Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 07, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Summit Hotel Properties, Inc. | ' | ' |
Entity Central Index Key | '0001497645 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $623,345,975 |
Entity Common Stock, Shares Outstanding | ' | 85,528,563 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Investment in hotel properties, net | $1,149,967,000 | $734,362,000 |
Investment in hotel properties under development | ' | 10,303,000 |
Land held for development | 13,748,000 | 15,802,000 |
Assets held for sale | 12,224,000 | 4,836,000 |
Cash and cash equivalents | 46,706,000 | 13,980,000 |
Restricted cash | 38,498,000 | 3,624,000 |
Trade receivables, net | 7,231,000 | 5,478,000 |
Prepaid expenses and other | 8,876,000 | 5,311,000 |
Derivative financial instruments | 253,000 | ' |
Deferred charges, net | 10,270,000 | 8,895,000 |
Deferred tax asset | 49,000 | 3,997,000 |
Other assets | 6,654,000 | 4,201,000 |
TOTAL ASSETS | 1,294,476,000 | 810,789,000 |
LIABILITIES | ' | ' |
Debt | 435,589,000 | 312,613,000 |
Accounts payable | 7,583,000 | 5,013,000 |
Accrued expenses | 27,154,000 | 18,985,000 |
Derivative financial instruments | 1,772,000 | 641,000 |
TOTAL LIABILITIES | 472,098,000 | 337,252,000 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
Preferred stock, $.01 par value per share, 100,000,000 shares authorized: | ' | ' |
Common stock, $.01 par value per share, 450,000,000 shares authorized, 85,402,408 and 46,159,652 shares issued and outstanding at December 31, 2013 and 2012, respectively | 854,000 | 462,000 |
Additional paid-in capital | 882,858,000 | 468,820,000 |
Accumulated other comprehensive income (loss) | -1,379,000 | -528,000 |
Accumulated deficit and distributions | -72,577,000 | -31,985,000 |
Total shareholders' equity | 809,840,000 | 436,819,000 |
Noncontrolling interests in Operating Partnership | 4,722,000 | 36,718,000 |
Noncontrolling interests in joint venture | 7,816,000 | ' |
TOTAL EQUITY | 822,378,000 | 473,537,000 |
TOTAL LIABILITIES AND EQUITY | 1,294,476,000 | 810,789,000 |
9.25% Series A Preferred Stock | ' | ' |
Preferred stock, $.01 par value per share, 100,000,000 shares authorized: | ' | ' |
Preferred stock | 20,000 | 20,000 |
7.875% Series B Preferred Stock | ' | ' |
Preferred stock, $.01 par value per share, 100,000,000 shares authorized: | ' | ' |
Preferred stock | 30,000 | 30,000 |
7.125% Series C Preferred Stock | ' | ' |
Preferred stock, $.01 par value per share, 100,000,000 shares authorized: | ' | ' |
Preferred stock | $34,000 | ' |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | 9.25% Series A Preferred Stock | 9.25% Series A Preferred Stock | 7.875% Series B Preferred Stock | 7.875% Series B Preferred Stock | 7.125% Series C Preferred Stock | 7.125% Series C Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | 2,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | 3,400,000 | 3,400,000 |
Preferred stock, shares outstanding | ' | ' | 2,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | 3,400,000 | 3,400,000 |
Preferred stock, liquidation preference (in dollars) | ' | ' | $50,398 | $50,398 | $75,324 | $75,324 | $85,522 | ' |
Preferred stock, dividend rate (as a percent) | ' | ' | 9.25% | 9.25% | 7.88% | 7.88% | 7.13% | 7.13% |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 450,000,000 | 450,000,000 | ' | ' | ' | ' | ' | ' |
Common stock, issued | 85,402,408 | 46,159,652 | ' | ' | ' | ' | ' | ' |
Common stock, outstanding | 85,402,408 | 46,159,652 | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 11 Months Ended | 12 Months Ended | 1 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2011 |
Summit Hotel Properties, LLC | ||||
REVENUES | ' | ' | ' | ' |
Room revenue | $102,108 | $283,279 | $154,600 | $10,620 |
Other hotel operations revenue | 4,280 | 15,679 | 7,100 | 519 |
Total revenues | 106,388 | 298,958 | 161,700 | 11,139 |
Hotel operating expenses: | ' | ' | ' | ' |
Rooms | 30,216 | 80,391 | 45,130 | 3,674 |
Other direct | 15,478 | 39,815 | 21,284 | 2,288 |
Other indirect | 27,816 | 77,392 | 43,377 | 3,598 |
Other | 478 | 744 | 651 | 44 |
Total hotel operating expenses | 73,988 | 198,342 | 110,442 | 9,604 |
Depreciation and amortization | 21,646 | 51,184 | 30,645 | 2,651 |
Corporate general and administrative: | ' | ' | ' | ' |
Salaries and other compensation | 3,121 | 8,218 | 6,039 | ' |
Other | 3,440 | 4,711 | 3,534 | ' |
Hotel property acquisition costs | 254 | 1,886 | 3,050 | ' |
Loss on impairment of assets | ' | 1,369 | 660 | ' |
Total expenses | 102,449 | 265,710 | 154,370 | 12,255 |
Income (loss) from operations | 3,939 | 33,248 | 7,330 | -1,116 |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Interest income | -1 | 83 | 35 | 2 |
Other income (expense) | ' | -343 | 731 | ' |
Interest expense | -9,993 | -20,137 | -14,909 | -3,435 |
Debt transaction costs | ' | -1,697 | -661 | ' |
Gain (loss) on disposal of assets | -36 | 363 | -199 | ' |
Gain (loss) on derivative financial instruments | ' | 2 | -2 | ' |
Total other income (expense) | -10,030 | -21,729 | -15,005 | -3,433 |
Income (loss) from continuing operation before income tax | -6,091 | 11,519 | -7,675 | -4,549 |
Income tax (expense) benefit | 2,259 | -4,894 | 728 | -550 |
Income (loss) from continuing operations | -3,832 | 6,625 | -6,947 | -5,099 |
Income (loss) from discontinued operations | -345 | -728 | 4,677 | -1,108 |
Net income (loss) | -4,177 | 5,897 | -2,270 | -6,207 |
Net income (loss) attributable to noncontrolling interests in: | ' | ' | ' | ' |
Operating partnership | -1,240 | -297 | -1,194 | ' |
Joint venture | ' | 316 | ' | ' |
Net income (loss) attributable to Summit Hotel Properties, Inc./ Predecessor | -2,937 | 5,878 | -1,076 | -6,207 |
Preferred dividends | -411 | -14,590 | -4,625 | ' |
Net income (loss) attributable to common shareholders | ($3,348) | ($8,712) | ($5,701) | ($6,207) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ' | ' | ' | ' |
Basic (in Shares) | 27,278 | 70,327 | 33,717 | ' |
Diluted (in Shares) | 27,278 | 70,737 | 33,849 | ' |
Basic and diluted net income (loss) per share from: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ($0.11) | ($0.11) | ($0.28) | ' |
Discontinued operations (in dollars per share) | ($0.01) | ($0.01) | $0.11 | ' |
Basic and diluted net income (loss) per share (in dollars per share) | ($0.12) | ($0.12) | ($0.17) | ' |
DIVIDENDS PER SHARE (in dollars per share) | $0.28 | $0.45 | $0.45 | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 13, 2011 |
Operating partnership | Operating partnership | Operating partnership | Joint venture | Summit Hotel Properties, LLC | ||||
Net income (loss) | ($4,177) | $5,897 | ($2,270) | ' | ' | ' | ' | ($6,207) |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in derivative financial instruments | ' | -881 | -639 | ' | ' | ' | ' | ' |
Total other comprehensive income (loss) | ' | -881 | -639 | ' | ' | ' | ' | ' |
Comprehensive income (loss) | -4,177 | 5,016 | -2,909 | ' | ' | ' | ' | -6,207 |
Comprehensive income (loss) attributable to noncontrolling interest in: | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss) attributable to noncontrolling interest | ' | ' | ' | -1,240 | -327 | -1,305 | 316 | ' |
Comprehensive income (loss) attributable to Summit Hotel Properties, Inc. / Predecessor | -2,937 | 5,027 | -1,604 | ' | ' | ' | ' | -6,207 |
Preferred dividends | -411 | -14,590 | -4,625 | ' | ' | ' | ' | ' |
Comprehensive income (loss) attributable to common shareholders | ($3,348) | ($9,563) | ($6,229) | ' | ' | ' | ' | ($6,207) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Preferred Stock | Common Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit and Distributions | Total Shareholders' Equity | Noncontrolling interests | Noncontrolling interests | Predecessor | Predecessor | Predecessor |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | Operating partnership | USD ($) | USD ($) | USD ($) | USD ($) | Operating partnership | Joint venture | USD ($) | Total Shareholders' Equity | Noncontrolling interests |
USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
Balance at beginning of year at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $61,468 | ($1,624) |
Balance at beginning of year at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,844 | ' | ' |
Changes in equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,207 | -6,207 | ' |
Distributions to members | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,282 | -8,282 | ' |
Balance at end of year at Feb. 13, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,979 | -1,624 |
Balance at end of year at Feb. 13, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,355 | ' | ' |
Changes in equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity from Predecessor | 45,355 | ' | ' | ' | ' | ' | ' | ' | 45,355 | ' | ' | ' | ' |
Net proceeds from sale of common stock | 240,840 | ' | 273 | ' | 240,567 | ' | ' | 240,840 | ' | ' | ' | ' | ' |
Net proceeds from sale of common stock (in shares) | ' | ' | 27,278,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of preferred stock | 47,875 | 20 | ' | ' | 47,855 | ' | ' | 47,875 | ' | ' | ' | ' | ' |
Net proceeds from sale of preferred stock (in shares) | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | -10,924 | ' | ' | ' | ' | ' | -8,083 | -8,083 | -2,841 | ' | ' | ' | ' |
Equity-based compensation | 480 | ' | ' | ' | 480 | ' | ' | 480 | ' | ' | ' | ' | ' |
Net income (loss) | -4,177 | ' | ' | ' | ' | ' | -2,937 | -2,937 | -1,240 | ' | ' | ' | ' |
Balance at end of year at Dec. 31, 2011 | 319,449 | 20 | 273 | ' | 288,902 | ' | -11,020 | 278,175 | 41,274 | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2011 | ' | 2,000,000 | 27,278,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of common stock | 106,405 | ' | 138 | ' | 106,267 | ' | ' | 106,405 | ' | ' | ' | ' | ' |
Net proceeds from sale of common stock (in shares) | ' | ' | 13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of preferred stock | 72,453 | 30 | ' | ' | 72,423 | ' | ' | 72,453 | ' | ' | ' | ' | ' |
Net proceeds from sale of preferred stock (in shares) | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock redemption of common units | ' | ' | 49 | ' | 205 | ' | ' | 254 | -254 | ' | ' | ' | ' |
Common stock redemption of common units (in shares) | ' | ' | 4,873,625 | 4,873,625 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | -23,066 | ' | ' | ' | ' | ' | -19,889 | -19,889 | -3,177 | ' | ' | ' | ' |
Equity-based compensation | 1,205 | ' | 2 | ' | 1,023 | ' | ' | 1,025 | 180 | ' | ' | ' | ' |
Equity-based compensation (in shares) | ' | ' | 208,027 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -639 | ' | ' | ' | ' | -528 | ' | -528 | -111 | ' | ' | ' | ' |
Net income (loss) | -2,270 | ' | ' | ' | ' | ' | -1,076 | -1,076 | -1,194 | ' | ' | ' | ' |
Balance at end of year at Dec. 31, 2012 | 473,537 | 50 | 462 | ' | 468,820 | -528 | -31,985 | 436,819 | 36,718 | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2012 | ' | 5,000,000 | 46,159,652 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of common stock | 300,072 | ' | 345 | ' | 299,727 | ' | ' | 300,072 | ' | ' | ' | ' | ' |
Net proceeds from sale of common stock (in shares) | ' | ' | 34,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of preferred stock | 81,723 | 34 | ' | ' | 81,689 | ' | ' | 81,723 | ' | ' | ' | ' | ' |
Net proceeds from sale of preferred stock (in shares) | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock redemption of common units | ' | ' | 44 | ' | 30,574 | ' | ' | 30,618 | -30,618 | ' | ' | ' | ' |
Common stock redemption of common units (in shares) | ' | ' | 4,414,950 | 4,414,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution by noncontrolling interests in joint venture | 7,500 | ' | ' | ' | ' | ' | ' | ' | ' | 7,500 | ' | ' | ' |
Dividends paid | -47,594 | ' | ' | ' | ' | ' | -46,470 | -46,470 | -1,124 | ' | ' | ' | ' |
Equity-based compensation | 2,124 | ' | 3 | ' | 2,048 | ' | ' | 2,051 | 73 | ' | ' | ' | ' |
Equity-based compensation (in shares) | ' | ' | 327,806 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -881 | ' | ' | ' | ' | -851 | ' | -851 | -30 | ' | ' | ' | ' |
Net income (loss) | 5,897 | ' | ' | ' | ' | ' | 5,878 | 5,878 | -297 | 316 | ' | ' | ' |
Balance at end of year at Dec. 31, 2013 | $822,378 | $84 | $854 | ' | $882,858 | ($1,379) | ($72,577) | $809,840 | $4,722 | $7,816 | ' | ' | ' |
Balance (in shares) at Dec. 31, 2013 | ' | 8,400,000 | 85,402,408 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | $5,897 | ($2,270) | ($10,384) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 53,143 | 34,871 | 29,808 |
Amortization of prepaid lease | 47 | 73 | 47 |
Loss on impairment of assets | 9,044 | 2,965 | ' |
Equity-based compensation | 2,124 | 1,205 | 480 |
Deferred tax asset | 3,948 | -1,801 | -2,196 |
(Gain) loss on disposal of assets | -4,308 | -2,811 | 36 |
(Gain) loss on derivative financial instruments | -2 | 2 | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Restricted cash released (funded) | -1,309 | -69 | 785 |
Trade receivables | -1,753 | -1,424 | -394 |
Prepaid expenses and other | -3,654 | -1,043 | 1,637 |
Accounts payable and accrued expenses | 9,259 | 5,005 | 4,327 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 72,436 | 34,703 | 24,146 |
INVESTING ACTIVITIES | ' | ' | ' |
Acquisitions of hotel properties | -441,573 | -216,892 | -50,017 |
Investment in hotel properties under development | ' | -10,303 | ' |
Acquisition of land held for development | -2,800 | ' | ' |
Improvements and additions to hotel properties | -53,222 | -29,396 | -33,514 |
Purchases of office furniture and equipment | -398 | -210 | ' |
Proceeds from asset dispositions, net of closing costs | 52,850 | 25,887 | 361 |
Restricted cash released (funded) | -22,291 | -2,091 | -316 |
NET CASH (USED IN) INVESTING ACTIVITIES | -467,434 | -233,005 | -83,486 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from issuance of debt | 587,245 | 130,659 | 65,383 |
Principal payments on debt | -497,801 | -82,312 | -268,716 |
Financing fees on debt | -3,421 | -2,394 | -4,276 |
Proceeds from equity offerings, net of offering costs | 381,795 | 178,858 | 288,716 |
Proceeds from contribution by joint venture partner | 7,500 | ' | ' |
Dividends paid and distributions to members | -47,594 | -23,066 | -19,207 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 427,724 | 201,745 | 61,900 |
Net change in cash and cash equivalents | 32,726 | 3,443 | 2,560 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Beginning of period | 13,980 | 10,537 | 7,977 |
End of period | 46,706 | 13,980 | 10,537 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' | ' |
Cash payments for interest | 19,989 | 15,592 | 18,852 |
Capitalized interest | 400 | 53 | ' |
Cash payments for income taxes, net of refunds | $681 | $433 | $163 |
DESCRIPTION_OF_BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2013 | |
DESCRIPTION OF BUSINESS | ' |
DESCRIPTION OF BUSINESS | ' |
NOTE 1 - DESCRIPTION OF BUSINESS | |
Summit Hotel Properties, Inc. (the “Company”) is a self-managed hotel investment company that was organized on June 30, 2010 as a Maryland corporation. The Company holds both general and limited partnership interests in Summit Hotel OP, LP (the “Operating Partnership”), a Delaware limited partnership also organized on June 30, 2010. On February 14, 2011, the Company closed on its initial public offering (“IPO”) of 26,000,000 shares of common stock and a concurrent private placement of 1,274,000 shares of common stock. Effective February 14, 2011, the Operating Partnership and Summit Hotel Properties, LLC (the “Predecessor”) completed the merger of the Predecessor with and into the Operating Partnership (the “Merger”). Unless the context otherwise requires, “we” and “our” refer to the Company and its subsidiaries. | |
While the Operating Partnership was the survivor of and the legal acquirer of the Predecessor in the Merger, for accounting and financial reporting purposes, the Predecessor is considered the accounting acquirer in the Merger. As a result, the historical consolidated financial statements of the Predecessor are presented as the historical consolidated financial statements of the Company after completion of the Merger and the related transactions (collectively, the “Reorganization Transaction”). | |
Summit Hotel OP, LP, the Operating Partnership subsidiary of the Company, filed a Form 15 on December 12, 2013 to voluntarily suspend its duty to file periodic and other reports with the Securities and Exchange Commission (the “SEC”) and voluntarily deregister its common units of limited partnership interest the Securities and Exchange Act of 1934 (the “Exchange Act”). As a result of filing the Form 15 with the SEC, the Operating Partnership is no longer required to file annual, quarterly or periodic reports with the SEC. The filing of the Form 15 by the Operating Partnership does not impact the registration of the Company’s common stock under the Exchange Act or the Company’s obligations as a reporting issuer under the Exchange Act. | |
At December 31, 2013, our portfolio consists of 88 upscale, upper midscale and midscale hotels with a total of 10,908 guestrooms located in 22 states. The hotels are leased to subsidiaries (“TRS Lessees”) of our taxable REIT subsidiaries (“TRSs”). We indirectly own 100% of the outstanding equity interests in all but one of our TRS Lessees. We indirectly own an 80% controlling interest in the TRS Lessee associated with the Holiday Inn Express & Suites in San Francisco, CA which we acquired in early 2013 through a joint venture. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||
Dec. 31, 2013 | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Basis of Presentation | |||
The accompanying consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. | |||
We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates. | |||
Segment Disclosure | |||
Accounting Standards Codification (“ASC”), ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment, with activities related to investing in real estate. Our investments in real estate are geographically diversified and the chief operating decision makers evaluate operating performance on an individual asset level. As each of our assets has similar economic characteristics, the assets have been aggregated into one reportable segment. | |||
Investment in Hotel Properties | |||
We allocate the purchase price of hotel acquisitions based on the fair value of the acquired assets and assumed liabilities. We determine the acquisition-date fair values of all assets and assumed liabilities using methods similar to those used by independent appraisers, for example, using a discounted cash flow analysis that utilizes appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. Acquisition costs are expensed as incurred. | |||
Our hotel properties and related assets are recorded at cost, less accumulated depreciation. We capitalize the costs of significant additions and improvements that materially extend a property’s life. These costs may include hotel refurbishment, renovation, and remodeling expenditures. We expense the cost of repairs and maintenance. | |||
We depreciate our hotel properties and related assets using the straight-line method over their estimated useful lives as follows: | |||
Classification | Estimated Useful Lives | ||
Buildings and improvements | 25 to 40 years | ||
Furniture, fixtures and equipment | 2 to 15 years | ||
We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense. | |||
When depreciable property and equipment is retired or disposed of, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations. | |||
On a limited basis, we provide financing to developers of hotel properties for development or major renovation projects. We evaluate these arrangements to determine if we participate in residual profits of the hotel property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the hotel property, we reflect the loan as an investment in hotel properties under development in our consolidated balance sheets. If classified as hotel properties under development, no interest income is recognized on the loan and interest expense is capitalized on our investment in the hotel property during the construction or renovation period. | |||
We monitor events and changes in circumstances for indicators that the carrying value of a hotel property or land held for development may be impaired. Factors that could trigger an impairment analysis include, among others: i) significant underperformance relative to historical or projected operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for hotel properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, and v) significant negative industry or economic trends. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the investment is recoverable. If impairment is indicated, we estimate the fair value of the property based on discounted cash flows or sales price if the property is under contract and an adjustment is made to reduce the carrying value of the property to fair value. | |||
Assets Held for Sale and Discontinued Operations | |||
We classify assets as held for sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or fair value, less cost to sell. | |||
We present the results of operations of hotel properties that have been sold or otherwise qualify as assets held for sale in discontinued operations if the operations and cash flows of the hotel properties have been or will be eliminated from our ongoing operations. | |||
We periodically review our hotel properties and our land held for development based on established criteria such as age, type of franchise, adverse economic and competitive conditions, and strategic fit, to identify properties which we believe are either non-strategic or no longer complement our business. | |||
Cash and Cash Equivalents | |||
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may exceed the federally insured limit. We maintain our cash with high credit quality financial institutions. | |||
Restricted Cash | |||
Restricted cash consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lenders. | |||
Trade Receivables and Credit Policies | |||
We grant credit to qualified customers generally without collateral, in the form of trade accounts receivable. We believe our risk of loss is minimal due to our periodic evaluations of the credit worthiness of our customers. | |||
Trade receivables result from the rental of hotel rooms and the sales of food, beverage, and banquet services due under normal trade terms requiring payment upon receipt of the invoice. Trade receivables are stated at the amount billed to the customer and do not accrue interest. | |||
We review the collectability of our trade receivables monthly. A provision for losses is determined on the basis of previous loss experience and current economic conditions. Our allowance for doubtful accounts was $0.2 million at December 31, 2013. There were no material uncollectible receivables and no allowance for doubtful accounts recorded at December 31, 2012. Bad debt expense was $0.6 million in 2013, $0.2 million in 2012 and was not significant in 2011. | |||
Deferred Charges | |||
Our deferred charges consist of deferred financing fees and initial franchise fees. Costs incurred in obtaining financing are capitalized and amortized on the straight-line method over the term of the related debt, which approximates the interest method. Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method. | |||
Noncontrolling Interests | |||
A noncontrolling interest represents the portion of equity in a subsidiary held by owners other than the consolidating parent. Noncontrolling interests are reported in the consolidated balance sheets within equity, separately from shareholders’ equity. Revenue, expenses and net income (loss) attributable to both the Company and noncontrolling interests are reported in the consolidated statements of operations. | |||
Our consolidated financial statements include noncontrolling interests related to Common Units of the Operating Partnership that are held by unaffiliated third parties and third-party ownership of consolidated joint ventures. | |||
