Chatham Lodging Trust (CLDT) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,805,149
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Central Index Key	0001476045
Current Fiscal Year End Date	--12-31
Common Shares
Document Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest, $0.01 par value
Trading Symbol	CLDT
Security Exchange Name	NYSE
Series A Preferred Shares
Document Information [Line Items]
Title of 12(b) Security	6.625% Series A Cumulative Redeemable Preferred Shares
Trading Symbol	CLDT-PA
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Investment in hotel properties, net	$ 1,373,643	$ 1,282,870
Investment in hotel properties under development	0	67,554
Cash and cash equivalents	18,149	19,188
Restricted cash	8,296	10,681
Right of use asset, net	19,816	19,985
Hotel receivables (net of allowance for doubtful accounts of $288 and $382, respectively)	3,628	3,003
Deferred costs, net	4,646	4,627
Prepaid expenses and other assets	9,530	2,791
Total assets	1,437,708	1,410,699
Liabilities and Equity:
Mortgage debt, net	437,067	439,282
Revolving credit facility	110,000	70,000
Construction loan	38,450	35,007
Accounts payable and accrued expenses	23,842	27,718
Lease liability, net	22,554	22,696
Distributions payable	1,656	1,803
Total liabilities	633,569	596,506
Commitments and contingencies (Note 14)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 4,800,000 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	48	48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,804,585 and 48,768,890 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	488	487
Additional paid-in capital	1,047,031	1,048,070
Accumulated deficit	(262,536)	(251,103)
Total shareholders’ equity	785,031	797,502
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	19,108	16,691
Total equity	804,139	814,193
Total liabilities and equity	$ 1,437,708	$ 1,410,699

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts related to receivables	$ 288	$ 382
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Preferred shares, shares issued (in shares)	4,800,000	4,800,000
Preferred shares, shares outstanding (in shares)	4,800,000	4,800,000
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)	48,804,585	48,768,890
Common shares, shares outstanding (in shares)	48,804,585	48,768,890

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total revenue	$ 54,885,000	$ 32,114,000
Total hotel operating expenses	33,683,000	21,974,000
Depreciation and amortization	15,036,000	13,334,000
Property taxes, ground rent and insurance	4,958,000	5,879,000
General and administrative	3,942,000	3,530,000
Other charges	250,000	55,000
Reimbursable costs from unconsolidated entities	326,000	787,000
Total operating expenses	58,195,000	45,559,000
Operating loss before loss on sale of hotel property	(3,310,000)	(13,445,000)
Loss on sale of hotel property	0	(43,000)
Operating income (loss)	(3,310,000)	(13,488,000)
Interest and other income	0	74,000
Interest expense, including amortization of deferred fees	(6,389,000)	(6,470,000)
Loss from unconsolidated real estate entities	0	(1,231,000)
Gain on sale of investment in unconsolidated real estate entities	0	23,817,000
(Loss) income before income tax expense	(9,699,000)	2,702,000
Income tax expense	0	0
Net (loss) income	(9,699,000)	2,702,000
Net loss (income) attributable to noncontrolling interests	253,000	(46,000)
Net (loss) income attributable to common shareholders	(9,446,000)	2,656,000
Preferred dividends	(1,987,000)	0
Net (loss) income attributable to common shareholders	$ (11,433,000)	$ 2,656,000
(Loss) Income per Common Share - Basic:
Net (loss) income attributable to common shareholders (in dollars per share)	$ (0.23)	$ 0.06
(Loss) Income per Common Share - Diluted:
Net (loss) income attributable to common shareholders (in dollars per share)	$ (0.23)	$ 0.06
Weighted average number of common shares outstanding:
Basic (in shares)	48,787,519	47,224,972
Diluted (in shares)	48,787,519	47,368,518
Distributions declared per common share (in dollars per share)	$ 0	$ 0
Room
Total revenue	$ 50,164,000	$ 29,390,000
Total hotel operating expenses	11,594,000	7,166,000
Food and beverage
Total revenue	1,415,000	363,000
Total hotel operating expenses	1,047,000	284,000
Other
Total revenue	2,980,000	1,574,000
Reimbursable costs from unconsolidated entities
Total revenue	326,000	787,000
Telephone
Total hotel operating expenses	402,000	400,000
Other hotel operating
Total hotel operating expenses	732,000	365,000
General and administrative
Total hotel operating expenses	5,350,000	3,812,000
Franchise and marketing fees
Total hotel operating expenses	4,408,000	2,598,000
Advertising and promotions
Total hotel operating expenses	1,189,000	757,000
Utilities
Total hotel operating expenses	2,888,000	2,287,000
Repairs and maintenance
Total hotel operating expenses	3,445,000	2,461,000
Management fees
Total hotel operating expenses	1,918,000	1,196,000
Insurance
Total hotel operating expenses	$ 710,000	$ 648,000

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Shares	Total Shareholders’ Equity	Total Shareholders’ EquityCommon Shares	Preferred Shares	Common Shares	Common SharesCommon Shares	Additional Paid - In Capital	Additional Paid - In CapitalCommon Shares	Retained earnings (distributions in excess of retained earnings)	Noncontrolling Interest in Operating Partnership
Beginning Balance (in shares) at Dec. 31, 2020					0	46,973,473
Beginning Balance at Dec. 31, 2020	$ 692,460		$ 677,752		$ 0	$ 470		$ 906,000		$ (228,718)	$ 14,708
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)						40,203
Issuance of shares pursuant to Equity Incentive Plan	450		450					450
Issuance of shares, net of offering costs (in shares)							1,504,525
Issuance of shares, net of offering costs		$ 20,776		$ 20,776			$ 15		$ 20,761
Amortization of share based compensation	1,038		7					7			1,031
Forfeited distributions declared on LTIP units	40										40
Reallocation of noncontrolling interest	0		2,507					2,507			(2,507)
Net income (loss)	2,702		2,656							2,656	46
Ending Balance (in shares) at Mar. 31, 2021					0	48,518,201
Ending Balance at Mar. 31, 2021	717,466		704,148		$ 0	$ 485		929,725		(226,062)	13,318
Beginning Balance (in shares) at Dec. 31, 2021					4,800,000	48,768,890
Beginning Balance at Dec. 31, 2021	814,193		797,502		$ 48	$ 487		1,048,070		(251,103)	16,691
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)							34,672
Issuance of shares pursuant to Equity Incentive Plan		487		487			$ 1		486
Issuance of shares, net of offering costs (in shares)							1,023
Issuance of shares, net of offering costs		$ (14)		$ (14)					$ (14)
Amortization of share based compensation	1,159		10					10			1,149
Reallocation of noncontrolling interest	0		(1,521)					(1,521)			1,521
Net income (loss)	(9,699)		(9,446)							(9,446)	(253)
Dividends accrued on preferred shares	(1,987)		(1,987)							(1,987)
Ending Balance (in shares) at Mar. 31, 2022					4,800,000	48,804,585
Ending Balance at Mar. 31, 2022	$ 804,139		$ 785,031		$ 48	$ 488		$ 1,047,031		$ (262,536)	$ 19,108

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Shares
Issuance of shares, net of offering costs	$ 28,000	$ 518,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (9,699)	$ 2,702
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	14,970	13,274
Amortization of deferred franchise fees	66	60
Amortization of deferred financing fees included in interest expense	358	480
Loss on sale of hotel property	0	43
Gain on sale of investment in unconsolidated real estate entities	0	(23,817)
Share based compensation	1,294	1,156
Loss from unconsolidated real estate entities	0	1,231
Changes in assets and liabilities:
Right of use asset	169	161
Hotel receivables	(625)	(818)
Deferred costs	(206)	0
Prepaid expenses and other assets	(6,740)	(4,617)
Accounts payable and accrued expenses	(3,620)	(1,797)
Lease liability	(142)	(130)
Net cash used in operating activities	(4,175)	(12,072)
Cash flows from investing activities:
Improvements and additions to hotel properties	(4,131)	(1,115)
Acquisition of hotel properties	(31,013)	0
Investment in hotel properties under development	(2,947)	(8,889)
Proceeds from sale of unconsolidated real estate entity	0	2,800
Net cash used in investing activities	(38,091)	(7,204)
Cash flows from financing activities:
Borrowings on revolving credit facility	40,000	8,000
Repayments on revolving credit facility	0	(23,300)
Borrowings on construction loan	3,443	8,432
Payments on mortgage debt	(2,280)	(2,300)
Payment of financing costs	(173)	(142)
Proceeds from issuance of common shares	14	21,294
Distributions-common shares/units	(147)	(281)
Distributions-preferred shares	(1,987)	0
Net cash provided by financing activities	38,842	11,185
Net change in cash, cash equivalents and restricted cash	(3,424)	(8,091)
Cash, cash equivalents and restricted cash, beginning of period	29,869	31,453
Cash, cash equivalents and restricted cash, end of period	26,445	23,362
Supplemental disclosure of cash flow information:
Cash paid for interest	6,355	6,698
Capitalized interest	330	690
Cash paid for income taxes	53	2
Common Shares
Cash flows from financing activities:
Payment of offering costs on common shares	$ (28)	$ (518)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Statement of Cash Flows [Abstract]
Accrued distributions payable	$ 1,656	$ 147
Accrued share based compensation	135	118
Accounts payable and accrued expenses	$ 1,095	$ 3,507

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust on October 26, 2009. The Company is internally-managed and invests primarily in upscale extended-stay and premium-branded select-service hotels. The Company has elected to be treated as a real estate investment trust for federal income tax purposes ("REIT"). The net proceeds from our share offerings are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. The Company is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership ("common units"). Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets. As of March 31, 2022, the Company owned 43 hotels with an aggregate of 6,451 rooms located in 16 states and the District of Columbia. Prior to September 23, 2021, the Company held a 10.0% noncontrolling interest in a joint venture (the "Inland JV") with affiliates of Colony Capital, Inc. ("CLNY"), which owned 48 hotels acquired from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,402 rooms. Chatham sold its interest in the Inland JV in September 2021. Prior to March 18, 2021, the Company also held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with affiliates of CLNY, which owned 46 hotels with an aggregate of 5,948 rooms. Chatham sold its interest in the NewINK JV in March 2021 for $2.8 million. 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. 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 a third-party management company that provides day-to-day management for the hotels. As of March 31, 2022, Island Hospitality Management LLC (“IHM”), which is 100% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, managed all 43 of the Company’s hotels.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2021, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company is evaluating the impact that ASU 2020-04 will have on its consolidated financial statements and related disclosures.

Acquisition of Hotel Properties

Acquisition of Hotel Properties	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties On March 8, 2022, the Company acquired the Hilton Garden Inn Destin Miramar Beach ("HGI Destin") hotel property in Miramar Beach, FL for $31.0 million. The Company allocated the purchase price of the hotel based on the estimated fair values of the assets on the date of acquisition. Property acquisition costs of $13 thousand were capitalized in 2022. On August 3, 2021, the Company acquired both the Residence Inn Austin Northwest/The Domain Area ("RI Austin") hotel property in Austin, TX for $37.0 million and the TownePlace Suites Austin Northwest/The Domain Area ("TPS Austin") hotel property in Austin, TX for $34.3 million. The Company allocated the purchase price of each hotel based on the estimated fair values of the assets on the date of acquisition. Property acquisition costs of $0.1 million were capitalized in 2021.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts	3 Months Ended
	Mar. 31, 2022
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 $0.3 million and $0.4 million as of March 31, 2022 and December 31, 2021, respectively.

Investment in Hotel Properties

Investment in Hotel Properties	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 Land and improvements $ 302,640 $ 291,768 Building and improvements 1,344,843 1,258,845 Furniture, fixtures and equipment 102,299 91,110 Renovations in progress 5,553 7,869 1,755,335 1,649,592 Less: accumulated depreciation (381,692) (366,722) Investment in hotel properties, net $ 1,373,643 $ 1,282,870 Investment in hotel properties under development

Investment in Unconsolidated En

Investment in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2022
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. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNY, which owned a 89.7% interest in the NewINK JV. Chatham sold its interest in the NewINK JV in March 2021 for $2.8 million which resulted in Chatham recording a gain on sale of investment in unconsolidated real estate entities of $23.8 million during the three months ended March 31, 2021. The Company accounted for this investment under the equity method. 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. NorthStar merged with Colony on January 10, 2017 to form a new company, CLNY, which owned a 90% interest in the Inland JV. Chatham sold its interest in the Inland JV for $0 in September 2021. The Company accounted for this investment under the equity method. The following table sets forth the combined components of net loss, including the Company’s share, related to the NewINK JV and the Inland JV for the three months ended March 31, 2022 and 2021 (in thousands): For the three months ended March 31, 2022 2021 Revenue $ — $ 24,690 Total hotel operating expenses — 24,106 Hotel operating income $ — $ 584 Loss from continuing operations $ — $ (13,109) Net loss $ — $ (13,109) Loss allocable to the Company $ — $ (1,347) Basis difference adjustment — 116 Total loss from unconsolidated real estate entities attributable to the Company $ — $ (1,231)

Debt

Debt	3 Months Ended
	Mar. 31, 2022
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 3/31/22 Property Carrying Value Balance Outstanding on Loan as of March 31, 2022 December 31, Revolving Credit Facility (1) 3.33 % March 8, 2023 $ 693,802 $ 110,000 $ 70,000 Construction loan (2) 7.95 % August 4, 2024 69,648 38,450 35,007 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 27,902 14,706 14,808 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 29,661 20,101 20,243 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 29,115 16,554 16,673 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 32,409 20,379 20,515 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 60,810 41,848 42,089 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 39,253 30,673 30,839 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 70,848 62,096 62,374 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 78,643 67,750 68,054 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 59,094 46,572 46,781 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 44,531 36,318 36,481 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 32,276 28,743 28,873 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 36,963 19,900 20,024 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 12,022 15,036 15,114 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 14,926 16,969 17,058 Total debt before unamortized debt issue costs $ 1,331,903 $ 586,095 $ 544,933 Unamortized mortgage debt issue costs (578) (644) Total debt outstanding $ 585,517 $ 544,289 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 March 31, 2022 and December 31, 2021, the Company had $110.0 million and $70.0 million, respectively, of outstanding borrowings under its $250.0 million revolving credit facility. Credit facility lenders representing $227.5 million of commitments have provided two six-month extension options that would extend the final maturity to March 8, 2024, if exercised. The credit facility is currently secured by equity pledges in properties that do not serve as collateral for other secured debt. 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 Home2 Woodland Hills hotel development. The loan has an initial term of 4 years and there are two six-month extension options. The interest 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 March 31, 2022 and December 31, 2021 was $429.4 million and $443.4 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 March 31, 2022, the Company’s variable rate debt consisted of its revolving credit facility and construction loan. The estimated fair value of the Company’s variable rate debt as of March 31, 2022 and December 31, 2021 was $148.5 million and $105.0 million, respectively. On October 26, 2021, Chatham executed an amendment to its credit facility which extended a waiver of financial covenants until June 30, 2022, provided for the immediate exercise of an option to extend the maturity of the entire $250.0 million credit facility through March 8, 2023, and added two six-month options to further extend the maturity of the credit facility through March 8, 2024 from lenders representing $227.5 million of commitments. In conjunction with the amendment, Chatham provided credit facility lenders with equity pledges on three unencumbered hotels. The spread on the credit facility did not change as a result of the amendment. The amendment places limits on the Company’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 2.50% if borrowings remain at or below $200.0 million and a spread of 3.0% if borrowings exceed $200.0 million. As of March 31, 2022, the Company was in compliance with all of its modified financial covenants. Our mortgage debt agreements contain “cash trap” provisions that are triggered when the hotel’s operating results fall below a certain debt service coverage ratio or debt yield. When these provisions are triggered, all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of our lenders until a specified debt service coverage ratio or debt yield is reached. Such provisions do not allow the lender the right to accelerate repayment of the underlying debt. As of March 31, 2022, the debt service coverage ratios or debt yields for eight of our mortgage loans were below the minimum thresholds such that the cash trap provision of each respective loan could be enforced. As of March 31, 2022, one of our mortgage debt lenders has enforced cash trap provisions. We do not expect that such cash traps will affect our ability to satisfy our short-term liquidity requirements. Future scheduled principal payments of debt obligations as of March 31, 2022, for the current year and each of the next five calendar years and thereafter are as follows (in thousands): Amount 2022 (remaining nine months) $ 6,969 2023 227,919 2024 335,260 2025 15,947 2026 — Thereafter — Total debt before unamortized debt issue costs $ 586,095 Unamortized mortgage debt issue costs (578) Total debt outstanding $ 585,517 Accounting for Derivative Instruments The Company has entered into interest rate cap agreements to hedge against interest rate fluctuations related to the construction loan for the Home2 Woodland Hills hotel. The Company records its derivative instruments on the balance sheet at their estimated fair values. Changes in the fair value of the derivatives are recorded each period in current earnings or in other comprehensive income, depending on whether a derivative is designated as part of a hedging relationship and, if it is, depending on the type of hedging relationship. The Company's interest rate caps are not designated as a hedge but to eliminate the incremental cost to the Company if the one-month LIBOR were to exceed 3.5%. Accordingly, the interest rate caps are recorded on the balance sheet under prepaid expenses and other assets at the estimated fair value and realized and unrealized changes in the fair value are reported in the consolidated statement of operations. As of March 31, 2022, the fair value of the interest rate caps were $0.3 million.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and 2021. 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 2022. As of March 31, 2022, the TRS continues to recognize a full valuation allowance equal to 100% of the net deferred tax assets 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	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Dividends Declared and Paid	Dividends Declared and Paid Common Dividends The Company suspended common dividends beginning after the payment of the March 27, 2020 dividend due to a decline in operating performance caused by the COVID-19 pandemic. There were no common share dividends declared during the three months ended March 31, 2022 and 2021. Preferred Dividends During the three months ended March 31, 2022, the Company declared dividends of $0.41406 per share of 6.625% Series A Cumulative Redeemable Preferred Shares. There were no preferred share dividends declared during the three months ended March 31, 2021. The preferred share dividends paid during the three months ended March 31, 2022 were as follows: Record Date Payment Date Dividend per Preferred Share March 3/31/2022 4/18/2022 $ 0.41406 1st Quarter 2022 $ 0.41406

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $0.01 par value per share ("common shares"). Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company's Board of Trustees. As of March 31, 2022, 48,804,585 common shares were outstanding. In December 2017, we established an "at-the-market" equity offering program (the "Prior ATM Program") whereby, from time to time, we could publicly offer and sell our common shares having an aggregate offering price of up to $100 million by means of ordinary brokers transactions on the New York Stock Exchange (the "NYSE"), in negotiated transactions or in transactions deemed to be “at-the-market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. We filed a registration statement for a new $100 million ATM program (the "ATM Program") on January 5, 2021 to replace the prior program. At the same time, the Company entered into sales agreements with Cantor Fitzgerald & Co., Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., BTIG, LLC, Citigroup Global Markets Inc., Regions Securities LLC, Stifel, Nicolaus & Company, Incorporated and Wells Fargo Securities as sales agents. The Company did not issue any shares under its ATM Program during the three months ended March 31, 2022. As of March 31, 2022, ther e was approximately $77.5 million in common shares available for issuance under the ATM Program. In December 2017, we established a $50 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 "Current DRSPP" and together with the Prior DRSPP, the "DRSPPs") on December 22, 2020 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 common shares. Shareholders may also make optional cash purchases of the Company's common shares subject to certain limitations detailed in the prospectuses for the DRSPPs. During the three months ended March 31, 2022, the Company issued 1,023 common shares under the Current DRSPP at a weighted average price of $13.67, which generated $14 thousand of proceeds. As of March 31, 2022, there was approximately $47.9 million in common shares available for issuance under the Current DRSPP. Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share, in one or more series. On June 30, 2021, the Company issued 4,800,000 6.625% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the “Series A Preferred Shares”), and received net proceeds of approximately $115.9 million. The Series A Preferred Shares rank senior to common shares with respect to the payment of dividends and distributions of assets in the event of a liquidation, dissolution, or winding up. The Series A Preferred Shares do not have any maturity date and are not subject to mandatory redemptions or sinking fund requirements. The distribution rate is 6.625% per annum of the $25.00 liquidation preference, which is equivalent to $1.65625 per annum per Series A Preferred Share. Distributions on the Series A Preferred Shares are payable quarterly in arrears with the first distribution on the Series A Preferred Shares paid on October 15, 2021. The Company may not redeem the Series A Preferred Shares before June 30, 2026 except in limited circumstances to preserve the Company's status as a REIT for federal income tax purposes and upon the occurrence of a change of control. On and after June 30, 2026, the Company may, at its option, redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid distributions to, but not including, the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE MKT or NASDAQ, or any successor exchanges, the Company may, at its option, redeem the Series A Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Series A Preferred Shares upon a change of control, the holders of Series A Preferred Shares have the right to convert some or all of their shares into a number of common shares based on defined formulas subject to share caps. The share cap on each Series A Preferred Share is 3.701 common shares. As of March 31, 2022, 4,800,000 Series A Preferred Shares were issued and outstanding. During the three months ended March 31, 2022, the Company accrued preferred share dividends of $2.0 million. Operating Partnership Units Holders of common units in the Operating Partnership, if and when issued, will have certain redemption rights, which will enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price per common share at the time of redemption or for common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of limited partners or shareholders. As of March 31, 2022, there were 1,214,759 vested Operating Partnership LTIP units held by current and former employees.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
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, 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 March 31, 2022 2021 Numerator: Net (loss) income attributable to common shareholders $ (11,433) $ 2,656 Dividends paid on unvested shares and units — — Net (loss) income attributable to common shareholders $ (11,433) $ 2,656 Denominator: Weighted average number of common shares - basic 48,787,519 47,224,972 Unvested shares and units — 143,546 Weighted average number of common shares - diluted 48,787,519 47,368,518 Basic (loss) income per Common Share: Net (loss) income attributable to common shareholders per weighted average basic common share $ (0.23) $ 0.06 Diluted (loss) income per Common Share: Net (loss) income attributable to common shareholders per weighted average diluted common share $ (0.23) $ 0.06

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
	Mar. 31, 2022
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. 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 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 three months ended March 31, 2022 and the year ended December 31, 2021 is as follows: For the three months ended For the year ended March 31, 2022 December 31, 2021 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 10,000 $ 11.47 1,667 $ 17.40 Granted — — 10,000 11.47 Vested — — (1,667) 17.40 Forfeited — — — — Non-vested at end of the period 10,000 $ 11.47 10,000 $ 11.47 As of March 31, 2022 and December 31, 2021, there were $90 thousand and $100 thousand, respectively, of unrecognized compensation costs related to restricted share awards. As of March 31, 2022, these costs were expected to be recognized over a weighted–average period of approximately 2.4 years. For the three months ended March 31, 2022 and 2021, the Company recognized approximately $10 thousand and $7 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 three months ended March 31, 2022 and the year ended December 31, 2021 is as follows: For the three months ended For the year ended March 31, 2022 December 31, 2021 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 764,178 $ 15.00 669,609 $ 15.73 Granted 380,004 16.08 330,945 14.55 Vested (238,657) 16.61 (219,451) 16.39 Forfeited — — (16,925) 17.02 Non-vested at end of the period 905,525 $ 15.03 764,178 $ 15.00 Time-Based LTIP Awards On March 1, 2022, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 152,004 time-based awards (the “2022 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 2022 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, 2022, the Company's Operating Partnership, upon the recommendation of the Compensation Committee, also granted 228,000 performance-based awards (the "2022 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 $18.58 per 2022 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 2022 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, 2022 and ending on February 28, 2025. The 2022 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 200% of target value as follows: Relative TSR Hurdles (Percentile) Payout Percentage Threshold 25th 50% Target 55th 100% Maximum 80th 200% 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 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% 2021 Time-Based LTIP Unit Awards 3/1/2021 132,381 $12.52 78% —% 0.08% 2021 Performance-Based LTIP Unit Awards 3/1/2021 198,564 $15.91 64% 3.4% 0.30% 2022 Time-Based LTIP Unit Awards 3/1/2022 152,004 $12.33 80% —% 1.01% 2022 Performance-Based LTIP Unit Awards 3/1/2022 228,000 $18.58 66% 3.5% 1.44%

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases The Residence Inn Gaslamp hotel property 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 hotel property 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 2022 is approximately $31,000 per quarter. The Hilton Garden Inn Marina del Rey hotel property 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 a related party and is reimbursed for the pro-rata share of rentable space occupied by the related party. 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 March 31, 2022. 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 March 31, 2022, for each of the next five calendar years and thereafter (in thousands): Total Future Lease Payments Amount 2022 (remaining nine months) $ 1,557 2023 2,093 2024 2,115 2025 2,186 2026 1,894 Thereafter 64,825 Total lease payments $ 74,670 Less: Imputed interest (52,116) Present value of lease liabilities $ 22,554 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, 2021, for each of the next five calendar years and thereafter (in thousands): Total Future Lease Payments Amount 2022 $ 2,072 2023 2,093 2024 2,115 2025 2,186 2026 1,894 Thereafter 64,825 Total lease payments $ 75,185 Less: Imputed interest (52,489) Present value of lease liabilities $ 22,696 The Company incurred $0.3 million of fixed lease payments and $0.1 million of variable lease payments for the three months ended March 31, 2022, 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 March 31, 2022 (in thousands): Right of Use Asset Lease Liability Balance as of January 1, 2022 $ 19,985 $ 22,696 Amortization (169) (142) Balance as of March 31, 2022 $ 19,816 $ 22,554 Lease Term and Discount Rate March 31, 2022 Weighted-average remaining lease term (years) 40.56 Weighted-average discount rate 6.61%

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of its hotels, its managers and other Company matters. While it is not possible to ascertain the ultimate outcome of such matters, the Company believes that the aggregate identifiable amount of such liabilities, if any, will not have a material adverse impact on its financial condition or results of operations. Chatham RIMV LLC (a wholly owned subsidiary of the Company) is a defendant in a lawsuit brought by the City of San Diego and other related entities, San Diego Housing Commission et al. v. Neil et al. (Superior Court of California, County of San Diego, Case No. 37-2021-00033006-CU-BC-CTL), filed in connection with the sale of the Residence Inn Mission Valley to the City of San Diego. The City of San Diego is seeking a return of monies spent on the acquisition as well as a declaration that the purchase agreement executed in connection with the acquisition is void. At the time of this filing, the City of San Diego and the other Plaintiffs have made no allegations of wrongdoing by Chatham RIMV LLC or any other Company entity. We believe this lawsuit is without merit and we are defending our case vigorously. For the three months ended March 31, 2022, we have incurred $114 thousand of legal costs related to this matter. At this time we believe potential future costs related to this lawsuit are not probable and estimable. 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 $1.9 million and $1.2 million for the three months ended March 31, 2022 and 2021, respectively. 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 $4.4 million and $2.6 million for the three months ended March 31, 2022 and 2021, respectively. The initial term of the agreements range from 10 to 30 years with the weighted average expiration being January 2032.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to March 18, 2021, Mr. Fisher owned 52.5% of IHM. During the three months ended March 31, 2021, Mr. Fisher acquired the remaining 47.5% ownership interest and as of March 31, 2022, Mr. Fisher owns 100% of IHM. As of March 31, 2022, the Company had hotel management agreements with IHM to manage all 43 of its hotels. Hotel management, revenue management and accounting fees accrued or paid to IHM for the hotels owned by the Company for the three months ended March 31, 2022 and 2021 were $1.9 million and $1.2 million, respectively. At March 31, 2022 and December 31, 2021, the amounts due to IHM were $0.6 million and $0.3 million, respectively. Cost reimbursements from unconsolidated entities revenue represent reimbursements of costs incurred on behalf of the NewINK JV, Inland JV, and IHM. These costs relate primarily to corporate payroll costs at the NewINK JV and Inland JV where the Company is the employer and office expenses shared with these entities and IHM. Various shared office expenses and rent are paid by the Company and allocated to IHM based on the amount of square footage occupied by each entity. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company is evaluating the impact that ASU 2020-04 will have on its consolidated financial statements and related disclosures.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, All Other Investments [Abstract]
Investment in Hotel Properties	Investment in hotel properties, net as of March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 Land and improvements $ 302,640 $ 291,768 Building and improvements 1,344,843 1,258,845 Furniture, fixtures and equipment 102,299 91,110 Renovations in progress 5,553 7,869 1,755,335 1,649,592 Less: accumulated depreciation (381,692) (366,722) Investment in hotel properties, net $ 1,373,643 $ 1,282,870

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Income from Joint Venture	The following table sets forth the combined components of net loss, including the Company’s share, related to the NewINK JV and the Inland JV for the three months ended March 31, 2022 and 2021 (in thousands): For the three months ended March 31, 2022 2021 Revenue $ — $ 24,690 Total hotel operating expenses — 24,106 Hotel operating income $ — $ 584 Loss from continuing operations $ — $ (13,109) Net loss $ — $ (13,109) Loss allocable to the Company $ — $ (1,347) Basis difference adjustment — 116 Total loss from unconsolidated real estate entities attributable to the Company $ — $ (1,231)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Components of Mortgage and Revolving Credit Facility Debt	Mortgage and revolving credit facility debt consisted of the following (dollars in thousands): Collateral Interest Rate Maturity Date 3/31/22 Property Carrying Value Balance Outstanding on Loan as of March 31, 2022 December 31, Revolving Credit Facility (1) 3.33 % March 8, 2023 $ 693,802 $ 110,000 $ 70,000 Construction loan (2) 7.95 % August 4, 2024 69,648 38,450 35,007 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 27,902 14,706 14,808 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 29,661 20,101 20,243 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 29,115 16,554 16,673 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 32,409 20,379 20,515 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 60,810 41,848 42,089 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 39,253 30,673 30,839 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 70,848 62,096 62,374 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 78,643 67,750 68,054 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 59,094 46,572 46,781 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 44,531 36,318 36,481 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 32,276 28,743 28,873 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 36,963 19,900 20,024 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 12,022 15,036 15,114 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 14,926 16,969 17,058 Total debt before unamortized debt issue costs $ 1,331,903 $ 586,095 $ 544,933 Unamortized mortgage debt issue costs (578) (644) Total debt outstanding $ 585,517 $ 544,289 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 March 31, 2022 and December 31, 2021, the Company had $110.0 million and $70.0 million, respectively, of outstanding borrowings under its $250.0 million revolving credit facility. Credit facility lenders representing $227.5 million of commitments have provided two six-month extension options that would extend the final maturity to March 8, 2024, if exercised. The credit facility is currently secured by equity pledges in properties that do not serve as collateral for other secured debt. 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 Home2 Woodland Hills hotel development. The loan has an initial term of 4 years and there are two six-month extension options. The interest rate on the loan is LIBOR, subject to a 0.25% floor, plus a spread of 7.5%.
Future Scheduled Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations as of March 31, 2022, for the current year and each of the next five calendar years and thereafter are as follows (in thousands): Amount 2022 (remaining nine months) $ 6,969 2023 227,919 2024 335,260 2025 15,947 2026 — Thereafter — Total debt before unamortized debt issue costs $ 586,095 Unamortized mortgage debt issue costs (578) Total debt outstanding $ 585,517

Dividends Declared and Paid (Ta

Dividends Declared and Paid (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Dividends Declared and Paid	The preferred share dividends paid during the three months ended March 31, 2022 were as follows: Record Date Payment Date Dividend per Preferred Share March 3/31/2022 4/18/2022 $ 0.41406 1st Quarter 2022 $ 0.41406

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Numerator: Net (loss) income attributable to common shareholders $ (11,433) $ 2,656 Dividends paid on unvested shares and units — — Net (loss) income attributable to common shareholders $ (11,433) $ 2,656 Denominator: Weighted average number of common shares - basic 48,787,519 47,224,972 Unvested shares and units — 143,546 Weighted average number of common shares - diluted 48,787,519 47,368,518 Basic (loss) income per Common Share: Net (loss) income attributable to common shareholders per weighted average basic common share $ (0.23) $ 0.06 Diluted (loss) income per Common Share: Net (loss) income attributable to common shareholders per weighted average diluted common share $ (0.23) $ 0.06

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Restricted Share Awards	A summary of the Company’s restricted share awards for the three months ended March 31, 2022 and the year ended December 31, 2021 is as follows: For the three months ended For the year ended March 31, 2022 December 31, 2021 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 10,000 $ 11.47 1,667 $ 17.40 Granted — — 10,000 11.47 Vested — — (1,667) 17.40 Forfeited — — — — Non-vested at end of the period 10,000 $ 11.47 10,000 $ 11.47
Schedule of Long Term Incentive Unit Awards	A summary of the Company's LTIP Unit awards for the three months ended March 31, 2022 and the year ended December 31, 2021 is as follows: For the three months ended For the year ended March 31, 2022 December 31, 2021 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 764,178 $ 15.00 669,609 $ 15.73 Granted 380,004 16.08 330,945 14.55 Vested (238,657) 16.61 (219,451) 16.39 Forfeited — — (16,925) 17.02 Non-vested at end of the period 905,525 $ 15.03 764,178 $ 15.00
Schedule of Performance-Based Long-Term Incentive Plan Payout Unit Awards	The 2022 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 200% of target value as follows: Relative TSR Hurdles (Percentile) Payout Percentage Threshold 25th 50% Target 55th 100% Maximum 80th 200%
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 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% 2021 Time-Based LTIP Unit Awards 3/1/2021 132,381 $12.52 78% —% 0.08% 2021 Performance-Based LTIP Unit Awards 3/1/2021 198,564 $15.91 64% 3.4% 0.30% 2022 Time-Based LTIP Unit Awards 3/1/2022 152,004 $12.33 80% —% 1.01% 2022 Performance-Based LTIP Unit Awards 3/1/2022 228,000 $18.58 66% 3.5% 1.44%

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, for each of the next five calendar years and thereafter (in thousands): Total Future Lease Payments Amount 2022 (remaining nine months) $ 1,557 2023 2,093 2024 2,115 2025 2,186 2026 1,894 Thereafter 64,825 Total lease payments $ 74,670 Less: Imputed interest (52,116) Present value of lease liabilities $ 22,554
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, 2021, for each of the next five calendar years and thereafter (in thousands): Total Future Lease Payments Amount 2022 $ 2,072 2023 2,093 2024 2,115 2025 2,186 2026 1,894 Thereafter 64,825 Total lease payments $ 75,185 Less: Imputed interest (52,489) Present value of lease liabilities $ 22,696
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 March 31, 2022 (in thousands): Right of Use Asset Lease Liability Balance as of January 1, 2022 $ 19,985 $ 22,696 Amortization (169) (142) Balance as of March 31, 2022 $ 19,816 $ 22,554
Lease, Cost	Lease Term and Discount Rate March 31, 2022 Weighted-average remaining lease term (years) 40.56 Weighted-average discount rate 6.61%

Organization (Details)

Organization (Details) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2022stateRoomhotel	Sep. 22, 2021hotelRoom	Mar. 17, 2021Roomhotel
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels | Room		6,451
Number of states in which hotels are owned | state		16
Initial term of each TRS lease		5 years
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party		43
Ownership percentage in related party owned by the company's chairman		100.00%		52.50%
Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels | Room			6,402	5,948
Number of hotels acquired			48
Inland Joint Venture | Minority Interest In Joint Venture Rooms
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party				46
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%	10.30%
Proceeds from sale of interest in affiliate | $	$ 2.8

Acquisition of Hotel Properti_2

Acquisition of Hotel Properties - Narrative (Details) - USD ($) $ in Thousands	Aug. 03, 2021	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Property acquisition costs capitalized		$ 13	$ 100
Hilton Garden Inn Destin Miramar Beach ("HGI Destin")
Business Acquisition [Line Items]
Consideration transferred	$ 31,000
Residence Inn Austin Northwest/The Domain Area ("RI Austin")
Business Acquisition [Line Items]
Consideration transferred	37,000
TownePlace Suites Austin Northwest/The Domain Area ("TPS Austin")
Business Acquisition [Line Items]
Consideration transferred	$ 34,300

Allowance for Doubtful Accoun_2

Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Allowance for doubtful accounts related to receivables	$ 288	$ 382

Investment in Hotel Propertie_2

Investment in Hotel Properties - Schedule of Investments in Hotel Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Land and improvements	$ 302,640	$ 291,768
Building and improvements	1,344,843	1,258,845
Furniture, fixtures and equipment	102,299	91,110
Renovations in progress	5,553	7,869
Investment in hotel properties, at cost	1,755,335	1,649,592
Less: accumulated depreciation	(381,692)	(366,722)
Investment in hotel properties, net	$ 1,373,643	$ 1,282,870

Investment in Hotel Propertie_3

Investment in Hotel Properties - Narrative (Details) - California $ in Millions	Jan. 24, 2022USD ($)
Schedule of Investments [Line Items]
Cost incurred	$ 70.7
Land
Schedule of Investments [Line Items]
Cost incurred	6.6
Other Development Costs
Schedule of Investments [Line Items]
Cost incurred	$ 64.1

Investment in Unconsolidated _3

Investment in Unconsolidated Entities - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Nov. 17, 2014	Jun. 09, 2014
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of unconsolidated real estate entity			$ 0	$ 2,800
Gain on sale of investment in unconsolidated real estate entities			0	$ 23,817
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Joint venture, percentage ownership by third party						89.70%
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels						10.30%
Gain on sale of investment in unconsolidated real estate entities			$ 23,800
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%
Proceeds from sale of equity method investments	$ 0
Inland Joint Venture | Colony Capital, Inc.
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of unconsolidated real estate entity		$ 2,800

Investment in Unconsolidated _4

Investment in Unconsolidated Entities - Components of Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Revenue	$ 54,885	$ 32,114
Operating income (loss)	(3,310)	(13,488)
Net (loss) income attributable to common shareholders	(9,446)	2,656
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue	0	24,690
Total hotel operating expenses	0	24,106
Operating income (loss)	0	584
Loss from continuing operations	0	(13,109)
Net (loss) income attributable to common shareholders	0	(13,109)
Loss allocable to the Company	0	(1,347)
Basis difference adjustment	0	116
Total loss from unconsolidated real estate entities attributable to the Company	$ 0	$ (1,231)

Debt - Components of Mortgage D

Debt - Components of Mortgage Debt (Details)	Oct. 26, 2021USD ($)extension_option	Aug. 04, 2020USD ($)extension_option	May 06, 2020	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Oct. 26, 2018USD ($)
Participating Mortgage Loans [Line Items]
Property Carrying Value				$ 1,331,903,000
Total debt before unamortized debt issue costs				586,095,000	$ 544,933,000
Unamortized mortgage debt issue costs				(578,000)	(644,000)
Total debt outstanding				585,517,000	544,289,000
Amount refinanced				$ 110,000,000	70,000,000
Construction loan | Warner Center
Participating Mortgage Loans [Line Items]
Number of extension options | extension_option		2
Period of extension options		6 months
Debt amount		$ 40,000,000
Term of debt		4 years
LIBOR | Construction loan
Participating Mortgage Loans [Line Items]
Basis spread on variable rate				3.50%
LIBOR | Construction loan | Warner Center
Participating Mortgage Loans [Line Items]
Basis spread on variable rate		7.50%
Floor Rate | Construction loan | Warner Center
Participating Mortgage Loans [Line Items]
Basis spread on variable rate		0.25%
Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate				3.33%
Property Carrying Value				$ 693,802,000
Total debt before unamortized debt issue costs				110,000,000	70,000,000
Floor interest rate	0.50%
Maximum borrowing availability under revolving credit facility	$ 200,000,000
Amount refinanced				$ 110,000,000	70,000,000
Number of extension options | extension_option	2
Period of extension options			6 months
Revolving Credit Facility | Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Total debt before unamortized debt issue costs	$ 227,500,000
Maximum borrowing availability under revolving credit facility						$ 250,000,000
Period of extension options	6 months
Revolving Credit Facility | LIBOR | Minimum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	2.50%
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				7.95%
Property Carrying Value				$ 69,648,000
Total debt before unamortized debt issue costs				$ 38,450,000	35,007,000
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate				4.59%
Property Carrying Value				$ 27,902,000
Total debt before unamortized debt issue costs				$ 14,706,000	14,808,000
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate				4.49%
Property Carrying Value				$ 29,661,000
Total debt before unamortized debt issue costs				$ 20,101,000	20,243,000
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate				4.19%
Property Carrying Value				$ 29,115,000
Total debt before unamortized debt issue costs				$ 16,554,000	16,673,000
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate				4.65%
Property Carrying Value				$ 32,409,000
Total debt before unamortized debt issue costs				$ 20,379,000	20,515,000
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate				4.97%
Property Carrying Value				$ 60,810,000
Total debt before unamortized debt issue costs				$ 41,848,000	42,089,000
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate				4.79%
Property Carrying Value				$ 39,253,000
Total debt before unamortized debt issue costs				$ 30,673,000	30,839,000
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate				4.64%
Property Carrying Value				$ 70,848,000
Total debt before unamortized debt issue costs				$ 62,096,000	62,374,000
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate				4.64%
Property Carrying Value				$ 78,643,000
Total debt before unamortized debt issue costs				$ 67,750,000	68,054,000
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate				4.64%
Property Carrying Value				$ 59,094,000
Total debt before unamortized debt issue costs				$ 46,572,000	46,781,000
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate				4.64%
Property Carrying Value				$ 44,531,000
Total debt before unamortized debt issue costs				$ 36,318,000	36,481,000
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate				4.62%
Property Carrying Value				$ 32,276,000
Total debt before unamortized debt issue costs				$ 28,743,000	28,873,000
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate				4.68%
Property Carrying Value				$ 36,963,000
Total debt before unamortized debt issue costs				$ 19,900,000	20,024,000
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate				4.32%
Property Carrying Value				$ 12,022,000
Total debt before unamortized debt issue costs				$ 15,036,000	15,114,000
Hampton Inn & Suites Houston Medical Center, TX
Participating Mortgage Loans [Line Items]
Interest Rate				4.25%
Property Carrying Value				$ 14,926,000
Total debt before unamortized debt issue costs				$ 16,969,000	$ 17,058,000

Debt - Additional Information (

Debt - Additional Information (Details)	Oct. 26, 2021USD ($)extension_optionhotel	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Oct. 26, 2018USD ($)
Debt Instrument [Line Items]
Total debt before unamortized debt issue costs		$ 586,095,000	$ 544,933,000
Fair value of interest rate caps		$ 300,000
LIBOR | Construction loan
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt		$ 429,400,000	443,400,000
Variable rate debt
Debt Instrument [Line Items]
Estimated fair value of debt		148,500,000	105,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing availability under revolving credit facility	$ 200,000,000
Number of extension options | extension_option	2
Total debt before unamortized debt issue costs		$ 110,000,000	$ 70,000,000
Number of hotels acquired | hotel	3
Floor interest rate	0.50%
Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing availability under revolving credit facility				$ 250,000,000
Total debt before unamortized debt issue costs	$ 227,500,000
Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
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	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022 (remaining nine months)	$ 6,969
2023	227,919
2024	335,260
2025	15,947
2026	0
Thereafter	0
Total debt before unamortized debt issue costs	586,095	$ 544,933
Unamortized mortgage debt issue costs	(578)	(644)
Total debt outstanding	$ 585,517	$ 544,289

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Contingency [Line Items]
Tax expense	$ 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	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions declared per common share (in dollars per share)			$ 0	$ 0
Preferred stock, dividends per share, declared (in dollars per share)	$ 0.41406		0.41406
Series A Preferred Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, dividends per share, declared (in dollars per share)			$ 0.41406
Preferred stock distribution rate		6.625%	6.625%

Shareholders' Equity (Details)

Shareholders' Equity (Details)	Jun. 30, 2021USD ($)$ / sharesshares	Mar. 05, 2021USD ($)	Dec. 22, 2020USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2022USD ($)vote$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2021$ / sharesshares
Class of Stock [Line Items]
Common shares, shares authorized (in shares) | shares					500,000,000		500,000,000
Common shares, par value (in dollars per share) | $ / shares					$ 0.01		$ 0.01
Number of votes per common share | vote					1
Common shares, shares outstanding (in shares) | shares					48,804,585		48,768,890
Proceeds from issuance of common shares					$ 14,000	$ 21,294,000
Preferred shares, shares authorized (in shares) | shares					100,000,000		100,000,000
Preferred shares, par value (in dollars per share) | $ / shares					$ 0.01		$ 0.01
Preferred shares, shares issued (in shares) | shares					4,800,000		4,800,000
Preferred shares, shares outstanding (in shares) | shares					4,800,000		4,800,000
Preferred dividends					$ 1,987,000	$ 0
Stock redemption, exchange ratio					1
Vested operating partnership units held by current and former employees (in shares) | shares					1,214,759,000
ATM Plan
Class of Stock [Line Items]
Stock purchase plan, authorized amount				$ 100,000,000
Registration statement filed, amount		$ 100,000,000
Stock purchase plan, remaining authorized repurchase amount					$ 77,500,000
DRSP Plan
Class of Stock [Line Items]
Stock purchase plan, authorized amount				$ 50,000,000
Registration statement filed, amount			$ 50,000,000
Stock purchase plan, remaining authorized repurchase amount					$ 47,900,000
Shares issued (in shares) | shares					1,023
Stock purchase plan, average price per share (in dollars per share) | $ / shares					$ 13.67
Proceeds from issuance of common shares					$ 14,000
Series A Preferred Shares
Class of Stock [Line Items]
Preferred shares, par value (in dollars per share) | $ / shares	$ 0.01
Preferred shares, shares issued (in shares) | shares	4,800,000
Preferred stock distribution rate	6.625%				6.625%
Proceeds from issuance of preferred shares	$ 115,900,000
Liquidation preference per share (in dollars per share) | $ / shares	$ 25
Liquidation preference per share per annum (in dollars per share) | $ / shares	$ 1.65625
Change of control, redemption option, period following change of control	120 days
Share cap (in shares) | shares	3.701

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net (loss) income attributable to common shareholders	$ (11,433)	$ 2,656
Dividends paid on unvested shares and units	0	0
Net (loss) income attributable to common shareholders	$ (11,433)	$ 2,656
Denominator:
Weighted average number of common shares - basic (in shares)	48,787,519	47,224,972
Unvested shares and units (in shares)	0	143,546
Weighted average number of common shares - diluted (in shares)	48,787,519	47,368,518
Basic (loss) income per Common Share:
Net (loss) income attributable to common shareholders per weighted average basic common share (in dollars per share)	$ (0.23)	$ 0.06
Diluted (loss) income per Common Share:
Net (loss) income attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ (0.23)	$ 0.06

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details) $ / shares in Units, $ in Thousands

Mar. 01, 2022$ / sharesshares

Mar. 01, 2021shares

Mar. 01, 2020shares

Mar. 01, 2019shares

Mar. 01, 2018shares

Mar. 01, 2017shares

May 17, 2013shares

Jan. 31, 2022shares

Jan. 31, 2021shares

Mar. 31, 2022USD ($)shares

Mar. 31, 2021USD ($)

Dec. 31, 2021USD ($)shares

Independent Trustees

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

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

34,672

40,203

Equity Incentive Plan

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

Number of shares authorized (in shares)

3,000,000

Common shares available for issuance (in shares)

165,149

Equity Incentive Plan | Minimum

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

Vesting period for share awards under equity

3 years

Equity Incentive Plan | Maximum

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

Vesting period for share awards under equity

5 years

Restricted Stock

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

Unrecognized compensation costs | $

$ 90

$ 100

Weighted-average period for recognition of unrecognized compensation costs

2 years 4 months 24 days

Compensation expense, recognized | $

$ 10

$ 7

Granted (in shares)

0

10,000

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

2 years 4 months 24 days

Compensation expense, recognized | $

$ 1,100

$ 1,000

Exchange ratio

1

Granted (in shares)

380,004

330,945

Total unrecognized compensation cost related to LTIP Units | $

$ 10,400

$ 5,400

Time-Based LTIP Unit Awards

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

Granted (in shares)

152,004

132,381

130,206

88,746

97,968

89,574

Time-Based LTIP Unit Awards | Awarded March 1, 2021

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

Granted (in shares)

152,004

Performance-Based LTIP Unit Awards

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

Granted (in shares)

228,000

198,564

195,301

133,107

146,949

134,348

Performance-Based LTIP Unit Awards | Awarded March 1, 2021

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

Granted (in shares)

228,000

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

$ 18.58

Performance-Based LTIP Unit Awards | Awarded March 1, 2021 | Minimum

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

Percentage of units paid out

50.00%

Performance-Based LTIP Unit Awards | Awarded March 1, 2021 | Maximum

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

Percentage of units paid out

200.00%

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Shares
Nonvested at beginning of the period (in shares)	10,000	1,667
Granted (in shares)	0	10,000
Vested (in shares)	0	(1,667)
Forfeited (in shares)	0	0
Nonvested at end of the period (in shares)	10,000	10,000
Weighted - Average Grant Date Fair Value
Nonvested at beginning of the period (in dollars per share)	$ 11.47	$ 17.40
Granted (in dollars per share)	0	11.47
Vested (in dollars per share)	0	17.40
Forfeited (in dollars per share)	0	0
Nonvested at end of the period (in dollars per share)	$ 11.47	$ 11.47

Equity Incentive Plan - Schedul

Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Shares
Nonvested at beginning of the period (in shares)	764,178	669,609
Granted (in shares)	380,004	330,945
Vested (in shares)	(238,657)	(219,451)
Forfeited (in shares)	0	(16,925)
Nonvested at end of the period (in shares)	905,525	764,178
Weighted - Average Grant Date Fair Value
Nonvested at beginning of the period (in dollars per share)	$ 15	$ 15.73
Granted (in dollars per share)	16.08	14.55
Vested (in dollars per share)	16.61	16.39
Forfeited (in dollars per share)	0	17.02
Nonvested at end of the period (in dollars per share)	$ 15.03	$ 15

Equity Incentive Plan - Sched_2

Equity Incentive Plan - Schedule of Performance-Based Long-Term Incentive Plan Payout Awards (Details)	Mar. 01, 2022
Relative TSR Hurdles (Percentile)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold (in percentage)	25.00%
Target (in percentage)	55.00%
Maximum (in percentage)	80.00%
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)	200.00%

Equity Incentive Plan - Valuati

Equity Incentive Plan - Valuation Assumptions (Details) - $ / shares	Mar. 01, 2022	Mar. 01, 2021	Mar. 01, 2020	Mar. 01, 2019	Mar. 01, 2018	Mar. 01, 2017
Time-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Granted (in shares)	152,004	132,381	130,206	88,746	97,968	89,574
Estimate Value Per Unit (in dollars per share)	$ 12.33	$ 12.52	$ 13.05	$ 18.45	$ 16.83	$ 18.53
Volatility, percentage	80.00%	78.00%	20.00%	21.00%	26.00%	24.00%
Dividend Yield, percentage	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Risk Free Interest Rate, percentage	1.01%	0.08%	1.06%	2.57%	2.07%	0.92%
Performance-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Granted (in shares)	228,000	198,564	195,301	133,107	146,949	134,348
Estimate Value Per Unit (in dollars per share)	$ 18.58	$ 15.91	$ 13.66	$ 18.91	$ 17.02	$ 19.65
Volatility, percentage	66.00%	64.00%	20.00%	21.00%	26.00%	25.00%
Dividend Yield, percentage	3.50%	3.40%	8.10%	6.20%	6.20%	5.80%
Risk Free Interest Rate, percentage	1.44%	0.30%	0.90%	2.55%	2.37%	1.47%

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)termparkingSpace
Lessee, Lease, Description [Line Items]
Fixed lease payments	$ 300,000
Variable lease, payment	$ 100,000
Ground Leases | Residence Inn San Diego Gaslamp
Lessee, Lease, Description [Line Items]
Number of additional terms | term	3
Periods in each additional renewal term	10 years
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
Ground Leases | Hilton Garden Inn Marina del Rey, CA
Lessee, Lease, Description [Line Items]
Operating leases, monthly payment	$ 47,500
Air Rights Lease And Garage Lease | Residence Inn by Marriott New Rochelle, NY
Lessee, Lease, Description [Line Items]
Number of parking spaces occupied by hotel | parkingSpace	128
Quarterly rent	$ 31,000
Office Lease
Lessee, Lease, Description [Line Items]
Periods in each additional renewal term	5 years
Operating leases, term of contract	11 years
Operating leases, abatement term of contract	12 months
Maximum additional terms up to which ground lease can be extended (up to) | term	2
Minimum | Ground Leases | Hilton Garden Inn Marina del Rey, CA
Lessee, Lease, Description [Line Items]
Operating lease, periodic increase, percentage	5.00%
Maximum | Ground Leases | Hilton Garden Inn Marina del Rey, CA
Lessee, Lease, Description [Line Items]
Operating lease, periodic increase, percentage	25.00%

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (remaining nine months)	$ 1,557
2023	2,093
2024	2,115
2025	2,186
2026	1,894
Thereafter	64,825
Total lease payments	74,670
Less: Imputed interest	(52,116)
Present value of lease liabilities	$ 22,554	$ 22,696

Leases - Schedule of Ground, Ai

Leases - Schedule of Ground, Air Rights, Garage and Office Leases (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 2,072
2023	2,093
2024	2,115
2025	2,186
2026	1,894
Thereafter	64,825
Total lease payments	75,185
Less: Imputed interest	(52,489)
Present value of lease liabilities	$ 22,696

Leases - Schedule of Right of U

Leases - Schedule of Right of Use Asset and Lease Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Right of Use Asset
Beginning balance	$ 19,985
Amortization	(169)
Ending balance	19,816
Lease Liability
Beginning balance	22,696
Amortization	(142)
Ending balance	$ 22,554

Leases - Lease Cost (Details)

Leases - Lease Cost (Details)	Mar. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (years)	40 years 6 months 21 days
Weighted-average discount rate	6.61%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)hotel	Mar. 31, 2021USD ($)
Other Commitments [Line Items]
Management fees recorded within hotel other operating expenses	$ 1,900	$ 1,200
Total hotel operating expenses	33,683	21,974
San Diego Housing Commission et al. v. Neil et al.
Other Commitments [Line Items]
Legal costs	114
Franchise and marketing fees
Other Commitments [Line Items]
Total hotel operating expenses	$ 4,408	$ 2,598
Minimum
Other Commitments [Line Items]
Weighted average expiration period	10 years
Maximum
Other Commitments [Line Items]
Weighted average expiration period	30 years
Hotel Management Agreement | Island Hospitality Management Inc.
Other Commitments [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%

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)hotel	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Mar. 17, 2021
Related Party Transaction [Line Items]
Management fees recorded within hotel other operating expenses	$ 1.9	$ 1.2
Amounts due to related party	$ 0.6		$ 0.3
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	100.00%			52.50%
Percentage of voting interests acquired	47.50%
Number of hotels managed by related party | hotel	43