Chatham Lodging Trust (CLDT) 10-Q 29 Oct 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 29, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-34693
Entity Registrant Name	CHATHAM LODGING TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-1200777
Entity Address, Address Line One	222 Lakeview Avenue, Suite 200
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	561
Local Phone Number	802-4477
Title of 12(b) Security	Common Shares of Beneficial Interest, $0.01 par value
Trading Symbol	CLDT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		46,972,404
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0001476045
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Investment in hotel properties, net	$ 1,320,765	$ 1,347,116
Investment in hotel properties under development	33,719	20,496
Cash and cash equivalents	31,570	6,620
Restricted cash	10,845	13,562
Investment in unconsolidated real estate entities	0	17,969
Right of use asset, net	20,801	21,270
Hotel receivables (net of allowance for doubtful accounts of $370 and $451, respectively)	2,228	4,626
Deferred costs, net	5,536	4,271
Prepaid expenses and other assets	3,995	2,615
Deferred tax asset, net	29	29
Total assets	1,429,488	1,438,574
Liabilities and Equity:
Mortgage debt, net	489,024	495,465
Revolving credit facility	173,000	90,000
Construction loan	3,923	0
Accounts payable and accrued expenses	26,205	33,012
Distributions and losses in excess of investments in unconsolidated real estate entities	18,625	15,214
Lease liability, net	23,361	23,717
Distributions payable	469	6,142
Total liabilities	734,607	663,550
Commitments and contingencies (Note 13)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at September 30, 2020 and December 31, 2019	0	0
Common shares, $0.01 par value, 500,000,000 shares authorized; 46,971,625 and 46,928,445 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	470	469
Additional paid-in capital	906,021	904,273
Accumulated deficit	(225,363)	(142,365)
Total shareholders’ equity	681,128	762,377
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	13,753	12,647
Total equity	694,881	775,024
Total liabilities and equity	$ 1,429,488	$ 1,438,574

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts related to receivables	$ 370	$ 451
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
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)	46,971,625	46,928,445
Common shares, shares outstanding (in shares)	46,971,625	46,928,445

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Total revenue	$ 34,969,000	$ 90,080,000	$ 115,351,000	$ 253,631,000
Total hotel operating expenses	21,869,000	45,912,000	73,948,000	131,867,000
Depreciation and amortization	13,620,000	12,923,000	40,349,000	38,694,000
Impairment loss on investment in unconsolidated real estate entities	0	0	15,282,000	0
Property taxes, ground rent and insurance	6,171,000	6,255,000	18,161,000	18,664,000
General and administrative	2,958,000	3,486,000	8,210,000	10,611,000
Other charges	(199,000)	309,000	2,785,000	351,000
Reimbursable costs from unconsolidated real estate entities	795,000	1,301,000	3,169,000	4,225,000
Total operating expenses	45,214,000	70,186,000	161,904,000	204,412,000
Operating (loss) income before gain (loss) on sale of hotel property	(10,245,000)	19,894,000	(46,553,000)	49,219,000
Gain (loss) on sale of hotel property	0	4,000	3,000	(3,295,000)
Operating (loss) income	(10,245,000)	19,898,000	(46,550,000)	45,924,000
Interest and other income	25,000	34,000	145,000	155,000
Interest expense, including amortization of deferred fees	(7,245,000)	(7,050,000)	(21,112,000)	(21,378,000)
Loss from unconsolidated real estate entities	(847,000)	(2,784,000)	(6,099,000)	(3,450,000)
(Loss) income before income tax expense	(18,312,000)	10,098,000	(73,616,000)	21,251,000
Income tax expense	0	0	0	0
Net (loss) income	(18,312,000)	10,098,000	(73,616,000)	21,251,000
Net (loss) income attributable to noncontrolling interests	255,000	(96,000)	949,000	(199,000)
Net (loss) income attributable to common shareholders	$ (18,057,000)	$ 10,002,000	$ (72,667,000)	$ 21,052,000
(Loss) income per Common Share - Basic:
Net income (loss) attributable to common shareholders (Note 10) (in dollars per share)	$ (0.38)	$ 0.21	$ (1.55)	$ 0.44
(Loss) income per Common Share - Diluted:
Net income (loss) attributable to common shareholders (Note 10) (in dollars per share)	$ (0.38)	$ 0.21	$ (1.55)	$ 0.44
Weighted average number of common shares outstanding:
Basic (in shares)	46,965,526	46,913,922	46,958,143	46,744,890
Diluted (in shares)	46,965,526	47,152,166	46,958,143	46,956,964
Distributions declared per common share (in dollars per share)	$ 0	$ 0.33	$ 0.22	$ 0.99
Room
Total revenue	$ 32,307,000	$ 81,807,000	$ 104,205,000	$ 229,862,000
Total hotel operating expenses	6,903,000	17,288,000	24,814,000	49,231,000
Food and beverage
Total revenue	237,000	2,436,000	2,417,000	7,398,000
Total hotel operating expenses	184,000	2,133,000	2,202,000	6,262,000
Other
Total revenue	1,630,000	4,536,000	5,560,000	12,146,000
Reimbursable costs from unconsolidated real estate entities
Total revenue	795,000	1,301,000	3,169,000	4,225,000
Telephone
Total hotel operating expenses	344,000	409,000	1,073,000	1,252,000
Other hotel operating
Total hotel operating expenses	312,000	1,130,000	1,303,000	3,039,000
General and administrative
Total hotel operating expenses	3,907,000	6,369,000	12,543,000	19,109,000
Franchise and marketing fees
Total hotel operating expenses	2,876,000	7,146,000	9,232,000	20,062,000
Advertising and promotions
Total hotel operating expenses	848,000	1,483,000	3,212,000	4,502,000
Utilities
Total hotel operating expenses	2,592,000	3,033,000	6,971,000	8,308,000
Repairs and maintenance
Total hotel operating expenses	2,250,000	3,637,000	7,352,000	10,679,000
Management fees
Total hotel operating expenses	1,292,000	2,950,000	4,164,000	8,386,000
Insurance
Total hotel operating expenses	$ 361,000	$ 334,000	$ 1,082,000	$ 1,037,000

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid - In Capital	Retained earnings (distributions in excess of retained earnings)	Total Shareholders’ Equity	Noncontrolling Interest in Operating Partnership
Beginning Balance (in shares) at Dec. 31, 2018		46,525,652
Beginning Balance at Dec. 31, 2018	$ 807,418	$ 465	$ 896,286	$ (99,285)	$ 797,466	$ 9,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)		27,870
Issuance of shares pursuant to Equity Incentive Plan	500		500		500
Issuance of shares, net of offering costs (in shares)		369,414
Issuance of shares, net of offering costs	6,994	$ 4	6,990		6,994
Amortization of share based compensation	3,171		47		47	3,124
Dividends, Common Stock	(46,298)			(46,298)	(46,298)
Distributions declared on LTIP units	(1,001)					(1,001)
Reallocation of noncontrolling interest	0		337		337	(337)
Net loss	21,251			21,052	21,052	199
Ending Balance (in shares) at Sep. 30, 2019		46,922,936
Ending Balance at Sep. 30, 2019	792,035	$ 469	904,160	(124,531)	780,098	11,937
Beginning Balance (in shares) at Jun. 30, 2019		46,918,383
Beginning Balance at Jun. 30, 2019	796,597	$ 469	904,069	(119,049)	785,489	11,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)		4,553
Issuance of shares, net of offering costs	75	$ 0	75		75
Amortization of share based compensation	1,099		16		16	1,083
Dividends, Common Stock	(15,484)			(15,484)	(15,484)
Distributions declared on LTIP units	(350)					(350)
Net loss	10,098			10,002	10,002	96
Ending Balance (in shares) at Sep. 30, 2019		46,922,936
Ending Balance at Sep. 30, 2019	792,035	$ 469	904,160	(124,531)	780,098	11,937
Beginning Balance (in shares) at Dec. 31, 2019		46,928,445
Beginning Balance at Dec. 31, 2019	775,024	$ 469	904,273	(142,365)	762,377	12,647
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)		24,516
Issuance of shares pursuant to Equity Incentive Plan	450		450		450
Issuance of shares, net of offering costs (in shares)		18,664
Issuance of shares, net of offering costs	163	$ 1	162		163
Amortization of share based compensation	3,424		22		22	3,402
Dividends, Common Stock	(10,331)			(10,331)	(10,331)
Distributions declared on LTIP units	(233)					(233)
Reallocation of noncontrolling interest	0		1,114		1,114	(1,114)
Net loss	(73,616)			(72,667)	(72,667)	(949)
Ending Balance (in shares) at Sep. 30, 2020		46,971,625
Ending Balance at Sep. 30, 2020	694,881	$ 470	906,021	(225,363)	681,128	13,753
Beginning Balance (in shares) at Jun. 30, 2020		46,965,827
Beginning Balance at Jun. 30, 2020	712,144	$ 470	905,977	(207,306)	699,141	13,003
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)		5,798
Issuance of shares, net of offering costs	37	$ 0	37		37
Amortization of share based compensation	1,012		7		7	1,005
Net loss	(18,312)			(18,057)	(18,057)	(255)
Ending Balance (in shares) at Sep. 30, 2020		46,971,625
Ending Balance at Sep. 30, 2020	$ 694,881	$ 470	$ 906,021	$ (225,363)	$ 681,128	$ 13,753

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Issuance of shares, net of offering costs	$ 0	$ 6	$ 3	$ 207
Distributions declared per common share (in dollars per share)	$ 0	$ 0.33	$ 0.22	$ 0.99
LTIP units, distributions per unit (in dollars per share)		$ 0.33	$ 0.22	$ 0.99

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (73,616)	$ 21,251
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	40,165	38,508
Amortization of deferred franchise fees	184	186
Amortization of deferred financing fees included in interest expense	866	684
Loss on sale of hotel property	0	3,295
Impairment loss on investment in unconsolidated real estate entities	15,282	0
Share based compensation	3,473	3,508
Accelerated share based compensation for employee severance	288	0
Loss from unconsolidated real estate entities	6,099	3,450
Changes in assets and liabilities:
Right of use asset	469	460
Hotel receivables	2,401	(4,938)
Deferred costs	(21)	(30)
Prepaid expenses and other assets	(1,415)	(1,801)
Accounts payable and accrued expenses	(6,569)	5,395
Lease liability	(356)	(287)
Net cash (used in) provided by operating activities	(12,750)	69,681
Cash flows from investing activities:
Improvements and additions to hotel properties	(13,907)	(30,342)
Acquisition of hotel properties, net of cash acquired	0	(8,100)
Investment in hotel properties under development	(13,223)	(6,902)
Proceeds from sale of hotel properties, net	0	8,987
Distributions from unconsolidated real estate entities	0	661
Net cash used in investing activities	(27,130)	(35,696)
Cash flows from financing activities:
Borrowings on revolving credit facility	86,000	59,500
Repayments on revolving credit facility	(3,000)	(55,000)
Borrowings on construction loan	3,923	0
Payments on mortgage debt	(6,732)	(4,424)
Payment of financing costs	(2,004)	(48)
Payment of offering costs	(3)	(207)
Proceeds from issuance of common shares	166	7,199
Distributions-common shares/units	(16,237)	(46,948)
Net cash provided by (used in) financing activities	62,113	(39,928)
Net change in cash, cash equivalents and restricted cash	22,233	(5,943)
Cash, cash equivalents and restricted cash, beginning of period	20,182	32,337
Cash, cash equivalents and restricted cash, end of period	42,415	26,394
Supplemental disclosure of cash flow information:
Cash paid for interest	20,968	20,605
Capitalized interest	951	226
Cash paid for income taxes	$ 328	$ 591

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Statement of Cash Flows [Abstract]
Accrued distributions payable	$ 469	$ 6,018
Accrued but unpaid distribution		781
Accrued share based compensation	338	337
Accounts payable and accrued expenses	$ 3,670	$ 2,421

Organization

Organization	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Organization Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust (“REIT”) on October 26, 2009. The Company is internally-managed and invests primarily in upscale extended-stay and premium-branded select-service hotels. In January 2014, the Company established an At the Market Equity Offering ("Prior ATM Plan") whereby, from time to time, we may publicly offer and sell our common shares having an aggregate maximum offering price of up to $50 million 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. The Company 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"), Citigroup Global Markets Inc. ("Citigroup"), Stifel, Nicolaus & Company, Incorporated ("Stifel") and Wells Fargo Securities, LLC ("Wells Fargo") as sales agents. During the nine months ended September 30, 2020 , the Company issued no shares under the ATM Plan. As of September 30, 2020, ther e was approximately $90.4 million available for issuance under the ATM Plan. In January 2014, the Company established a $25 million dividend 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 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 prospectus for the DRSPPs. During the three months ended September 30, 2020 , the Company issued 5,798 shares under the New DRSPP at a weighted average price of $6.40, which generated $37 thousand of proceeds. As of September 30, 2020, there was approximately $27.7 million available for issuance under the New DRSPP. The net proceeds from any share offerings or issuances are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. Chatham Lodging Trust is the sole general partner of the Operating Partnership and owns 100.0% of the common units of limited partnership interest in the Operating Partnership. Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets. As of September 30, 2020, the Company wholly owned 40 hotels with an aggregate of 6,092 rooms located in 15 states and the District of Columbia. As of September 30, 2020, 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 currently owns 46 hotels acquired from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management ("Cerberus"), comprising 5,948 rooms and (ii) held a 10% noncontrolling interest in a separate joint venture (the "Inland JV") with CLNY, which owns 48 hotels acquired from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,402 rooms. As of September 30, 2020, the Inland JV hotels are in receivership. 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 the 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 the 46 NewINK JV hotels and (ii) owns its 10% interest in the 48 Inland JV 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 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 revenue. The initial term of each of the TRS leases is 5 years. Lease revenue from each TRS Lessee is eliminated in consolidation. The TRS Lessees have entered into management agreements with third-party management companies that provide day-to-day management for the hotels. As of September 30, 2020, Island Hospitality Management LLC (“IHM”), which is 52.5% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, managed all 40 of the Company’s wholly owned hotels. As of September 30, 2020, all of the NewINK JV hotels were managed by IHM. As of September 30, 2020, two of the Inland JV hotels were managed by IHM and 46 of the Inland JV hotels were managed by other management companies. Liquidity Due to the COVID-19 pandemic and the effects of travel restrictions both globally and in the United States, the hospitality industry has experienced drastic drops in demand. We believe the ongoing effects of the COVID-19 pandemic on our operations have had, and will continue to have, a material negative impact on our financial results and cash flows, and such negative impact may continue beyond the containment of the pandemic. On May 6, 2020, we amended our credit facility to suspend financial covenants through March 31, 2021 and provide access to the entire $250 million facility size. We have also taken additional measures to improve our liquidity, including reducing operating expenses, deferring capital expenditures, and suspending dividends. Based on the successful amendment of our credit facility and the steps we have taken to reduce hotel operating costs, delay capital expenditures and suspend dividends, we believe that we have sufficient liquidity to satisfy our obligations for the foreseeable future.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. These unaudited consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition or sale of hotels. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2019, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Recently Adopted Accounting Policies On January 1, 2019, the Company adopted accounting guidance under Accounting Standards Codification (ASU) 2016-02 (“ASU 2016-02”), Leases , which relates to the accounting for leasing transactions. 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 adopted the new accounting guidance on January 1, 2019 and applied 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 applied 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

Disposition of Hotel Properties

Disposition of Hotel Properties	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposition of Hotel Properties	Disposition of Hotel Properties On May 7, 2019, the Company sold the Courtyard by Marriott hotel in Altoona, PA for $4.6 million and recognized a loss on the sale of the hotel property of $4.4 million. On May 15, 2019, the Company sold the SpringHill Suites by Marriott hotel in Washington, PA for $5.1 million and recognized a gain on the sale of the hotel property of $1.1 million. Proceeds from the sales were used to repay amounts outstanding on the Company's revolving credit facility. These sales did not represent a strategic shift that had or will have a major effect on the Company's operations and financial results and did not qualify to be reported as discontinued operations. During the three and nine months ended September 30, 2020 and 2019, the Company's consolidated statements of operations included operating income related to the disposed hotels as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Altoona CY $ — $ — $ — $ 24 Washington SHS — — — 198 Total $ — $ — $ — $ 222

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Allowance for Doubtful Accounts	Allowance for Doubtful AccountsThe Company maintains an allowance for doubtful accounts at a level believed to be adequate to absorb estimated probable losses. That estimate is based on past loss experience, current economic and market conditions and other relevant factors. The allowance for doubtful accounts was $0.4 million and $0.5 million as of September 30, 2020 and December 31, 2019, respectively.

Investment in Hotel Properties

Investment in Hotel Properties	9 Months Ended
	Sep. 30, 2020
Investments, All Other Investments [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties,net Investment in hotel properties, net as of September 30, 2020 and December 31, 2019 consisted of the following (in thousands): September 30, 2020 December 31, 2019 Land and improvements $ 296,905 $ 296,884 Building and improvements 1,233,988 1,216,849 Furniture, fixtures and equipment 85,246 81,707 Renovations in progress 15,281 31,589 1,631,420 1,627,029 Less: accumulated depreciation (310,655) (279,913) Investment in hotel properties, net $ 1,320,765 $ 1,347,116 Investment in hotel properties under development

Investment in Unconsolidated En

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2020
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 a 89.7% 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 September 30, 2020 and 2019, the Company’s share of partners’ capital in the NewINK JV was approximately $4.2 million and $44.4 million, respectively, and the total difference between the carrying amount of investment and the Company’s share of partners’ capital was approximately $22.8 million and $56.1 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 offset approximately $32.2 million of its share of the NewINK JV's impairment loss in the current year by its remaining basis difference in the NewINK JV. The Company serves as managing member of the NewINK JV. During the three and nine months ended September 30, 2020 and 2019, the Company received cash distributions from the NewINK JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Cash generated from other activities and excess cash $ — $ — $ — $ 411 Total $ — $ — $ — $ 411 On November 17, 2014, the Company acquired a 10.0% interest in the 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 on January 10, 2017 to form a new company, CLNY, which owns a 90% 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. The Company serves as managing member of the Inland JV. During the three and nine months ended September 30, 2020 and 2019, the Company received no cash distributions from the Inland JV. On May 9, 2017, the NewINK JV refinanced the $840.0 million loan collateralized by the 47 hotels then owned with a new $850.0 million loan with an interest at a rate of LIBOR plus a spread of 2.79%, an initial maturity date of June 7, 2019 and three one-year extension options. The NewINK JV exercised the first extension and the maturity was extended to June 7, 2020. On November 7, 2019, the NewINK JV refinanced the $850.0 million loan with a new $855.0 million non-recourse loan from Morgan Stanley Bank, N.A., JPMorgan Chase Bank, National Association, and Bank of America, N.A. (collectively the "Lender"), collateralized by the then owned 46 hotels. The new loan bears interest at a rate of LIBOR plus a spread of 2.82%, has an initial maturity of November 7, 2021 and five one-year extension options. On April 7, 2020 and May 7, 2020, the NewINK JV failed to make debt service payments related to its $855.0 million loan. The servicer and lender subsequently agreed to fund the April 7, 2020 and May 7, 2020 interest payments for the senior portion of the loan from restricted cash balances that were originally escrowed to fund future capital expenditures. During the three months ended September 30, 2020, the NewINK JV made the senior debt payments due June 7, 2020 and July 7, 2020. The NewINK JV did not make the interest payment due to mezzanine lenders on April 7, 2020 and has not made any of the subsequent monthly interest payments due to mezzanine lenders. The failure to make the required debt service payments is an event of default under the NewINK loan agreement and could result in a foreclosure by the lender. The NewINK JV debt is non-recourse to Chatham with the exception of customary non-recourse carve-out provisions such as fraud, material and intentional misrepresentations and misapplication of funds. A default under the NewINK loan agreement does not trigger a cross-default under any of Chatham’s debt agreements. 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%, had an initial maturity date of July 9, 2019 and three one-year extension options. The Inland JV exercised the first extension and the maturity was extended to July 9, 2020. On April 9, 2020 the Inland JV failed to make a debt service payment related to its $780.0 million loan and has not made any of its subsequent monthly debt service payments. The failure to make the required debt service payments is an event of default under the Inland loan agreement. The Inland JV has not been successful in negotiating a forbearance agreement with its lenders. The Inland JV debt is non-recourse to Chatham with the exception of customary non-recourse carve-out provisions such as fraud, material and intentional misrepresentations and misapplication of funds. A default under the Inland JV loan agreement does not trigger a cross-default under any of Chatham’s debt agreements. The Inland JV has not been successful in negotiating a forbearance agreement with its lenders. At the direction of the special servicer for the Inland JV loan, control of Inland JV properties has transitioned to a court appointed receiver. The receiver, LW Hospitality Advisors, has been appointed for Inland JV hotels, it has replaced IHM with new hotel management companies. The Inland JV debt is non-recourse to Chatham with the exception of customary non-recourse carve-out provisions such as fraud, material and intentional misrepresentations and misapplication of funds. A default under the Inland JV loan agreement does not trigger a cross-default under any of Chatham’s debt agreements. 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 carve-out 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. On September 24, 2020 CLNY announced that it had entered into an agreement to sell six of its hospitality portfolios, including the NewINK JV, in a transaction with a gross equity sale price of $67.5 million. The Inland JV is not included in this proposed transaction. CLNY has not disclosed a proposed allocation of the sale price among the six portfolios, so the amount of proceeds Chatham will receive if the transaction closes has not yet been determined. The transaction is subject to closing conditions, including the assumption of debt by the purchaser. During the three months ended March 31, 2020, the Company determined that an other than temporary decline in the value of its equity investment in the Inland JV had occurred. The Inland JV’s operating performance has been significantly impacted by the COVID-19 pandemic. The Inland JV has high leverage, limited liquidity and limited ability to fund the current level of operating losses caused by the COVID-19 pandemic for a sustained period of time. Based on these factors, we have assessed that the fair market value of our equity investment in the Inland JV is zero and the Company did not consider the investment recoverable and therefore recorded an impairment of $15.3 million on the investment. Since the Company’s basis in the Inland JV is now zero and we expect that ongoing losses are not sustainable, we stopped recording any equity income or losses from the Inland JV as of March 31, 2020. The Company's recorded investments in the NewINK JV and the Inland JV were $(18.6) million and $0.0 million, respectively, at September 30, 2020. The following table sets forth the combined components of net loss, including the Company’s share, related to all JVs for the three and nine months ended September 30, 2020 and 2019 (in thousands): For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Revenue $ 63,509 $ 135,727 $ 192,276 $ 382,303 Total hotel operating expenses 53,636 85,270 165,588 249,342 Hotel operating income $ 9,873 $ 50,457 $ 26,688 $ 132,961 Impairment loss $ 2,842 $ 32,773 $ 578,217 $ 32,773 Loss from continuing operations $ (26,637) $ (31,300) $ (671,644) $ (45,754) Loss on sale of hotels (6) — (20) — Net loss $ (26,643) $ (31,300) $ (671,664) $ (45,754) Loss allocable to the Company $ (982) $ (3,183) $ (6,960) $ (4,647) Basis difference adjustment 135 399 861 1,197 Total loss from unconsolidated real estate entities attributable to the Company $ (847) $ (2,784) $ (6,099) $ (3,450)

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt The Company’s mortgage loans are collateralized by first-mortgage liens on certain of the Company’s properties. The mortgage loans are non-recourse except for instances of fraud or misapplication of funds. Mortgage and revolving credit facility debt consisted of the following (dollars in thousands): Collateral Interest Rate Maturity Date 9/30/20 Property Carrying Value Balance Outstanding on Loan as of September 30, 2020 December 31, Revolving Credit Facility (1) 3.09 % March 8, 2022 $ 393,215 $ 173,000 $ 90,000 Construction loan (2) 7.75 % August 3, 2024 33,719 3,923 — Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 21,835 12,717 12,936 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 43,836 26,798 27,272 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 28,887 15,290 15,563 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 31,267 20,911 21,291 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 30,376 17,237 17,559 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 34,058 21,157 21,520 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 62,765 43,220 43,857 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 41,368 31,615 32,053 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 76,651 63,674 64,406 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 84,863 69,471 70,270 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 63,382 47,755 48,305 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 50,346 37,241 37,670 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 33,639 29,477 29,817 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 38,339 20,604 20,931 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 13,252 15,484 15,693 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 15,938 17,478 17,717 Total debt before unamortized debt issue costs $ 1,097,736 $ 667,052 $ 586,860 Unamortized mortgage debt issue costs (1,105) (1,395) Total debt outstanding $ 665,947 $ 585,465 1. The interest rate for the revolving credit facility is variable and based on LIBOR (subject to a 0.5% floor) plus a spread of 2.5% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. At September 30, 2020 and December 31, 2019, the Company had $173.0 million and $90.0 million, respectively, of outstanding borrowings under its $250.0 million revolving credit facility. The credit facility provides two six-month extension options that would extend the final maturity to March 8, 2023 if exercised. 2. On August 4, 2020, a subsidiary of Chatham entered into an agreement with affiliates of Mack Real Estate Credit Strategies to obtain a $40 million loan to fund the remaining construction costs of the Warner Center hotel development. The loan has an initial term of 4 years and there are two six-month extension options. The rate on the loan is LIBOR, subject to a 0.25% floor, plus a spread of 7.5%. 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 September 30, 2020 and December 31, 2019 was $471.4 million and $501.5 million, respectively. The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with similar maturity and is classified within level 3 of the fair value hierarchy. As of September 30, 2020, the Company’s only variable rate debt is under its revolving credit facility. The estimated fair value of the Company’s variable rate debt as of September 30, 2020 and December 31, 2019 was $176.9 million and $90.0 million, respectively. On May 6, 2020, the company amended its credit facility to provide it with certain relief from the effects of the COVID-19 pandemic. The amendment provides for the waiver of certain financial covenants through March 31, 2021 and allows Chatham to borrow up to the entire $250 million facility size during this period. During this covenant waiver period, Chatham will be required to maintain a minimum liquidity of $25 million which will include both unrestricted cash and credit facility availability. In connection with the amendment, Chatham added six hotels to the credit facility’s borrowing base which now has a total of 18 properties. The amendment provided Chatham’s credit facility lenders with pledges of the equity in the 18 borrowing base hotels. The amendment places additional limits on Chatham’s ability to incur debt, pay dividends, and make capital expenditures during the covenant waiver period. During the covenant waiver period interest will be calculated as LIBOR (subject to a 0.5% floor) plus a spread of 2.5% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. As of September 30, 2020, the Company was in compliance with all of its modified financial covenants. Future scheduled principal payments of debt obligations as of September 30, 2020, for the current year and each of the next five calendar years and thereafter are as follows (in thousands): Amount 2020 (remaining three months) $ 2,665 2021 22,121 2022 182,954 2023 143,084 2024 300,309 2025 15,919 Thereafter — Total debt before unamortized debt issue costs $ 667,052 Unamortized mortgage debt issue costs (1,105) Total debt outstanding $ 665,947 Accounting for Derivative Instruments

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s TRS is subject to federal and state income taxes. Income tax expense was zero for the three months ended September 30, 2020 and 2019 and zero for the nine months ended September 30, 2020 and 2019. 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 continued taxable losses in 2020. As of September 30, 2020, the TRS continues to recognize a full valuation allowance equal to 100% of the net deferred tax assets, with the exception of the AMT tax credit, due to the uncertainty of the TRS's ability to utilize these net deferred tax assets. Management will continue to monitor the need for a valuation allowance.

Dividends Declared and Paid

Dividends Declared and Paid	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Dividends Declared and Paid	Dividends Declared and Paid The Company declared total common share dividends of $0.22 per share and distributions on LTIP units of $0.22 per unit for the nine months ended September 30, 2020. The Company suspended dividends beginning after the payment of the March 27, 2020 dividend due to a decline in operating performance caused by the COVID-19 pandemic. The dividends and distributions were as follows: Record Date Payment Date Common share distribution amount LTIP unit distribution amount January 1/31/2020 2/28/2020 $ 0.11 $ 0.11 February 2/28/2020 3/27/2020 0.11 0.11 1st Quarter 2020 $ 0.22 $ 0.22 Total 2020 $ 0.22 $ 0.22

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2020
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 three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Numerator: Net income (loss) attributable to common shareholders $ (18,057) $ 10,002 $ (72,667) $ 21,052 Dividends paid on unvested shares and units — (107) (50) (299) Net income (loss) attributable to common shareholders $ (18,057) $ 9,895 $ (72,717) $ 20,753 Denominator: Weighted average number of common shares - basic 46,965,526 46,913,922 46,958,143 46,744,890 Unvested shares — 238,244 — 212,074 Weighted average number of common shares - diluted 46,965,526 47,152,166 46,958,143 46,956,964 Basic income (loss) per Common Share: Net income (loss) attributable to common shareholders per weighted average basic common share $ (0.38) $ 0.21 $ (1.55) $ 0.44 Diluted income (loss) per Common Share: Net income (loss) attributable to common shareholders per weighted average diluted common share $ (0.38) $ 0.21 $ (1.55) $ 0.44

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan The Company maintains its Equity Incentive Plan to attract and retain independent trustees, executive officers and other key employees and service providers. The plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. The plan was amended and restated as of May 17, 2013 to increase the maximum number of shares available under the plan to 3,000,000 shares. Share awards under this plan generally vest over three years, though compensation for the Company’s independent trustees includes share grants that vest immediately. The Company pays dividends on unvested shares and units, except for performance-based shares and outperformance based units, for which dividends on unvested performance-based shares and units are accrued and not paid until those shares or units vest. Certain awards may provide for accelerated vesting if there is a change in control. In January 2020 and 2019, the Company issued 24,516 and 27,870 common shares, respectively, to its independent trustees as compensation for services performed in 2019 and 2018, respectively. As of September 30, 2020, there were 944,048 common shares available for issuance under the Equity Incentive Plan. 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 nine months ended September 30, 2020 and the year ended December 31, 2019 is as follows: Nine Months Ended Year Ended September 30, 2020 December 31, 2019 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 5,001 $ 18.33 8,334 $ 18.52 Granted — — — — Vested (1,667) 20.20 (3,333) 18.80 Forfeited — — — — Non-vested at end of the period 3,334 $ 17.40 5,001 $ 18.33 As of September 30, 2020 and December 31, 2019, there were $35.8 thousand and $58.5 thousand, respectively, of unrecognized compensation costs related to restricted share awards. As of September 30, 2020, these costs were expected to be recognized over a weighted–average period of approximately one year. For the three months ended September 30, 2020 and 2019, the Company recognized approximately $7.3 thousand and $15.7 thousand, respectively, and for nine months ended September 30, 2020 and 2019, the Company recognized approximately $22.8 thousand and $47.0 thousand, respectively, of expense related to the restricted share awards. 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 nine months ended September 30, 2020 and the year ended December 31, 2019 is as follows: Nine Months Ended Year Ended September 30, 2020 December 31, 2019 Number of Units Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Non-vested at beginning of the period 598,320 $ 18.30 476,398 $ 17.73 Granted 325,507 13.42 221,853 18.73 Vested (254,218) 18.82 (99,931) 16.55 Forfeited — $ — — $ — Non-vested at end of the period 669,609 $ 15.73 598,320 $ 18.30 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 a 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 expense related to these LTIP units was completely amortized as of May 31, 2020. Time-Based LTIP Awards On March 1, 2020, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 130,206 time-based awards (the “2020 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 2020 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, 2020, the Company's Operating Partnership, upon the recommendation of the Compensation Committee, also granted 195,301 performance-based awards (the "2020 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 $13.66 per 2020 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 2020 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, 2020 and ending on February 28, 2023. The 2020 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 a 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 LTIP units included discounts for illiquidity; expectations for future dividends; risk free interest rates; stock price volatility; and economic environment and market conditions. The grant date fair values 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 LTIP Unit Awards 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% 6.2% 2.37% 2019 Time-Based LTIP Unit Awards 3/1/2019 88,746 $18.45 21% —% 2.57% 2019 Performance-Based LTIP Unit Awards 3/1/2019 133,107 $18.91 21% 6.2% 2.55% 2020 Time-Based LTIP Unit Awards 3/1/2020 130,206 $13.05 20% —% 1.06% 2020 Performance-Based LTIP Unit Awards 3/1/2020 195,301 $13.66 20% 8.1% 0.90%

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	LeasesThe Courtyard Altoona hotel was 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 were determined by the quarterly average room occupancy of the hotel. Rent was equal to approximately $8,400 per month when monthly occupancy was less than 85% and could increase up to approximately $20,000 per month if occupancy was 100%, with minimum rent increased by two and one-half percent (2.5%) on an annual basis. The Altoona hotel was sold on May 7, 2019. The Residence Inn Gaslamp hotel is subject to a ground lease with an expiration date of January 31, 2065 with an extension option by the Company of up to three additional terms of ten years each. Monthly payments are currently approximately $44,400 per month and increase 10% every five years. The hotel is subject to annual supplemental rent payments calculated as 5% of gross revenues during the applicable lease year, minus 12 times the monthly base rent scheduled for the lease year. The Residence Inn New Rochelle is subject to an air rights lease and garage lease that each expire on December 1, 2104. The lease agreements with the City of New Rochelle cover the space above the parking garage that is occupied by the hotel as well as 128 parking spaces in a parking garage that is attached to the hotel. The annual base rent for the garage lease is the hotel’s proportionate share of the city’s adopted budget for the operations, management and maintenance of the garage and established reserves to fund for the cost of capital repairs. Aggregate rent for 2020 is approximately $31,000 per quarter. The Hilton Garden Inn Marina del Rey hotel is subject to a ground lease with an expiration date 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. 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 two successive terms of 5 years each. The Company shares the space with related parties and is reimbursed for the pro-rata share of rentable space occupied by the related parties. The Company is the lessee under ground, air rights, garage and office lease agreements for certain of its properties, all of which qualify as operating leases as of September 30, 2020. These leases typically provide multi-year renewal options to extend term as lessee at the Company's option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised. In calculating the Company's lease obligations under the various leases, the Company uses discount rates estimated to be equal to what the Company would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment. The following is a schedule of the minimum future payments required under the ground, air rights, garage leases and office lease as of September 30, 2020, for each of the next five calendar years and thereafter: Total Future Lease Payments Amount 2020 (remaining three months) $ 510 2021 2,051 2022 2,071 2023 2,093 2024 2,115 2025 2,186 Thereafter 66,720 Total lease payments $ 77,746 Less: Imputed interest (54,385) Present value of lease liabilities $ 23,361 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, 2019, for each of the next five calendar years and thereafter: Amount 2020 $ 2,027 2021 2,051 2022 2,071 2023 2,093 2024 2,115 Thereafter 68,906 Total lease payments $ 79,263 Less: Imputed interest (55,546) Present value of lease liabilities $ 23,717 For the nine months ended September 30, 2020, the Company incurred $0.9 million of fixed lease payments and $33.0 thousand of variable lease payments, which are included in property taxes, ground rent and insurance in our consolidated statement of operations. The following table includes information regarding the right of use assets and lease liabilities of the Company as of September 30, 2020: Right of Use Asset Lease Liability Balance as of January 1, 2020 $ 21,270 $ 23,717 Amortization (469) (356) Balance as of September 30, 2020 $ 20,801 $ 23,361 Lease Term and Discount Rate September 30, 2020 Weighted-average remaining lease term (years) 40.66 Weighted-average discount rate 6.57%

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
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 several class action lawsuits pending in the state of California. The first class action lawsuit was filed in the Santa Clara County Superior Court on October 21, 2016 under the title Ruffy, et al, v. Island Hospitality Management, LLC, et al. Case No. 16-CV-301473 (“Ruffy”) 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 (“Doonan”). 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 complaints allege 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. A settlement agreement has been negotiated and approved by the applicable courts for Ruffy and Doonan. In August 2020, a payment of $0.1 million, which represents the Company’s total exposure to the Ruffy and Doonan litigations based on standard indemnification obligations under hotel management agreements with IHM, was paid related to this lawsuit settlement. In addition, IHM is a defendant in the following series of interrelated class action lawsuits: Perez et al. v. Island Hospitality Management III LLC et al. (United States District Court for the Central District of California, Case No. 2:18-cv-04903-DMG-JPR) filed on March 15, 2018, Cruz v. Island Hospitality Management III LLC (Santa Clara County Superior Court Case No. 19CV353655) filed on August 19, 2019, Leon et al. v. Island Hospitality Management III LLC (Orange County Superior Court Case No. 30-2019-01050719-CU-OE-CXC) filed on April 2, 2019, and Vela v. Island Hospitality Management LLC et al. (San Diego County Superior Court, Case No. 37-2019-0003525) filed on July 9, 2019 (collectively the “Perez class actions”). The Perez class actions also 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 complaints allege various wage and hour law violations based on alleged violation of certain California statutes regarding rest and meal breaks and wage statements. The plaintiffs seek injunctive relief, money damages, penalties, and interest. In September 2020, a payment of $0.6 million, which represents the Company’s total exposure to the Perez class actions based on standard indemnification obligations under hotel management agreements with IHM, was paid related to this lawsuit settlement. Management Agreements The management agreements with IHM have an initial term of five years and automatically renew for two five-year periods unless IHM provides written notice to us no later than 90 days prior to the then current term’s expiration date of its intent not to renew. The IHM management agreements provide for early termination at the Company’s option upon sale of any IHM-managed hotel for no termination fee, with six months advance notice. The IHM management agreements may be terminated for cause, including the failure of the managed hotel to meet specified performance levels. Base management fees are calculated as a percentage of the hotel's gross room revenue. If certain financial thresholds are met or exceeded, an incentive management fee is calculated as 10% of the hotel's net operating income less fixed costs, base management fees and a specified return threshold. The incentive management fee is capped at 1% of gross hotel revenues for the applicable calculation. Management fees totaled approximately $1.3 million and $3.0 million, respectively, for the three months ended September 30, 2020 and 2019, respectively, and approximately $4.2 million and $8.4 million, respectively, for the nine months ended September 30, 2020 and 2019. Franchise Agreements The fees associated with the franchise agreements are calculated as a specified percentage of the hotel's gross room revenue. Franchise and marketing fees totaled approximately $2.9 million and $7.1 million, respectively, for the three months ended September 30, 2020 and 2019 and approximately $9.2 million and $20.1 million, respectively, for the nine months ended September 30, 2020 and 2019. The initial term of the agreements range from 10 to 30 years with the weighted average expiration being August 2030.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to March 1, 2019, Mr. Fisher owned 51% of IHM. On March 1, 2019, Mr. Fisher acquired the 1.5% ownership interest of an employee who was leaving IHM. As of September 30, 2020, Mr. Fisher owns 52.5% of IHM. As of September 30, 2020, the Company had hotel management agreements with IHM to manage all 40 of its wholly owned hotels. As of September 30, 2020, all 46 hotels owned by the NewINK JV and 2 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 three months ended September 30, 2020 and 2019 were $1.3 million and $3.0 million, respectively, and for the nine months ended September 30, 2020 and 2019 were $4.2 million and $8.4 million, respectively. At September 30, 2020 and December 31, 2019, the amounts due to IHM were $0.4 million and $0.7 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. During the nine months ended September 30, 2020 and 2019 the company received $74 thousand and $98 thousand, respectively, for these services. Cost reimbursements from unconsolidated real estate entities revenue represent reimbursements of costs incurred on behalf of the NewINK JV, Inland JV, Castleblack and IHM. These costs relate primarily to corporate payroll costs at the NewINK JV, Inland JV and Castleblack where the Company is the employer and office expenses shared with these entities and IHM. 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 are recorded based upon the occurrence of a reimbursed activity.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 7, 2020 CLNY contributed $5.9 million to the NewINK JV. The NewINK JV used these funds, along with existing cash, to make senior debt payments for August, September and October. The NewINK JV is now current on all senior debt payments. The NewINK JV has not made any interest payments to its mezzanine lenders since March 7, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. These unaudited consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition or sale of hotels. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2019, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recently Adopted Accounting Policies	Recently Adopted Accounting Policies On January 1, 2019, the Company adopted accounting guidance under Accounting Standards Codification (ASU) 2016-02 (“ASU 2016-02”), Leases , which relates to the accounting for leasing transactions. 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 adopted the new accounting guidance on January 1, 2019 and applied 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 applied 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

Disposition of Hotel Properti_2

Disposition of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	During the three and nine months ended September 30, 2020 and 2019, the Company's consolidated statements of operations included operating income related to the disposed hotels as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Altoona CY $ — $ — $ — $ 24 Washington SHS — — — 198 Total $ — $ — $ — $ 222

Investment in Hotel Properties,

Investment in Hotel Properties, net (Tables)	9 Months Ended
	Sep. 30, 2020
Investments, All Other Investments [Abstract]
Investment in Hotel Properties	Investment in hotel properties, net as of September 30, 2020 and December 31, 2019 consisted of the following (in thousands): September 30, 2020 December 31, 2019 Land and improvements $ 296,905 $ 296,884 Building and improvements 1,233,988 1,216,849 Furniture, fixtures and equipment 85,246 81,707 Renovations in progress 15,281 31,589 1,631,420 1,627,029 Less: accumulated depreciation (310,655) (279,913) Investment in hotel properties, net $ 1,320,765 $ 1,347,116

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Cash Received and Distributions	During the three and nine months ended September 30, 2020 and 2019, the Company received cash distributions from the NewINK JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Cash generated from other activities and excess cash $ — $ — $ — $ 411 Total $ — $ — $ — $ 411
Schedule Of Income From Joint Venture	The following table sets forth the combined components of net loss, including the Company’s share, related to all JVs for the three and nine months ended September 30, 2020 and 2019 (in thousands): For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Revenue $ 63,509 $ 135,727 $ 192,276 $ 382,303 Total hotel operating expenses 53,636 85,270 165,588 249,342 Hotel operating income $ 9,873 $ 50,457 $ 26,688 $ 132,961 Impairment loss $ 2,842 $ 32,773 $ 578,217 $ 32,773 Loss from continuing operations $ (26,637) $ (31,300) $ (671,644) $ (45,754) Loss on sale of hotels (6) — (20) — Net loss $ (26,643) $ (31,300) $ (671,664) $ (45,754) Loss allocable to the Company $ (982) $ (3,183) $ (6,960) $ (4,647) Basis difference adjustment 135 399 861 1,197 Total loss from unconsolidated real estate entities attributable to the Company $ (847) $ (2,784) $ (6,099) $ (3,450)

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Components of Mortgage Debt	Mortgage and revolving credit facility debt consisted of the following (dollars in thousands): Collateral Interest Rate Maturity Date 9/30/20 Property Carrying Value Balance Outstanding on Loan as of September 30, 2020 December 31, Revolving Credit Facility (1) 3.09 % March 8, 2022 $ 393,215 $ 173,000 $ 90,000 Construction loan (2) 7.75 % August 3, 2024 33,719 3,923 — Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 21,835 12,717 12,936 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 43,836 26,798 27,272 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 28,887 15,290 15,563 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 31,267 20,911 21,291 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 30,376 17,237 17,559 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 34,058 21,157 21,520 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 62,765 43,220 43,857 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 41,368 31,615 32,053 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 76,651 63,674 64,406 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 84,863 69,471 70,270 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 63,382 47,755 48,305 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 50,346 37,241 37,670 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 33,639 29,477 29,817 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 38,339 20,604 20,931 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 13,252 15,484 15,693 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 15,938 17,478 17,717 Total debt before unamortized debt issue costs $ 1,097,736 $ 667,052 $ 586,860 Unamortized mortgage debt issue costs (1,105) (1,395) Total debt outstanding $ 665,947 $ 585,465
Future Scheduled Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations as of September 30, 2020, for the current year and each of the next five calendar years and thereafter are as follows (in thousands): Amount 2020 (remaining three months) $ 2,665 2021 22,121 2022 182,954 2023 143,084 2024 300,309 2025 15,919 Thereafter — Total debt before unamortized debt issue costs $ 667,052 Unamortized mortgage debt issue costs (1,105) Total debt outstanding $ 665,947

Dividends Declared and Paid (Ta

Dividends Declared and Paid (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Dividends Declared and Paid	The dividends and distributions were as follows: Record Date Payment Date Common share distribution amount LTIP unit distribution amount January 1/31/2020 2/28/2020 $ 0.11 $ 0.11 February 2/28/2020 3/27/2020 0.11 0.11 1st Quarter 2020 $ 0.22 $ 0.22 Total 2020 $ 0.22 $ 0.22

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
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 three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Numerator: Net income (loss) attributable to common shareholders $ (18,057) $ 10,002 $ (72,667) $ 21,052 Dividends paid on unvested shares and units — (107) (50) (299) Net income (loss) attributable to common shareholders $ (18,057) $ 9,895 $ (72,717) $ 20,753 Denominator: Weighted average number of common shares - basic 46,965,526 46,913,922 46,958,143 46,744,890 Unvested shares — 238,244 — 212,074 Weighted average number of common shares - diluted 46,965,526 47,152,166 46,958,143 46,956,964 Basic income (loss) per Common Share: Net income (loss) attributable to common shareholders per weighted average basic common share $ (0.38) $ 0.21 $ (1.55) $ 0.44 Diluted income (loss) per Common Share: Net income (loss) attributable to common shareholders per weighted average diluted common share $ (0.38) $ 0.21 $ (1.55) $ 0.44

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of Restricted Share Awards	A summary of the Company’s restricted share awards for the nine months ended September 30, 2020 and the year ended December 31, 2019 is as follows: Nine Months Ended Year Ended September 30, 2020 December 31, 2019 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 5,001 $ 18.33 8,334 $ 18.52 Granted — — — — Vested (1,667) 20.20 (3,333) 18.80 Forfeited — — — — Non-vested at end of the period 3,334 $ 17.40 5,001 $ 18.33
Schedule of Long Term Incentive Unit Awards	A summary of the Company's LTIP Unit awards for the nine months ended September 30, 2020 and the year ended December 31, 2019 is as follows: Nine Months Ended Year Ended September 30, 2020 December 31, 2019 Number of Units Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Non-vested at beginning of the period 598,320 $ 18.30 476,398 $ 17.73 Granted 325,507 13.42 221,853 18.73 Vested (254,218) 18.82 (99,931) 16.55 Forfeited — $ — — $ — Non-vested at end of the period 669,609 $ 15.73 598,320 $ 18.30
Schedule of Performance-Based Long-Term Incentive Plan Payout Unit Awards	The 2020 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 values 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 LTIP Unit Awards 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% 6.2% 2.37% 2019 Time-Based LTIP Unit Awards 3/1/2019 88,746 $18.45 21% —% 2.57% 2019 Performance-Based LTIP Unit Awards 3/1/2019 133,107 $18.91 21% 6.2% 2.55% 2020 Time-Based LTIP Unit Awards 3/1/2020 130,206 $13.05 20% —% 1.06% 2020 Performance-Based LTIP Unit Awards 3/1/2020 195,301 $13.66 20% 8.1% 0.90%

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity	The following is a schedule of the minimum future payments required under the ground, air rights, garage leases and office lease as of September 30, 2020, for each of the next five calendar years and thereafter: Total Future Lease Payments Amount 2020 (remaining three months) $ 510 2021 2,051 2022 2,071 2023 2,093 2024 2,115 2025 2,186 Thereafter 66,720 Total lease payments $ 77,746 Less: Imputed interest (54,385) Present value of lease liabilities $ 23,361
Lessee Operating Lease Liability Maturity, Ground, Air Rights, Garage And Office 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, 2019, for each of the next five calendar years and thereafter: Amount 2020 $ 2,027 2021 2,051 2022 2,071 2023 2,093 2024 2,115 Thereafter 68,906 Total lease payments $ 79,263 Less: Imputed interest (55,546) Present value of lease liabilities $ 23,717
Schedule Of Right Of Use Asset And Liability	The following table includes information regarding the right of use assets and lease liabilities of the Company as of September 30, 2020: Right of Use Asset Lease Liability Balance as of January 1, 2020 $ 21,270 $ 23,717 Amortization (469) (356) Balance as of September 30, 2020 $ 20,801 $ 23,361
Lease, Cost	Lease Term and Discount Rate September 30, 2020 Weighted-average remaining lease term (years) 40.66 Weighted-average discount rate 6.57%

Organization (Details)

Organization (Details)	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2014USD ($)	Sep. 30, 2020USD ($)HotelRoomstate$ / sharesshares	Sep. 30, 2020USD ($)HotelRoomstateshares	Sep. 30, 2019USD ($)	Oct. 31, 2020Hotel	May 06, 2020USD ($)Hotel	Mar. 01, 2019	Feb. 28, 2019	Nov. 17, 2014	Jun. 09, 2014
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common shares			$ 166,000	$ 7,199,000
Aggregate number of rooms in hotels (in rooms) | Room		6,092	6,092
Number of states in which hotels are owned (in states) | state		15	15
Number of hotels acquired (in hotels) | Hotel						6
Initial term of each TRS lease			5 years
Senior Unsecured Revolving Credit Facility
Subsidiary, Sale of Stock [Line Items]
Maximum borrowing availability under revolving credit facility		$ 250,000,000	$ 250,000,000			$ 200,000,000
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels) | Hotel		2	2
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels) | Hotel		40	40
Ownership percentage in related party owned by the company's chairman		52.50%	52.50%				1.50%	51.00%
NewINK Joint Venture
Subsidiary, Sale of Stock [Line Items]
Indirect ownership in the leased hotels		10.30%	10.30%							10.30%
Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels (in rooms) | Room		6,402	6,402
Indirect ownership in the leased hotels									10.00%
Number of hotels under new court appointed management companies | Hotel		46	46
Number of hotels acquired (in hotels) | Hotel		48	48
Inland Joint Venture | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Number of hotels under new court appointed management companies | Hotel					2
Minority Interest In Joint Venture Rooms | Cerberus Capital Management
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels) | Hotel		46	46
Aggregate number of rooms in hotels (in rooms) | Room		5,948	5,948
ATM Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount	$ 50,000,000
Registration statement filed, amount	100,000,000
Shares issued (in shares) | shares			0
Stock purchase plan, remaining authorized repurchase amount		$ 90,400,000	$ 90,400,000
DRSP Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount	25,000,000
Registration statement filed, amount	$ 50,000,000
Shares issued (in shares) | shares		5,798
Stock purchase plan, remaining authorized repurchase amount		$ 27,700,000	$ 27,700,000
Stock purchase plan, average price per share (in dollars per share) | $ / shares		$ 6.40
Proceeds from issuance of common shares		$ 37,000
Operating Partnership
Subsidiary, Sale of Stock [Line Items]
Percentage of common units of limited partnership owned			100.00%
Colony Capital, Inc. | Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest, ownership percentage by parent		10.00%	10.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	$ 23,361	$ 23,717
Operating right-of-use assets	$ 20,801	$ 21,270
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities			$ 25,700
Operating right-of-use assets			$ 23,100

Disposition of Hotel Properti_3

Disposition of Hotel Properties (Details) - USD ($) $ in Thousands	May 15, 2019	May 07, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of property			$ 0	$ 4	$ 3	$ (3,295)
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, operating income			0	0	0	222
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Courtyard Altoona
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition		$ 4,600
Gain (loss) on sale of property		$ (4,400)
Disposal group, operating income			0	0	0	24
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Springhill Suites By Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition	$ 5,100
Gain (loss) on sale of property	$ 1,100
Disposal group, operating income			$ 0	$ 0	$ 0	$ 198

Allowance for Doubtful Accoun_2

Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Allowance for doubtful accounts related to receivables	$ 370	$ 451

Investment in Hotel Propertie_2

Investment in Hotel Properties, net - Schedule of Investments in Hotel Properties, net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investments, All Other Investments [Abstract]
Land and improvements	$ 296,905	$ 296,884
Building and improvements	1,233,988	1,216,849
Furniture, fixtures and equipment	85,246	81,707
Renovations in progress	15,281	31,589
Investment in hotel properties, at cost	1,631,420	1,627,029
Less: accumulated depreciation	(310,655)	(279,913)
Investment in hotel properties, net	$ 1,320,765	$ 1,347,116

Investment in Hotel Propertie_3

Investment in Hotel Properties, net - Narrative (Details) - California $ in Millions	Sep. 30, 2020USD ($)
Schedule of Investments [Line Items]
Cost incurred	$ 33.7
Land
Schedule of Investments [Line Items]
Cost incurred	6.6
Other Development Costs
Schedule of Investments [Line Items]
Cost incurred	$ 27.1

Investment in Unconsolidated _3

Investment in Unconsolidated Entities - Additional Information (Details)	Sep. 24, 2020USD ($)portfolio	Nov. 07, 2019USD ($)option	Jun. 09, 2017USD ($)Hotel	May 09, 2017USD ($)Hotel	Sep. 30, 2020USD ($)Hotel	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Hotel	Sep. 30, 2019USD ($)	May 06, 2020Hotel	Dec. 31, 2019USD ($)	Nov. 17, 2014	Jun. 09, 2014
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate entities					$ 0		$ 0			$ 17,969,000
Debt amount outstanding					667,052,000		667,052,000			586,860,000
Number of hotels in ownership by Company (in hotels) | Hotel									18
Amount refinanced					173,000,000		$ 173,000,000			$ 90,000,000
Percentage of capped amount of debt outstanding							15.00%
Percentage of outstanding debt balances							20.00%
Number of hospitality portfolios | portfolio	6
Proceeds from sale of portfolios	$ 67,500,000
Impairment loss on investment in unconsolidated real estate entities					0	$ 0	$ 15,282,000	$ 0
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Joint venture, percentage ownership by third party												89.70%
Impairment of unconsolidated entities							32,200,000
Investment in unconsolidated real estate entities					4,200,000	44,400,000	4,200,000	44,400,000
Investment in hotel properties under development					$ 22,800,000	56,100,000	$ 22,800,000	56,100,000
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels					10.30%		10.30%					10.30%
Cash distributions					$ 0	0	$ 0	411,000
Investments in joint ventures					(18,600,000)		(18,600,000)
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels											10.00%
Joint venture, percentage ownership by third party											90.00%
Cash distributions					0	$ 0		$ 0
Investments in joint ventures					$ 0		$ 0
Cerberus Capital Management | Minority Interest In Joint Venture Rooms
Schedule of Equity Method Investments [Line Items]
Number of hotels managed by related party (in hotels) | Hotel					46		46
Senior Notes | NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Debt amount outstanding				$ 840,000,000
Number of hotels in ownership by Company (in hotels) | Hotel				47
Amount refinanced		$ 855,000,000		$ 850,000,000
Number of extension options | Hotel				3
Period of extension options		1 year		1 year
Senior Notes | Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Debt amount outstanding			$ 817,000,000
Number of hotels in ownership by Company (in hotels) | Hotel			48
Amount refinanced			$ 780,000,000
Number of extension options | Hotel			3
Period of extension options			1 year
Additional amount contributed			$ 5,000,000
LIBOR | Senior Notes | NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate		2.82%		2.79%
Number of extension options | option		5
LIBOR | Senior Notes | Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate			3.30%

Investment in Unconsolidated _4

Investment in Unconsolidated Entities - Cash Received and Distributions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash distributions	$ 0	$ 0	$ 0	$ 411,000
Total	0	0	$ 0	411,000
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash distributions	$ 0	$ 0		$ 0

Investment in Unconsolidated _5

Investment in Unconsolidated Entities - Components of Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Revenue	$ 34,969	$ 90,080	$ 115,351	$ 253,631
Operating (loss) income	(10,245)	19,898	(46,550)	45,924
Loss on sale of hotels	(6)	0	(20)	0
Net (loss) income attributable to common shareholders	(18,057)	10,002	(72,667)	21,052
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue	63,509	135,727	192,276	382,303
Total hotel operating expenses	53,636	85,270	165,588	249,342
Operating (loss) income	9,873	50,457	26,688	132,961
Impairment loss	2,842	32,773	578,217	32,773
Loss from continuing operations	(26,637)	(31,300)	(671,644)	(45,754)
Net (loss) income attributable to common shareholders	(26,643)	(31,300)	(671,664)	(45,754)
Loss allocable to the Company	(982)	(3,183)	(6,960)	(4,647)
Basis difference adjustment	135	399	861	1,197
Total loss from unconsolidated real estate entities attributable to the Company	$ (847)	$ (2,784)	$ (6,099)	$ (3,450)

Debt - Components of Mortgage D

Debt - Components of Mortgage Debt (Details) - USD ($) $ in Thousands	May 06, 2020	Sep. 30, 2020	Dec. 31, 2019
Participating Mortgage Loans [Line Items]
Property Carrying Value		$ 1,097,736
Total debt before unamortized debt issue costs		667,052	$ 586,860
Unamortized mortgage debt issue costs		(1,105)	(1,395)
Total debt outstanding		$ 665,947	585,465
Senior Unsecured Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate		3.09%
Property Carrying Value		$ 393,215
Total debt before unamortized debt issue costs		$ 173,000	90,000
Senior Unsecured Revolving Credit Facility | LIBOR | Minimum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	2.50%
Senior Unsecured Revolving Credit Facility | LIBOR | Maximum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	3.00%
Construction loan
Participating Mortgage Loans [Line Items]
Interest Rate		7.75%
Property Carrying Value		$ 33,719
Total debt before unamortized debt issue costs		$ 3,923	0
Residence Inn by Marriott New Rochelle, NY
Participating Mortgage Loans [Line Items]
Interest Rate		5.75%
Property Carrying Value		$ 21,835
Total debt before unamortized debt issue costs		$ 12,717	12,936
Residence Inn by Marriott San Diego, CA
Participating Mortgage Loans [Line Items]
Interest Rate		4.66%
Property Carrying Value		$ 43,836
Total debt before unamortized debt issue costs		$ 26,798	27,272
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate		4.59%
Property Carrying Value		$ 28,887
Total debt before unamortized debt issue costs		$ 15,290	15,563
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate		4.49%
Property Carrying Value		$ 31,267
Total debt before unamortized debt issue costs		$ 20,911	21,291
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate		4.19%
Property Carrying Value		$ 30,376
Total debt before unamortized debt issue costs		$ 17,237	17,559
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate		4.65%
Property Carrying Value		$ 34,058
Total debt before unamortized debt issue costs		$ 21,157	21,520
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate		4.97%
Property Carrying Value		$ 62,765
Total debt before unamortized debt issue costs		$ 43,220	43,857
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate		4.79%
Property Carrying Value		$ 41,368
Total debt before unamortized debt issue costs		$ 31,615	32,053
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate		4.64%
Property Carrying Value		$ 76,651
Total debt before unamortized debt issue costs		$ 63,674	64,406
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate		4.64%
Property Carrying Value		$ 84,863
Total debt before unamortized debt issue costs		$ 69,471	70,270
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate		4.64%
Property Carrying Value		$ 63,382
Total debt before unamortized debt issue costs		$ 47,755	48,305
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate		4.64%
Property Carrying Value		$ 50,346
Total debt before unamortized debt issue costs		$ 37,241	37,670
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate		4.62%
Property Carrying Value		$ 33,639
Total debt before unamortized debt issue costs		$ 29,477	29,817
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate		4.68%
Property Carrying Value		$ 38,339
Total debt before unamortized debt issue costs		$ 20,604	20,931
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate		4.32%
Property Carrying Value		$ 13,252
Total debt before unamortized debt issue costs		$ 15,484	15,693
Hampton Inn & Suites Houston Medical Center, TX
Participating Mortgage Loans [Line Items]
Interest Rate		4.25%
Property Carrying Value		$ 15,938
Total debt before unamortized debt issue costs		$ 17,478	$ 17,717

Debt - Additional Information (

Debt - Additional Information (Details)	Aug. 04, 2020USD ($)Hotel	May 06, 2020USD ($)Hotel	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Revolving credit facility			$ 173,000,000	$ 90,000,000
Number of hotels acquired (in hotels) | Hotel		6
Number of hotels in ownership by Company (in hotels) | Hotel		18
Fair value of interest rate caps			$ 10,000
Construction loan | Warner Center
Debt Instrument [Line Items]
Debt amount	$ 40,000,000
Term of debt	4 years
Number of extension options | Hotel	2
Period of extension options	6 months
LIBOR | Construction loan
Debt Instrument [Line Items]
Basis spread on variable rate			3.50%
LIBOR | Construction loan | Warner Center
Debt Instrument [Line Items]
Basis spread on variable rate	7.50%
Floor Rate | Construction loan | Warner Center
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt			$ 471,400,000	501,500,000
Variable rate debt
Debt Instrument [Line Items]
Estimated fair value of debt			176,900,000	90,000,000
Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility			173,000,000	$ 90,000,000
Maximum borrowing availability under revolving credit facility		$ 200,000,000	$ 250,000,000
Number of extension options | Hotel		2
Minimum liquidity		$ 25,000,000
Floor interest rate		0.50%
Period of extension options		6 months
Senior Unsecured Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Senior Unsecured Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%

Debt - Future Scheduled Princip

Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020 (remaining three months)	$ 2,665
2021	22,121
2022	182,954
2023	143,084
2024	300,309
2025	15,919
Thereafter	0
Total debt before unamortized debt issue costs	667,052	$ 586,860
Unamortized mortgage debt issue costs	(1,105)	(1,395)
Total debt outstanding	$ 665,947	$ 585,465

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Contingency [Line Items]
Tax expense (benefit)	$ 0	$ 0	$ 0	$ 0
TRS
Income Tax Contingency [Line Items]
Percentage of voting interests of gross deferred tax asset			100.00%

Dividends Declared and Paid (De

Dividends Declared and Paid (Details) - $ / shares	Feb. 28, 2020	Jan. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Distributions declared per common share (in dollars per share)	$ 0.11	$ 0.11	$ 0	$ 0.22	$ 0.33	$ 0.22	$ 0.99
LTIP units, distributions per unit (in dollars per share)	$ 0.11	$ 0.11		$ 0.22	$ 0.33	$ 0.22	$ 0.99

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income (loss) attributable to common shareholders	$ (18,057)	$ 10,002	$ (72,667)	$ 21,052
Dividends paid on unvested shares and units	0	(107)	(50)	(299)
Net income (loss) attributable to common shareholders	$ (18,057)	$ 9,895	$ (72,717)	$ 20,753
Denominator:
Weighted average number of common shares - basic (in shares)	46,965,526	46,913,922	46,958,143	46,744,890
Unvested shares (in shares)		238,244		212,074
Weighted average number of common shares - diluted (in shares)	46,965,526	47,152,166	46,958,143	46,956,964
Basic income (loss) per Common Share:
Net income (loss) attributable to common shareholders per weighted average basic common share (in dollars per share)	$ (0.38)	$ 0.21	$ (1.55)	$ 0.44
Diluted income (loss) per Common Share:
Net income (loss) attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ (0.38)	$ 0.21	$ (1.55)	$ 0.44

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details)

Mar. 01, 2020$ / sharesshares

Mar. 01, 2019shares

Mar. 01, 2018shares

Mar. 01, 2017shares

Jan. 28, 2016shares

Jun. 01, 2015shares

May 17, 2013shares

Jan. 31, 2020shares

Jan. 31, 2019shares

Sep. 30, 2020USD ($)shares

Sep. 30, 2019USD ($)

Sep. 30, 2020USD ($)shares

Sep. 30, 2019USD ($)

Dec. 31, 2019USD ($)shares

Independent Trustees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common share issued as compensation for services performed (in shares)

24,516

27,870

Equity Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (in shares)

3,000,000

Vesting period for share awards under equity

3 years

Common shares available for issuance (in shares)

944,048

944,048

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized compensation costs | $

$ 35,800

$ 35,800

$ 58,500

Weighted-average period for recognition of unrecognized compensation costs

1 year

Compensation expense, recognized | $

7,300

$ 15,700

$ 22,800

$ 47,000

Number of shares, Granted (in shares)

0

0

Long Term Incentive Plan Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted-average period for recognition of unrecognized compensation costs

1 year 7 months 6 days

Compensation expense, recognized | $

1,000,000

$ 1,100,000

$ 3,400,000

$ 3,100,000

Exchange ratio

1

Number of shares, Granted (in shares)

325,507

221,853

Total unrecognized compensation cost related to LTIP Units | $

$ 5,900,000

$ 5,900,000

$ 4,900,000

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

Long Term Incentive Plan Units, Time-Based

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares, Granted (in shares)

130,206

88,746

97,968

89,574

72,966

Long Term Incentive Plan Units, Time-Based | Awarded March 1, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares, Granted (in shares)

130,206

Long Term Incentive Plan Units, Performance-Based

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares, Granted (in shares)

195,301

133,107

146,949

134,348

39,285

Long Term Incentive Plan Units, Performance-Based | Awarded March 1, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares, Granted (in shares)

195,301

Grants in period, intrinsic value, amount per share (in dollars per share) | $ / shares

$ 13.66

Long Term Incentive Plan Units, Performance-Based | Awarded March 1, 2019 | Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of units paid out

50.00%

Long Term Incentive Plan Units, Performance-Based | Awarded March 1, 2019 | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of units paid out

150.00%

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Summary of company's restricted share awards
Number of shares, Nonvested at beginning of the period (in shares)	5,001	8,334
Number of shares, Granted (in shares)	0	0
Number of shares, Vested (in shares)	(1,667)	(3,333)
Number of shares, Forfeited (in shares)	0	0
Number of shares, Nonvested at end of the period (in shares)	3,334	5,001
Weighted - Average Grant Date Fair Value
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 18.33	$ 18.52
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	0	0
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	20.20	18.80
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)	0	0
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 17.40	$ 18.33

Equity Incentive Plan - Schedul

Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Summary of company's restricted share awards
Number of shares, Nonvested at beginning of the period (in shares)	598,320	476,398
Number of shares, Granted (in shares)	325,507	221,853
Number of shares, Vested (in shares)	(254,218)	(99,931)
Number of shares, Forfeited (in shares)	0	0
Number of shares, Nonvested at end of the period (in shares)	669,609	598,320
Weighted - Average Grant Date Fair Value
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 18.30	$ 17.73
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	13.42	18.73
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	18.82	16.55
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)	0	0
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 15.73	$ 18.30

Equity Incentive Plan - Sched_2

Equity Incentive Plan - Schedule of Performance-Based Long-Term Incentive Plan Payout Awards (Details)	Mar. 01, 2020
Relative TSR Hurdles (Percentile)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold (in percentage)	25.00%
Target (in percentage)	50.00%
Maximum (in percentage)	75.00%
Payout Percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold (in percentage)	50.00%
Target (in percentage)	100.00%
Maximum (in percentage)	150.00%

Equity Incentive Plan - Valuati

Equity Incentive Plan - Valuation Assumptions (Details) - $ / shares	Mar. 01, 2020	Mar. 01, 2019	Mar. 01, 2018	Mar. 01, 2017	Jan. 28, 2016	Jun. 01, 2015
Outperformance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Granted (in shares)						183,300
Estimate Value Per Unit (in dollars per share)						$ 14.13
Volatility, percentage						26.00%
Dividend Yield, percentage						4.50%
Risk Free Interest Rate, percentage						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)	130,206	88,746	97,968	89,574	72,966
Estimate Value Per Unit (in dollars per share)	$ 13.05	$ 18.45	$ 16.83	$ 18.53	$ 16.69
Volatility, percentage	20.00%	21.00%	26.00%	24.00%	28.00%
Dividend Yield, percentage	0.00%	0.00%	0.00%	0.00%	0.00%
Risk Free Interest Rate, percentage	1.06%	2.57%	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)	195,301	133,107	146,949	134,348	39,285
Estimate Value Per Unit (in dollars per share)	$ 13.66	$ 18.91	$ 17.02	$ 19.65	$ 11.09
Volatility, percentage	20.00%	21.00%	26.00%	25.00%	30.00%
Dividend Yield, percentage	8.10%	6.20%	6.20%	5.80%	5.80%
Risk Free Interest Rate, percentage	0.90%	2.55%	2.37%	1.47%	1.13%

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)ParkingSpace	Sep. 30, 2020USD ($)TermParkingSpaceHotel
Operating 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	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%
Fixed lease payments		$ 900,000
Variable lease, payment		33,000
Hilton Garden Inn Marina del Rey, CA
Operating Leased Assets [Line Items]
Operating leases, monthly payment		$ 47,500
Ground Leases | Hilton Garden Inn Portsmouth
Operating Leased Assets [Line Items]
Periods in each additional renewal term	10 years	10 years
Number of additional terms | Term		3
Operating leases, monthly payment		$ 44,400
Operating lease, periodic increase, percentage		10.00%
Periodic increase in monthly payment		5 years
Operating lease, annual supplemental rent, percentage of gross revenues (equal to)		5.00%
Operating lease, annual supplemental rent subtraction, base rent multiplier		12
Air Rights Lease And Garage Lease
Operating Leased Assets [Line Items]
Number of parking spaces occupied by hotel (in parking spaces) | ParkingSpace	128	128
Quarterly rent	$ 31,000
Office Lease
Operating Leased Assets [Line Items]
Maximum additional terms up to which ground lease can be extended (up to) | Hotel		2
Periods in each additional renewal term	5 years	5 years
Operating leases, term of contract	11 years	11 years
Operating leases, abatement term of contract		12 months
Minimum | Hilton Garden Inn Marina del Rey, CA
Operating Leased Assets [Line Items]
Operating lease, periodic increase, percentage		5.00%
Maximum | Hilton Garden Inn Marina del Rey, CA
Operating Leased Assets [Line Items]
Operating lease, periodic increase, percentage		25.00%

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
2020 (remaining three months)	$ 510
2021	2,051
2022	2,071
2023	2,093
2024	2,115
2025	2,186
Thereafter	66,720
Total lease payments	77,746
Less: Imputed interest	(54,385)
Present value of lease liabilities	$ 23,361	$ 23,717

Leases - Schedule of Ground, Ai

Leases - Schedule of Ground, Air Rights, Garage and Office Leases (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 2,027
2021	2,051
2022	2,071
2023	2,093
2024	2,115
Thereafter	68,906
Total lease payments	79,263
Less: Imputed interest	(55,546)
Present value of lease liabilities	$ 23,717

Leases - Schedule Of Right of U

Leases - Schedule Of Right of Use Asset and Lease Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Schedule Of Right Of Use Asset [Abstract]
Beginning balance	$ 21,270
Amortization	(469)
Ending balance	20,801
Schedule Of Lease Liability [Abstract]
Beginning balance	23,717
Amortization	(356)
Ending balance	$ 23,361

Leases - Lease Cost (Details)

Leases - Lease Cost (Details)	Sep. 30, 2020
Leases [Abstract]
Weighted-average remaining lease term (years)	40 years 7 months 28 days
Weighted-average discount rate	6.57%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Hotel	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Capital Leased Assets [Line Items]
Accounts payable and accrued expenses	$ 26,205		$ 26,205		$ 33,012
Management fees recorded within hotel other operating expenses	1,300	$ 3,000	4,200	$ 8,400
Franchise and marketing fees	2,900	$ 7,100	9,200	$ 20,100
Perez et al. v. Island Hospitality Management III LLC et al.
Capital Leased Assets [Line Items]
Accounts payable and accrued expenses	600		$ 600
Minimum
Capital Leased Assets [Line Items]
Weighted average expiration period			10 years
Maximum
Capital Leased Assets [Line Items]
Weighted average expiration period			30 years
Hotel Management Agreement | Island Hospitality Management Inc.
Capital Leased Assets [Line Items]
Initial terms of management agreements			5 years
Number of renewal periods of management agreements | Hotel			2
Renewal periods of management agreements			5 years
Notice period for successive renewal of agreement (no later than)			90 days
Minimum notice period for termination of management agreement			6 months
Management fee			10.00%
Incentive management fee, percentage			1.00%
Accounts Payable and Accrued Liabilities
Capital Leased Assets [Line Items]
Amount of exposure to litigation	$ 100		$ 100

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)Hotel	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Hotel	Sep. 30, 2019USD ($)	May 06, 2020Hotel	Dec. 31, 2019USD ($)	Mar. 01, 2019	Feb. 28, 2019
Related Party Transaction [Line Items]
Number of hotels acquired (in hotels)					6
Management fees recorded within hotel other operating expenses | $	$ 1,300	$ 3,000	$ 4,200	$ 8,400
Amounts due to related party | $	$ 400		$ 400			$ 700
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Number of hotels managed by related party (in hotels)	2		2
NewINK Joint Venture
Related Party Transaction [Line Items]
Number of hotels managed by related party (in hotels)	46		46
NorthStar Realty Finance Corp
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	2.50%		2.50%
Ownership percentage in related party owned by third party	97.50%		97.50%
Services provided | $	$ 74	$ 98	$ 74	$ 98
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	52.50%		52.50%				1.50%	51.00%
Number of hotels managed by related party (in hotels)	40		40
Inland Joint Venture
Related Party Transaction [Line Items]
Number of hotels acquired (in hotels)	48		48

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Oct. 07, 2020USD ($)
Subsequent Event | NewINK Joint Venture
Subsequent Event [Line Items]
Related party contribution	$ 5.9