Revenue Recognition | |||
We recognize revenue when rooms are occupied and services have been rendered. Revenues are recorded net of any sales and other taxes collected from customers. All rebates or discounts are recorded as a reduction to revenue. Cash received prior to guest arrival is recorded as an advance from the customer and is recognized at the time of occupancy. | |||
Sales and Other Taxes | |||
We have operations in states and municipalities that impose sales and/or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted. | |||
Equity-Based Compensation | |||
Our 2011 Equity Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other stock-based awards. We account for equity-based compensation using the Black-Scholes option-pricing model for stock options and the grant date fair value of our common stock for all other awards. Restricted stock awards with performance-based vesting conditions are market-based awards and are valued using a Monte Carlo simulation model. We expense awards under our 2011 Equity Incentive Plan over the vesting period. The amount of the expense may be subject to adjustment in future periods due to a change in forfeiture assumptions. | |||
Derivative Financial Instruments and Hedging | |||
All derivative financial instruments are recorded at fair value and reported as a derivative financial instrument asset or liability in our consolidated balance sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include swaps, caps and floors. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction. | |||
For interest rate derivatives designated as cash flow hedges the effective portion of changes in fair value is initially reported as a component of accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets and reclassified to interest expense in our consolidated statements of operations in the period in which the hedged item affects earnings. The ineffective portion of changes in fair value is recognized directly in earnings through gain (loss) on derivative financial instruments in the consolidated statements of operations. | |||
Income Taxes | |||
Commencing with our short taxable year ended December 31, 2011, we elected to be taxed as a REIT under certain provisions of the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our shareholders at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, which does not necessarily equal net income as calculated in accordance with generally accepted accounting principles. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRSs) to the extent we currently distribute 100% of our REIT taxable income to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we satisfy certain relief provisions. | |||
We account for federal and state income taxes of our TRSs using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on generally accepted accounting principles and respective carrying amounts for tax purposes, and operating losses and tax-credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence, including future reversals of taxable temporary differences, future projected taxable income and tax planning strategies. | |||
Fair Value Measurement | |||
Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||
Level 1 | Observable inputs such as quoted prices in active markets. | ||
Level 2 | Directly or indirectly observable inputs, other than quoted prices in active markets. | ||
Level 3 | Unobservable inputs in which there is little or no market data, which require a reporting entity to develop its own assumptions. | ||
Assets and liabilities measured at fair value are based on one or more of the following valuation techniques: | |||
Market approach | Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | ||
Cost approach | Amount required to replace the service capacity of an asset (replacement cost). | ||
Income approach | Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models). | ||
Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. | |||
We elected not to use the fair value option for cash and cash equivalents, restricted cash, trade receivables, prepaid expenses and other, debt, accounts payable, and accrued expenses. With the exception of our fixed-rate debt, the carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates. | |||
New Accounting Standards | |||
In the first quarter of 2013, we adopted Accounting Standards Update (“ASU”) 2013—02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013—02 required an entity to separately provide information about the effects on net income of certain significant amounts reclassified out of each component of accumulated other comprehensive income. | |||
Adoption of this new standard did not have a material effect on our consolidated financial statements. |
HOTEL_PROPERTY_ACQUISITIONS
HOTEL PROPERTY ACQUISITIONS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
HOTEL PROPERTY ACQUISITIONS | ' | |||||||||||
HOTEL PROPERTY ACQUISITIONS | ' | |||||||||||
NOTE 3 - HOTEL PROPERTY ACQUISITIONS | ||||||||||||
Hotel property acquisitions in 2013 and 2012 include (in thousands): | ||||||||||||
Date Acquired | Franchise/Brand | Location | Purchase | Debt | ||||||||
Price | Assumed | |||||||||||
2013 | ||||||||||||
January 22 | Hyatt Place | Chicago (Hoffman Estates), IL | $ | 9,230 | $ | — | ||||||
January 22 | Hyatt Place | Orlando (Convention), FL | 12,252 | — | ||||||||
January 22 | Hyatt Place | Orlando (Universal), FL | 11,843 | — | ||||||||
February 11 | IHG / Holiday Inn Express & Suites | (a) | San Francisco, CA | 60,500 | 23,423 | |||||||
March 11 | SpringHill Suites by Marriott | New Orleans, LA | 33,095 | — | ||||||||
March 11 | Courtyard by Marriott | New Orleans (Convention), LA | 30,827 | — | ||||||||
March 11 | Courtyard by Marriott | New Orleans (French Quarter), LA | 25,683 | — | ||||||||
March 11 | Courtyard by Marriott | New Orleans (Metairie), LA | 23,539 | — | ||||||||
March 11 | Residence Inn by Marriott | New Orleans (Metairie), LA | 19,890 | — | ||||||||
April 30 | Hilton Garden Inn | Greenville, SC | 15,250 | — | ||||||||
May 21 | IHG / Holiday Inn Express & Suites | Minneapolis (Minnetonka), MN | 6,900 | 3,724 | ||||||||
May 21 | Hilton Garden Inn | Minneapolis (Eden Prairie), MN | 10,200 | 6,385 | ||||||||
May 23 | Fairfield Inn & Suites by Marriott | Louisville, KY | 25,023 | — | ||||||||
May 23 | SpringHill Suites by Marriott | Louisville, KY | 39,138 | — | ||||||||
May 23 | Courtyard by Marriott | Indianapolis, IN | 58,634 | — | ||||||||
May 23 | SpringHill Suites by Marriott | Indianapolis, IN | 30,205 | — | ||||||||
October 1 | Hilton / Hampton Inn & Suites | Ventura (Camarillo), CA | 15,750 | — | ||||||||
October 8 | Hilton / Hampton Inn & Suites | San Diego (Poway), CA | 15,150 | — | ||||||||
December 31 | Hyatt Place | Minneapolis, MN | 32,506 | — | ||||||||
Total 2013 | 19 hotel properties | $ | 475,615 | $ | 33,532 | |||||||
2012 | ||||||||||||
January 12 | Courtyard by Marriott (b) | Atlanta, GA | $ | 28,900 | $ | 19,011 | ||||||
February 28 | Hilton Garden Inn | Birmingham (Liberty Park), AL | 11,500 | — | ||||||||
February 28 | Hilton Garden Inn | Birmingham (Lakeshore), AL | 8,625 | — | ||||||||
May 16 | Courtyard by Marriott | Dallas (Arlington), TX | 15,000 | — | ||||||||
May 16 | Hilton Garden Inn | Nashville (Smyrna), TN | 11,500 | 8,708 | ||||||||
June 21 | Hilton / Hampton Inn & Suites | Nashville (Smyrna), TN | 8,000 | 5,384 | ||||||||
July 2 | Residence Inn by Marriott | Dallas (Arlington), TX | 15,500 | — | ||||||||
October 5 | Hyatt Place | Dallas (Arlington), TX | 9,055 | — | ||||||||
October 5 | Hyatt Place | Denver (Lone Tree), CO | 10,530 | — | ||||||||
October 5 | Hyatt Place | Denver (Englewood), CO | 11,515 | — | ||||||||
October 5 | Hyatt House | Denver (Englewood), CO | 13,480 | — | ||||||||
October 5 | Hyatt Place | Baltimore (Owings Mills), MD | 10,235 | — | ||||||||
October 5 | Hyatt Place | Chicago (Lombard), IL | 17,025 | — | ||||||||
October 5 | Hyatt Place | Phoenix, AZ | 5,020 | — | ||||||||
October 5 | Hyatt Place | Scottsdale, AZ | 10,530 | — | ||||||||
October 23 | Hilton Garden Inn | Fort Worth, TX | 7,200 | — | ||||||||
December 21 | Residence Inn by Marriott | Salt Lake City, UT | 19,959 | 14,059 | ||||||||
December 27 | Hyatt Place | Long Island (Garden City), NY | 31,000 | — | ||||||||
December 27 | Hilton / Hampton Inn & Suites | Tampa (Ybor City), FL | 20,844 | — | ||||||||
Total 2012 | 19 hotel properties | $ | 265,418 | $ | 47,162 | |||||||
(a) | This hotel property was acquired by a joint venture in which we own an 80% controlling interest. | |||||||||||
(b) | We acquired a 90% controlling interest in this hotel property and we are obligated to acquire the remaining ownership in 2016 for $0.4 million. The $0.4 million has been accrued as a liability and is included in the purchase price above. | |||||||||||
The allocation of the aggregated purchase prices to the fair value of assets and liabilities acquired for the above acquisitions, including $10.3 million of properties under development at December 31, 2012, follows (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Land | $ | 61,776 | $ | 33,874 | ||||||||
Hotel buildings and improvements | 395,543 | 220,599 | ||||||||||
Furniture, fixtures and equipment | 18,296 | 10,945 | ||||||||||
Other assets | 11,273 | 629 | ||||||||||
Total assets acquired | 486,888 | 266,047 | ||||||||||
Debt assumed | 33,532 | 47,162 | ||||||||||
Other liabilities | 1,480 | 1,993 | ||||||||||
Net assets acquired | $ | 451,876 | $ | 216,892 | ||||||||
In connection with our acquisition of the Hyatt Place in Minneapolis, MN on December 31, 2013, the outstanding principal balance of our first mortgage loan receivable and related capitalized interest, totaling $20.7 million, was credited to us as part of the purchase price consideration. | ||||||||||||
Total revenues and net income for hotel properties acquired in 2013 and 2012, which are included in our consolidated statements of operations for the years 2013 and 2012, are (in thousands): | ||||||||||||
2013 Acquisitions | 2012 Acquisitions | |||||||||||
2013 | 2013 | 2012 | ||||||||||
Revenues | $ | 76,675 | $ | 76,088 | $ | 24,939 | ||||||
Net income | $ | 13,399 | $ | 9,073 | $ | 1,754 | ||||||
The results of operations of acquired hotel properties are included in the consolidated statements of operations beginning on their respective acquisition dates. The following unaudited condensed pro forma financial information presents the results of operations as if the 2013 and 2012 acquisitions had taken place on January 1, 2012. The unaudited condensed pro forma information excludes discontinued operations, is for comparative purposes only, and is not necessarily indicative of what actual results of operations would have been had the hotel acquisitions taken place on January 1, 2012. This information does not purport to represent results of operations for future periods. | ||||||||||||
The unaudited condensed pro forma financial information for 2013 and 2012, assuming the hotel properties acquired in 2013 and 2012 were acquired at the beginning of 2012, follows (in thousands, except per share): | ||||||||||||
2013 | 2012 | |||||||||||
(unaudited) | ||||||||||||
Revenues | $ | 328,595 | $ | 310,928 | ||||||||
Net income | $ | 16,701 | $ | 35,202 | ||||||||
Net income per share attributable to common shareholders — basic and diluted | $ | 0.03 | $ | 0.75 |
INVESTMENT_IN_HOTEL_PROPERTIES
INVESTMENT IN HOTEL PROPERTIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
INVESTMENT IN HOTEL PROPERTIES | ' | |||||||
INVESTMENT IN HOTEL PROPERTIES | ' | |||||||
NOTE 4 - INVESTMENT IN HOTEL PROPERTIES | ||||||||
Investment in hotel properties at December 31, 2013 and 2012 include (in thousands): | ||||||||
2013 | 2012 | |||||||
Land | $ | 154,831 | $ | 105,571 | ||||
Hotel buildings and improvements | 993,372 | 649,699 | ||||||
Construction in progress | 24,242 | — | ||||||
Furniture, fixtures and equipment | 142,976 | 124,385 | ||||||
1,315,421 | 879,655 | |||||||
Less accumulated depreciation | 165,454 | 145,293 | ||||||
$ | 1,149,967 | $ | 734,362 | |||||
Depreciation expense was $48.9 million, $28.0 million and $22.5 million for 2013, 2012 and 2011. |
INVESTMENT_IN_HOTEL_PROPERTIES1
INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT | 12 Months Ended |
Dec. 31, 2013 | |
INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT | ' |
INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT | ' |
NOTE 5 - INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT | |
In 2012, we entered into an agreement with an affiliate of Hyatt Hotels Corporation to fund $20.3 million in the form of a first mortgage loan on a hotel property in downtown Minneapolis, MN. The $20.3 million represented a portion of the total acquisition cost and renovation costs expected to be incurred to convert the property to a Hyatt Place hotel. In the fourth quarter of 2013, we purchased the hotel property for $32.6 million. Since we participated in the residual profits of the hotel property, we classified this loan as an investment in hotel properties under development. We capitalized interest expense on our investment of $0.4 million in 2013 and $0.1 million in 2012. The outstanding principal balance of the loan and accrued interest were credited to us as part of the purchase price consideration at acquisition, which was completed on December 31, 2013. |
ASSETS_HELD_FOR_SALE
ASSETS HELD FOR SALE | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
ASSETS HELD FOR SALE | ' | |||||||
ASSETS HELD FOR SALE | ' | |||||||
NOTE 6 - ASSETS HELD FOR SALE | ||||||||
Assets held for sale at December 31, 2013 and 2012 include (in thousands): | ||||||||
2013 | 2012 | |||||||
Land | $ | 1,183 | $ | 3,092 | ||||
Building | 10,290 | 1,474 | ||||||
Furniture, fixtures and equipment | 751 | 270 | ||||||
$ | 12,224 | $ | 4,836 | |||||
At December 31, 2013, assets held for sale include the AmericInn Hotel & Suites and the Aspen Hotel & Suites in Fort Smith, AR, which were sold on January 17, 2014, and the Hampton Inn in Fort Smith, AR and a land parcel in Spokane, WA, which are under contract to sell. | ||||||||
At December 31, 2012, assets held for sale include the AmericInn Hotel & Suites in Golden, CO, which was sold on January 15, 2013; a land parcel in Jacksonville, FL, which was sold on February 27, 2013; and a land parcel in Missoula, MT, which was sold on August 21, 2013. |
RESTRICTED_CASH
RESTRICTED CASH | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
RESTRICTED CASH | ' | |||||||
RESTRICTED CASH | ' | |||||||
NOTE 7 - RESTRICTED CASH | ||||||||
Restricted cash at December 31, 2013 and 2012 includes (in thousands): | ||||||||
2013 | 2012 | |||||||
Property taxes | $ | 2,124 | $ | 1,185 | ||||
Insurance | 59 | 180 | ||||||
FF&E reserves | 35,823 | 2,259 | ||||||
Other funds in escrow | 492 | — | ||||||
$ | 38,498 | $ | 3,624 |
PREPAID_EXPENSES_AND_OTHER
PREPAID EXPENSES AND OTHER | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
PREPAID EXPENSES AND OTHER | ' | |||||||
PREPAID EXPENSES AND OTHER | ' | |||||||
NOTE 8 - PREPAID EXPENSES AND OTHER | ||||||||
Prepaid expenses and other at December 31, 2013 and 2012 include (in thousands): | ||||||||
2013 | 2012 | |||||||
Deposits on pending acquisitions | $ | 5,115 | $ | 2,759 | ||||
Prepaid insurance | 1,316 | 663 | ||||||
Other | 2,445 | 1,889 | ||||||
$ | 8,876 | $ | 5,311 |
DEFERRED_CHARGES
DEFERRED CHARGES | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
DEFERRED CHARGES | ' | ||||||||||
DEFERRED CHARGES | ' | ||||||||||
NOTE 9 - DEFERRED CHARGES | |||||||||||
Deferred charges at December 31, 2013 and 2012 include (in thousands): | |||||||||||
2013 | 2012 | ||||||||||
Initial franchise fees | $ | 5,957 | $ | 6,201 | |||||||
Deferred financing costs | 7,846 | 9,500 | |||||||||
13,803 | 15,701 | ||||||||||
Less accumulated amortization | 3,533 | 6,806 | |||||||||
Total | $ | 10,270 | $ | 8,895 | |||||||
Amortization expense for 2013, 2012 and 2011 was (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Initial franchise fees | $ | 411 | $ | 355 | $ | 511 | |||||
Deferred financing costs | 1,854 | 2,288 | 1,293 | ||||||||
$ | 2,265 | $ | 2,643 | $ | 1,804 | ||||||
Future amortization expense is expected to be (in thousands): | |||||||||||
2014 | $ | 1,862 | |||||||||
2015 | 1,837 | ||||||||||
2016 | 1,573 | ||||||||||
2017 | 1,278 | ||||||||||
2018 | 812 | ||||||||||
Thereafter | 2,908 | ||||||||||
$ | 10,270 |
OTHER_ASSETS
OTHER ASSETS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
OTHER ASSETS. | ' | |||||||
OTHER ASSETS | ' | |||||||
NOTE 10 - OTHER ASSETS | ||||||||
Other assets at December 31, 2013 and 2012 include (in thousands): | ||||||||
2013 | 2012 | |||||||
Prepaid land lease | $ | 3,420 | $ | 3,468 | ||||
Seller financed notes receivable | 3,121 | 733 | ||||||
Other | 113 | — | ||||||
$ | 6,654 | $ | 4,201 |
DEBT
DEBT | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
DEBT | ' | ||||||||||||||||||
DEBT | ' | ||||||||||||||||||
NOTE 11 - DEBT | |||||||||||||||||||
At December 31, 2013, our debt is comprised of a senior unsecured credit facility and mortgage loans secured by various hotel properties. At December 31, 2013 and 2012 our debt included (in thousands): | |||||||||||||||||||
Lender | Note | Interest Rate at | Amortization | Maturity Date | Number of | 2013 | 2012 | ||||||||||||
Reference | December 31, | Period | Properties | ||||||||||||||||
2013 (a) | (Years) | Encumbered | |||||||||||||||||
Senior Secured Revolving Credit Facility | |||||||||||||||||||
Deutsche Bank AG New York Branch | (b) | — | — | — | — | $ | — | $ | 58,000 | ||||||||||
Senior Unsecured Credit Facility | |||||||||||||||||||
Deutsche Bank AG New York Branch | (b) | ||||||||||||||||||
$ | 225 Million Revolver | n/a | n/a | October 10, 2017 | n/a | — | — | ||||||||||||
$ | 75 Million Term Loan | 4.15% Variable | n/a | October 10, 2018 | n/a | 75,000 | — | ||||||||||||
Total Senior Unsecured Credit Facility | 75,000 | — | |||||||||||||||||
Mortgage Loans | |||||||||||||||||||
ING Life Insurance and Annuity | (c) | 6.10% Fixed | 20 | March 1, 2032 | 14 | 64,309 | 66,174 | ||||||||||||
(c) | 4.55% Fixed | 25 | August 1, 2038 | 33,754 | — | ||||||||||||||
KeyBank National Association | (d) | 4.46% Fixed | 30 | February 1. 2023 | 4 | 28,965 | — | ||||||||||||
(e) | 4.52% Fixed | 30 | April 1, 2023 | 3 | 22,421 | — | |||||||||||||
(f) | 4.30% Fixed | 30 | April 1, 2023 | 3 | 21,767 | — | |||||||||||||
(g) | 4.95% Fixed | 30 | August 1, 2023 | 2 | 38,497 | — | |||||||||||||
Bank of America Commercial Mortgage | (h) | 6.41% Fixed | 25 | September 1, 2017 | 1 | 8,382 | 8,593 | ||||||||||||
Merrill Lynch Mortgage Lending Inc. | (i) | 6.38% Fixed | 30 | August 1, 2016 | 1 | 5,249 | 5,341 | ||||||||||||
GE Capital Financial Inc. | (j) | 6.03% Fixed | 25 | May 1, 2017 | 2 | 14,579 | 14,851 | ||||||||||||
MetaBank | (k) | — | — | — | — | — | 6,786 | ||||||||||||
(k) | 4.25% Fixed | 20 | August 1, 2018 | 1 | 7,348 | — | |||||||||||||
Bank of Cascades | (l) | 4.66% Fixed | 25 | September 30, 2021 | 1 | 11,986 | 12,283 | ||||||||||||
Goldman Sachs | (m) | 5.67% Fixed | 25 | July 6, 2016 | 2 | 14,090 | 14,376 | ||||||||||||
Compass Bank | (n) | 4.57% Fixed | 20 | May 17, 2018 | 1 | 13,325 | 14,144 | ||||||||||||
General Electric Capital Corporation | (o) | 5.46% Fixed | 25 | April 1, 2017 | 1 | 5,371 | 5,481 | ||||||||||||
(o) | 5.46% Fixed | 25 | April 1, 2017 | 1 | 6,290 | 6,419 | |||||||||||||
(p) | — | — | — | — | — | 10,568 | |||||||||||||
(q) | 4.82% Fixed | 20 | April 1, 2018 | 1 | 7,612 | 7,998 | |||||||||||||
(q) | 5.03% Fixed | 25 | March 1, 2019 | 1 | 10,108 | 10,434 | |||||||||||||
AIG | (r) | 6.11% Fixed | 20 | January 1, 2016 | 1 | 13,516 | 14,059 | ||||||||||||
Greenwich Capital Financial Products, Inc. | (s) | 6.20% Fixed | 30 | January 6, 2016 | 1 | 23,107 | — | ||||||||||||
Wells Fargo Bank, National Association | (t) | 5.53% Fixed | 25 | October 1, 2015 | 1 | 3,652 | — | ||||||||||||
(u) | 5.57% Fixed | 25 | January 1, 2016 | 1 | 6,261 | — | |||||||||||||
First National Bank of Omaha | (v) | — | — | — | — | — | 8,241 | ||||||||||||
(v) | — | — | — | — | — | 14,663 | |||||||||||||
Chambers Bank | (w) | — | — | — | — | — | 1,417 | ||||||||||||
BNC National | (x) | — | — | — | — | — | 5,308 | ||||||||||||
Bank of the Ozarks | (y) | — | — | — | — | — | 8,778 | ||||||||||||
Empire Financial Services, Inc. | (z) | — | — | — | — | — | 18,699 | ||||||||||||
Total Mortgage Loans | 43 | 360,589 | 254,613 | ||||||||||||||||
Total Debt | 43 | $ | 435,589 | $ | 312,613 | ||||||||||||||
Notes: | |||||||||||||||||||
(a) Interest rates at December 31, 2013 give effect to our use of interest rate swaps, where applicable. | |||||||||||||||||||
(b) On October 10, 2013, we replaced our $150.0 million senior secured revolving credit facility with a $300.0 million senior unsecured credit facility. The unsecured credit facility is comprised of a $225.0 million revolving credit facility (the “$225 Million Revolver”) and a $75.0 million term loan (the “$75 Million Term Loan”), and has an accordion feature which will allow us to increase the commitments by an aggregate of $100.0 million on the $225 Million Revolver and the $75 Million Term Loan. | |||||||||||||||||||
The senior unsecured credit facility requires that no less than 20 of our hotel properties remain unencumbered, as defined in the credit facility documentation, and also requires compliance with covenants customary among our industry peers. The $225 Million Revolver matures on October 10, 2017 and can be extended to October 10, 2018 at our option, subject to certain conditions. The $75 Million Term Loan matures on October 10, 2018. | |||||||||||||||||||
We pay interest on advances at varying rates, based upon, at our option, either (i) 1, 2, 3, or 6-month LIBOR, plus a LIBOR margin between 1.75% and 2.50%, depending upon our leverage ratio (as defined in the credit facility documentation), or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50%, or 1-month LIBOR plus 1.00%, plus a base rate margin between 0.75% and 1.50%, depending upon our leverage ratio. Unused fees are payable quarterly and are assessed at 0.30% per annum if the unused portion of the credit facility is equal to or greater than 50%, or 0.20% per annum if the unused portion of the credit facility is less than 50%. | |||||||||||||||||||
On December 27, 2013, we fully drew the $75 Million Term Loan at a variable interest rate of 4.15%. On September 5, 2013, we entered into an interest rate derivative with a notional value of $75.0 million that became effective on January 2, 2014 and matures on October 1, 2018. This interest rate derivative was designated a cash flow hedge and effectively fixes LIBOR at 2.04%. The interest rate on the $75 Million Term Loan was 3.94% at January 2, 2014. | |||||||||||||||||||
At December 31, 2013, 32 of our unencumbered hotel properties are included in the borrowing base for the senior unsecured credit facility, and are required to remain unencumbered. As a result, the maximum amount of borrowing permitted under the senior unsecured credit facility was $270.7 million, of which, we had $75.0 million borrowed, $0.2 million in standby letters of credit, and $195.5 million available to borrow. | |||||||||||||||||||
(c) On August 1, 2013, we entered into a new $34.0 million loan with ING with a fixed rate of 4.55% and a maturity of August 1, 2038. ING has the right to call the loan in full on March 1st of, 2019, 2024, 2029 and 2034. Simultaneously, we amended our existing loan with ING to (i) remove the Fairfield Inn & Suites and the Residence Inn, Germantown, TN; the Hampton Inn, Fort Smith, AR; and the Fairfield Inn, Lewisville, TX from the collateral and (ii) remove $3.9 million in letters of credit from the collateral. We also added the Courtyard by Marriott, Jackson, MS; the Hampton Inn & Suites, Ybor, FL; and the Courtyard by Marriott and the Residence Inn, Metairie, LA as collateral to the two notes, such that both ING loans are secured by the same 14 hotel properties and are cross-defaulted. | |||||||||||||||||||
(d) On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by four of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; Denver (Englewood), CO; and Dallas (Arlington), TX. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(e) On March 7, 2013, we closed on a $22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(f) On March 8, 2013, we closed on a $22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(g) On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(h) On May 16, 2012, we assumed a loan in our acquisition of the Hilton Garden Inn in Smyrna, TN. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(i) On June 21, 2012, we assumed a loan in our acquisition of the Hampton Inn & Suites in Smyrna, TN. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(j) On April 4, 2012, we closed on two loans secured by the Courtyard by Marriott and the SpringHill Suites by Marriott in Scottsdale, AZ. These loans have prepayment penalties of 1% plus defeasance and are cross-defaulted and cross-collateralized. | |||||||||||||||||||
(k) On May 1, 2013, we paid off a $6.7 million loan that had an interest rate of 4.95%, a maturity date of February 1, 2017 and was secured by two hotel properties. There was no associated prepayment penalty. | |||||||||||||||||||
On July 26, 2013, we closed on a $7.4 million loan with a fixed rate of 4.25% and a maturity of August 1, 2018. This loan is secured by the Hyatt Place in Atlanta, GA. We expect to receive additional proceeds of $1.3 million after the Hyatt Place attains a required performance level post renovation. This loan has a prepayment penalty of: (i) 3% until July 26, 2015, (ii) 2% until July 26, 2017, and (iii) 1% until February 1, 2018. | |||||||||||||||||||
(l) This loan is secured by the Residence Inn by Marriott in Portland, OR. The fixed rate of 4.66% resets on September 30, 2016 to the then-current Federal Home Loan Bank of Seattle Intermediate/Long-Term Advances Five-year Fixed Rate plus 3.00%. This loan has a prepayment penalty of: (i) 4% until October 1, 2015, (ii) 3% until October 1, 2017, (iii) 2% until October 1, 2019, and (iv) 1% until July 2, 2021. | |||||||||||||||||||
(m) This loan is secured by the SpringHill Suites by Marriott and the Hampton Inn & Suites in Bloomington, MN. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(n) This loan is secured by the Courtyard by Marriott in Flagstaff, AZ and has a variable interest rate of 30-day LIBOR plus 350 basis points (3.67% at December 31, 2013). On October 11, 2012, we entered into an interest rate derivative that effectively converted 85% of this loan to a fixed rate. | |||||||||||||||||||
(o) On March 2, 2012, we entered into two loans for the purchase of two Hilton Garden Inns in Birmingham (Lakeshore and Liberty Park), AL. The interest rate on these loans is fixed for the first three years and then each loan will convert to a variable rate of 90-day LIBOR plus 5.28%. The loans may not be prepaid in the first year and have prepayment penalties in the second year of 2% and in the third year of 1%. These loans are cross-defaulted and cross-collateralized. | |||||||||||||||||||
(p) On October 31, 2013, we paid off a $10.3 million loan that had an interest rate of 4.10%, a maturity date of April 1, 2014 and was secured by one hotel property. Three additional properties and a letter of credit were also released as security for this and two additional loans with the lender. In connection with the early payoff of the loan we terminated a related interest rate swap and incurred termination costs of less than $0.1 million, which were charged to debt transaction costs. | |||||||||||||||||||
(q) These loans are secured by the SpringHill Suites by Marriott in Denver, CO and the Double Tree in Baton Rouge, LA. These loans have a variable interest rate of 90-day LIBOR plus 350 basis points. On May 4, 2012, we entered into interest rate derivatives that effectively converted these loans to a fixed rate. These loans are cross-defaulted and cross-collateralized. | |||||||||||||||||||
(r) On December 20, 2012, we assumed a loan in our acquisition of the Residence Inn by Marriott in Salt Lake City, UT. This loan has a prepayment penalty of the greater of 1% or the yield maintenance premium. | |||||||||||||||||||
(s) On February 11, 2013, we assumed a loan in our acquisition (through a joint venture) of the Holiday Inn Express & Suites in San Francisco, CA. This loan has an interest rate of 6.20% and a maturity date of January 6, 2016. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(t) On May 21, 2013, we assumed a loan in our acquisition of the Holiday Inn Express & Suites in Minneapolis (Minnetonka), MN. This loan has an interest rate of 5.53% and a maturity date of October 1, 2015. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(u) On May 21, 2013, we assumed a loan in our acquisition of the Hilton Garden Inn in Minneapolis (Eden Prairie), MN. This loan has an interest rate of 5.57% and a maturity date of January 1, 2016. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(v) On January 14, 2013, we paid off two loans totaling $22.8 million that had variable interest rates of 90-day LIBOR plus 4.00% and a floor of 5.25%. These loans had maturity dates of July 1, 2013 and February 1, 2014 and were secured by three hotel properties. There were no associated prepayment penalties. | |||||||||||||||||||
(w) On September 24, 2013, we paid off a $1.3 million loan that had an interest rate of 6.50%, a maturity date of June 24, 2014 and was secured by one hotel property. There was no associated prepayment penalty. | |||||||||||||||||||
(x) On September 27, 2013, we paid off a $5.1 million loan that had an interest rate of 5.01%, a maturity date of November 1, 2013 and was secured by one hotel property. There was no associated prepayment penalty. | |||||||||||||||||||
(y) On November 12, 2013, we paid off an $8.6 million loan that had an interest rate of 5.75%, a maturity date of July 10, 2017 and was secured by one hotel property. There was no associated prepayment penalty. | |||||||||||||||||||
(z) On December 20, 2013, we paid off an $18.4 million loan that had an interest rate of 6.00%, a maturity date of February 1, 2017 and was secured by one hotel property. There was no associated prepayment penalty. | |||||||||||||||||||
On May 23, 2013, we closed on a $92.0 million variable rate senior secured interim loan with KeyBank and Regions Bank, with a maturity of November 23, 2013. This loan was secured by a pledge of the equity interest in the subsidiaries that own the Fairfield Inn & Suites and SpringHill Suites by Marriott in Louisville, KY and the Courtyard and SpringHill Suites by Marriott in Indianapolis, IN, and was cross-defaulted with our $150.0 million senior secured revolving credit facility. In the third quarter of 2013, we paid off the senior secured interim loan using proceeds from a new mortgage loan with KeyBank and proceeds from our September 19, 2013 common stock offering. | |||||||||||||||||||
Our total fixed-rate and variable-rate debt at December 31, 2013 and 2012, after giving effect to our interest rate derivatives, follows (in thousands): | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fixed-rate debt | $ | 358,590 | $ | 229,587 | |||||||||||||||
Variable-rate debt | 76,999 | 83,026 | |||||||||||||||||
$ | 435,589 | $ | 312,613 | ||||||||||||||||
Maturities of long-term debt for each of the next five years are (in thousands): | |||||||||||||||||||
2014 | $ | 9,164 | |||||||||||||||||
2015 | 13,036 | ||||||||||||||||||
2016 | 67,013 | ||||||||||||||||||
2017 | 39,211 | ||||||||||||||||||
2018 | 103,128 | ||||||||||||||||||
Thereafter | 204,037 | ||||||||||||||||||
$ | 435,589 | ||||||||||||||||||
The weighted average interest rate for all borrowings was 5.03% and 5.15% at December 31, 2013 and 2012, respectively. | |||||||||||||||||||
Information about the fair value of our fixed-rate debt that is not recorded at fair value follows (in thousands): | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Valuation Technique | |||||||||||||||
Value | Value | ||||||||||||||||||
Fixed-rate debt | $ | 329,544 | $ | 319,429 | $ | 188,565 | $ | 193,448 | Level 2 - Market approach | ||||||||||
At December 31, 2013 and 2012, we had $104.0 million and $41.0 million, respectively, of debt with variable interest rates that had been converted to fixed interest rates through derivative financial instruments which are carried at fair value. Differences between carrying value and fair value of our fixed-rate debt are primarily due to changes in interest rates. Inherently, fixed-rate debt is subject to fluctuations in fair value. |
ACCRUED_EXPENSES
ACCRUED EXPENSES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
ACCRUED EXPENSES | ' | |||||||
ACCRUED EXPENSES | ' | |||||||
NOTE 12 - ACCRUED EXPENSES | ||||||||
Accrued expenses at December 31, 2013 and 2012 include (in thousands): | ||||||||
2013 | 2012 | |||||||
Accrued sales and property taxes | $ | 10,359 | $ | 8,893 | ||||
Accrued salaries and benefits | 7,178 | 5,562 | ||||||
Accrued interest | 1,721 | 1,031 | ||||||
Other accrued expenses | 7,896 | 3,499 | ||||||
$ | 27,154 | $ | 18,985 |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
NOTE 13 - COMMITMENTS AND CONTINGENCIES | |||||
Ground Leases | |||||
We lease land for two hotel properties in Fort Smith, AR under the terms of operating ground lease agreements expiring in August of 2022 and May of 2030. We have options to renew these leases for periods that range from 5 to 30 years. We lease land for one hotel property in Duluth, GA under the terms of an operating ground lease agreement expiring April 1, 2069. We also have a prepaid land lease for two hotel properties in Portland, OR which expires in June of 2084 and had a remaining prepaid balance of $3.4 million and $3.5 million at December 31, 2013 and 2012, respectively. We have one option to extend this lease for an additional 14 years. Total rent expense for these leases for 2013, 2012 and 2011 was $0.5 million, $0.5 million and $0.4 million, respectively. | |||||
Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year are (in thousands): | |||||
2014 | $ | 569 | |||
2015 | 580 | ||||
2016 | 591 | ||||
2017 | 602 | ||||
2018 | 474 | ||||
Thereafter | 30,918 | ||||
$ | 33,734 | ||||
In addition, we lease land for one hotel property in Garden City, NY under a PILOT (payment in lieu of taxes) lease. We pay a reduced amount of property tax each year of the lease as rent. The lease expires on December 31, 2019. Upon expiration of the lease, we expect to exercise our right to acquire a fee simple interest in the hotel for nominal consideration. | |||||
Franchise Agreements | |||||
All of our hotel properties, except for our independent hotel, operate under franchise agreements with major hotel franchisors. The terms of our franchise agreements generally range from 10 to 20 years with various extension provisions. Each franchisor receives franchise fees ranging from 2% to 6% of each hotel property’s gross revenue, and some agreements require that we pay marketing fees of up to 4% of gross revenue. In addition, some of these franchise agreements require that we deposit a percentage of the hotel property’s gross revenue, generally not more than 5%, into a reserve fund for capital expenditures. In 2013, 2012 and 2011, we expensed fees related to our franchise agreements of $27.7 million, $20.7 million and $15.2 million, respectively. | |||||
Management Agreements | |||||
Our hotel properties operate pursuant to management agreements with various third-party management companies. The terms of our management agreements range from three to twenty-five years with various extension provisions. Each management company receives a base management fee, generally a percentage of total hotel property revenues. In some cases there are also monthly fees for certain services, such as accounting, based on number of rooms. Generally there are also incentive fees based on attaining certain financial thresholds. In 2013, 2012 and 2011, we expensed fees related to our hotel management agreements of $13.5 million, $9.2 million and $5.9 million, respectively. | |||||
Pending Hotel Property Acquisitions | |||||
We have a purchase agreement with a hotel property developer to acquire a Hampton Inn & Suites in downtown Minneapolis, MN for $37.7 million, subject to certain conditions including the completion of construction of the hotel in accordance with agreed upon architectural and engineering designs, receipt of a Hampton Inn & Suites franchise, and receipt of a certificate of occupancy. We estimate that the property will be completed in mid-2015. | |||||
Litigation | |||||
We are involved from time to time in litigation arising in the ordinary course of business; however, we are not currently aware of any actions against us that we believe would have a significant impact on our financial condition or results of operations. | |||||
In 2011, Choice Hotels International, Inc. (“Choice”) terminated the franchise agreements on 11 of our hotel properties. We filed an arbitration action against Choice claiming wrongful termination of our franchise agreements. In response to our arbitration action, Choice made counterclaims of fraudulent inducement, negligent misrepresentation, breach of contract, and trademark infringement. The parties agreed to litigate all claims in the arbitration action. In April 2012, the arbitration panel determined, among other things, that Choice improperly terminated the 11 franchise agreements, that Choice was not entitled to recover liquidated damages in connection with the 11 hotel properties, and that we did not make any materially false or misleading statements to Choice or omit any material information. The panel awarded us damages in the amount of $0.3 million as full settlement of all claims submitted in the arbitration. We received these funds on April 30, 2012. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2013 | |
EQUITY | ' |
EQUITY | ' |
NOTE 14 - EQUITY | |
Common Stock | |
On February 14, 2011, we completed our IPO of 26,000,000 shares of common stock and our concurrent private placement of 1,274,000 shares of common stock. Net proceeds received from the IPO and the concurrent private placement were $240.8 million, after underwriting discounts and offering-related expenses of $25.0 million. We primarily used the proceeds to pay down debt. | |
On October 3, 2012, we completed an underwritten public offering of 13,800,000 shares of common stock. Net proceeds were $106.4 million, after the underwriting discount and offering-related expenses of $6.1 million. We used the proceeds to fund the cash portion of acquisitions of 10 hotel properties that were under contract to purchase and pay down the principal balance of our senior secured revolving credit facility. | |
On January 14, 2013, we completed an underwritten public offering of 17,250,000 shares of common stock. Net proceeds were $148.1 million, after the underwriting discount and offering-related expenses of $7.2 million. We used the proceeds to fund hotel property acquisitions and to pay down our mortgage debt and our senior secured revolving credit facility. | |
On September 19, 2013, we completed an underwritten public offering of 17,250,000 shares of common stock. Net proceeds were $152.0 million, after the underwriting discount and offering-related expenses of $6.5 million. We used the proceeds to fund hotel property acquisitions, to pay off our senior secured interim loan, and to pay down our senior secured revolving credit facility. | |
In 2013 and 2012, we issued 4,414,950 shares and 4,873,625 shares, respectively, of common stock to limited partners of the Operating Partnership upon redemption of their Common Units. In 2013 and 2012, we issued 327,806 shares and 208,027 shares, respectively, of common stock to our independent directors and executive officers pursuant to our 2011 Equity Incentive Plan. | |
Preferred Stock | |
On October 28, 2011, we completed an underwritten public offering of 2,000,000 shares of 9.25% Series A Cumulative Redeemable Preferred Stock. Net proceeds were $47.9 million, after the underwriting discount and offering-related expenses of $2.1 million. We used the proceeds to pay down the principal balance of our senior secured revolving credit facility. | |
On December 11, 2012, we completed an underwritten public offering of 3,000,000 shares of 7.875% Series B Cumulative Redeemable Preferred Stock. Net proceeds were $72.5 million, after the underwriting discount and offering-related expenses of $2.5 million. We used the proceeds to pay down the principal balance of our senior secured revolving credit facility. | |
On March 20, 2013, we completed an underwritten public offering of 3,400,000 shares of 7.125% Series C Cumulative Redeemable Preferred Stock. Net proceeds were $81.7 million, after the underwriting discount and offering-related expenses of $3.3 million. We used the proceeds to pay down the principal balance of our senior secured revolving credit facility. | |
Our Series A, Series B and Series C preferred stock have a $25 per share liquidation preference and pay dividends at an annual rate of $2.3125 per share of Series A, $1.96875 per share of Series B, and $1.78125 per share of Series C preferred stock. Dividend payments are made quarterly in arrears on or about the last day of February, May, August and November of each year. | |
Noncontrolling Interests in Operating Partnership | |
At December 31, 2013 and 2012, unaffiliated third parties owned 811,425 and 5,226,375 Common Units of the Operating Partnership representing 1% and 10% limited partnership interest in the Operating Partnership, respectively. | |
Pursuant to the limited partnership agreement, beginning one year after the date of issuance, the unaffiliated limited partners of the Operating Partnership have the right to cause the Operating Partnership to redeem their Common Units for cash or, at our option, for shares of our common stock on a one-for-one basis. Any cash payment will be based upon the market value of an equivalent number of our shares of common stock at the time of redemption. The number of shares of our common stock issuable upon redemption of Common Units may be adjusted upon the occurrence of certain events such as share dividends, share subdivisions or combinations. | |
In 2013, we redeemed 4,414,950 Common Units for 4,414,950 shares of our common stock. In 2012, we redeemed 4,873,625 Common Units for 4,873,625 shares of our common stock. | |
We classify outstanding Common Units held by unaffiliated third parties as noncontrolling interests, a component of equity in our consolidated balance sheets. The portion of net income (loss) allocated to these Common Units is reported on our consolidated statement of operations for the years ended December 31, 2013 and 2012 and the period February 14, 2011 through December 31, 2011 as net income (loss) attributable to noncontrolling interests in Operating Partnership. | |
Noncontrolling Interests in Joint Venture | |
On February 11, 2013, we formed a joint venture with an affiliate of IHG to purchase a Holiday Inn Express & Suites in San Francisco, CA. We own an 80% controlling interest in the joint venture and our partner owns a 20% interest. We classify our partner’s 20% interest as noncontrolling interest in joint venture on our consolidated balance sheets. The portion of net income (loss) allocated to our partner is reported on our consolidated statements of operations as net income (loss) attributable to noncontrolling interests in joint venture. |
BENEFIT_PLANS
BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2013 | |
BENEFIT PLANS | ' |
BENEFIT PLANS | ' |
NOTE 15 - BENEFIT PLANS | |
On August 1, 2011, we initiated a qualified contributory retirement plan (the “Plan”), under Section 401(k) of the Internal Revenue Code which covers all full-time employees who meet certain eligibility requirements. Voluntary contributions may be made to the Plan by employees. The Plan is a Safe Harbor Plan and requires a mandatory employer contribution. The employer contribution expense for the years ended December 31, 2013, 2012 and 2011 was $0.1 million, $0.1 million and $0.1 million, respectively. |
EQUITYBASED_COMPENSATION
EQUITY-BASED COMPENSATION | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
EQUITY-BASED COMPENSATION | ' | |||||||||||
EQUITY-BASED COMPENSATION | ' | |||||||||||
NOTE 16 - EQUITY-BASED COMPENSATION | ||||||||||||
Our equity-based awards were issued under our 2011 Equity Incentive Plan, which provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other equity-based awards or incentive awards. Stock options granted may be either incentive stock options or nonqualified stock options. Vesting terms may vary with each grant, and stock option terms are generally five to ten years. We have outstanding equity-based awards in the form of stock options and restricted stock awards. All of our existing equity-based awards are classified as equity awards. | ||||||||||||
At December 31, 2013 and 2012, the Company had reserved 10,485,951 and 7,544,665 shares of common stock, respectively, for the issuance of common stock (i) upon the exercise of stock options, issuance of time-based restricted stock awards, issuance of performance-based restricted stock awards, grants of director stock awards, or other awards issued pursuant to the Company’s 2011 Equity Incentive Plan, (ii) upon redemption of Common Units, or (iii) under the ATM offering. | ||||||||||||
Stock Options | ||||||||||||
Concurrent with the completion of our IPO, we granted options to our executive officers to purchase 940,000 shares of common stock, 47,000 of which were forfeited in 2012. These options have an exercise price of $9.75 per share, the market value of the common stock on the date of grant, and vest ratably over five years based on continued service, or upon a change in control. | ||||||||||||
The fair value of stock options granted was estimated using a Black-Scholes valuation model and the following assumptions: | ||||||||||||
2011 | ||||||||||||
Expected dividend yield | 5.09 | % | ||||||||||
Expected stock price volatility | 56.6 | % | ||||||||||
Risk-free interest rate | 2.57 | % | ||||||||||
Expected life of options (in years) | 6.5 | |||||||||||
Weighted average estimated fair value of options at grant date per share | $ | 3.48 | ||||||||||
The expected dividend yield was calculated based on our annual expected dividend payments at the time the options were granted. The expected volatility was based on historical price changes of a peer group of comparable entities based on the expected life of the options at the date of grant. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the date of grant. The expected life of options is the average number of years we estimate that options will be outstanding. | ||||||||||||
The following table summarizes stock option activity under our 2011 Equity Incentive Plan for 2013, 2012 and 2011: | ||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||
Options | Average | Average | Intrinsic Value | |||||||||
Exercise Price | Remaining | (Current Value | ||||||||||
Contractual | Less Exercise | |||||||||||
Terms | Price) | |||||||||||
(Per share) | (In years) | (In thousands) | ||||||||||
Outstanding at December 31, 2010 | — | $ | — | |||||||||
Granted | 940,000 | 9.75 | ||||||||||
Exercised | — | — | ||||||||||
Forfeited | — | — | ||||||||||
Outstanding at December 31, 2011 | 940,000 | 9.75 | ||||||||||
Granted | — | — | ||||||||||
Exercised | — | — | ||||||||||
Forfeited | (47,000 | ) | 9.75 | |||||||||
Outstanding at December 31, 2012 | 893,000 | 9.75 | ||||||||||
Granted | — | — | ||||||||||
Exercised | — | — | ||||||||||
Forfeited | — | — | ||||||||||
Outstanding at December 31, 2013 | 893,000 | $ | 9.75 | 7.2 | $ | — | ||||||
Exercisable at December 31, 2013 | 357,200 | $ | 9.75 | 7.2 | $ | — | ||||||
All stock options outstanding at December 31, 2013 are vested or expected to vest. During the years ended December 31, 2013, 2012 and 2011, the total fair value of stock options that vested was $1.2 million, $1.2 million and $0, respectively. | ||||||||||||
At December 31, 2013, the exercise price of our outstanding options exceeds the market price of our common stock. | ||||||||||||
Time-Based Restricted Stock Awards | ||||||||||||
On March 1, 2013, we awarded time-based restricted stock awards for 106,518 shares of common stock to our executive officers. These awards vest over a three year period based on continued service (25% on February 28, 2014 and 2015 and 50% on February 28, 2016), or upon a change in control. | ||||||||||||
On April, 25, 2012, we awarded time-based restricted stock awards for 110,137 shares of common stock to our executive officers. These awards vest over a three year period based on continued service (25% at December 31, 2012 and 2013 and 50% at December 31, 2014), or upon a change in control. | ||||||||||||
The holders of these awards have the right to vote the related shares of common stock and receive all dividends declared and paid whether or not vested. | ||||||||||||
The fair value of time-based restricted stock awards granted is calculated based on the market value on the date of grant. | ||||||||||||
The following table summarizes time-based restricted stock activity under our 2011 Equity Incentive Plan for 2013 and 2012: | ||||||||||||
Number of | Weighted | Aggregate | ||||||||||
Shares | Average Grant | Current Value | ||||||||||
Date Fair Value | ||||||||||||
(Per share) | (In thousands) | |||||||||||
Non-vested December 31, 2011 | — | $ | — | |||||||||
Granted | 110,137 | 7.78 | ||||||||||
Vested | (27,534 | ) | 7.78 | |||||||||
Forfeited | — | — | ||||||||||
Non-vested December 31, 2012 | 82,603 | 7.78 | ||||||||||
Granted | 106,518 | 9.78 | ||||||||||
Vested | (27,534 | ) | 7.78 | |||||||||
Forfeited | — | — | ||||||||||
Non-vested December 31, 2013 | 161,587 | $ | 9.1 | $ | 1,454 | |||||||
During the years ended December 31, 2013, 2012 and 2011, the total fair value of time-based restricted stock awards that vested was $0.2 million, $0.2 million and $0, respectively. | ||||||||||||
Performance-Based Restricted Stock Awards | ||||||||||||
On March 1, 2013, we awarded performance-based restricted stock awards for 185,572 shares of common stock to our executive officers. These awards vest ratably over three years (2013, 2014 and 2015) subject to the attainment of certain performance goals and continued service, or upon a change in control. | ||||||||||||
On April, 25, 2012, we awarded performance-based restricted stock awards for 82,602 shares of common stock to our executive officers. These awards vest ratably over three years (2012, 2013 and 2014) subject to the attainment of certain performance goals and continued service, or upon a change in control. | ||||||||||||
No performance-based restricted stock awards vested during 2013 or 2012 because performance goals were not met. The holders of these awards have the right to vote the related shares of common stock and any dividends declared will be accumulated and will be subject to the same vesting conditions as the awards. | ||||||||||||
Our performance-based restricted stock awards are market-based awards and are accounted for based on the grant date fair value of our common stock. These awards vest based on a performance measurement that requires the Company’s total shareholder return (“TSR”) to exceed the TSR for the SNL U.S. Lodging REIT Index for a designated one, two or three year performance period. The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions: | ||||||||||||
2013 | 2012 | |||||||||||
Expected dividend yield | 4.52 | % | 5.58 | % | ||||||||
Expected stock price volatility | 38.5 | % | 44.7 | % | ||||||||
Risk-free interest rate | 0.147 - 0.513 | % | 0.146 - 0.428 | % | ||||||||
Monte Carlo iterations | 100,000 | 100,000 | ||||||||||
Weighted average estimated fair value of performance-based restricted stock awards | $ | 7.09 | $ | 5.1 | ||||||||
The expected dividend yield was calculated based on our annual expected dividend payments at the time of grant. The expected volatility was based on historical price changes of our common stock for a period comparable to the performance period. The risk-free interest rates were interpolated from the Federal Reserve Bond Equivalent Yield rates for “on-the-run” U.S. Treasury securities. | ||||||||||||
The following table summarizes performance-based restricted stock activity under our 2011 Equity Incentive Plan for 2013 and 2012: | ||||||||||||
Number of | Weighted | Aggregate | ||||||||||
Shares | Average Grant | Current Value | ||||||||||
Date Fair Value | ||||||||||||
(Per share) | (In thousands) | |||||||||||
Non-vested December 31, 2011 | — | $ | — | |||||||||
Granted | 82,602 | $ | 7.78 | |||||||||
Vested | — | $ | — | |||||||||
Forfeited | — | $ | — | |||||||||
Non-vested December 31, 2012 | 82,602 | $ | 7.78 | |||||||||
Granted | 185,572 | $ | 7.09 | |||||||||
Vested | — | $ | — | |||||||||
Forfeited | — | $ | — | |||||||||
Non-vested December 31, 2013 | 268,174 | $ | 7.3 | $ | 2,414 | |||||||
Director Stock Awards | ||||||||||||
In 2013, 2012 and 2011, we granted 29,228, 15,288 and 4,000 shares of common stock, respectively, to our non-employee directors as a part of our director compensation program. These grants were made under our 2011 Equity Incentive Plan and were vested upon grant. | ||||||||||||
Our non-employee directors have the option to receive shares of our common stock in lieu of cash for their director fees. In 2013, we issued 6,488 shares of common stock for director fees. | ||||||||||||
Equity-Based Compensation Expense | ||||||||||||
Equity-based compensation expense for 2013, 2012 and 2011 was (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Included in corporate general and administrative salaries and other compensation in the consolidated statements of operations | ||||||||||||
Stock options | $ | 622 | $ | 700 | $ | 441 | ||||||
Time-based restricted stock | 611 | 214 | — | |||||||||
Performance-based restricted stock | 548 | 171 | — | |||||||||
1,781 | 1,085 | 441 | ||||||||||
Included in corporate general and administrative other in the consolidated statements of operations | ||||||||||||
Director stock | 343 | 120 | 39 | |||||||||
$ | 2,124 | $ | 1,205 | $ | 480 | |||||||
We recognize equity-based compensation expense ratably over the vesting terms. The amount of expense may be subject to adjustment in future periods due to a change in the forfeiture assumptions. | ||||||||||||
Unrecognized equity-based compensation expense for all non-vested awards was $3.4 million at December 31, 2013. We expect to recognize this cost over a remaining weighted-average period of 1.5 years. |
LOSS_ON_IMPAIRMENT_OF_ASSETS
LOSS ON IMPAIRMENT OF ASSETS | 12 Months Ended |
Dec. 31, 2013 | |
LOSS ON IMPAIRMENT OF ASSETS | ' |
LOSS ON IMPAIRMENT OF ASSETS | ' |
NOTE 17 - LOSS ON IMPAIRMENT OF ASSETS | |
In 2013, we recognized a loss on impairment of assets totaling $7.7 million related to the Courtyard by Marriott in Memphis, TN; the SpringHill Suites in Lithia Springs, GA; the Hampton Inn, the AmericInn Hotel & Suites and the Aspen Hotel & Suites in Fort Smith, AR; the AmericInn Hotel & Suites in Salina, KS and the Fairfield Inn and Holiday Inn Express in Emporia, KS. These hotel properties were sold in 2013 or classified as held for sale at December 31, 2013, and their operating results, including the loss on impairment, are included in discontinued operations. In addition, we recognized a loss on impairment of assets related to a land parcel in El Paso, TX that was sold in 2013 and a land parcel in Spokane, WA that is held for sale at December 31, 2013. As a result, a loss on impairment of assets totaling $1.4 million was charged to operations. These losses on impairment were the result of a change in the estimated holding periods for the hotel properties and land parcels. | |
In 2012, we recognized a loss on impairment of assets totaling $2.3 million related to the AmericInns in Twin Falls, ID, Missoula, MT and Lakewood, CO. These hotel properties were sold in 2012 or 2013, and their operating results, including the loss on impairment, are included in discontinued operations. In addition, in conjunction with the sale of our Missoula, MT hotel properties, we determined that a land parcel in Missoula was impaired. As a result, a loss on impairment of assets totaling $0.7 million was charged to operations. These losses on impairment were the result of a change in the estimated holding periods for the hotel properties and land parcels. | |
In 2011, we did not incur any losses on impairment. |
DERIVITIVE_FINANCIAL_INSTRUMEN
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING | ' | |||||||||||||||||
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING | ' | |||||||||||||||||
NOTE 18 - DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING | ||||||||||||||||||
We are exposed to interest rate risk through our variable-rate debt. We manage this risk primarily by managing the amount, sources, and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage our exposure to known or expected cash payments related to our variable-rate debt. The maximum length of time over which we have hedged our exposure to variable interest rates with our existing derivative financial instruments is approximately six years. | ||||||||||||||||||
Our objectives in using derivative financial instruments are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Our interest rate swaps designated as cash flow hedges involve the receipt of variable-rate payments from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||||||||||||||||||
Our agreements with our derivative counterparties contain a provision where if we default, or are capable of being declared in default, on any of our indebtedness, then we could also be declared in default on our derivative financial instruments. | ||||||||||||||||||
On September 5, 2013, we entered into an interest rate swap with a notional value of $75.0 million that became effective on January 2, 2014 and matures on October 10, 2018. This interest rate derivative was designated a cash flow hedge and effectively fixes LIBOR at 2.04%. The interest rate on the $75 Million Term Loan was 3.94% at January 2, 2014. | ||||||||||||||||||
On October 31, 2013, we paid off a term loan and terminated a related interest rate swap that had a notional value of $10.3 million. We incurred termination costs of less than $0.1 million, which were charged to debt transaction costs. | ||||||||||||||||||
Information about our derivative financial instruments at December 31, 2013 and 2012 follows (dollar amounts in thousands): | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||
Number of | Notional | Fair Value | Number of | Notional | Fair Value | |||||||||||||
Instruments | Amount | Instruments | Amount | |||||||||||||||
Interest rate swaps (asset) | 3 | $ | 29,273 | $ | 253 | — | $ | — | $ | — | ||||||||
Interest rate swaps (liability) | 1 | 75,000 | (1,772 | ) | 4 | 41,095 | (641 | ) | ||||||||||
4 | $ | 104,273 | $ | (1,519 | ) | 4 | $ | 41,095 | $ | (641 | ) | |||||||
All of our interest rate swaps have been designated as cash flow hedges and are valued using a market approach, which is a Level 2 valuation technique. At December 31, 2013, three of our interest rate swaps were in an asset position and one was in a liability position. At December 31, 2012, all of our interest rate swaps were in a liability position. We have not posted any collateral related to these agreements and are not in breach of any financial provisions of the agreements. If we had breached any agreement provisions at December 31, 2013, we could have been required to settle our obligation under the agreement that was in a liability position at its termination value of $1.7 million. | ||||||||||||||||||
The table below details the location in the financial statements of the loss recognized on derivative financial instruments designated as cash flow hedges (in thousands). We had no derivative financial instruments in 2011. | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion) | $ | (1,240 | ) | $ | (786 | ) | ||||||||||||
Gain (loss) reclassified from accumulated other comprehensive income to interest expense (effective portion) | $ | (359 | ) | $ | (147 | ) | ||||||||||||
Gain (loss) recognized in gain (loss) on derivative financial instruments (ineffective portion) | $ | 2 | $ | (2 | ) | |||||||||||||
Amounts reported in accumulated other comprehensive income related to derivative financial instruments will be reclassified to interest expense as interest payments are made on the hedged variable-rate debt. In 2014, we estimate that an additional $1.7 million will be reclassified from other comprehensive income as an increase to interest expense. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
INCOME TAXES | ' | |||||||||||||
INCOME TAXES | ' | |||||||||||||
NOTE 19 - INCOME TAXES | ||||||||||||||
Our earnings (losses), other than in our TRSs, are not generally subject to federal corporate and state income taxes due to our REIT election. At December 31, 2013 and 2012, our net operating loss carry forwards (“NOLs”) of our TRSs for federal and state income tax reporting purposes are $15.2 million and $12.0 million, respectively. | ||||||||||||||
We have a deferred tax asset at December 31, 2013 and 2012 of $5.8 million and $4.0 million, respectively, which relate primarily to the NOLs of our TRSs. Our deferred tax liability of $0.7 million at December 31, 2013 relates to differences in the carrying amounts of investments in joint ventures and franchise fees. | ||||||||||||||
At December 31, 2013, we recorded a valuation allowance of $5.0 million related to our NOLs. We incurred NOLs at our TRSs in 2013, 2012 and 2011. As of result of the consecutive loss years we have determined that it is more likely than not that we will not be able to recognize our NOLs before they expire. Our NOLs will begin to expire in 2031 for federal tax purposes and in the period from 2016 to 2031 for state tax purposes, if not utilized. If our TRSs were to experience a change in control as defined in Section 382 of the Internal Revenue Code, the ability to utilize NOLs after the change in control would be limited. | ||||||||||||||
We had no unrecognized tax benefits at December 31, 2013 or in the three year period then ended. We expect no significant changes in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2013. The Company recognizes interest expense and penalties associated with uncertain tax positions as a component of income tax expense. We have no material interest or penalties relating to income taxes recognized in the consolidated statements of operations for 2013, 2012 or 2011 or in the consolidated balance sheets as of December 31, 2013 or 2012. | ||||||||||||||
Current tax liabilities related to the Operating Partnership of $0.3 million and $0.2 million at December 31, 2013 and 2012, respectively, are included in accrued expenses in the accompanying consolidated balance sheets and relate to state and local tax expense. | ||||||||||||||
A reconciliation of the federal statutory rate to the effective income tax rate for the TRSs follows (in thousands): | ||||||||||||||
2013 | ||||||||||||||
Tax benefit at U.S. statutory rates on TRSs income subject to tax | $ | (809 | ) | |||||||||||
State income tax, net of federal income tax benefit | (120 | ) | ||||||||||||
Effect of permanent differences and other | (152 | ) | ||||||||||||
Increase in valuation allowance | 5,029 | |||||||||||||
TRSs provision for income tax expense/(benefit) | $ | 3,948 | ||||||||||||
We are not providing a reconciliation for 2012 or 2011 as the tax expense differed from that computed using the statutory rate by less than 5% of income before tax in total and there were no components of the reconciliation over 5% of income before tax. | ||||||||||||||
The components of income tax expense (benefit) for 2013, 2012 and 2011 are (in thousands): | ||||||||||||||
Summit Hotel Properties, Inc. | Summit Hotel | |||||||||||||
Properties, LLC | ||||||||||||||
2013 | 2012 | Period 2/14/11 | Period 1/1/11 | |||||||||||
through 12/31/11 | through 2/13/11 | |||||||||||||
Current: | ||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | ||||||
State and local | 408 | 512 | (129 | ) | 339 | |||||||||
Deferred: | ||||||||||||||
Federal (34%) | 3,352 | (1,531 | ) | (1,867 | ) | — | ||||||||
State and local | 597 | (270 | ) | (329 | ) | — | ||||||||
Total provision | $ | 4,357 | $ | (1,289 | ) | $ | (2,325 | ) | $ | 339 | ||||
Income tax expense (benefit) | ||||||||||||||
From continuing operations | $ | 4,894 | $ | (728 | ) | $ | (2,259 | ) | $ | 550 | ||||
From discontinued operations | (537 | ) | (561 | ) | (66 | ) | (211 | ) | ||||||
Total | $ | 4,357 | $ | (1,289 | ) | $ | (2,325 | ) | $ | 339 | ||||
Our Predecessor was a limited liability company and all federal taxable income flowed through and was taxable to its members. | ||||||||||||||
For federal income tax purposes, the cash distributions paid to our common and preferred shareholders may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains. |
FAIR_VALUE
FAIR VALUE | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
FAIR VALUE | ' | |||||||||||||
FAIR VALUE | ' | |||||||||||||
NOTE 20 — FAIR VALUE | ||||||||||||||
The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2013 and 2012. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||||||||||||||
Disclosures concerning financial instruments measured at fair value are as follows: | ||||||||||||||
Fair Value Measurements at December 31, 2013 using | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | ||||||||||||||
Assets held for sale | $ | — | $ | 12,224 | $ | — | $ | 12,224 | ||||||
Interest rate swaps (asset) | — | 253 | — | 253 | ||||||||||
Liabilities: | ||||||||||||||
Interest rate swaps (liability) | — | 1,772 | — | 1,772 | ||||||||||
Fixed-rate debt | — | 319,429 | — | 319,429 | ||||||||||
Fair Value Measurements at December 31, 2012 using | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | ||||||||||||||
Assets held for sale | $ | — | $ | 4,836 | $ | — | $ | 4,836 | ||||||
Interest rate swaps (asset) | — | — | — | — | ||||||||||
Liabilities: | ||||||||||||||
Interest rate swaps (liability) | — | 641 | — | 641 | ||||||||||
Fixed-rate debt | — | 193,448 | — | 193,448 | ||||||||||
There were no transfers between Level 1 and Level 2 of the fair value hierarchy during 2013 or 2012. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
DISCONTINUED OPERATIONS | ' | |||||||||||||
DISCONTINUED OPERATIONS | ' | |||||||||||||
NOTE 21 - DISCONTINUED OPERATIONS | ||||||||||||||
We have adjusted our consolidated statements of operations for 2013, 2012 and 2011 to reflect the operations of hotel properties that have been sold or are classified as held for sale in discontinued operations. Discontinued operations include the following hotel properties that have been sold: | ||||||||||||||
· Hampton Inn, Holiday Inn Express and AmericInn in Twin Falls, ID — sold May 2012; | ||||||||||||||
· AmericInn Hotel & Suites in Missoula, MT — sold August 2012; | ||||||||||||||
· Courtyard by Marriott in Missoula, MT — sold December 2012; | ||||||||||||||
· AmericInn Hotel & Suites in Golden, CO — sold January 2013; | ||||||||||||||
· Hampton Inn in Denver, CO — sold February 2013; | ||||||||||||||
· Holiday Inn and Holiday Inn Express in Boise, ID — sold May 2013; | ||||||||||||||
· Courtyard by Marriott in Memphis, TN — sold May 2013; | ||||||||||||||
· SpringHill Suites in Lithia Springs, GA — sold August 2013; | ||||||||||||||
· Fairfield Inn in Lewisville, TX — sold August 2013; | ||||||||||||||
· Fairfield Inn in Lakewood, CO — sold September 2013; | ||||||||||||||
· Fairfield Inn in Emporia, KS — sold October 2013; | ||||||||||||||
· SpringHill Suites in Little Rock, AR — sold November 2013; | ||||||||||||||
· Fairfield Inn and AmericInn Hotel & Suites in Salina, KS — sold November 2013; | ||||||||||||||
· Hampton Inn and Fairfield in Boise, ID — sold November 2013; and | ||||||||||||||
· Holiday Inn Express in Emporia, KS — sold December 2013. | ||||||||||||||
In addition, discontinued operations also include the following hotel properties that were classified as held for sale at December 31, 2013: | ||||||||||||||
· AmericInn Hotel & Suites and Aspen Hotel & Suites in Fort Smith, AR (sold on January 17, 2014); and | ||||||||||||||
· Hampton Inn in Fort Smith, AR (under contract to sell). | ||||||||||||||
Condensed results for the hotel properties included in discontinued operations follows (in thousands): | ||||||||||||||
Summit Hotel | ||||||||||||||
Summit Hotel Properties, Inc. | Properties, LLC | |||||||||||||
2013 | 2012 | Period 2/14/11 | Period 1/1/11 | |||||||||||
through 12/31/11 | through 2/13/11 | |||||||||||||
REVENUE | $ | 19,458 | $ | 33,193 | $ | 30,265 | $ | 3,755 | ||||||
Hotel operating expenses | 14,859 | 24,701 | 22,762 | 3,070 | ||||||||||
Depreciation and amortization | 1,960 | 4,226 | 4,732 | 778 | ||||||||||
Loss on impairment of assets | 7,675 | 2,305 | — | — | ||||||||||
Income (loss) from hotel operations | (5,036 | ) | 1,961 | 2,771 | (93 | ) | ||||||||
Interest expense | 174 | 855 | 3,182 | 1,226 | ||||||||||
(Gain) loss on disposal of assets | (3,945 | ) | (3,010 | ) | — | — | ||||||||
Income (loss) before taxes | (1,265 | ) | 4,116 | (411 | ) | (1,319 | ) | |||||||
Income tax (expense) benefit | 537 | 561 | 66 | 211 | ||||||||||
Income (loss) from discontinued operations | $ | (728 | ) | $ | 4,677 | $ | (345 | ) | $ | (1,108 | ) | |||
Income (loss) from discontinued operations attributable to noncontrolling interests | $ | (25 | ) | $ | 807 | $ | (93 | ) | ||||||
Income (loss) from discontinued operations attributable to common shareholders / members | $ | (703 | ) | $ | 3,870 | $ | (252 | ) | ||||||
EARNINGS_LOSS_PER_SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
EARNINGS (LOSS) PER SHARE | ' | |||||||||||
EARNINGS (LOSS) PER SHARE | ' | |||||||||||
NOTE 22 - EARNINGS (LOSS) PER SHARE | ||||||||||||
We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested, time-based restricted stock awards and for our common stock. Our non-vested time-based restricted stock awards contain nonforfeitable rights to dividends and are considered securities which participate in undistributed earnings with common stock. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Our non-vested, time-based restricted stock awards do not have such an obligation so they are not allocated losses. | ||||||||||||
At December 31, 2013, 2012 and 2011, we had 893,000, 893,000 and 940,000 stock options outstanding, respectively, which were not included in the computation of diluted earnings per share, as the options’ exercise price was greater than the average market price of our common shares. | ||||||||||||
In 2012 and 2011, our basic and diluted earnings per share are based on basic weighted average common shares outstanding due to our loss from continuing operations. | ||||||||||||
Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Income (loss) from continuing operations | $ | 6,625 | $ | (6,947 | ) | $ | (3,832 | ) | ||||
Less: | Preferred dividends | 14,590 | 4,625 | 411 | ||||||||
Allocation to participating securities | 73 | 37 | — | |||||||||
Attributable to noncontrolling interest | 44 | (2,001 | ) | (1,147 | ) | |||||||
Income (loss) attributable to common shareholders from continuing operations | (8,082 | ) | (9,608 | ) | (3,096 | ) | ||||||
Income (loss) attributable to common shareholders from discontinued operations | (703 | ) | 3,870 | (252 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | (8,785 | ) | $ | (5,738 | ) | $ | (3,348 | ) | |||
Denominator: | ||||||||||||
Weighted average common shares outstanding - basic | 70,327 | 33,717 | 27,278 | |||||||||
Dilutive effect of equity-based compensation awards | 410 | 132 | — | |||||||||
Weighted average common shares outstanding - diluted | 70,737 | 33,849 | 27,278 | |||||||||
Earnings per common share - basic and diluted: | ||||||||||||
Net income (loss) from continuing operations | $ | (0.11 | ) | $ | (0.28 | ) | $ | (0.11 | ) | |||
Net income (loss) from discontinued operations | (0.01 | ) | 0.11 | (0.01 | ) | |||||||
Net income (loss) | $ | (0.12 | ) | $ | (0.17 | ) | $ | (0.12 | ) |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | ' |
NOTE 23 - SUBSEQUENT EVENTS | |
Equity Transactions | |
On January 2, 2014, we redeemed 126,155 Common Units, which had been tendered November 2, 2013, for shares of our common stock. On January 31, 2014, 22,570 Common Units were tendered for redemption, which we intend to redeem for shares of our common stock on April 1, 2014. | |
On January 30, 2014, our board of directors declared cash dividends of $0.1125 per share of common stock, $0.578125 per share of 9.25% Series A Cumulative Redeemable Preferred Stock, $0.4921875 per share of 7.875% Series B Cumulative Redeemable Preferred Stock, and $0.4453125 per share of 7.125% Series C Cumulative Redeemable Preferred Stock. These dividends were paid February 28, 2014. | |
Hotel Property Acquisitions Closed and Debt Assumptions | |
On January 9, 2014, we purchased a Hilton Garden Inn in Houston, TX for $37.5 million including the assumption of a $17.9 million mortgage loan with a fixed interest rate of 6.22%, an original amortization period of 30 years, and a maturity date of November 1, 2016. | |
On January 10, 2014, we purchased a Hampton Inn in Santa Barbara (Goleta), CA for $27.9 million including: i) the assumption of a $12.0 million mortgage loan with a fixed interest rate of 6.13%, an original amortization period of 25 years, and a maturity date of November 11, 2021, ii) the issuance of 412,174 Common Units in our Operating Partnership valued at the time of issuance at $3.7 million, and iii) $12.2 million in cash. | |
On January 24, 2014, we purchased a Four Points by Sheraton in San Francisco, CA for $21.3 million. | |
On March 14, 2014, we purchased a DoubleTree by Hilton in San Francisco, CA for $39.1 million. The purchase price plus closing costs and renovation reserves was paid through: i) the assumption of a $13.3 million mortgage loan with a fixed interest rate of 5.98%, an original amortization period of 30 years, and a maturity date of March 8, 2016, and ii) $29.0 million in cash. | |
Hotel Property Dispositions | |
On January 17, 2014, we sold the AmericInn Hotel & Suites and the Aspen Hotel & Suites in Fort Smith, AR for $3.1 million. These hotel properties were classified as held for sale at December 31, 2013. The sale of the AmericInn Hotel & Suites also included the sale its related ground lease. |
SELECTED_QUARTERLY_FINANCIAL_D
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | |||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | |||||||||||||
NOTE 24 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||
Selected consolidated quarterly financial data for 2013 and 2012 follows (in thousands, except per share): | ||||||||||||||
2013 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Total revenues | $ | 59,723 | $ | 79,105 | $ | 82,174 | $ | 77,956 | ||||||
Net income (loss) from continuing operations | $ | 1,517 | $ | 6,126 | $ | 2,837 | $ | (3,855 | ) | |||||
Net income (loss) from discontinued operations | $ | 357 | $ | 545 | $ | (3,410 | ) | $ | 1,780 | |||||
Net income (loss) | $ | 1,874 | $ | 6,671 | $ | (573 | ) | $ | (2,075 | ) | ||||
Net income (loss) attributable to Summit Hotel Properties, Inc. | $ | 1,940 | $ | 6,459 | $ | (662 | ) | $ | (1,859 | ) | ||||
Earnings per common share - basic and diluted: | ||||||||||||||
Net income (loss) from continuing operations | $ | (0.03 | ) | $ | 0.03 | $ | (0.02 | ) | $ | (0.09 | ) | |||
Net income (loss) from discontinued operations | 0.01 | 0.01 | (0.05 | ) | 0.02 | |||||||||
Net income (loss) | $ | (0.02 | ) | $ | 0.04 | $ | (0.07 | ) | $ | (0.07 | ) | |||
2012 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Total revenues | $ | 33,942 | $ | 39,580 | $ | 43,069 | $ | 45,109 | ||||||
Net income (loss) from continuing operations | $ | (1,245 | ) | $ | (939 | ) | $ | (411 | ) | $ | (4,352 | ) | ||
Net income (loss) from discontinued operations | $ | (1,561 | ) | $ | 583 | $ | 2,052 | $ | 3,603 | |||||
Net income (loss) | $ | (2,806 | ) | $ | (356 | ) | $ | 1,641 | $ | (749 | ) | |||
Net income (loss) attributable to Summit Hotel Properties, Inc. | $ | (1,736 | ) | $ | (81 | ) | $ | 1,562 | $ | (821 | ) | |||
Earnings per common share - basic and diluted: | ||||||||||||||
Net income (loss) from continuing operations | $ | (0.07 | ) | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.11 | ) | ||
Net income (loss) from discontinued operations | (0.04 | ) | 0.02 | 0.06 | 0.07 | |||||||||
Net income (loss) | $ | (0.11 | ) | $ | (0.04 | ) | $ | 0.02 | $ | (0.04 | ) | |||
Note: Quarterly amounts for all four quarters of 2013 and 2012 are different from the previous Forms 10-Q and 10-K for these quarters due to reclassifications of hotel properties during 2013 to discontinued operations. |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||
SUMMIT HOTEL PROPERTIES, INC / SUMMIT HOTEL OP, LP | |||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total Cost | Total Cost Net | ||||||||||||||||||||||||||||||
Capitalized | of | ||||||||||||||||||||||||||||||||
Location | Franchise | Year Acquired/ | Land | Building & | Subsequent to | Land | Building & | Total | Accumulated | Accumulated | Mortgage | ||||||||||||||||||||||
Constructed | Improvements | Acquisition | Improvements | Depreciation | Depreciation | Debt | |||||||||||||||||||||||||||
Arlington, TX | Hyatt Place | 2012 | $ | 650 | $ | 8,405 | $ | 379 | $ | 650 | $ | 8,784 | $ | 9,434 | $ | (835 | ) | $ | 8,599 | $ | — | -2 | |||||||||||
Arlington, TX | Courtyard by Marriott | 2012 | 1,497 | 13,503 | 25 | 1,497 | 13,528 | 15,025 | (736 | ) | 14,289 | — | |||||||||||||||||||||
Arlington, TX | Residence Inn by Marriott | 2012 | 1,646 | 13,854 | 30 | 1,646 | 13,884 | 15,530 | (799 | ) | 14,731 | — | |||||||||||||||||||||
Atlanta, GA | Hyatt Place | 2006 | 1,154 | 9,605 | 4,335 | 1,154 | 13,940 | 15,094 | (4,494 | ) | 10,600 | 7,348 | -7 | ||||||||||||||||||||
Atlanta, GA | Courtyard by Marriott | 2012 | 2,050 | 26,850 | 479 | 2,050 | 27,329 | 29,379 | (1,912 | ) | 27,467 | — | |||||||||||||||||||||
Baltimore, MD | Hyatt Place | 2012 | 2,100 | 8,135 | 976 | 2,100 | 9,111 | 11,211 | (667 | ) | 10,544 | — | -2 | ||||||||||||||||||||
Baton Rouge, LA | DoubleTree | 2008 | 1,100 | 14,063 | 1,012 | 1,100 | 15,075 | 16,175 | (4,627 | ) | 11,548 | 10,108 | -4 | ||||||||||||||||||||
Baton Rouge, LA | Fairfield Inn and Suites by Marriott | 2004 | 345 | 3,057 | 2,761 | 345 | 5,818 | 6,163 | (1,870 | ) | 4,293 | — | |||||||||||||||||||||
Baton Rouge, LA | SpringHill Suites by Marriott | 2004 | 448 | 3,729 | 2,828 | 448 | 6,557 | 7,005 | (2,161 | ) | 4,844 | — | |||||||||||||||||||||
Baton Rouge, LA | TownePlace Suites | 2004 | 259 | 3,743 | 2,846 | 259 | 6,589 | 6,848 | (2,280 | ) | 4,568 | — | |||||||||||||||||||||
Bellevue, WA | Fairfield Inn and Suites by Marriott | 2004 | 2,705 | 12,944 | 3,299 | 2,705 | 16,243 | 18,948 | (4,889 | ) | 14,059 | — | |||||||||||||||||||||
Birmingham, AL | Hilton Garden Inn | 2012 | 1,400 | 7,225 | 1,672 | 1,400 | 8,897 | 10,297 | (1,051 | ) | 9,246 | 5,371 | -4 | ||||||||||||||||||||
Birmingham, AL | Hilton Garden Inn | 2012 | 1,400 | 10,100 | 217 | 1,400 | 10,317 | 11,717 | (916 | ) | 10,801 | 6,290 | -4 | ||||||||||||||||||||
Bloomington, MN | SpringHill Suites by Marriott | 2007 | 1,658 | 14,071 | 997 | 1,658 | 15,068 | 16,726 | (4,301 | ) | 12,425 | 2,114 | -1 | ||||||||||||||||||||
Bloomington, MN | Hampton Inn and Suites | 2007 | 1,658 | 14,596 | 2,054 | 1,658 | 16,650 | 18,308 | (4,287 | ) | 14,021 | 11,976 | -1 | ||||||||||||||||||||
Charleston, WV | Country Inn & Suites | 2004 | 1,042 | 3,489 | 2,080 | 1,042 | 5,569 | 6,611 | (1,672 | ) | 4,939 | — | -6 | ||||||||||||||||||||
Charleston, WV | Holiday Inn Express | 2004 | 907 | 2,903 | 2,248 | 907 | 5,151 | 6,058 | (1,527 | ) | 4,531 | — | -6 | ||||||||||||||||||||
Denver, CO | Hyatt Place | 2012 | 1,300 | 9,230 | 483 | 1,300 | 9,713 | 11,013 | (853 | ) | 10,160 | — | -2 | ||||||||||||||||||||
Denver, CO | Fairfield Inn and Suites by Marriott | 2004 | 1,566 | 6,783 | 3,534 | 1,566 | 10,317 | 11,883 | (3,096 | ) | 8,787 | — | |||||||||||||||||||||
Denver, CO | SpringHill Suites by Marriott | 2007 | 1,076 | 11,079 | 114 | 1,076 | 11,193 | 12,269 | (3,402 | ) | 8,867 | 7,612 | -4 | ||||||||||||||||||||
Denver, CO | Hyatt Place | 2012 | 2,000 | 9,515 | 453 | 2,000 | 9,968 | 11,968 | (870 | ) | 11,098 | — | -2 | ||||||||||||||||||||
Denver, CO | Hyatt House | 2012 | 2,700 | 10,780 | 2,544 | 2,700 | 13,324 | 16,024 | (1,070 | ) | 14,954 | — | -2 | ||||||||||||||||||||
Duluth, GA | Holiday Inn | 2011 | — | 7,000 | 217 | — | 7,217 | 7,217 | (872 | ) | 6,345 | — | |||||||||||||||||||||
Duluth, GA | Hilton Garden Inn | 2011 | 2,200 | 11,150 | 1,282 | 2,200 | 12,432 | 14,632 | (1,415 | ) | 13,217 | — | |||||||||||||||||||||
Eden Prairie, MN | Hilton Garden Inn | 2013 | 1,800 | 8,400 | 1,144 | 1,800 | 9,544 | 11,344 | (238 | ) | 11,106 | 6,261 | -8 | ||||||||||||||||||||
El Paso, TX | Hampton Inn and Suites | 2005 | 2,055 | 10,745 | 3,600 | 2,055 | 14,345 | 16,400 | (4,247 | ) | 12,153 | — | -6 | ||||||||||||||||||||
El Paso, TX | Courtyard by Marriott | 2011 | 1,640 | 10,710 | 840 | 1,640 | 11,550 | 13,190 | (1,159 | ) | 12,031 | — | |||||||||||||||||||||
Flagstaff, AZ | Courtyard by Marriott | 2009 | 2,361 | 20,785 | 93 | 2,361 | 20,878 | 23,239 | (4,615 | ) | 18,624 | 13,325 | -9 | ||||||||||||||||||||
Flagstaff, AZ | SpringHill Suites by Marriott | 2008 | 1,398 | 9,352 | 4,981 | 1,398 | 14,333 | 15,731 | (4,458 | ) | 11,273 | — | -6 | ||||||||||||||||||||
Ft. Collins, CO | Hampton Inn | 2004 | 738 | 4,363 | 2,009 | 738 | 6,372 | 7,110 | (1,913 | ) | 5,197 | — | |||||||||||||||||||||
Ft. Collins, CO | Hilton Garden Inn | 2007 | 1,300 | 11,804 | 496 | 1,300 | 12,300 | 13,600 | (4,446 | ) | 9,154 | — | -6 | ||||||||||||||||||||
Ft. Myers, FL | Hyatt Place | 2009 | 1,878 | 16,583 | 43 | 1,878 | 16,626 | 18,504 | (4,835 | ) | 13,669 | — | |||||||||||||||||||||
Ft. Smith, AR | AmericInn Hotel and Suites | 2004 | — | 3,718 | (979 | ) | — | 2,739 | 2,739 | (1,536 | ) | 1,203 | — | ||||||||||||||||||||
Ft. Smith, AR | Aspen Hotel and Suites | 2004 | 223 | 3,189 | (322 | ) | 223 | 2,867 | 3,090 | (1,790 | ) | 1,300 | — | ||||||||||||||||||||
Ft. Smith, AR | Hampton Inn | 2005 | — | 12,401 | 730 | — | 13,131 | 13,131 | (4,370 | ) | 8,761 | — | |||||||||||||||||||||
Ft. Wayne, IN | Hampton Inn and Suites | 2006 | 786 | 6,564 | 2,011 | 786 | 8,575 | 9,361 | (2,424 | ) | 6,937 | — | -6 | ||||||||||||||||||||
Ft. Wayne, IN | Residence Inn by Marriott | 2006 | 914 | 6,736 | 1,923 | 914 | 8,659 | 9,573 | (2,394 | ) | 7,179 | — | |||||||||||||||||||||
Ft. Worth, TX | Hampton Inn | 2007 | 1,500 | 8,184 | 1,902 | 1,500 | 10,086 | 11,586 | (2,898 | ) | 8,688 | — | |||||||||||||||||||||
Ft. Worth, TX | SpringHill Suites by Marriott | 2004 | 553 | 2,698 | 3,077 | 553 | 5,775 | 6,328 | (1,539 | ) | 4,789 | — | |||||||||||||||||||||
Ft. Worth, TX | Hilton Garden Inn | 2012 | 974 | 6,226 | 3,092 | 974 | 9,318 | 10,292 | (595 | ) | 9,697 | — | |||||||||||||||||||||
Garden City, NY | Hyatt Place | 2012 | 4,200 | 26,800 | 31 | 4,200 | 26,831 | 31,031 | (892 | ) | 30,139 | — | |||||||||||||||||||||
Germantown, TN | Courtyard by Marriott | 2005 | 1,860 | 5,448 | 1,961 | 1,860 | 7,409 | 9,269 | (2,685 | ) | 6,584 | — | |||||||||||||||||||||
Germantown, TN | Fairfield Inn and Suites by Marriott | 2005 | 767 | 2,700 | 2,416 | 767 | 5,116 | 5,883 | (1,259 | ) | 4,624 | — | |||||||||||||||||||||
Germantown, TN | Residence Inn by Marriott | 2005 | 1,083 | 5,200 | 1,617 | 1,083 | 6,817 | 7,900 | (2,072 | ) | 5,828 | — | |||||||||||||||||||||
Glendale, CO | Staybridge Suites | 2011 | 2,100 | 7,900 | 1,638 | 2,100 | 9,538 | 11,638 | (1,120 | ) | 10,518 | — | |||||||||||||||||||||
Greenville, SC | Hilton Garden Inn | 2013 | 1,200 | 14,050 | 56 | 1,200 | 14,106 | 15,306 | (364 | ) | 14,942 | — | |||||||||||||||||||||
Hoffman Estates, IL | Hyatt Place | 2013 | 1,900 | 7,330 | 19 | 1,900 | 7,349 | 9,249 | (478 | ) | 8,771 | — | -2 | ||||||||||||||||||||
Indianapolis, IN | SpringHill Suites by Marriott | 2013 | 4,012 | 26,193 | — | 4,012 | 26,193 | 30,205 | (564 | ) | 29,641 | — | |||||||||||||||||||||
Indianapolis, IN | Courtyard by Marriott | 2013 | 7,788 | 50,846 | — | 7,788 | 50,846 | 58,634 | (1,096 | ) | 57,538 | — | |||||||||||||||||||||
Jackson, MS | Courtyard by Marriott | 2005 | 1,301 | 7,322 | 2,510 | 1,301 | 9,832 | 11,133 | (3,070 | ) | 8,063 | — | -6 | ||||||||||||||||||||
Jackson, MS | Staybridge Suites | 2007 | 698 | 8,454 | 2,232 | 698 | 10,686 | 11,384 | (2,309 | ) | 9,075 | — | -6 | ||||||||||||||||||||
Jacksonville, FL | Aloft | 2009 | 1,700 | 15,775 | 100 | 1,700 | 15,875 | 17,575 | (4,278 | ) | 13,297 | — | |||||||||||||||||||||
Las Colinas, TX | Hyatt Place | 2007 | 781 | 5,729 | 1,867 | 781 | 7,596 | 8,377 | (3,434 | ) | 4,943 | — | |||||||||||||||||||||
Las Colinas, TX | Holiday Inn Express and Suites | 2007 | 898 | 6,689 | 1,729 | 898 | 8,418 | 9,316 | (3,386 | ) | 5,930 | — | |||||||||||||||||||||
Lombard, IL | Hyatt Place | 2012 | 1,550 | 15,475 | 1,408 | 1,550 | 16,883 | 18,433 | (1,122 | ) | 17,311 | — | -2 | ||||||||||||||||||||
Louisville, KY | Fairfield Inn and Suites by Marriott | 2013 | 3,120 | 21,903 | 23 | 3,120 | 21,926 | 25,046 | (511 | ) | 24,535 | — | -2 | ||||||||||||||||||||
Louisville, KY | SpringHill Suites by Marriott | 2013 | 4,880 | 34,258 | 37 | 4,880 | 34,295 | 39,175 | (800 | ) | 38,375 | — | -2 | ||||||||||||||||||||
Medford, OR | Hampton Inn | 2004 | 1,230 | 4,788 | 2,265 | 1,230 | 7,053 | 8,283 | (2,046 | ) | 6,237 | — | |||||||||||||||||||||
Minneapolis, MN | Hyatt Place | 2013 | — | 32,506 | — | — | 32,506 | 32,506 | — | 32,506 | — | ||||||||||||||||||||||
Minnetonka, MN | Holiday Inn Express and Suites | 2013 | 1,000 | 5,900 | 1,095 | 1,000 | 6,995 | 7,995 | (198 | ) | 7,797 | 3,652 | -8 | ||||||||||||||||||||
Nashville, TN | SpringHill Suites by Marriott | 2004 | 777 | 3,576 | 2,512 | 777 | 6,088 | 6,865 | (2,118 | ) | 4,747 | — | |||||||||||||||||||||
New Orleans, LA | Courtyard by Marriott | 2013 | 1,944 | 23,739 | 596 | 1,944 | 24,335 | 26,279 | (996 | ) | 25,283 | — | |||||||||||||||||||||
New Orleans, LA | Courtyard by Marriott | 2013 | 1,860 | 21,679 | 2,570 | 1,860 | 24,249 | 26,109 | (844 | ) | 25,265 | — | -6 | ||||||||||||||||||||
New Orleans, LA | Courtyard by Marriott | 2013 | 2,490 | 28,337 | 2,394 | 2,490 | 30,731 | 33,221 | (1,111 | ) | 32,110 | — | |||||||||||||||||||||
New Orleans, LA | Residence Inn by Marriott | 2013 | 1,791 | 18,099 | 186 | 1,791 | 18,285 | 20,076 | (660 | ) | 19,416 | — | -6 | ||||||||||||||||||||
New Orleans, LA | SpringHill Suites by Marriott | 2013 | 2,046 | 31,050 | 26 | 2,046 | 31,076 | 33,122 | (1,032 | ) | 32,090 | — | |||||||||||||||||||||
Orlando, FL | Hyatt Place | 2013 | 3,100 | 9,152 | 1,870 | 3,100 | 11,022 | 14,122 | (879 | ) | 13,243 | — | -2 | ||||||||||||||||||||
Orlando, FL | Hyatt Place | 2013 | 2,800 | 9,043 | 1,908 | 2,800 | 10,951 | 13,751 | (871 | ) | 12,880 | — | -2 | ||||||||||||||||||||
Phoenix, AZ | Hyatt Place | 2012 | 582 | 4,438 | 66 | 582 | 4,504 | 5,086 | (390 | ) | 4,696 | — | |||||||||||||||||||||
Portland, OR | Hyatt Place | 2009 | — | 16,713 | 43 | — | 16,756 | 16,756 | (4,514 | ) | 12,242 | — | |||||||||||||||||||||
Portland, OR | Residence Inn by Marriott | 2009 | — | 16,409 | 44 | — | 16,453 | 16,453 | (4,045 | ) | 12,408 | 11,986 | -10 | ||||||||||||||||||||
Provo, UT | Hampton Inn | 2004 | 909 | 2,862 | 2,243 | 909 | 5,105 | 6,014 | (1,513 | ) | 4,501 | — | |||||||||||||||||||||
Ridgeland, MS | Residence Inn by Marriott | 2007 | 1,050 | 10,040 | 486 | 1,050 | 10,526 | 11,576 | (3,605 | ) | 7,971 | — | -6 | ||||||||||||||||||||
Ridgeland, MS | Homewood Suites | 2011 | 1,314 | 6,036 | 1,450 | 1,314 | 7,486 | 8,800 | (945 | ) | 7,855 | — | |||||||||||||||||||||
Salt Lake City, UT | Residence Inn by Marriott | 2012 | 2,392 | 17,567 | 4,040 | 2,392 | 21,607 | 23,999 | (1,042 | ) | 22,957 | 13,516 | -3 | ||||||||||||||||||||
San Antonio, TX | Country Inn & Suites | 2008 | 2,497 | 12,833 | 448 | 2,497 | 13,281 | 15,778 | (4,383 | ) | 11,395 | — | |||||||||||||||||||||
San Diego, CA | Hampton Inn and Suites | 2013 | 2,300 | 12,850 | — | 2,300 | 12,850 | 15,150 | (156 | ) | 14,994 | — | |||||||||||||||||||||
San Francisco, CA | Holiday Inn Express and Suites | 2013 | 15,545 | 44,955 | 2,045 | $ | 15,545 | 47,000 | 62,545 | (1,622 | ) | 60,923 | 23,107 | -5 | |||||||||||||||||||
Sandy, UT | Holiday Inn Express and Suites | 2004 | 720 | 1,768 | 1,745 | 720 | 3,513 | 4,233 | (1,255 | ) | 2,978 | — | -6 | ||||||||||||||||||||
Scottsdale, AZ | Hyatt Place | 2012 | 1,500 | 9,030 | 901 | 1,500 | 9,931 | 11,431 | (870 | ) | 10,561 | — | -2 | ||||||||||||||||||||
Scottsdale, AZ | Courtyard by Marriott | 2004 | 3,225 | 10,152 | 3,215 | 3,225 | 13,367 | 16,592 | (4,368 | ) | 12,224 | 9,476 | -13 | ||||||||||||||||||||
Scottsdale, AZ | SpringHill Suites by Marriott | 2004 | 2,195 | 7,120 | 2,950 | 2,195 | 10,070 | 12,265 | (3,282 | ) | 8,983 | 5,103 | -13 | ||||||||||||||||||||
Smyrna, TN | Hampton Inn and Suites | 2012 | 1,145 | 6,855 | 433 | 1,145 | 7,288 | 8,433 | (450 | ) | 7,983 | 5,249 | -11 | ||||||||||||||||||||
Smyrna, TN | Hilton Garden Inn | 2012 | 1,188 | 10,312 | 366 | 1,188 | 10,678 | 11,866 | (684 | ) | 11,182 | 8,382 | -12 | ||||||||||||||||||||
Spokane, WA | Fairfield Inn and Suites by Marriott | 2004 | 1,637 | 3,669 | 2,597 | 1,637 | 6,266 | 7,903 | (2,236 | ) | 5,667 | — | |||||||||||||||||||||
Ventura, CA | Hampton Inn and Suites | 2013 | 2,200 | 13,550 | 7 | 2,200 | 13,557 | 15,757 | (137 | ) | 15,620 | — | |||||||||||||||||||||
Vernon Hills, IL | Holiday Inn Express | 2005 | 1,198 | 6,099 | 1,242 | 1,198 | 7,341 | 8,539 | (2,652 | ) | 5,887 | — | -6 | ||||||||||||||||||||
Ybor City, FL | Hampton Inn and Suites | 2012 | 3,600 | 17,244 | 1,117 | 3,600 | 18,361 | 21,961 | (669 | ) | 21,292 | — | -6 | ||||||||||||||||||||
Austin, TX | Corporate Office | 2012 | — | 210 | 397 | — | 607 | 607 | (77 | ) | 530 | — | |||||||||||||||||||||
Land Parcels | 14,708 | — | — | $ | 14,708 | — | 14,708 | — | 14,708 | — | |||||||||||||||||||||||
$ | 169,762 | $ | 1,058,920 | $ | 120,406 | $ | 169,762 | $ | 1,179,326 | $ | 1,349,088 | $ | (173,149 | ) | $ | 1,175,939 | $ | 150,876 | |||||||||||||||
(1) Property is collateral for the Goldman Sachs loan. | |||||||||||||||||||||||||||||||||
(2) Property is collateral for the KeyBank National Association loans. | |||||||||||||||||||||||||||||||||
(3) Property is collateral for the AIG loan. | |||||||||||||||||||||||||||||||||
(4) Property is collateral for the General Electric Capital Corporation loans. | |||||||||||||||||||||||||||||||||
(5) Property is collateral for the Greenwich Capital Financial Products, Inc. loan. | |||||||||||||||||||||||||||||||||
(6) Property is collateral for ING Life Insurance and Annuity loan. | |||||||||||||||||||||||||||||||||
(7) Property is collateral for MetaBank loan. | |||||||||||||||||||||||||||||||||
(8) Property is collateral for Wells Fargo Bank, National Association loan. | |||||||||||||||||||||||||||||||||
(9) Property is collateral for Compass Bank loan. | |||||||||||||||||||||||||||||||||
(10) Property is collateral for Bank of Cascades loan. | |||||||||||||||||||||||||||||||||
(11) Property is collateral for the Merrill Lynch Mortgage Lending Inc. loan. | |||||||||||||||||||||||||||||||||
(12) Property is collateral for the Bank of America Commercial Mortgage loan. | |||||||||||||||||||||||||||||||||
(13) Property is collateral for the GE Capital Financial Inc. loan. | |||||||||||||||||||||||||||||||||
SUMMIT HOTEL PROPERTIES, INC. / SUMMIT HOTEL OP, LP | |||||||||||||||||||||||||||||||||
Notes to Schedule III - Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
ASSET BASIS | |||||||||||||||||||||||||||||||||
(a) | Balance at December 31, 2010 | $ | 570,807 | ||||||||||||||||||||||||||||||
Additions to land, buildings and improvements | 79,901 | ||||||||||||||||||||||||||||||||
Disposition of land, buildings and improvements | (5,369 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 645,339 | |||||||||||||||||||||||||||||||
Additions to land, buildings and improvements | 294,310 | ||||||||||||||||||||||||||||||||
Disposition of land, buildings and improvements | (35,477 | ) | |||||||||||||||||||||||||||||||
Impairment loss | (2,965 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 901,207 | |||||||||||||||||||||||||||||||
Additions to land, buildings and improvements | 531,207 | ||||||||||||||||||||||||||||||||
Disposition of land, buildings and improvements | (74,282 | ) | |||||||||||||||||||||||||||||||
Impairment loss | (9,044 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 1,349,088 | ||||||||||||||||||||||||||||||||
ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||
(b) | Balance at December 31, 2010 | $ | 104,797 | ||||||||||||||||||||||||||||||
Depreciation for the period ended December 31, 2011 | 26,740 | ||||||||||||||||||||||||||||||||
Depreciation on assets sold or disposed | (5,369 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 126,168 | |||||||||||||||||||||||||||||||
Depreciation for the period ended December 31, 2012 | 31,732 | ||||||||||||||||||||||||||||||||
Depreciation on assets sold or disposed | (11,693 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 146,207 | |||||||||||||||||||||||||||||||
Depreciation for the period ended December 31, 2013 | 50,445 | ||||||||||||||||||||||||||||||||
Depreciation on assets sold or disposed | (23,503 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 173,149 | |||||||||||||||||||||||||||||||
(c) | The aggregate cost of land, buildings, furniture and equipment for Federal income tax purposes is approximately $1,317 million. | ||||||||||||||||||||||||||||||||
(d) | Depreciation is computed based upon the following useful lives: | ||||||||||||||||||||||||||||||||
Buildings and improvements 25-40 years | |||||||||||||||||||||||||||||||||
Furniture and equipment 2-15 years | |||||||||||||||||||||||||||||||||
(e) | We have mortgages payable on the properties as noted. Additional mortgage information can be found in Note 11 to the consolidated financial statements. | ||||||||||||||||||||||||||||||||
(f) | The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, disposal of assets, and impairment loss that was recorded. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
Basis of Presentation | ' | ||
Basis of Presentation | |||
The accompanying consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. | |||
We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates. | |||
Segment Disclosure | ' | ||
Segment Disclosure | |||
Accounting Standards Codification (“ASC”), ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment, with activities related to investing in real estate. Our investments in real estate are geographically diversified and the chief operating decision makers evaluate operating performance on an individual asset level. As each of our assets has similar economic characteristics, the assets have been aggregated into one reportable segment. | |||
Investment in Hotel Properties | ' | ||
Investment in Hotel Properties | |||
We allocate the purchase price of hotel acquisitions based on the fair value of the acquired assets and assumed liabilities. We determine the acquisition-date fair values of all assets and assumed liabilities using methods similar to those used by independent appraisers, for example, using a discounted cash flow analysis that utilizes appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. Acquisition costs are expensed as incurred. | |||
Our hotel properties and related assets are recorded at cost, less accumulated depreciation. We capitalize the costs of significant additions and improvements that materially extend a property’s life. These costs may include hotel refurbishment, renovation, and remodeling expenditures. We expense the cost of repairs and maintenance. | |||
We depreciate our hotel properties and related assets using the straight-line method over their estimated useful lives as follows: | |||
Classification | Estimated Useful Lives | ||
Buildings and improvements | 25 to 40 years | ||
Furniture, fixtures and equipment | 2 to 15 years | ||
We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense. | |||
When depreciable property and equipment is retired or disposed of, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations. | |||
On a limited basis, we provide financing to developers of hotel properties for development or major renovation projects. We evaluate these arrangements to determine if we participate in residual profits of the hotel property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the hotel property, we reflect the loan as an investment in hotel properties under development in our consolidated balance sheets. If classified as hotel properties under development, no interest income is recognized on the loan and interest expense is capitalized on our investment in the hotel property during the construction or renovation period. | |||
We monitor events and changes in circumstances for indicators that the carrying value of a hotel property or land held for development may be impaired. Factors that could trigger an impairment analysis include, among others: i) significant underperformance relative to historical or projected operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for hotel properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, and v) significant negative industry or economic trends. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the investment is recoverable. If impairment is indicated, we estimate the fair value of the property based on discounted cash flows or sales price if the property is under contract and an adjustment is made to reduce the carrying value of the property to fair value. | |||
Assets Held for Sale and Discontinued Operations | ' | ||
Assets Held for Sale and Discontinued Operations | |||
We classify assets as held for sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or fair value, less cost to sell. | |||
We present the results of operations of hotel properties that have been sold or otherwise qualify as assets held for sale in discontinued operations if the operations and cash flows of the hotel properties have been or will be eliminated from our ongoing operations. | |||
We periodically review our hotel properties and our land held for development based on established criteria such as age, type of franchise, adverse economic and competitive conditions, and strategic fit, to identify properties which we believe are either non-strategic or no longer complement our business. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may exceed the federally insured limit. We maintain our cash with high credit quality financial institutions. | |||
Restricted Cash | ' | ||
Restricted Cash | |||
Restricted cash consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lenders. | |||
Trade Receivables and Credit Policies | ' | ||
Trade Receivables and Credit Policies | |||
We grant credit to qualified customers generally without collateral, in the form of trade accounts receivable. We believe our risk of loss is minimal due to our periodic evaluations of the credit worthiness of our customers. | |||
Trade receivables result from the rental of hotel rooms and the sales of food, beverage, and banquet services due under normal trade terms requiring payment upon receipt of the invoice. Trade receivables are stated at the amount billed to the customer and do not accrue interest. | |||
We review the collectability of our trade receivables monthly. A provision for losses is determined on the basis of previous loss experience and current economic conditions. Our allowance for doubtful accounts was $0.2 million at December 31, 2013. There were no material uncollectible receivables and no allowance for doubtful accounts recorded at December 31, 2012. Bad debt expense was $0.6 million in 2013, $0.2 million in 2012 and was not significant in 2011. | |||
Deferred Charges | ' | ||
Deferred Charges | |||
Our deferred charges consist of deferred financing fees and initial franchise fees. Costs incurred in obtaining financing are capitalized and amortized on the straight-line method over the term of the related debt, which approximates the interest method. Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method. | |||
Noncontrolling Interests | ' | ||
Noncontrolling Interests | |||
A noncontrolling interest represents the portion of equity in a subsidiary held by owners other than the consolidating parent. Noncontrolling interests are reported in the consolidated balance sheets within equity, separately from shareholders’ equity. Revenue, expenses and net income (loss) attributable to both the Company and noncontrolling interests are reported in the consolidated statements of operations. | |||
Our consolidated financial statements include noncontrolling interests related to Common Units of the Operating Partnership that are held by unaffiliated third parties and third-party ownership of consolidated joint ventures. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
We recognize revenue when rooms are occupied and services have been rendered. Revenues are recorded net of any sales and other taxes collected from customers. All rebates or discounts are recorded as a reduction to revenue. Cash received prior to guest arrival is recorded as an advance from the customer and is recognized at the time of occupancy. | |||
Sales and Other Taxes | ' | ||
Sales and Other Taxes | |||
We have operations in states and municipalities that impose sales and/or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted. | |||
Equity-Based Compensation | ' | ||
Equity-Based Compensation | |||
Our 2011 Equity Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other stock-based awards. We account for equity-based compensation using the Black-Scholes option-pricing model for stock options and the grant date fair value of our common stock for all other awards. Restricted stock awards with performance-based vesting conditions are market-based awards and are valued using a Monte Carlo simulation model. We expense awards under our 2011 Equity Incentive Plan over the vesting period. The amount of the expense may be subject to adjustment in future periods due to a change in forfeiture assumptions. | |||
Derivative Financial Instruments and Hedging | ' | ||
Derivative Financial Instruments and Hedging | |||
All derivative financial instruments are recorded at fair value and reported as a derivative financial instrument asset or liability in our consolidated balance sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include swaps, caps and floors. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction. | |||
For interest rate derivatives designated as cash flow hedges the effective portion of changes in fair value is initially reported as a component of accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets and reclassified to interest expense in our consolidated statements of operations in the period in which the hedged item affects earnings. The ineffective portion of changes in fair value is recognized directly in earnings through gain (loss) on derivative financial instruments in the consolidated statements of operations. | |||
Income Taxes | ' | ||
Income Taxes | |||
Commencing with our short taxable year ended December 31, 2011, we elected to be taxed as a REIT under certain provisions of the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our shareholders at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, which does not necessarily equal net income as calculated in accordance with generally accepted accounting principles. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRSs) to the extent we currently distribute 100% of our REIT taxable income to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we satisfy certain relief provisions. | |||
We account for federal and state income taxes of our TRSs using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on generally accepted accounting principles and respective carrying amounts for tax purposes, and operating losses and tax-credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence, including future reversals of taxable temporary differences, future projected taxable income and tax planning strategies. | |||
Fair Value Measurement | ' | ||
Fair Value Measurement | |||
Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||
Level 1 | Observable inputs such as quoted prices in active markets. | ||
Level 2 | Directly or indirectly observable inputs, other than quoted prices in active markets. | ||
Level 3 | Unobservable inputs in which there is little or no market data, which require a reporting entity to develop its own assumptions. | ||
Assets and liabilities measured at fair value are based on one or more of the following valuation techniques: | |||
Market approach | Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | ||
Cost approach | Amount required to replace the service capacity of an asset (replacement cost). | ||
Income approach | Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models). | ||
Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. | |||
We elected not to use the fair value option for cash and cash equivalents, restricted cash, trade receivables, prepaid expenses and other, debt, accounts payable, and accrued expenses. With the exception of our fixed-rate debt, the carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates. | |||
New Accounting Standards | ' | ||
New Accounting Standards | |||
In the first quarter of 2013, we adopted Accounting Standards Update (“ASU”) 2013—02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013—02 required an entity to separately provide information about the effects on net income of certain significant amounts reclassified out of each component of accumulated other comprehensive income. | |||
Adoption of this new standard did not have a material effect on our consolidated financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
Schedule of estimated useful lives of hotel properties | ' | ||
Classification | Estimated Useful Lives | ||
Buildings and improvements | 25 to 40 years | ||
Furniture, fixtures and equipment | 2 to 15 years |
HOTEL_PROPERTY_ACQUISITIONS_Ta
HOTEL PROPERTY ACQUISITIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
HOTEL PROPERTY ACQUISITIONS | ' | |||||||||||
Schedule of hotel property acquisitions | ' | |||||||||||
Hotel property acquisitions in 2013 and 2012 include (in thousands): | ||||||||||||
Date Acquired | Franchise/Brand | Location | Purchase | Debt | ||||||||
Price | Assumed | |||||||||||
2013 | ||||||||||||
January 22 | Hyatt Place | Chicago (Hoffman Estates), IL | $ | 9,230 | $ | — | ||||||
January 22 | Hyatt Place | Orlando (Convention), FL | 12,252 | — | ||||||||
January 22 | Hyatt Place | Orlando (Universal), FL | 11,843 | — | ||||||||
February 11 | IHG / Holiday Inn Express & Suites | (a) | San Francisco, CA | 60,500 | 23,423 | |||||||
March 11 | SpringHill Suites by Marriott | New Orleans, LA | 33,095 | — | ||||||||
March 11 | Courtyard by Marriott | New Orleans (Convention), LA | 30,827 | — | ||||||||
March 11 | Courtyard by Marriott | New Orleans (French Quarter), LA | 25,683 | — | ||||||||
March 11 | Courtyard by Marriott | New Orleans (Metairie), LA | 23,539 | — | ||||||||
March 11 | Residence Inn by Marriott | New Orleans (Metairie), LA | 19,890 | — | ||||||||
April 30 | Hilton Garden Inn | Greenville, SC | 15,250 | — | ||||||||
May 21 | IHG / Holiday Inn Express & Suites | Minneapolis (Minnetonka), MN | 6,900 | 3,724 | ||||||||
May 21 | Hilton Garden Inn | Minneapolis (Eden Prairie), MN | 10,200 | 6,385 | ||||||||
May 23 | Fairfield Inn & Suites by Marriott | Louisville, KY | 25,023 | — | ||||||||
May 23 | SpringHill Suites by Marriott | Louisville, KY | 39,138 | — | ||||||||
May 23 | Courtyard by Marriott | Indianapolis, IN | 58,634 | — | ||||||||
May 23 | SpringHill Suites by Marriott | Indianapolis, IN | 30,205 | — | ||||||||
October 1 | Hilton / Hampton Inn & Suites | Ventura (Camarillo), CA | 15,750 | — | ||||||||
October 8 | Hilton / Hampton Inn & Suites | San Diego (Poway), CA | 15,150 | — | ||||||||
December 31 | Hyatt Place | Minneapolis, MN | 32,506 | — | ||||||||
Total 2013 | 19 hotel properties | $ | 475,615 | $ | 33,532 | |||||||
2012 | ||||||||||||
January 12 | Courtyard by Marriott (b) | Atlanta, GA | $ | 28,900 | $ | 19,011 | ||||||
February 28 | Hilton Garden Inn | Birmingham (Liberty Park), AL | 11,500 | — | ||||||||
February 28 | Hilton Garden Inn | Birmingham (Lakeshore), AL | 8,625 | — | ||||||||
May 16 | Courtyard by Marriott | Dallas (Arlington), TX | 15,000 | — | ||||||||
May 16 | Hilton Garden Inn | Nashville (Smyrna), TN | 11,500 | 8,708 | ||||||||
June 21 | Hilton / Hampton Inn & Suites | Nashville (Smyrna), TN | 8,000 | 5,384 | ||||||||
July 2 | Residence Inn by Marriott | Dallas (Arlington), TX | 15,500 | — | ||||||||
October 5 | Hyatt Place | Dallas (Arlington), TX | 9,055 | — | ||||||||
October 5 | Hyatt Place | Denver (Lone Tree), CO | 10,530 | — | ||||||||
October 5 | Hyatt Place | Denver (Englewood), CO | 11,515 | — | ||||||||
October 5 | Hyatt House | Denver (Englewood), CO | 13,480 | — | ||||||||
October 5 | Hyatt Place | Baltimore (Owings Mills), MD | 10,235 | — | ||||||||
October 5 | Hyatt Place | Chicago (Lombard), IL | 17,025 | — | ||||||||
October 5 | Hyatt Place | Phoenix, AZ | 5,020 | — | ||||||||
October 5 | Hyatt Place | Scottsdale, AZ | 10,530 | — | ||||||||
October 23 | Hilton Garden Inn | Fort Worth, TX | 7,200 | — | ||||||||
December 21 | Residence Inn by Marriott | Salt Lake City, UT | 19,959 | 14,059 | ||||||||
December 27 | Hyatt Place | Long Island (Garden City), NY | 31,000 | — | ||||||||
December 27 | Hilton / Hampton Inn & Suites | Tampa (Ybor City), FL | 20,844 | — | ||||||||
Total 2012 | 19 hotel properties | $ | 265,418 | $ | 47,162 | |||||||
(a) | This hotel property was acquired by a joint venture in which we own an 80% controlling interest. | |||||||||||
(b) | We acquired a 90% controlling interest in this hotel property and we are obligated to acquire the remaining ownership in 2016 for $0.4 million. The $0.4 million has been accrued as a liability and is included in the purchase price above. | |||||||||||
Schedule of allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired | ' | |||||||||||
The allocation of the aggregated purchase prices to the fair value of assets and liabilities acquired for the above acquisitions, including $10.3 million of properties under development at December 31, 2012, follows (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Land | $ | 61,776 | $ | 33,874 | ||||||||
Hotel buildings and improvements | 395,543 | 220,599 | ||||||||||
Furniture, fixtures and equipment | 18,296 | 10,945 | ||||||||||
Other assets | 11,273 | 629 | ||||||||||
Total assets acquired | 486,888 | 266,047 | ||||||||||
Debt assumed | 33,532 | 47,162 | ||||||||||
Other liabilities | 1,480 | 1,993 | ||||||||||
Net assets acquired | $ | 451,876 | $ | 216,892 | ||||||||
Schedule of total revenues and net income for hotel properties acquired during the period, which is included in consolidated statements of operations | ' | |||||||||||
Total revenues and net income for hotel properties acquired in 2013 and 2012, which are included in our consolidated statements of operations for the years 2013 and 2012, are (in thousands): | ||||||||||||
2013 Acquisitions | 2012 Acquisitions | |||||||||||
2013 | 2013 | 2012 | ||||||||||
Revenues | $ | 76,675 | $ | 76,088 | $ | 24,939 | ||||||
Net income | $ | 13,399 | $ | 9,073 | $ | 1,754 | ||||||
Schedule of unaudited condensed pro forma financial information | ' | |||||||||||
The unaudited condensed pro forma financial information for 2013 and 2012, assuming the hotel properties acquired in 2013 and 2012 were acquired at the beginning of 2012, follows (in thousands, except per share): | ||||||||||||
2013 | 2012 | |||||||||||
(unaudited) | ||||||||||||
Revenues | $ | 328,595 | $ | 310,928 | ||||||||
Net income | $ | 16,701 | $ | 35,202 | ||||||||
Net income per share attributable to common shareholders — basic and diluted | $ | 0.03 | $ | 0.75 |
INVESTMENT_IN_HOTEL_PROPERTIES2
INVESTMENT IN HOTEL PROPERTIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
INVESTMENT IN HOTEL PROPERTIES | ' | |||||||
Schedule of investment in hotel properties | ' | |||||||
Investment in hotel properties at December 31, 2013 and 2012 include (in thousands): | ||||||||
2013 | 2012 | |||||||
Land | $ | 154,831 | $ | 105,571 | ||||
Hotel buildings and improvements | 993,372 | 649,699 | ||||||
Construction in progress | 24,242 | — | ||||||
Furniture, fixtures and equipment | 142,976 | 124,385 | ||||||
1,315,421 | 879,655 | |||||||
Less accumulated depreciation | 165,454 | 145,293 | ||||||
$ | 1,149,967 | $ | 734,362 |
ASSETS_HELD_FOR_SALE_Tables
ASSETS HELD FOR SALE (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
ASSETS HELD FOR SALE | ' | |||||||
Schedule of assets held for sale | ' | |||||||
Assets held for sale at December 31, 2013 and 2012 include (in thousands): | ||||||||
2013 | 2012 | |||||||
Land | $ | 1,183 | $ | 3,092 | ||||
Building | 10,290 | 1,474 | ||||||
Furniture, fixtures and equipment | 751 | 270 | ||||||
$ | 12,224 | $ | 4,836 |
RESTRICTED_CASH_Table
RESTRICTED CASH (Table) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
RESTRICTED CASH | ' | |||||||
Schedule of restricted cash | ' | |||||||
Restricted cash at December 31, 2013 and 2012 includes (in thousands): | ||||||||
2013 | 2012 | |||||||
Property taxes | $ | 2,124 | $ | 1,185 | ||||
Insurance | 59 | 180 | ||||||
FF&E reserves | 35,823 | 2,259 | ||||||
Other funds in escrow | 492 | — | ||||||
$ | 38,498 | $ | 3,624 |
PREPAID_EXPENSES_AND_OTHER_Tab
PREPAID EXPENSES AND OTHER (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
PREPAID EXPENSES AND OTHER | ' | |||||||
Schedule of prepaid expenses and other | ' | |||||||
Prepaid expenses and other at December 31, 2013 and 2012 include (in thousands): | ||||||||
2013 | 2012 | |||||||
Deposits on pending acquisitions | $ | 5,115 | $ | 2,759 | ||||
Prepaid insurance | 1,316 | 663 | ||||||
Other | 2,445 | 1,889 | ||||||
$ | 8,876 | $ | 5,311 |
DEFERRED_CHARGES_Tables
DEFERRED CHARGES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
DEFERRED CHARGES | ' | ||||||||||
Schedule of deferred charges | ' | ||||||||||
Deferred charges at December 31, 2013 and 2012 include (in thousands): | |||||||||||
2013 | 2012 | ||||||||||
Initial franchise fees | $ | 5,957 | $ | 6,201 | |||||||
Deferred financing costs | 7,846 | 9,500 | |||||||||
13,803 | 15,701 | ||||||||||
Less accumulated amortization | 3,533 | 6,806 | |||||||||
Total | $ | 10,270 | $ | 8,895 | |||||||
Schedule of amortization expense | ' | ||||||||||
Amortization expense for 2013, 2012 and 2011 was (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Initial franchise fees | $ | 411 | $ | 355 | $ | 511 | |||||
Deferred financing costs | 1,854 | 2,288 | 1,293 | ||||||||
$ | 2,265 | $ | 2,643 | $ | 1,804 | ||||||
Schedule of future amortization expense | ' | ||||||||||
Future amortization expense is expected to be (in thousands): | |||||||||||
2014 | $ | 1,862 | |||||||||
2015 | 1,837 | ||||||||||
2016 | 1,573 | ||||||||||
2017 | 1,278 | ||||||||||
2018 | 812 | ||||||||||
Thereafter | 2,908 | ||||||||||
$ | 10,270 |
OTHER_ASSETS_Tables
OTHER ASSETS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
OTHER ASSETS. | ' | |||||||
Schedule of other assets | ' | |||||||
Other assets at December 31, 2013 and 2012 include (in thousands): | ||||||||
2013 | 2012 | |||||||
Prepaid land lease | $ | 3,420 | $ | 3,468 | ||||
Seller financed notes receivable | 3,121 | 733 | ||||||
Other | 113 | — | ||||||
$ | 6,654 | $ | 4,201 |
DEBT_Tables
DEBT (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
DEBT | ' | ||||||||||||||||||
Schedule of debt comprised of a senior unsecured credit facility and mortgage loans secured by hotel properties | ' | ||||||||||||||||||
At December 31, 2013 and 2012 our debt included (in thousands): | |||||||||||||||||||
Lender | Note | Interest Rate at | Amortization | Maturity Date | Number of | 2013 | 2012 | ||||||||||||
Reference | December 31, | Period | Properties | ||||||||||||||||
2013 (a) | (Years) | Encumbered | |||||||||||||||||
Senior Secured Revolving Credit Facility | |||||||||||||||||||
Deutsche Bank AG New York Branch | (b) | — | — | — | — | $ | — | $ | 58,000 | ||||||||||
Senior Unsecured Credit Facility | |||||||||||||||||||
Deutsche Bank AG New York Branch | (b) | ||||||||||||||||||
$ | 225 Million Revolver | n/a | n/a | October 10, 2017 | n/a | — | — | ||||||||||||
$ | 75 Million Term Loan | 4.15% Variable | n/a | October 10, 2018 | n/a | 75,000 | — | ||||||||||||
Total Senior Unsecured Credit Facility | 75,000 | — | |||||||||||||||||
Mortgage Loans | |||||||||||||||||||
ING Life Insurance and Annuity | (c) | 6.10% Fixed | 20 | March 1, 2032 | 14 | 64,309 | 66,174 | ||||||||||||
(c) | 4.55% Fixed | 25 | August 1, 2038 | 33,754 | — | ||||||||||||||
KeyBank National Association | (d) | 4.46% Fixed | 30 | February 1. 2023 | 4 | 28,965 | — | ||||||||||||
(e) | 4.52% Fixed | 30 | April 1, 2023 | 3 | 22,421 | — | |||||||||||||
(f) | 4.30% Fixed | 30 | April 1, 2023 | 3 | 21,767 | — | |||||||||||||
(g) | 4.95% Fixed | 30 | August 1, 2023 | 2 | 38,497 | — | |||||||||||||
Bank of America Commercial Mortgage | (h) | 6.41% Fixed | 25 | September 1, 2017 | 1 | 8,382 | 8,593 | ||||||||||||
Merrill Lynch Mortgage Lending Inc. | (i) | 6.38% Fixed | 30 | August 1, 2016 | 1 | 5,249 | 5,341 | ||||||||||||
GE Capital Financial Inc. | (j) | 6.03% Fixed | 25 | May 1, 2017 | 2 | 14,579 | 14,851 | ||||||||||||
MetaBank | (k) | — | — | — | — | — | 6,786 | ||||||||||||
(k) | 4.25% Fixed | 20 | August 1, 2018 | 1 | 7,348 | — | |||||||||||||
Bank of Cascades | (l) | 4.66% Fixed | 25 | September 30, 2021 | 1 | 11,986 | 12,283 | ||||||||||||
Goldman Sachs | (m) | 5.67% Fixed | 25 | July 6, 2016 | 2 | 14,090 | 14,376 | ||||||||||||
Compass Bank | (n) | 4.57% Fixed | 20 | May 17, 2018 | 1 | 13,325 | 14,144 | ||||||||||||
General Electric Capital Corporation | (o) | 5.46% Fixed | 25 | April 1, 2017 | 1 | 5,371 | 5,481 | ||||||||||||
(o) | 5.46% Fixed | 25 | April 1, 2017 | 1 | 6,290 | 6,419 | |||||||||||||
(p) | — | — | — | — | — | 10,568 | |||||||||||||
(q) | 4.82% Fixed | 20 | April 1, 2018 | 1 | 7,612 | 7,998 | |||||||||||||
(q) | 5.03% Fixed | 25 | March 1, 2019 | 1 | 10,108 | 10,434 | |||||||||||||
AIG | (r) | 6.11% Fixed | 20 | January 1, 2016 | 1 | 13,516 | 14,059 | ||||||||||||
Greenwich Capital Financial Products, Inc. | (s) | 6.20% Fixed | 30 | January 6, 2016 | 1 | 23,107 | — | ||||||||||||
Wells Fargo Bank, National Association | (t) | 5.53% Fixed | 25 | October 1, 2015 | 1 | 3,652 | — | ||||||||||||
(u) | 5.57% Fixed | 25 | January 1, 2016 | 1 | 6,261 | — | |||||||||||||
First National Bank of Omaha | (v) | — | — | — | — | — | 8,241 | ||||||||||||
(v) | — | — | — | — | — | 14,663 | |||||||||||||
Chambers Bank | (w) | — | — | — | — | — | 1,417 | ||||||||||||
BNC National | (x) | — | — | — | — | — | 5,308 | ||||||||||||
Bank of the Ozarks | (y) | — | — | — | — | — | 8,778 | ||||||||||||
Empire Financial Services, Inc. | (z) | — | — | — | — | — | 18,699 | ||||||||||||
Total Mortgage Loans | 43 | 360,589 | 254,613 | ||||||||||||||||
Total Debt | 43 | $ | 435,589 | $ | 312,613 | ||||||||||||||
Notes: | |||||||||||||||||||
(a) Interest rates at December 31, 2013 give effect to our use of interest rate swaps, where applicable. | |||||||||||||||||||
(b) On October 10, 2013, we replaced our $150.0 million senior secured revolving credit facility with a $300.0 million senior unsecured credit facility. The unsecured credit facility is comprised of a $225.0 million revolving credit facility (the “$225 Million Revolver”) and a $75.0 million term loan (the “$75 Million Term Loan”), and has an accordion feature which will allow us to increase the commitments by an aggregate of $100.0 million on the $225 Million Revolver and the $75 Million Term Loan. | |||||||||||||||||||
The senior unsecured credit facility requires that no less than 20 of our hotel properties remain unencumbered, as defined in the credit facility documentation, and also requires compliance with covenants customary among our industry peers. The $225 Million Revolver matures on October 10, 2017 and can be extended to October 10, 2018 at our option, subject to certain conditions. The $75 Million Term Loan matures on October 10, 2018. | |||||||||||||||||||
We pay interest on advances at varying rates, based upon, at our option, either (i) 1, 2, 3, or 6-month LIBOR, plus a LIBOR margin between 1.75% and 2.50%, depending upon our leverage ratio (as defined in the credit facility documentation), or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50%, or 1-month LIBOR plus 1.00%, plus a base rate margin between 0.75% and 1.50%, depending upon our leverage ratio. Unused fees are payable quarterly and are assessed at 0.30% per annum if the unused portion of the credit facility is equal to or greater than 50%, or 0.20% per annum if the unused portion of the credit facility is less than 50%. | |||||||||||||||||||
On December 27, 2013, we fully drew the $75 Million Term Loan at a variable interest rate of 4.15%. On September 5, 2013, we entered into an interest rate derivative with a notional value of $75.0 million that became effective on January 2, 2014 and matures on October 1, 2018. This interest rate derivative was designated a cash flow hedge and effectively fixes LIBOR at 2.04%. The interest rate on the $75 Million Term Loan was 3.94% at January 2, 2014. | |||||||||||||||||||
At December 31, 2013, 32 of our unencumbered hotel properties are included in the borrowing base for the senior unsecured credit facility, and are required to remain unencumbered. As a result, the maximum amount of borrowing permitted under the senior unsecured credit facility was $270.7 million, of which, we had $75.0 million borrowed, $0.2 million in standby letters of credit, and $195.5 million available to borrow. | |||||||||||||||||||
(c) On August 1, 2013, we entered into a new $34.0 million loan with ING with a fixed rate of 4.55% and a maturity of August 1, 2038. ING has the right to call the loan in full on March 1st of, 2019, 2024, 2029 and 2034. Simultaneously, we amended our existing loan with ING to (i) remove the Fairfield Inn & Suites and the Residence Inn, Germantown, TN; the Hampton Inn, Fort Smith, AR; and the Fairfield Inn, Lewisville, TX from the collateral and (ii) remove $3.9 million in letters of credit from the collateral. We also added the Courtyard by Marriott, Jackson, MS; the Hampton Inn & Suites, Ybor, FL; and the Courtyard by Marriott and the Residence Inn, Metairie, LA as collateral to the two notes, such that both ING loans are secured by the same 14 hotel properties and are cross-defaulted. | |||||||||||||||||||
(d) On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by four of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; Denver (Englewood), CO; and Dallas (Arlington), TX. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(e) On March 7, 2013, we closed on a $22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(f) On March 8, 2013, we closed on a $22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(g) On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(h) On May 16, 2012, we assumed a loan in our acquisition of the Hilton Garden Inn in Smyrna, TN. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(i) On June 21, 2012, we assumed a loan in our acquisition of the Hampton Inn & Suites in Smyrna, TN. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(j) On April 4, 2012, we closed on two loans secured by the Courtyard by Marriott and the SpringHill Suites by Marriott in Scottsdale, AZ. These loans have prepayment penalties of 1% plus defeasance and are cross-defaulted and cross-collateralized. | |||||||||||||||||||
(k) On May 1, 2013, we paid off a $6.7 million loan that had an interest rate of 4.95%, a maturity date of February 1, 2017 and was secured by two hotel properties. There was no associated prepayment penalty. | |||||||||||||||||||
On July 26, 2013, we closed on a $7.4 million loan with a fixed rate of 4.25% and a maturity of August 1, 2018. This loan is secured by the Hyatt Place in Atlanta, GA. We expect to receive additional proceeds of $1.3 million after the Hyatt Place attains a required performance level post renovation. This loan has a prepayment penalty of: (i) 3% until July 26, 2015, (ii) 2% until July 26, 2017, and (iii) 1% until February 1, 2018. | |||||||||||||||||||
(l) This loan is secured by the Residence Inn by Marriott in Portland, OR. The fixed rate of 4.66% resets on September 30, 2016 to the then-current Federal Home Loan Bank of Seattle Intermediate/Long-Term Advances Five-year Fixed Rate plus 3.00%. This loan has a prepayment penalty of: (i) 4% until October 1, 2015, (ii) 3% until October 1, 2017, (iii) 2% until October 1, 2019, and (iv) 1% until July 2, 2021. | |||||||||||||||||||
(m) This loan is secured by the SpringHill Suites by Marriott and the Hampton Inn & Suites in Bloomington, MN. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(n) This loan is secured by the Courtyard by Marriott in Flagstaff, AZ and has a variable interest rate of 30-day LIBOR plus 350 basis points (3.67% at December 31, 2013). On October 11, 2012, we entered into an interest rate derivative that effectively converted 85% of this loan to a fixed rate. | |||||||||||||||||||
(o) On March 2, 2012, we entered into two loans for the purchase of two Hilton Garden Inns in Birmingham (Lakeshore and Liberty Park), AL. The interest rate on these loans is fixed for the first three years and then each loan will convert to a variable rate of 90-day LIBOR plus 5.28%. The loans may not be prepaid in the first year and have prepayment penalties in the second year of 2% and in the third year of 1%. These loans are cross-defaulted and cross-collateralized. | |||||||||||||||||||
(p) On October 31, 2013, we paid off a $10.3 million loan that had an interest rate of 4.10%, a maturity date of April 1, 2014 and was secured by one hotel property. Three additional properties and a letter of credit were also released as security for this and two additional loans with the lender. In connection with the early payoff of the loan we terminated a related interest rate swap and incurred termination costs of less than $0.1 million, which were charged to debt transaction costs. | |||||||||||||||||||
(q) These loans are secured by the SpringHill Suites by Marriott in Denver, CO and the Double Tree in Baton Rouge, LA. These loans have a variable interest rate of 90-day LIBOR plus 350 basis points. On May 4, 2012, we entered into interest rate derivatives that effectively converted these loans to a fixed rate. These loans are cross-defaulted and cross-collateralized. | |||||||||||||||||||
(r) On December 20, 2012, we assumed a loan in our acquisition of the Residence Inn by Marriott in Salt Lake City, UT. This loan has a prepayment penalty of the greater of 1% or the yield maintenance premium. | |||||||||||||||||||
(s) On February 11, 2013, we assumed a loan in our acquisition (through a joint venture) of the Holiday Inn Express & Suites in San Francisco, CA. This loan has an interest rate of 6.20% and a maturity date of January 6, 2016. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(t) On May 21, 2013, we assumed a loan in our acquisition of the Holiday Inn Express & Suites in Minneapolis (Minnetonka), MN. This loan has an interest rate of 5.53% and a maturity date of October 1, 2015. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(u) On May 21, 2013, we assumed a loan in our acquisition of the Hilton Garden Inn in Minneapolis (Eden Prairie), MN. This loan has an interest rate of 5.57% and a maturity date of January 1, 2016. This loan is subject to defeasance if prepaid. | |||||||||||||||||||
(v) On January 14, 2013, we paid off two loans totaling $22.8 million that had variable interest rates of 90-day LIBOR plus 4.00% and a floor of 5.25%. These loans had maturity dates of July 1, 2013 and February 1, 2014 and were secured by three hotel properties. There were no associated prepayment penalties. | |||||||||||||||||||
(w) On September 24, 2013, we paid off a $1.3 million loan that had an interest rate of 6.50%, a maturity date of June 24, 2014 and was secured by one hotel property. There was no associated prepayment penalty. | |||||||||||||||||||
(x) On September 27, 2013, we paid off a $5.1 million loan that had an interest rate of 5.01%, a maturity date of November 1, 2013 and was secured by one hotel property. There was no associated prepayment penalty. | |||||||||||||||||||
(y) On November 12, 2013, we paid off an $8.6 million loan that had an interest rate of 5.75%, a maturity date of July 10, 2017 and was secured by one hotel property. There was no associated prepayment penalty. | |||||||||||||||||||
(z) On December 20, 2013, we paid off an $18.4 million loan that had an interest rate of 6.00%, a maturity date of February 1, 2017 and was secured by one hotel property. There was no associated prepayment penalty. | |||||||||||||||||||
Schedule of total fixed-rate and variable-rate debt, after giving effect to interest rate derivatives | ' | ||||||||||||||||||
Our total fixed-rate and variable-rate debt at December 31, 2013 and 2012, after giving effect to our interest rate derivatives, follows (in thousands): | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fixed-rate debt | $ | 358,590 | $ | 229,587 | |||||||||||||||
Variable-rate debt | 76,999 | 83,026 | |||||||||||||||||
$ | 435,589 | $ | 312,613 | ||||||||||||||||
Schedule of maturities of long-term debt for each of the next five years | ' | ||||||||||||||||||
Maturities of long-term debt for each of the next five years are (in thousands): | |||||||||||||||||||
2014 | $ | 9,164 | |||||||||||||||||
2015 | 13,036 | ||||||||||||||||||
2016 | 67,013 | ||||||||||||||||||
2017 | 39,211 | ||||||||||||||||||
2018 | 103,128 | ||||||||||||||||||
Thereafter | 204,037 | ||||||||||||||||||
$ | 435,589 | ||||||||||||||||||
Schedule of the fair value of fixed-rate debt that is not recorded at fair value | ' | ||||||||||||||||||
Information about the fair value of our fixed-rate debt that is not recorded at fair value follows (in thousands): | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Valuation Technique | |||||||||||||||
Value | Value | ||||||||||||||||||
Fixed-rate debt | $ | 329,544 | $ | 319,429 | $ | 188,565 | $ | 193,448 | Level 2 - Market approach | ||||||||||
ACCRUED_EXPENSES_Table
ACCRUED EXPENSES (Table) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
ACCRUED EXPENSES | ' | |||||||
Schedule of accrued expenses | ' | |||||||
Accrued expenses at December 31, 2013 and 2012 include (in thousands): | ||||||||
2013 | 2012 | |||||||
Accrued sales and property taxes | $ | 10,359 | $ | 8,893 | ||||
Accrued salaries and benefits | 7,178 | 5,562 | ||||||
Accrued interest | 1,721 | 1,031 | ||||||
Other accrued expenses | 7,896 | 3,499 | ||||||
$ | 27,154 | $ | 18,985 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
Schedule of future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year | ' | ||||
Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year are (in thousands): | |||||
2014 | $ | 569 | |||
2015 | 580 | ||||
2016 | 591 | ||||
2017 | 602 | ||||
2018 | 474 | ||||
Thereafter | 30,918 | ||||
$ | 33,734 |
EQUITYBASED_COMPENSATION_Table
EQUITY-BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity-based compensation | ' | |||||||||||
Schedule of equity-based compensation expense | ' | |||||||||||
Equity-based compensation expense for 2013, 2012 and 2011 was (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Included in corporate general and administrative salaries and other compensation in the consolidated statements of operations | ||||||||||||
Stock options | $ | 622 | $ | 700 | $ | 441 | ||||||
Time-based restricted stock | 611 | 214 | — | |||||||||
Performance-based restricted stock | 548 | 171 | — | |||||||||
1,781 | 1,085 | 441 | ||||||||||
Included in corporate general and administrative other in the consolidated statements of operations | ||||||||||||
Director stock | 343 | 120 | 39 | |||||||||
$ | 2,124 | $ | 1,205 | $ | 480 | |||||||
Stock Options | ' | |||||||||||
Equity-based compensation | ' | |||||||||||
Schedule of assumptions used to compute the fair value of stock options granted was estimated using a Black-Scholes valuation model | ' | |||||||||||
The fair value of stock options granted was estimated using a Black-Scholes valuation model and the following assumptions: | ||||||||||||
2011 | ||||||||||||
Expected dividend yield | 5.09 | % | ||||||||||
Expected stock price volatility | 56.6 | % | ||||||||||
Risk-free interest rate | 2.57 | % | ||||||||||
Expected life of options (in years) | 6.5 | |||||||||||
Weighted average estimated fair value of options at grant date per share | $ | 3.48 | ||||||||||
Schedule of stock option activity | ' | |||||||||||
The following table summarizes stock option activity under our 2011 Equity Incentive Plan for 2013, 2012 and 2011: | ||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||
Options | Average | Average | Intrinsic Value | |||||||||
Exercise Price | Remaining | (Current Value | ||||||||||
Contractual | Less Exercise | |||||||||||
Terms | Price) | |||||||||||
(Per share) | (In years) | (In thousands) | ||||||||||
Outstanding at December 31, 2010 | — | $ | — | |||||||||
Granted | 940,000 | 9.75 | ||||||||||
Exercised | — | — | ||||||||||
Forfeited | — | — | ||||||||||
Outstanding at December 31, 2011 | 940,000 | 9.75 | ||||||||||
Granted | — | — | ||||||||||
Exercised | — | — | ||||||||||
Forfeited | (47,000 | ) | 9.75 | |||||||||
Outstanding at December 31, 2012 | 893,000 | 9.75 | ||||||||||
Granted | — | — | ||||||||||
Exercised | — | — | ||||||||||
Forfeited | — | — | ||||||||||
Outstanding at December 31, 2013 | 893,000 | $ | 9.75 | 7.2 | $ | — | ||||||
Exercisable at December 31, 2013 | 357,200 | $ | 9.75 | 7.2 | $ | — | ||||||
Restricted Stock Awards | Time-Based | ' | |||||||||||
Equity-based compensation | ' | |||||||||||
Schedule of restricted stock awards | ' | |||||||||||
The following table summarizes time-based restricted stock activity under our 2011 Equity Incentive Plan for 2013 and 2012: | ||||||||||||
Number of | Weighted | Aggregate | ||||||||||
Shares | Average Grant | Current Value | ||||||||||
Date Fair Value | ||||||||||||
(Per share) | (In thousands) | |||||||||||
Non-vested December 31, 2011 | — | $ | — | |||||||||
Granted | 110,137 | 7.78 | ||||||||||
Vested | (27,534 | ) | 7.78 | |||||||||
Forfeited | — | — | ||||||||||
Non-vested December 31, 2012 | 82,603 | 7.78 | ||||||||||
Granted | 106,518 | 9.78 | ||||||||||
Vested | (27,534 | ) | 7.78 | |||||||||
Forfeited | — | — | ||||||||||
Non-vested December 31, 2013 | 161,587 | $ | 9.1 | $ | 1,454 | |||||||
Restricted Stock Awards | Performance-Based | ' | |||||||||||
Equity-based compensation | ' | |||||||||||
Schedule of restricted stock awards | ' | |||||||||||
Number of | Weighted | Aggregate | ||||||||||
Shares | Average Grant | Current Value | ||||||||||
Date Fair Value | ||||||||||||
(Per share) | (In thousands) | |||||||||||
Non-vested December 31, 2011 | — | $ | — | |||||||||
Granted | 82,602 | $ | 7.78 | |||||||||
Vested | — | $ | — | |||||||||
Forfeited | — | $ | — | |||||||||
Non-vested December 31, 2012 | 82,602 | $ | 7.78 | |||||||||
Granted | 185,572 | $ | 7.09 | |||||||||
Vested | — | $ | — | |||||||||
Forfeited | — | $ | — | |||||||||
Non-vested December 31, 2013 | 268,174 | $ | 7.3 | $ | 2,414 | |||||||
Schedule of assumptions used to compute the fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model | ' | |||||||||||
2013 | 2012 | |||||||||||
Expected dividend yield | 4.52 | % | 5.58 | % | ||||||||
Expected stock price volatility | 38.5 | % | 44.7 | % | ||||||||
Risk-free interest rate | 0.147 - 0.513 | % | 0.146 - 0.428 | % | ||||||||
Monte Carlo iterations | 100,000 | 100,000 | ||||||||||
Weighted average estimated fair value of performance-based restricted stock awards | $ | 7.09 | $ | 5.1 | ||||||||
DERIVITIVE_FINANCIAL_INSTRUMEN1
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING | ' | |||||||||||||||||
Schedule of derivative financial instruments | ' | |||||||||||||||||
Information about our derivative financial instruments at December 31, 2013 and 2012 follows (dollar amounts in thousands): | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||
Number of | Notional | Fair Value | Number of | Notional | Fair Value | |||||||||||||
Instruments | Amount | Instruments | Amount | |||||||||||||||
Interest rate swaps (asset) | 3 | $ | 29,273 | $ | 253 | — | $ | — | $ | — | ||||||||
Interest rate swaps (liability) | 1 | 75,000 | (1,772 | ) | 4 | 41,095 | (641 | ) | ||||||||||
4 | $ | 104,273 | $ | (1,519 | ) | 4 | $ | 41,095 | $ | (641 | ) | |||||||
Schedule of the location in the financial statements of the loss recognized on derivative financial instruments designated as cash flow hedges | ' | |||||||||||||||||
The table below details the location in the financial statements of the loss recognized on derivative financial instruments designated as cash flow hedges (in thousands). We had no derivative financial instruments in 2011. | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion) | $ | (1,240 | ) | $ | (786 | ) | ||||||||||||
Gain (loss) reclassified from accumulated other comprehensive income to interest expense (effective portion) | $ | (359 | ) | $ | (147 | ) | ||||||||||||
Gain (loss) recognized in gain (loss) on derivative financial instruments (ineffective portion) | $ | 2 | $ | (2 | ) |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Schedule of components of income tax expense (benefit) | ' | |||||||||||||
The components of income tax expense (benefit) for 2013, 2012 and 2011 are (in thousands): | ||||||||||||||
Summit Hotel Properties, Inc. | Summit Hotel | |||||||||||||
Properties, LLC | ||||||||||||||
2013 | 2012 | Period 2/14/11 | Period 1/1/11 | |||||||||||
through 12/31/11 | through 2/13/11 | |||||||||||||
Current: | ||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | ||||||
State and local | 408 | 512 | (129 | ) | 339 | |||||||||
Deferred: | ||||||||||||||
Federal (34%) | 3,352 | (1,531 | ) | (1,867 | ) | — | ||||||||
State and local | 597 | (270 | ) | (329 | ) | — | ||||||||
Total provision | $ | 4,357 | $ | (1,289 | ) | $ | (2,325 | ) | $ | 339 | ||||
Income tax expense (benefit) | ||||||||||||||
From continuing operations | $ | 4,894 | $ | (728 | ) | $ | (2,259 | ) | $ | 550 | ||||
From discontinued operations | (537 | ) | (561 | ) | (66 | ) | (211 | ) | ||||||
Total | $ | 4,357 | $ | (1,289 | ) | $ | (2,325 | ) | $ | 339 | ||||
TRSs | ' | |||||||||||||
Schedule of reconciliation of the federal statutory rate to the effective income tax rate for the TRSs | ' | |||||||||||||
A reconciliation of the federal statutory rate to the effective income tax rate for the TRSs follows (in thousands): | ||||||||||||||
2013 | ||||||||||||||
Tax benefit at U.S. statutory rates on TRSs income subject to tax | $ | (809 | ) | |||||||||||
State income tax, net of federal income tax benefit | (120 | ) | ||||||||||||
Effect of permanent differences and other | (152 | ) | ||||||||||||
Increase in valuation allowance | 5,029 | |||||||||||||
TRSs provision for income tax expense/(benefit) | $ | 3,948 |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
FAIR VALUE | ' | |||||||||||||
Schedule of financial instruments measured at fair value on a recurring basis | ' | |||||||||||||
Fair Value Measurements at December 31, 2013 using | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | ||||||||||||||
Assets held for sale | $ | — | $ | 12,224 | $ | — | $ | 12,224 | ||||||
Interest rate swaps (asset) | — | 253 | — | 253 | ||||||||||
Liabilities: | ||||||||||||||
Interest rate swaps (liability) | — | 1,772 | — | 1,772 | ||||||||||
Fixed-rate debt | — | 319,429 | — | 319,429 | ||||||||||
Fair Value Measurements at December 31, 2012 using | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | ||||||||||||||
Assets held for sale | $ | — | $ | 4,836 | $ | — | $ | 4,836 | ||||||
Interest rate swaps (asset) | — | — | — | — | ||||||||||
Liabilities: | ||||||||||||||
Interest rate swaps (liability) | — | 641 | — | 641 | ||||||||||
Fixed-rate debt | — | 193,448 | — | 193,448 | ||||||||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
DISCONTINUED OPERATIONS | ' | |||||||||||||
Schedule of condensed results for the hotel properties included in discontinued operations | ' | |||||||||||||
Condensed results for the hotel properties included in discontinued operations follows (in thousands): | ||||||||||||||
Summit Hotel | ||||||||||||||
Summit Hotel Properties, Inc. | Properties, LLC | |||||||||||||
2013 | 2012 | Period 2/14/11 | Period 1/1/11 | |||||||||||
through 12/31/11 | through 2/13/11 | |||||||||||||
REVENUE | $ | 19,458 | $ | 33,193 | $ | 30,265 | $ | 3,755 | ||||||
Hotel operating expenses | 14,859 | 24,701 | 22,762 | 3,070 | ||||||||||
Depreciation and amortization | 1,960 | 4,226 | 4,732 | 778 | ||||||||||
Loss on impairment of assets | 7,675 | 2,305 | — | — | ||||||||||
Income (loss) from hotel operations | (5,036 | ) | 1,961 | 2,771 | (93 | ) | ||||||||
Interest expense | 174 | 855 | 3,182 | 1,226 | ||||||||||
(Gain) loss on disposal of assets | (3,945 | ) | (3,010 | ) | — | — | ||||||||
Income (loss) before taxes | (1,265 | ) | 4,116 | (411 | ) | (1,319 | ) | |||||||
Income tax (expense) benefit | 537 | 561 | 66 | 211 | ||||||||||
Income (loss) from discontinued operations | $ | (728 | ) | $ | 4,677 | $ | (345 | ) | $ | (1,108 | ) | |||
Income (loss) from discontinued operations attributable to noncontrolling interests | $ | (25 | ) | $ | 807 | $ | (93 | ) | ||||||
Income (loss) from discontinued operations attributable to common shareholders / members | $ | (703 | ) | $ | 3,870 | $ | (252 | ) | ||||||
EARNINGS_LOSS_PER_SHARE_Tables
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
EARNINGS (LOSS) PER SHARE | ' | |||||||||||
Summary of the components used to calculate basic and diluted earnings per share | ' | |||||||||||
Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Income (loss) from continuing operations | $ | 6,625 | $ | (6,947 | ) | $ | (3,832 | ) | ||||
Less: | Preferred dividends | 14,590 | 4,625 | 411 | ||||||||
Allocation to participating securities | 73 | 37 | — | |||||||||
Attributable to noncontrolling interest | 44 | (2,001 | ) | (1,147 | ) | |||||||
Income (loss) attributable to common shareholders from continuing operations | (8,082 | ) | (9,608 | ) | (3,096 | ) | ||||||
Income (loss) attributable to common shareholders from discontinued operations | (703 | ) | 3,870 | (252 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | (8,785 | ) | $ | (5,738 | ) | $ | (3,348 | ) | |||
Denominator: | ||||||||||||
Weighted average common shares outstanding - basic | 70,327 | 33,717 | 27,278 | |||||||||
Dilutive effect of equity-based compensation awards | 410 | 132 | — | |||||||||
Weighted average common shares outstanding - diluted | 70,737 | 33,849 | 27,278 | |||||||||
Earnings per common share - basic and diluted: | ||||||||||||
Net income (loss) from continuing operations | $ | (0.11 | ) | $ | (0.28 | ) | $ | (0.11 | ) | |||
Net income (loss) from discontinued operations | (0.01 | ) | 0.11 | (0.01 | ) | |||||||
Net income (loss) | $ | (0.12 | ) | $ | (0.17 | ) | $ | (0.12 | ) | |||
SELECTED_QUARTERLY_FINANCIAL_D1
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | |||||||||||||
Schedule of selected consolidated quarterly financial data | ' | |||||||||||||
Selected consolidated quarterly financial data for 2013 and 2012 follows (in thousands, except per share): | ||||||||||||||
2013 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Total revenues | $ | 59,723 | $ | 79,105 | $ | 82,174 | $ | 77,956 | ||||||
Net income (loss) from continuing operations | $ | 1,517 | $ | 6,126 | $ | 2,837 | $ | (3,855 | ) | |||||
Net income (loss) from discontinued operations | $ | 357 | $ | 545 | $ | (3,410 | ) | $ | 1,780 | |||||
Net income (loss) | $ | 1,874 | $ | 6,671 | $ | (573 | ) | $ | (2,075 | ) | ||||
Net income (loss) attributable to Summit Hotel Properties, Inc. | $ | 1,940 | $ | 6,459 | $ | (662 | ) | $ | (1,859 | ) | ||||
Earnings per common share - basic and diluted: | ||||||||||||||
Net income (loss) from continuing operations | $ | (0.03 | ) | $ | 0.03 | $ | (0.02 | ) | $ | (0.09 | ) | |||
Net income (loss) from discontinued operations | 0.01 | 0.01 | (0.05 | ) | 0.02 | |||||||||
Net income (loss) | $ | (0.02 | ) | $ | 0.04 | $ | (0.07 | ) | $ | (0.07 | ) | |||
2012 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Total revenues | $ | 33,942 | $ | 39,580 | $ | 43,069 | $ | 45,109 | ||||||
Net income (loss) from continuing operations | $ | (1,245 | ) | $ | (939 | ) | $ | (411 | ) | $ | (4,352 | ) | ||
Net income (loss) from discontinued operations | $ | (1,561 | ) | $ | 583 | $ | 2,052 | $ | 3,603 | |||||
Net income (loss) | $ | (2,806 | ) | $ | (356 | ) | $ | 1,641 | $ | (749 | ) | |||
Net income (loss) attributable to Summit Hotel Properties, Inc. | $ | (1,736 | ) | $ | (81 | ) | $ | 1,562 | $ | (821 | ) | |||
Earnings per common share - basic and diluted: | ||||||||||||||
Net income (loss) from continuing operations | $ | (0.07 | ) | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.11 | ) | ||
Net income (loss) from discontinued operations | (0.04 | ) | 0.02 | 0.06 | 0.07 | |||||||||
Net income (loss) | $ | (0.11 | ) | $ | (0.04 | ) | $ | 0.02 | $ | (0.04 | ) |
DESCRIPTION_OF_BUSINESS_Detail
DESCRIPTION OF BUSINESS (Details) (Common stock) | 0 Months Ended |
Feb. 15, 2011 | |
IPO | ' |
Description of business | ' |
Shares issued | 26,000,000 |
Private placement | ' |
Description of business | ' |
Shares issued | 1,274,000 |
DESCRIPTION_OF_BUSINESS_Detail1
DESCRIPTION OF BUSINESS (Details 2) | Dec. 31, 2013 |
guestroom | |
state | |
Description of business | ' |
Number of guestrooms | 10,908 |
Number of states in which hotel properties are located | 22 |
Hotels | ' |
Description of business | ' |
Number of upscale, upper midscale and midscale hotel properties owned | 88 |
TRS Lessees | ' |
Description of business | ' |
Equity interests owned other than 100%, number of subsidiaries | 1 |
TRS Lessees | Maximum | ' |
Description of business | ' |
Controlling interest owned (as a percent) | 100.00% |
TRS Lessees | Holiday Inn Express & Suites | San Francisco, CA | ' |
Description of business | ' |
Controlling interest owned (as a percent) | 80.00% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
item | ||
Segment Disclosure | ' | ' |
Number of reportable segments | 1 | ' |
Trade Receivables and Credit Policies | ' | ' |
Allowance for doubtful accounts | $0.20 | $0 |
Bad debt expense | $0.60 | $0.20 |
Buildings and improvements | Minimum | ' | ' |
Investment in hotel properties | ' | ' |
Estimated Useful Lives | '25 years | ' |
Buildings and improvements | Maximum | ' | ' |
Investment in hotel properties | ' | ' |
Estimated Useful Lives | '40 years | ' |
Furniture, fixtures and equipment | Minimum | ' | ' |
Investment in hotel properties | ' | ' |
Estimated Useful Lives | '2 years | ' |
Furniture, fixtures and equipment | Maximum | ' | ' |
Investment in hotel properties | ' | ' |
Estimated Useful Lives | '15 years | ' |
HOTEL_PROPERTY_ACQUISITIONS_De
HOTEL PROPERTY ACQUISITIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 |
Minneapolis, Minnesota | Minneapolis, Minnesota | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2013 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | 2012 acquisitions | Joint venture | |
Hyatt Place | Hyatt Place | hotelproperty | Debt | Chicago (Hoffman Estates), IL | Orlando (Convention), FL | Orlando (Universal), FL | San Francisco, CA | San Francisco, CA | New Orleans, LA | New Orleans (Convention), LA | New Orleans (French Quarter), LA | New Orleans (Metairie), LA | New Orleans (Metairie), LA | Greenville, SC | Minneapolis (Minnetonka), MN | Minneapolis (Minnetonka), MN | Minneapolis (Eden Prairie), MN | Minneapolis (Eden Prairie), MN | Louisville, KY | Louisville, KY | Indianapolis, IN | Indianapolis, IN | Ventura (Camarillo), CA | San Diego (Poway), CA | Minneapolis, Minnesota | hotelproperty | Debt | Atlanta, GA | Atlanta, GA | Atlanta, GA | Birmingham (Liberty Park), AL | Birmingham (Lakeshore), AL | Dallas (Arlington), TX | Dallas (Arlington), TX | Dallas (Arlington), TX | Nashville (Smyrna), TN | Nashville (Smyrna), TN | Nashville (Smyrna), TN | Nashville (Smyrna), TN | Denver (Lone Tree), CO | Denver (Englewood), CO | Denver (Englewood), CO | Baltimore (Owings Mills), MD | Chicago (Lombard), IL | Phoenix, AZ | Scottsdale, AZ | Ft. Worth, TX | Salt Lake City, UT | Salt Lake City, UT | Long Island (Garden City), NY | Tampa (Ybor City), FL | 2013 acquisitions | |
Hyatt Place | Hyatt Place | Hyatt Place | IHG/Holiday Inn Express & Suites | IHG/Holiday Inn Express & Suites | SpringHill Suites by Marriott | Courtyard by Marriott | Courtyard by Marriott | Courtyard by Marriott | Residence Inn by Marriott | Hilton Garden Inn | IHG/Holiday Inn Express & Suites | IHG/Holiday Inn Express & Suites | Hilton Garden Inn | Hilton Garden Inn | Fairfield Inn & Suites by Marriott | SpringHill Suites by Marriott | SpringHill Suites by Marriott | Courtyard by Marriott | Hilton / Hampton Inn & Suites | Hilton / Hampton Inn & Suites | Hyatt Place | Courtyard by Marriott | Courtyard by Marriott | Courtyard by Marriott | Hilton Garden Inn | Hilton Garden Inn | Hyatt Place | Courtyard by Marriott | Residence Inn by Marriott | Hilton Garden Inn | Hilton Garden Inn | Hilton / Hampton Inn & Suites | Hilton / Hampton Inn & Suites | Hyatt Place | Hyatt Place | Hyatt House | Hyatt Place | Hyatt Place | Hyatt Place | Hyatt Place | Hilton Garden Inn | Residence Inn by Marriott | Residence Inn by Marriott | Hyatt Place | Hilton / Hampton Inn & Suites | San Francisco, CA | |||||||
Debt | Debt | Debt | Debt | Remaining ownership interest purchase obligation | Debt | Debt | Debt | IHG/Holiday Inn Express & Suites | |||||||||||||||||||||||||||||||||||||||||||||
Hotel property acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price | $32,600 | ' | $475,615 | ' | $9,230 | $12,252 | $11,843 | $60,500 | ' | $33,095 | $30,827 | $25,683 | $23,539 | $19,890 | $15,250 | $6,900 | ' | $10,200 | ' | $25,023 | $39,138 | $30,205 | $58,634 | $15,750 | $15,150 | $32,506 | $265,418 | ' | $28,900 | ' | ' | $11,500 | $8,625 | $9,055 | $15,000 | $15,500 | $11,500 | ' | $8,000 | ' | $10,530 | $11,515 | $13,480 | $10,235 | $17,025 | $5,020 | $10,530 | $7,200 | $19,959 | ' | $31,000 | $20,844 | ' |
Debt Assumed | ' | $20,300 | ' | $33,532 | ' | ' | ' | ' | $23,423 | ' | ' | ' | ' | ' | ' | ' | $3,724 | ' | $6,385 | ' | ' | ' | ' | ' | ' | ' | ' | $47,162 | ' | $19,011 | $400 | ' | ' | ' | ' | ' | ' | $8,708 | ' | $5,384 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,059 | ' | ' | ' |
Number of hotel properties acquired | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Controlling interest owned (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% |
Ownership interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
HOTEL_PROPERTY_ACQUISITIONS_De1
HOTEL PROPERTY ACQUISITIONS (Details 2) (USD $) | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Hyatt Place | 2013 acquisitions | 2013 acquisitions | 2012 acquisitions | ||
Minneapolis, Minnesota | |||||
Hotel property acquisitions | ' | ' | ' | ' | ' |
Investment in hotel properties under development | $10,303,000 | ' | ' | $10,300,000 | ' |
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired | ' | ' | ' | ' | ' |
Land | ' | ' | 61,776,000 | ' | 33,874,000 |
Hotel buildings and improvements | ' | ' | 395,543,000 | ' | 220,599,000 |
Furniture, fixtures and equipment | ' | ' | 18,296,000 | ' | 10,945,000 |
Other assets | ' | ' | 11,273,000 | ' | 629,000 |
Total assets acquired | ' | ' | 486,888,000 | ' | 266,047,000 |
Debt assumed | ' | ' | 33,532,000 | ' | 47,162,000 |
Other liabilities | ' | ' | 1,480,000 | ' | 1,993,000 |
Net assets acquired | ' | ' | 451,876,000 | ' | 216,892,000 |
First mortgage loan receivable and related capitalized interest credited as purchase price consideration | ' | $20,700,000 | ' | ' | ' |
HOTEL_PROPERTY_ACQUISITIONS_De2
HOTEL PROPERTY ACQUISITIONS (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
2013 acquisitions | ' | ' |
Hotel property acquisitions | ' | ' |
Revenues | $76,675 | ' |
Net income | 13,399 | ' |
2012 acquisitions | ' | ' |
Hotel property acquisitions | ' | ' |
Revenues | 76,088 | 24,939 |
Net income | $9,073 | $1,754 |
HOTEL_PROPERTY_ACQUISITIONS_De3
HOTEL PROPERTY ACQUISITIONS (Details 4) (All 2012 and 2013 Acquisitions, USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
All 2012 and 2013 Acquisitions | ' | ' |
Hotel property acquisitions | ' | ' |
Revenues | $328,595 | $310,928 |
Net income | $16,701 | $35,202 |
Net income per share attributable to common shareholders - basic and diluted (in dollars per share) | $0.03 | $0.75 |
INVESTMENT_IN_HOTEL_PROPERTIES3
INVESTMENT IN HOTEL PROPERTIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment in hotel properties | ' | ' | ' |
Investment in hotel properties at cost | $1,315,421,000 | $879,655,000 | ' |
Less accumulated depreciation | 165,454,000 | 145,293,000 | ' |
Investment in hotel properties, net | 1,149,967,000 | 734,362,000 | ' |
Depreciation expense | 48,900,000 | 28,000,000 | 22,500,000 |
Land | ' | ' | ' |
Investment in hotel properties | ' | ' | ' |
Investment in hotel properties at cost | 154,831,000 | 105,571,000 | ' |
Hotel buildings and improvements | ' | ' | ' |
Investment in hotel properties | ' | ' | ' |
Investment in hotel properties at cost | 993,372,000 | 649,699,000 | ' |
Construction in progress | ' | ' | ' |
Investment in hotel properties | ' | ' | ' |
Investment in hotel properties at cost | 24,242,000 | ' | ' |
Furniture, fixtures and equipment | ' | ' | ' |
Investment in hotel properties | ' | ' | ' |
Investment in hotel properties at cost | $142,976,000 | $124,385,000 | ' |
INVESTMENT_IN_HOTEL_PROPERTIES4
INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment in hotel properties under development | ' | ' | ' |
Interest expense capitalized | ' | $400 | $53 |
Hyatt Place | Minneapolis, Minnesota | ' | ' | ' |
Investment in hotel properties under development | ' | ' | ' |
Amount funded in the form of a first mortgage loan | ' | ' | 20,300 |
Purchase Price | 32,600 | ' | ' |
Interest expense capitalized | ' | $400 | $100 |
ASSETS_HELD_FOR_SALE_Details
ASSETS HELD FOR SALE (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets held for sale | ' | ' |
Assets held for sale | $12,224 | $4,836 |
Land | ' | ' |
Assets held for sale | ' | ' |
Assets held for sale | 1,183 | 3,092 |
Building | ' | ' |
Assets held for sale | ' | ' |
Assets held for sale | 10,290 | 1,474 |
Furniture, fixtures and equipment | ' | ' |
Assets held for sale | ' | ' |
Assets held for sale | $751 | $270 |
RESTRICTED_CASH_Details
RESTRICTED CASH (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Restricted cash | ' | ' |
Restricted cash | $38,498 | $3,624 |
Property taxes | ' | ' |
Restricted cash | ' | ' |
Restricted cash | 2,124 | 1,185 |
Insurance | ' | ' |
Restricted cash | ' | ' |
Restricted cash | 59 | 180 |
FF&E reserves | ' | ' |
Restricted cash | ' | ' |
Restricted cash | 35,823 | 2,259 |
Other funds in escrow | ' | ' |
Restricted cash | ' | ' |
Restricted cash | $492 | ' |
PREPAID_EXPENSES_AND_OTHER_Det
PREPAID EXPENSES AND OTHER (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
PREPAID EXPENSES AND OTHER | ' | ' |
Deposits on pending acquisitions | $5,115 | $2,759 |
Prepaid insurance | 1,316 | 663 |
Other | 2,445 | 1,889 |
Prepaid expenses and other | $8,876 | $5,311 |
DEFERRED_CHARGES_Details
DEFERRED CHARGES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
DEFERRED CHARGES | ' | ' | ' |
Initial franchise fees | $5,957 | $6,201 | ' |
Deferred financing costs | 7,846 | 9,500 | ' |
Deferred charges, gross | 13,803 | 15,701 | ' |
Less accumulated amortization | 3,533 | 6,806 | ' |
Deferred charges, net | 10,270 | 8,895 | ' |
Amortization expense | ' | ' | ' |
Initial franchise fees | 411 | 355 | 511 |
Deferred financing costs | 1,854 | 2,288 | 1,293 |
Amortization expense | 2,265 | 2,643 | 1,804 |
Future amortization expense | ' | ' | ' |
2014 | 1,862 | ' | ' |
2015 | 1,837 | ' | ' |
2016 | 1,573 | ' | ' |
2017 | 1,278 | ' | ' |
2018 | 812 | ' | ' |
Thereafter | 2,908 | ' | ' |
Deferred charges, net | $10,270 | $8,895 | ' |
OTHER_ASSETS_Details
OTHER ASSETS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
OTHER ASSETS. | ' | ' |
Prepaid land lease | $3,420 | $3,468 |
Seller financed noted receivable | 3,121 | 733 |
Other | 113 | ' |
Total | $6,654 | $4,201 |
DEBT_Details
DEBT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2013 | 23-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 07, 2013 | Dec. 31, 2013 | Mar. 08, 2013 | Dec. 31, 2013 | Jul. 22, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 10, 2013 | Jan. 02, 2014 | Dec. 31, 2013 | Dec. 27, 2013 | Oct. 10, 2013 | Dec. 31, 2013 | Oct. 10, 2013 |
hotelproperty | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Mortgage Loans | Mortgage Loans | Mortgage loan with ING Life Insurance and Annuity at 6.10% | Mortgage loan with ING Life Insurance and Annuity at 6.10% | Mortgage loan with ING Life Insurance and Annuity at 4.55% | Mortgage loan with KeyBank National Association at 4.46% | Mortgage loan with KeyBank National Association at 4.52% | Mortgage loan with KeyBank National Association at 4.52% | Mortgage loan with KeyBank National Association at 4.3% | Mortgage loan with KeyBank National Association at 4.3% | Mortgage loan with KeyBank National Association at 4.95% | Mortgage loan with KeyBank National Association at 4.95% | Mortgage loan with Bank of America Commercial Mortgage at 6.41% | Mortgage loan with Bank of America Commercial Mortgage at 6.41% | Mortgage loan with Merrill Lynch Mortgage Lending Inc. at 6.38% | Mortgage loan with Merrill Lynch Mortgage Lending Inc. at 6.38% | Mortgage loan with GE Capital Financial Inc. at 6.03% | Mortgage loan with GE Capital Financial Inc. at 6.03% | Mortgage loan with MetaBank at 4.95% | Mortgage loan with MetaBank due Augustl 1, 2018 | Mortgage loan with Bank of Cascades due September 30, 2021 | Mortgage loan with Bank of Cascades due September 30, 2021 | Mortgage loan with Goldman Sachs at 5.67% | Mortgage loan with Goldman Sachs at 5.67% | Mortgage loan with Compass Bank due May 17, 2018 | Mortgage loan with Compass Bank due May 17, 2018 | Mortgage loan with General Electric Capital Corporation due April 1, 2017, one | Mortgage loan with General Electric Capital Corporation due April 1, 2017, one | Mortgage loan with General Electric Capital Corporation due April 1, 2017, two | Mortgage loan with General Electric Capital Corporation due April 1, 2017, two | Mortgage loan with General Electric Capital Corporation due April 1, 2014 | Mortgage loan with General Electric Capital Corporation at 4.82% | Mortgage loan with General Electric Capital Corporation at 4.82% | Mortgage loan with General Electric Capital Corporation at 5.03% | Mortgage loan with General Electric Capital Corporation at 5.03% | Mortgage loan with AIG at 6.11% | Mortgage loan with AIG at 6.11% | Mortgage loan with Greenwich Capital Financial Products Inc. due January 6, 2016 | Mortgage loan with Wells Fargo Bank, National Association at 5.53% | Mortgage loan with Wells Fargo Bank, National Association at 5.57% | Mortgage loan with First National Bank of Omaha due February 1, 2014 | Mortgage loan with First National Bank of Omaha due July 1, 2013 | Mortgage loan with Chambers Bank at 6.5% | Mortgage loan with BNC National | Mortgage loan with Bank of the Ozarks due July 10, 2017 | Mortgage loan with Empire Financial Services, Inc. | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | ||
hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | $75 Million Term Loan | $75 Million Term Loan | $75 Million Term Loan | $75 Million Term Loan | $225 Million Revolver | $225 Million Revolver | ||||||||||||||||||||||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | $150,000,000 | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | $75,000,000 | $75,000,000 | $75,000,000 | $75,000,000 | $225,000,000 | $225,000,000 |
Interest Rate end of period (as a percent) | ' | ' | ' | ' | ' | ' | ' | 6.10% | ' | 4.55% | 4.46% | 4.52% | ' | 4.30% | ' | 4.95% | ' | 6.41% | ' | 6.38% | ' | 6.03% | ' | ' | 4.25% | 4.66% | ' | 5.67% | ' | 4.57% | ' | 5.46% | ' | 5.46% | ' | ' | 4.82% | ' | 5.03% | ' | 6.11% | ' | 6.20% | 5.53% | 5.57% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.15% | ' | ' | ' | ' |
Amortization period | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | '25 years | '30 years | '30 years | ' | '30 years | ' | '30 years | ' | '25 years | ' | '30 years | ' | '25 years | ' | ' | '20 years | '25 years | ' | '25 years | ' | '20 years | ' | '25 years | ' | '25 years | ' | ' | '20 years | ' | '25 years | ' | '20 years | ' | '30 years | '25 years | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Properties Encumbered | 43 | ' | ' | ' | ' | 43 | ' | 14 | ' | ' | 4 | 3 | 3 | 3 | 3 | 2 | 2 | 1 | ' | 1 | ' | 2 | ' | 2 | 1 | 1 | ' | 2 | ' | 1 | ' | 1 | ' | 1 | ' | 1 | 1 | ' | 1 | ' | 1 | ' | 1 | 1 | 1 | ' | ' | 1 | 1 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt | $435,589,000 | $312,613,000 | ' | ' | $58,000,000 | $360,589,000 | $254,613,000 | $64,309,000 | $66,174,000 | $33,754,000 | $28,965,000 | $22,421,000 | ' | $21,767,000 | ' | $38,497,000 | ' | $8,382,000 | $8,593,000 | $5,249,000 | $5,341,000 | $14,579,000 | $14,851,000 | $6,786,000 | $7,348,000 | $11,986,000 | $12,283,000 | $14,090,000 | $14,376,000 | $13,325,000 | $14,144,000 | $5,371,000 | $5,481,000 | $6,290,000 | $6,419,000 | $10,568,000 | $7,612,000 | $7,998,000 | $10,108,000 | $10,434,000 | $13,516,000 | $14,059,000 | $23,107,000 | $3,652,000 | $6,261,000 | $8,241,000 | $14,663,000 | $1,417,000 | $5,308,000 | $8,778,000 | $18,699,000 | $75,000,000 | ' | ' | $75,000,000 | ' | ' | ' | ' |
DEBT_Details_2
DEBT (Details 2) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2013 | 23-May-13 | Aug. 02, 2013 | Aug. 02, 2013 | Dec. 31, 2013 | Aug. 02, 2013 | Jan. 25, 2013 | Dec. 31, 2013 | Mar. 07, 2013 | Dec. 31, 2013 | Mar. 08, 2013 | Dec. 31, 2013 | Jul. 22, 2013 | Dec. 31, 2013 | Apr. 04, 2012 | Dec. 31, 2013 | 2-May-13 | Dec. 31, 2012 | Jul. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 11, 2012 | Dec. 31, 2013 | Mar. 02, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Oct. 30, 2013 | Dec. 31, 2012 | Oct. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 14, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 24, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Dec. 31, 2012 | Nov. 12, 2013 | Dec. 31, 2012 | Dec. 20, 2013 | Dec. 31, 2012 | 23-May-13 | Dec. 31, 2013 | Oct. 10, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 10, 2013 | Jan. 02, 2014 | Dec. 31, 2013 | Dec. 27, 2013 | Oct. 10, 2013 | Sep. 05, 2013 | Sep. 05, 2013 | Dec. 31, 2013 | |
hotelproperty | Designated as a hedge | Designated as a hedge | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Mortgage loan with ING Life Insurance and Annuity at 4.55% | Mortgage loan with ING Life Insurance and Annuity due March 1, 2032, as amended | Mortgage loan with ING Life Insurance and Annuity due March 1, 2032, as amended | Mortgage loans with ING Life Insurance and Annuity | Mortgage loan with KeyBank National Association at 4.46% | Mortgage loan with KeyBank National Association at 4.46% | Mortgage loan with KeyBank National Association at 4.52% | Mortgage loan with KeyBank National Association at 4.52% | Mortgage loan with KeyBank National Association at 4.3% | Mortgage loan with KeyBank National Association at 4.3% | Mortgage loan with KeyBank National Association at 4.95% | Mortgage loan with KeyBank National Association at 4.95% | Mortgage loan with GE Capital Financial Inc. at 6.03% | Mortgage loan with GE Capital Financial Inc. at 6.03% | Mortgage loan with MetaBank at 4.95% | Mortgage loan with MetaBank at 4.95% | Mortgage loan with MetaBank due Augustl 1, 2018 | Mortgage loan with MetaBank due Augustl 1, 2018 | Mortgage loan with MetaBank due Augustl 1, 2018 | Mortgage loan with MetaBank due Augustl 1, 2018 | Mortgage loan with MetaBank due Augustl 1, 2018 | Mortgage loan with Bank of Cascades due September 30, 2021 | Mortgage loan with Bank of Cascades due September 30, 2021 | Mortgage loan with Bank of Cascades due September 30, 2021 | Mortgage loan with Bank of Cascades due September 30, 2021 | Mortgage loan with Bank of Cascades due September 30, 2021 | Mortgage loan with Bank of Cascades due September 30, 2021 | Mortgage loan with Compass Bank due May 17, 2018 | Mortgage loan with Compass Bank due May 17, 2018 | Mortgage loan with Compass Bank due May 17, 2018 | Mortgage loans with General Electric Capital Corporation due April 1, 2017 | Mortgage loan with General Electric Capital Corporation due April 1, 2017, one | Mortgage loan with General Electric Capital Corporation due April 1, 2017, one | Mortgage loan with General Electric Capital Corporation due April 1, 2017, one | Mortgage loan with General Electric Capital Corporation due April 1, 2017, one | Mortgage loan with General Electric Capital Corporation due April 1, 2017, two | Mortgage loan with General Electric Capital Corporation due April 1, 2017, two | Mortgage loan with General Electric Capital Corporation due April 1, 2017, two | Mortgage loan with General Electric Capital Corporation due April 1, 2017, two | Mortgage loan with General Electric Capital Corporation due April 1, 2014 | Mortgage loan with General Electric Capital Corporation due April 1, 2014 | Mortgage loan with General Electric Capital Corporation due April 1, 2014 | Mortgage loan with General Electric Capital Corporation due April 1, 2014 | Mortgage loan with General Electric Capital Corporation due April 1, 2014 | Mortgage loans with General Electric Capital Corporation | Mortgage loan with General Electric Capital Corporation due April 1, 2018 | Mortgage loan with General Electric Capital Corporation due April 1, 2018 | Mortgage loan with General Electric Capital Corporation due March 1, 2019 | Mortgage loan with General Electric Capital Corporation due March 1, 2019 | Mortgage loan with AIG at 6.11% | Mortgage loan with AIG at 6.11% | Mortgage loan with Greenwich Capital Financial Products Inc. due January 6, 2016 | Mortgage loan with Wells Fargo Bank, National Association at 5.53% | Mortgage loan with Wells Fargo Bank, National Association at 5.57% | Mortgage loans with First National Bank of Omaha | Mortgage loans with First National Bank of Omaha | Mortgage loans with First National Bank of Omaha | Mortgage loans with First National Bank of Omaha | Mortgage loan with Chambers Bank at 6.5% | Mortgage loan with Chambers Bank at 6.5% | Mortgage loan with BNC National | Mortgage loan with BNC National | Mortgage loan with Bank of the Ozarks due July 10, 2017 | Mortgage loan with Bank of the Ozarks due July 10, 2017 | Mortgage loan with Empire Financial Services, Inc. | Mortgage loan with Empire Financial Services, Inc. | Senior secured interim loan | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | |||
hotelproperty | loan | item | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | loan | hotelproperty | hotelproperty | hotelproperty | Period until July 26, 2015 | Period from July 26, 2015 until July 26, 2017 | Period from July 26, 2017 until February 1, 2018 | hotelproperty | Period until October 1, 2015 | Period from October 1, 2015 until October 1, 2017 | Period from October 17, 2017 until October 1, 2019 | Period from October 1, 2019 until July 2, 2021 | Five-year Fixed Rate | hotelproperty | LIBOR | loan | hotelproperty | Second year | Third year | LIBOR | hotelproperty | Second year | Third year | LIBOR | hotelproperty | Interest rate derivative financial instruments | Interest rate derivative financial instruments | hotelproperty | hotelproperty | LIBOR | hotelproperty | LIBOR | hotelproperty | Minimum | hotelproperty | hotelproperty | hotelproperty | loan | hotelproperty | LIBOR | LIBOR | hotelproperty | hotelproperty | hotelproperty | hotelproperty | hotelproperty | Minimum | LIBOR advances | LIBOR advances | LIBOR advances | Base rate advances | Base rate advances | Base rate advances | Base rate advances | Base rate advances | Base rate advances | $225 Million Revolver | $225 Million Revolver | $75 Million Term Loan | $75 Million Term Loan | $75 Million Term Loan | $75 Million Term Loan | $75 Million Term Loan | $75 Million Term Loan | Standby letters of credit | |||||||||||||||||||||
hotelproperty | hotelproperty | Maximum | loan | Minimum | hotelproperty | LIBOR | LIBOR | LIBOR | Base rate | Base rate | Base rate | LIBOR | Prime rate | Federal funds rate | