 | |||||||||
Shares granted (in shares) | 97,968 | |||||||||
Equity Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares authorized (in shares) | 3,000,000 | |||||||||
Equity Incentive Plan | Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period for share awards under equity | 3 years | |||||||||
Equity Incentive Plan | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period for share awards under equity | 5 years | |||||||||
2010 Equity Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common shares available for issuance (in shares) | 1,400,529 | |||||||||
Number of trading days preceding the reporting date for which average of closing price of common shares is taken | 10 days | |||||||||
Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of Shares, Granted (in shares) | 5,000 | 5,000 | 0 | |||||||
Unrecognized compensation costs | $ | $ 0.1 | $ 0.1 | ||||||||
Weighted - average period for recognition of unrecognized compensation costs | 2 years 4 months 24 days | |||||||||
Compensation expense recognized | $ | $ 0.1 | $ 0.8 | $ 1.3 | |||||||
Shares granted (in shares) | 5,000 | 5,000 | 0 | |||||||
Shares forfeited (in shares) | 24,096 | 25,870 | 0 | |||||||
Long Term Incentive Plan Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of Shares, Granted (in shares) | 183,300 | 244,917 | 223,922 | 112,251 | ||||||
Weighted - average period for recognition of unrecognized compensation costs | 1 year 9 months 18 days | |||||||||
Compensation expense recognized | $ | $ 3.6 | $ 2.5 | $ 1.2 | |||||||
Exchange ratio | 1 | |||||||||
Shares granted (in shares) | 183,300 | 244,917 | 223,922 | 112,251 | ||||||
Shares forfeited (in shares) | 183,300 | 0 | 0 | |||||||
Percent of units with full parity that have vested | 100.00% | |||||||||
Total unrecognized compensation cost related to LTIP Units | $ | $ 5 | $ 4.4 | ||||||||
Long Term Incentive Plan Units | Awarded June 1, 2015 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of Shares, Granted (in shares) | 183,300 | |||||||||
Shares granted (in shares) | 183,300 | |||||||||
2018 Performance-Based LTIP Unit Awards | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of Shares, Granted (in shares) | 146,949 | |||||||||
Shares granted (in shares) | 146,949 | |||||||||
Grants in period, intrinsic value, amount (in dollars per share) | $ / shares | $ 17.02 | |||||||||
2018 Performance-Based LTIP Unit Awards | Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of target value to be paid out | 50.00% | |||||||||
2018 Performance-Based LTIP Unit Awards | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of target value to be paid out | 150.00% |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of company's restricted share awards | |||
Number of Shares, Nonvested at beginning of the period (in shares) | 57,514 | 110,825 | 170,480 |
Number of Shares, Granted (in shares) | 5,000 | 5,000 | 0 |
Number of Shares, Vested (in shares) | (30,084) | (32,441) | (59,655) |
Number of shares forfeited (in shares) | (24,096) | (25,870) | 0 |
Number of Shares, Nonvested at end of the period (in shares) | 8,334 | 57,514 | 110,825 |
Summary of company's restricted share awards, weighted average grant date fair value | |||
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share) | $ 23.78 | $ 22.05 | $ 21.38 |
Weighted - Average Grant Date Fair Value, Granted (in dollars per share) | 17.40 | 20.20 | 0 |
Weighted - Average Grant Date Fair Value, Vested (in dollars per share) | 26.24 | 25.77 | 20.14 |
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share) | 21.21 | 13.17 | 0 |
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share) | $ 18.52 | $ 23.78 | $ 22.05 |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares | Jun. 01, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Number of Shares, Nonvested at beginning of the period (in shares) | 482,056 | 295,551 | 183,300 | |
Number of Shares, Granted (in shares) | 183,300 | 244,917 | 223,922 | 112,251 |
Number of Shares, Vested (in shares) | (67,275) | (37,417) | 0 | |
Number of shares forfeited (in shares) | (183,300) | 0 | 0 | |
Number of Shares, Nonvested at end of the period (in shares) | 476,398 | 482,056 | 295,551 | |
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) | $ 16.58 | $ 14.36 | $ 14.13 | |
Weighted - Average Grant Date Fair Value, Granted (in dollars per share) | $ 14.13 | 16.94 | 19.20 | 14.73 |
Weighted - Average Grant Date Fair Value, Vested (in dollars per share) | 16.42 | 14.73 | 0 | |
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share) | 14.13 | 0 | 0 | |
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share) | $ 17.73 | $ 16.58 | $ 14.36 |
Equity Incentive Plan - Sched_2
Equity Incentive Plan - Schedule of Payout Awards (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Relative TSR Hurdles (Percentile) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Threshold | 25.00% |
Target | 50.00% |
Maximum | 75.00% |
Payout Percentage | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Threshold | 50.00% |
Target | 100.00% |
Maximum | 150.00% |
Equity Incentive Plan - Valuati
Equity Incentive Plan - Valuation Assumptions (Details) - $ / shares | Mar. 01, 2018 | Mar. 01, 2017 | Jan. 28, 2016 | Jun. 01, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Long Term Incentive Plan Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Shares, Granted (in shares) | 183,300 | 244,917 | 223,922 | 112,251 | |||
Estimated value per unit (in dollars per share) | $ 14.13 | $ 16.94 | $ 19.20 | $ 14.73 | |||
Volatility | 26.00% | ||||||
Dividend Yield | 4.50% | ||||||
Risk Free Interest Rate | 0.95% | ||||||
Long Term Incentive Plan Units, Time-Based | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Shares, Granted (in shares) | 97,968 | 89,574 | 72,966 | ||||
Estimated value per unit (in dollars per share) | $ 16.83 | $ 18.53 | $ 16.69 | ||||
Volatility | 26.00% | 24.00% | 28.00% | ||||
Dividend Yield | 0.00% | 0.00% | 0.00% | ||||
Risk Free Interest Rate | 2.07% | 0.92% | 0.79% | ||||
Long Term Incentive Plan Units, Performance-Based | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Shares, Granted (in shares) | 146,949 | 134,348 | 39,285 | ||||
Estimated value per unit (in dollars per share) | $ 17.02 | $ 19.65 | $ 11.09 | ||||
Volatility | 26.00% | 25.00% | 30.00% | ||||
Dividend Yield | 6.20% | 5.80% | 5.80% | ||||
Risk Free Interest Rate | 2.37% | 1.47% | 1.13% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2015Term | Dec. 31, 2018USD ($)ParkingSpaceTermrenewal_period | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Capital Leased Assets [Line Items] | ||||
Maximum additional terms up to which ground lease can be extended (up to) | Term | 12 | |||
Periods in each additional renewal term | 5 years | |||
Approximate rent when monthly occupancy is less than 85% | $ 8,400 | |||
Percentage of occupancy under condition one (less than) | 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 | $ 10,800,000 | $ 9,900,000 | $ 9,400,000 | |
Franchise fees recorded within hotel other operating expenses | 24,900,000 | 23,200,000 | 22,400,000 | |
Island Hospitality Management Inc. | ||||
Capital Leased Assets [Line Items] | ||||
Management fees recorded within hotel other operating expenses | 100,000 | 200,000 | 300,000 | |
Concord | ||||
Capital Leased Assets [Line Items] | ||||
Management fees recorded within hotel other operating expenses | $ 0 | $ 0 | $ 0 | |
Hotel Management Agreement | Island Hospitality Management Inc. | ||||
Capital Leased Assets [Line Items] | ||||
Initial terms of management agreements | 5 years | |||
Number of renewal periods | renewal_period | 2 | |||
Renewal periods of management agreements | 5 years | |||
Agreement renewal successive period termination notice (no later than) | 90 days | |||
Minimum notice period for termination of management agreement | 6 months | |||
Property management fee (in percentage) | 10.00% | |||
Incentive Management Fee Cap | 1.00% | |||
Air Rights Lease And Garage Lease | ||||
Capital Leased Assets [Line Items] | ||||
Number of parking spaces occupied by hotel | ParkingSpace | 128 | |||
Rent expense | $ 29,000 | |||
Office Lease | ||||
Capital Leased Assets [Line Items] | ||||
Maximum additional terms up to which ground lease can be extended (up to) | Term | 2 | |||
Periods in each additional renewal term | 5 years | |||
Term of contract | 11 years | |||
Abatement term of contract | 12 months | |||
Residence Inn San Diego Gaslamp | ||||
Capital Leased Assets [Line Items] | ||||
Incentive Management Fee Cap | 1.00% | |||
Residence Inn San Diego Gaslamp | Other Leases | ||||
Capital Leased Assets [Line Items] | ||||
Maximum additional terms up to which ground lease can be extended (up to) | Term | 3 | |||
Periods in each additional renewal term | 10 years | |||
Operating leases, monthly payment | $ 40,300 | |||
Operating lease, periodic increase, (in percentage) | 10.00% | |||
Operating lease, periodic increase, term | 5 years | |||
Annual supplemental rent, percentage of gross revenues | 5.00% | |||
Annual supplemental rent subtraction, base rent multiplier | 12 | |||
Hilton Garden Inn Marina del Rey | ||||
Capital Leased Assets [Line Items] | ||||
Incentive Management Fee Cap | 1.00% | |||
Hilton Garden Inn Marina del Rey | Other Leases | ||||
Capital Leased Assets [Line Items] | ||||
Operating leases, monthly payment | $ 47,500 | |||
Hilton Garden Inn Marina del Rey | Other Leases | Minimum | ||||
Capital Leased Assets [Line Items] | ||||
Annual supplemental rent, percentage of gross revenues | 5.00% | |||
Hilton Garden Inn Marina del Rey | Other Leases | Maximum | ||||
Capital Leased Assets [Line Items] | ||||
Annual supplemental rent, percentage of gross revenues | 25.00% | |||
Concord | Hotel Management Agreement | ||||
Capital Leased Assets [Line Items] | ||||
Initial terms of management agreements | 10 years | |||
Accounts Payable and Accrued Liabilities | ||||
Capital Leased Assets [Line Items] | ||||
Estimate of possible loss | $ 100,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Minimum Future Obligation Payments Required Under Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Other Leases | |
Minimum future obligation payments required under leases | |
2,019 | $ 1,273 |
2,020 | 1,320 |
2,021 | 1,326 |
2,022 | 1,329 |
2,023 | 1,332 |
Thereafter | 69,225 |
Total | 75,805 |
Office Lease | |
Minimum future obligation payments required under leases | |
2,019 | 792 |
2,020 | 812 |
2,021 | 831 |
2,022 | 853 |
2,023 | 874 |
Thereafter | 2,436 |
Total | $ 6,598 |
Commitments and Contingencies_3
Commitments and Contingencies - Terms of Management Agreements (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Courtyard Addison | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Hyatt Place Cherry Creek | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 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 Cap | 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 Cap | 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 Cap | 1.00% |
Residence Inn II Lugano | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 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 Cap | 1.00% |
Courtyard Dallas | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Residence Inn Summerville | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Courtyard Altoona | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Springhill Suites Washington | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Homewood Suites by Hilton Minneapolis-Mall of America | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Homewood Suites by Hilton Nashville-Brentwood | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Homewood Suites by Hilton Dallas-Market Center | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Homewood Suites by Hilton Hartford-Farmington | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Homewood Suites by Hilton Orlando-Maitland | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 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 | $ 1,000 |
Incentive Management Fee Cap | 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 | $ 1,000 |
Incentive Management Fee Cap | 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 | $ 750 |
Incentive Management Fee Cap | 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 | $ 750 |
Incentive Management Fee Cap | 1.00% |
Residence Inn Garden Grove | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Residence Inn Mission Valley | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Homewood Suites by Hilton San Antonio River Walk | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Residence Inn Washington DC | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Residence Inn Tysons Corner | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 1.00% |
Courtyard West University Houston | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Residence Inn San Diego Gaslamp | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Hilton Garden Inn Marina del Rey | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Residence Inn Dedham | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Hilton Garden Inn Portsmouth | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Courtyard Summerville | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Embassy Suites Springfield | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Commitments and Contingencies_4
Commitments and Contingencies - Terms of Franchise Agreements (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Residence Inn San Mateo | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Residence Inn Silicon Valley I | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Courtyard Dallas | |
Real Estate Properties [Line Items] | |
Marketing/Program Fee | 2.00% |
Residence Inn II Lugano | |
Real Estate Properties [Line Items] | |
Marketing/Program Fee | 2.50% |
Residence Inn Summerville | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 2.50% |
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Homewood Suites by Hilton Minneapolis-Mall of America | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Homewood Suites by Hilton Nashville-Brentwood | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Homewood Suites by Hilton Dallas-Market Center | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Homewood Suites by Hilton Hartford-Farmington | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Homewood Suites by Hilton Orlando-Maitland | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Hampton Inn & Suites Houston-Medical Center | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 4.00% |
Courtyard Altoona | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.00% |
Springhill Suites Washington | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Residence Inn Long Island Holtsville | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn White Plains | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn New Rochelle | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn Garden Grove | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Residence Inn Mission Valley | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Homewood Suites by Hilton San Antonio River Walk | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Residence Inn Washington DC | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn Tysons Corner | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Hampton Inn Portland Downtown | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 4.00% |
Courtyard Houston | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.00% |
Hyatt Place Pittsburgh North Shore | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 3.50% |
Hampton Inn Exeter | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 4.00% |
Hilton Garden Inn Denver Tech | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4.30% |
Residence Inn Bellevue | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Springhill Suites Savannah | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Residence Inn Silicon Valley II | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Residence Inn Mountain View | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Hyatt Place Cherry Creek | |
Real Estate Properties [Line Items] | |
Marketing/Program Fee | 3.50% |
Hyatt Place Cherry Creek | Minimum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 3.00% |
Hyatt Place Cherry Creek | Maximum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Courtyard Addison | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.00% |
Courtyard West University Houston | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.00% |
Residence Inn West University Houston | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 2.50% |
Hilton Garden Inn Burlington | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4.30% |
Residence Inn San Diego Gaslamp | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 2.50% |
Hilton Garden Inn Marina del Rey | |
Real Estate Properties [Line Items] | |
Marketing/Program Fee | 4.30% |
Hilton Garden Inn Marina del Rey | Minimum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 3.00% |
Hilton Garden Inn Marina del Rey | Maximum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Residence Inn Dedham | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 2.50% |
Residence Inn Il Lugano | Minimum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 3.00% |
Residence Inn Il Lugano | Maximum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Hilton Garden Inn Portsmouth | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4.00% |
Courtyard Summerville | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 2.50% |
Embassy Suites Springfield | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2018USD ($)Hotel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 09, 2017Hotel | Dec. 30, 2015Hotel | |
Related Party Transaction [Line Items] | |||||
Number of hotels in ownership by Company | Hotel | 42 | ||||
Management and accounting fees paid by the company | $ 10,800,000 | $ 9,900,000 | $ 9,200,000 | ||
Amounts due to related party | 1,100,000 | 1,200,000 | |||
Management fees recorded within hotel other operating expenses | 10,800,000 | 9,900,000 | 9,400,000 | ||
Island Hospitality Management Inc. | |||||
Related Party Transaction [Line Items] | |||||
Management fees recorded within hotel other operating expenses | $ 100,000 | 200,000 | 300,000 | ||
Inland Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Number of hotels acquired | Hotel | 48 | 48 | |||
NewINK Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Number of hotels in ownership by Company | Hotel | 47 | ||||
Insurance expense | $ 7,500,000 | 6,800,000 | 6,900,000 | ||
Mr. Fisher | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage in related party owned by the company's chairman | 2.50% | ||||
Island Hospitality Management Inc. | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage in related party owned by the company's chairman | 51.00% | ||||
Management fees recorded within hotel other operating expenses | $ 100,000 | 200,000 | $ 300,000 | ||
Island Hospitality Management Inc. | Inland Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Number of hotels managed by related party | Hotel | 34 | ||||
CLNY | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage in related party owned by third party | 97.50% | ||||
Castleblack | |||||
Related Party Transaction [Line Items] | |||||
Management and accounting fees paid by the company | $ 400,000 | $ 0 |
Quarterly Operating Results (_3
Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 77,044 | $ 88,897 | $ 85,374 | $ 72,915 | $ 71,165 | $ 82,145 | $ 78,647 | $ 69,887 | $ 324,230 | $ 301,844 | $ 295,871 |
Total operating expenses | 68,707 | 68,522 | 66,237 | 62,630 | 58,095 | 61,785 | 67,738 | 57,861 | 266,078 | 248,806 | 236,935 |
Operating income | 8,337 | 20,375 | 19,137 | 10,285 | 13,070 | 20,360 | 10,909 | 12,026 | 58,134 | 56,365 | 58,936 |
Net income attributable to common shareholders | $ (174) | $ 14,580 | $ 13,387 | $ 2,848 | $ 5,438 | $ 14,393 | $ 5,034 | $ 4,613 | $ 30,331 | $ 29,243 | $ 31,294 |
Income per common share, basic (in dollars per share) | $ 0 | $ 0.31 | $ 0.29 | $ 0.06 | $ 0.12 | $ 0.36 | $ 0.13 | $ 0.12 | $ 0.66 | $ 0.73 | $ 0.82 |
Income per common share, diluted (in dollars per share) | $ 0 | $ 0.31 | $ 0.29 | $ 0.06 | $ 0.12 | $ 0.36 | $ 0.13 | $ 0.12 | $ 0.66 | $ 0.73 | $ 0.81 |
Weighted average number of common shares outstanding: | |||||||||||
Basic (in shares) | 46,513,688 | 46,149,765 | 45,867,625 | 45,753,792 | 43,205,683 | 39,298,974 | 38,525,306 | 38,361,113 | 46,073,515 | 39,859,143 | 38,299,067 |
Diluted (in shares) | 46,765,797 | 46,384,969 | 46,084,688 | 46,022,690 | 43,522,022 | 39,550,494 | 38,749,661 | 38,573,928 | 46,243,660 | 40,112,266 | 38,482,875 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Initial Cost, Land | $ 295,812 | ||||||
Initial Cost, Buildings & Improvements | 1,138,404 | ||||||
Cost Cap. Sub. To Acq. Land | 443 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 76,205 | ||||||
Gross Amount at End of Year, Land | 296,255 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 1,214,609 | ||||||
Gross Amount at End of Year, Total | 1,510,864 | $ 1,431,374 | $ 1,320,273 | $ 1,306,192 | $ 1,105,504 | $ 654,560 | $ 423,729 |
Accumulated Depreciation | 187,780 | $ 148,071 | $ 116,866 | $ 83,245 | $ 50,910 | $ 28,980 | $ 17,398 |
Courtyard Dallas Downtown, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 2,900 | ||||||
Initial Cost, Buildings & Improvements | 42,760 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 73 | ||||||
Gross Amount at End of Year, Land | 2,900 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 42,833 | ||||||
Gross Amount at End of Year, Total | 45,733 | ||||||
Accumulated Depreciation | 79 | ||||||
Residence Inn Summerville, SC | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 2,300 | ||||||
Initial Cost, Buildings & Improvements | 17,060 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 198 | ||||||
Gross Amount at End of Year, Land | 2,300 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 17,258 | ||||||
Gross Amount at End of Year, Total | 19,558 | ||||||
Accumulated Depreciation | 150 | ||||||
Homewood Suites Orlando - Maitland, FL | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 1,800 | ||||||
Initial Cost, Buildings & Improvements | 7,200 | ||||||
Cost Cap. Sub. To Acq. Land | 34 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 5,139 | ||||||
Gross Amount at End of Year, Land | 1,834 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 12,339 | ||||||
Gross Amount at End of Year, Total | 14,173 | ||||||
Accumulated Depreciation | 2,932 | ||||||
Homewood Suites Boston - Billerica, MA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 15,965 | ||||||
Initial Cost, Land | 1,470 | ||||||
Initial Cost, Buildings & Improvements | 10,555 | ||||||
Cost Cap. Sub. To Acq. Land | 48 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 3,597 | ||||||
Gross Amount at End of Year, Land | 1,518 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 14,152 | ||||||
Gross Amount at End of Year, Total | 15,670 | ||||||
Accumulated Depreciation | 2,890 | ||||||
Homewood Suites Minneapolis - Mall of America, Bloomington, MN | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 3,500 | ||||||
Initial Cost, Buildings & Improvements | 13,960 | ||||||
Cost Cap. Sub. To Acq. Land | 19 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 3,992 | ||||||
Gross Amount at End of Year, Land | 3,519 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 17,952 | ||||||
Gross Amount at End of Year, Total | 21,471 | ||||||
Accumulated Depreciation | 4,007 | ||||||
Homewood Suites Nashville - Brentwood, TN | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 1,525 | ||||||
Initial Cost, Buildings & Improvements | 9,300 | ||||||
Cost Cap. Sub. To Acq. Land | 12 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 3,563 | ||||||
Gross Amount at End of Year, Land | 1,537 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 12,863 | ||||||
Gross Amount at End of Year, Total | 14,400 | ||||||
Accumulated Depreciation | 2,856 | ||||||
Homewood Suites Dallas - Market Center, Dallas, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 2,500 | ||||||
Initial Cost, Buildings & Improvements | 7,583 | ||||||
Cost Cap. Sub. To Acq. Land | 30 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 3,276 | ||||||
Gross Amount at End of Year, Land | 2,530 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 10,859 | ||||||
Gross Amount at End of Year, Total | 13,389 | ||||||
Accumulated Depreciation | 2,344 | ||||||
Homewood Suites Hartford - Farmington, CT | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 1,325 | ||||||
Initial Cost, Buildings & Improvements | 9,375 | ||||||
Cost Cap. Sub. To Acq. Land | 92 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,281 | ||||||
Gross Amount at End of Year, Land | 1,417 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 10,656 | ||||||
Gross Amount at End of Year, Total | 12,073 | ||||||
Accumulated Depreciation | 2,588 | ||||||
Hampton Inn & Suites Houston - Houston, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 18,026 | ||||||
Initial Cost, Land | 3,200 | ||||||
Initial Cost, Buildings & Improvements | 12,709 | ||||||
Cost Cap. Sub. To Acq. Land | 56 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,595 | ||||||
Gross Amount at End of Year, Land | 3,256 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 14,304 | ||||||
Gross Amount at End of Year, Total | 17,560 | ||||||
Accumulated Depreciation | 3,170 | ||||||
Residence Inn Holtsville - Holtsville, NY | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 2,200 | ||||||
Initial Cost, Buildings & Improvements | 18,765 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,159 | ||||||
Gross Amount at End of Year, Land | 2,200 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 19,924 | ||||||
Gross Amount at End of Year, Total | 22,124 | ||||||
Accumulated Depreciation | 4,443 | ||||||
Courtyard Altoona - Altoona, PA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 0 | ||||||
Initial Cost, Buildings & Improvements | 10,730 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,068 | ||||||
Gross Amount at End of Year, Land | 0 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 11,798 | ||||||
Gross Amount at End of Year, Total | 11,798 | ||||||
Accumulated Depreciation | 2,728 | ||||||
SpringHill Suites Washington - Washington, PA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 1,000 | ||||||
Initial Cost, Buildings & Improvements | 10,692 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | (5,604) | ||||||
Gross Amount at End of Year, Land | 1,000 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 5,088 | ||||||
Gross Amount at End of Year, Total | 6,088 | ||||||
Accumulated Depreciation | 2,453 | ||||||
Residence Inn White Plains - White Plains, NY | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 2,200 | ||||||
Initial Cost, Buildings & Improvements | 17,677 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 7,463 | ||||||
Gross Amount at End of Year, Land | 2,200 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 25,140 | ||||||
Gross Amount at End of Year, Total | 27,340 | ||||||
Accumulated Depreciation | 5,642 | ||||||
Residence Inn New Rochelle - New Rochelle, NY | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 13,361 | ||||||
Initial Cost, Land | 0 | ||||||
Initial Cost, Buildings & Improvements | 20,281 | ||||||
Cost Cap. Sub. To Acq. Land | 9 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 3,117 | ||||||
Gross Amount at End of Year, Land | 9 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 23,398 | ||||||
Gross Amount at End of Year, Total | 23,407 | ||||||
Accumulated Depreciation | 5,288 | ||||||
Residence Inn Garden Grove - Garden Grove, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 32,620 | ||||||
Initial Cost, Land | 7,109 | ||||||
Initial Cost, Buildings & Improvements | 35,484 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,926 | ||||||
Gross Amount at End of Year, Land | 7,109 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 37,410 | ||||||
Gross Amount at End of Year, Total | 44,519 | ||||||
Accumulated Depreciation | 7,405 | ||||||
Residence Inn Mission Valley - San Diego, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 27,885 | ||||||
Initial Cost, Land | 9,856 | ||||||
Initial Cost, Buildings & Improvements | 39,535 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 2,068 | ||||||
Gross Amount at End of Year, Land | 9,856 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 41,603 | ||||||
Gross Amount at End of Year, Total | 51,459 | ||||||
Accumulated Depreciation | 7,666 | ||||||
Homewood Suites San Antonio - San Antonio, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 15,916 | ||||||
Initial Cost, Land | 5,999 | ||||||
Initial Cost, Buildings & Improvements | 24,764 | ||||||
Cost Cap. Sub. To Acq. Land | 7 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 5,181 | ||||||
Gross Amount at End of Year, Land | 6,006 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 29,945 | ||||||
Gross Amount at End of Year, Total | 35,951 | ||||||
Accumulated Depreciation | 5,900 | ||||||
Residence Inn Washington DC - Washington, DC | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 6,083 | ||||||
Initial Cost, Buildings & Improvements | 22,063 | ||||||
Cost Cap. Sub. To Acq. Land | 28 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 5,597 | ||||||
Gross Amount at End of Year, Land | 6,111 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 27,660 | ||||||
Gross Amount at End of Year, Total | 33,771 | ||||||
Accumulated Depreciation | 5,968 | ||||||
Residence Inn Tyson's Corner - Vienna, VA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 21,782 | ||||||
Initial Cost, Land | 5,752 | ||||||
Initial Cost, Buildings & Improvements | 28,917 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 568 | ||||||
Gross Amount at End of Year, Land | 5,752 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 29,485 | ||||||
Gross Amount at End of Year, Total | 35,237 | ||||||
Accumulated Depreciation | 5,491 | ||||||
Hampton Inn Portland Downtown - Portland, ME | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 4,315 | ||||||
Initial Cost, Buildings & Improvements | 22,664 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 248 | ||||||
Gross Amount at End of Year, Land | 4,315 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 22,912 | ||||||
Gross Amount at End of Year, Total | 27,227 | ||||||
Accumulated Depreciation | 3,460 | ||||||
Courtyard Houston - Houston, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 17,976 | ||||||
Initial Cost, Land | 5,600 | ||||||
Initial Cost, Buildings & Improvements | 27,350 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 2,143 | ||||||
Gross Amount at End of Year, Land | 5,600 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 29,493 | ||||||
Gross Amount at End of Year, Total | 35,093 | ||||||
Accumulated Depreciation | 4,285 | ||||||
Hyatt Place Pittsburgh - Pittsburgh, PA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 21,989 | ||||||
Initial Cost, Land | 3,000 | ||||||
Initial Cost, Buildings & Improvements | 35,576 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,208 | ||||||
Gross Amount at End of Year, Land | 3,000 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 36,784 | ||||||
Gross Amount at End of Year, Total | 39,784 | ||||||
Accumulated Depreciation | 5,049 | ||||||
Hampton Inn & Suites Exeter - Exeter, NH | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 1,900 | ||||||
Initial Cost, Buildings & Improvements | 12,350 | ||||||
Cost Cap. Sub. To Acq. Land | 4 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 118 | ||||||
Gross Amount at End of Year, Land | 1,904 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 12,468 | ||||||
Gross Amount at End of Year, Total | 14,372 | ||||||
Accumulated Depreciation | 1,692 | ||||||
Hilton Garden Inn Denver Tech - Denver, CO | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 4,100 | ||||||
Initial Cost, Buildings & Improvements | 23,100 | ||||||
Cost Cap. Sub. To Acq. Land | 5 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 595 | ||||||
Gross Amount at End of Year, Land | 4,105 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 23,695 | ||||||
Gross Amount at End of Year, Total | 27,800 | ||||||
Accumulated Depreciation | 3,274 | ||||||
Residence Inn Bellevue - Bellevue, WA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 44,680 | ||||||
Initial Cost, Land | 13,800 | ||||||
Initial Cost, Buildings & Improvements | 56,957 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 2,151 | ||||||
Gross Amount at End of Year, Land | 13,800 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 59,108 | ||||||
Gross Amount at End of Year, Total | 72,908 | ||||||
Accumulated Depreciation | 7,846 | ||||||
SpringHill Suites Savannah - Savannah, GA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 30,000 | ||||||
Initial Cost, Land | 2,400 | ||||||
Initial Cost, Buildings & Improvements | 36,050 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,324 | ||||||
Gross Amount at End of Year, Land | 2,400 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 37,374 | ||||||
Gross Amount at End of Year, Total | 39,774 | ||||||
Accumulated Depreciation | 4,942 | ||||||
Residence Inn Silicon Valley I - Sunnyvale, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 64,800 | ||||||
Initial Cost, Land | 42,652 | ||||||
Initial Cost, Buildings & Improvements | 45,846 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 448 | ||||||
Gross Amount at End of Year, Land | 42,652 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 46,294 | ||||||
Gross Amount at End of Year, Total | 88,946 | ||||||
Accumulated Depreciation | 14,049 | ||||||
Residence Inn Silicon Valley II - Sunnyvale, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 70,700 | ||||||
Initial Cost, Land | 46,474 | ||||||
Initial Cost, Buildings & Improvements | 50,380 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,047 | ||||||
Gross Amount at End of Year, Land | 46,474 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 51,427 | ||||||
Gross Amount at End of Year, Total | 97,901 | ||||||
Accumulated Depreciation | 15,564 | ||||||
Residence Inn San Mateo - San Mateo, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 48,600 | ||||||
Initial Cost, Land | 38,420 | ||||||
Initial Cost, Buildings & Improvements | 31,352 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 507 | ||||||
Gross Amount at End of Year, Land | 38,420 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 31,859 | ||||||
Gross Amount at End of Year, Total | 70,279 | ||||||
Accumulated Depreciation | 9,656 | ||||||
Residence Inn Mt. View - Mountain View, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 37,900 | ||||||
Initial Cost, Land | 22,019 | ||||||
Initial Cost, Buildings & Improvements | 31,813 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 9,807 | ||||||
Gross Amount at End of Year, Land | 22,019 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 41,620 | ||||||
Gross Amount at End of Year, Total | 63,639 | ||||||
Accumulated Depreciation | 10,888 | ||||||
Hyatt Place Cherry Creek - Cherry Creek, CO | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 3,700 | ||||||
Initial Cost, Buildings & Improvements | 26,300 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,651 | ||||||
Gross Amount at End of Year, Land | 3,700 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 27,951 | ||||||
Gross Amount at End of Year, Total | 31,651 | ||||||
Accumulated Depreciation | 3,065 | ||||||
Courtyard Addison - Dallas, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 2,413 | ||||||
Initial Cost, Buildings & Improvements | 21,554 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 2,236 | ||||||
Gross Amount at End of Year, Land | 2,413 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 23,790 | ||||||
Gross Amount at End of Year, Total | 26,203 | ||||||
Accumulated Depreciation | 2,579 | ||||||
Courtyard West University - Houston, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 2,012 | ||||||
Initial Cost, Buildings & Improvements | 17,916 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 478 | ||||||
Gross Amount at End of Year, Land | 2,012 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 18,394 | ||||||
Gross Amount at End of Year, Total | 20,406 | ||||||
Accumulated Depreciation | 1,938 | ||||||
Residence Inn West University - Houston, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 3,640 | ||||||
Initial Cost, Buildings & Improvements | 25,631 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,476 | ||||||
Gross Amount at End of Year, Land | 3,640 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 27,107 | ||||||
Gross Amount at End of Year, Total | 30,747 | ||||||
Accumulated Depreciation | 2,958 | ||||||
Hilton Garden Inn Burlington - Burlington, MA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 4,918 | ||||||
Initial Cost, Buildings & Improvements | 27,193 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,471 | ||||||
Gross Amount at End of Year, Land | 4,918 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 28,664 | ||||||
Gross Amount at End of Year, Total | 33,582 | ||||||
Accumulated Depreciation | 3,192 | ||||||
Residence Inn Gaslamp - San Diego, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 0 | ||||||
Initial Cost, Buildings & Improvements | 89,040 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,688 | ||||||
Gross Amount at End of Year, Land | 0 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 90,728 | ||||||
Gross Amount at End of Year, Total | 90,728 | ||||||
Accumulated Depreciation | 8,799 | ||||||
Hilton Garden Inn Marina del Rey, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 21,355 | ||||||
Initial Cost, Land | 0 | ||||||
Initial Cost, Buildings & Improvements | 43,210 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 627 | ||||||
Gross Amount at End of Year, Land | 0 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 43,837 | ||||||
Gross Amount at End of Year, Total | 43,837 | ||||||
Accumulated Depreciation | 3,652 | ||||||
Residence Inn Dedham, MA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 4,230 | ||||||
Initial Cost, Buildings & Improvements | 17,304 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 37 | ||||||
Gross Amount at End of Year, Land | 4,230 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 17,341 | ||||||
Gross Amount at End of Year, Total | 21,571 | ||||||
Accumulated Depreciation | 1,504 | ||||||
Residence Inn Ft. Lauderdale, FL | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 9,200 | ||||||
Initial Cost, Buildings & Improvements | 24,048 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,041 | ||||||
Gross Amount at End of Year, Land | 9,200 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 25,089 | ||||||
Gross Amount at End of Year, Total | 34,289 | ||||||
Accumulated Depreciation | 2,110 | ||||||
Warner Center | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 6,500 | ||||||
Initial Cost, Buildings & Improvements | 0 | ||||||
Cost Cap. Sub. To Acq. Land | 99 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 0 | ||||||
Gross Amount at End of Year, Land | 6,599 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 0 | ||||||
Gross Amount at End of Year, Total | 6,599 | ||||||
Accumulated Depreciation | 0 | ||||||
Hilton Garden Inn Portsmouth, NH | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 3,600 | ||||||
Initial Cost, Buildings & Improvements | 37,630 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 254 | ||||||
Gross Amount at End of Year, Land | 3,600 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 37,884 | ||||||
Gross Amount at End of Year, Total | 41,484 | ||||||
Accumulated Depreciation | 1,215 | ||||||
Courtyard Summerville, SC | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 2,500 | ||||||
Initial Cost, Buildings & Improvements | 16,923 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 129 | ||||||
Gross Amount at End of Year, Land | 2,500 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 17,052 | ||||||
Gross Amount at End of Year, Total | 19,552 | ||||||
Accumulated Depreciation | 480 | ||||||
Embassy Suites Springfield, VA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 7,700 | ||||||
Initial Cost, Buildings & Improvements | 58,807 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 264 | ||||||
Gross Amount at End of Year, Land | 7,700 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 59,071 | ||||||
Gross Amount at End of Year, Total | 66,771 | ||||||
Accumulated Depreciation | $ 1,583 |
SCHEDULE III - REAL ESTATE AN_3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Depreciable Lives (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Building | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 40 years |
Land Improvements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 20 years |
Minimum | Building Improvements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 5 years |
Maximum | Building Improvements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 20 years |
SCHEDULE III - REAL ESTATE AN_4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Total Cost of Real Estate Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||
Balance at the beginning of the year | $ 1,431,374 | $ 1,320,273 | $ 1,306,192 | $ 1,105,504 | $ 654,560 | $ 423,729 |
Acquisitions | 65,020 | 133,660 | 0 | 187,032 | 444,233 | 222,273 |
Dispositions during the year | 0 | (33,053) | 0 | 0 | 0 | 0 |
Capital expenditures and transfers from construction-in-progress | 14,470 | 10,494 | 14,081 | 13,656 | 6,711 | 8,558 |
Investment in Real Estate | $ 1,510,864 | $ 1,431,374 | $ 1,320,273 | $ 1,306,192 | $ 1,105,504 | $ 654,560 |
SCHEDULE III - REAL ESTATE AN_5
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Accumulated Depreciation and Amortization of Real Estate Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||||
Balance at the beginning of the year | $ 148,071 | $ 116,866 | $ 83,245 | $ 50,910 | $ 28,980 | $ 17,398 |
Depreciation and amortization | 39,709 | 36,401 | 33,621 | 32,335 | 21,930 | 11,582 |
Dispositions during the year | 0 | (5,196) | 0 | 0 | 0 | 0 |
Balance at the end of the year | $ 187,780 | $ 148,071 | $ 116,866 | $ 83,245 | $ 50,910 | $ 28,980 |
SCHEDULE III - REAL ESTATE AN_6
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Aggregate Cost of Properties for Federal Income Tax Purposes - Additional Information (Details) $ in Thousands | Dec. 31, 2018USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Aggregate cost of properties for federal income tax purposes | $ 1,511,033 |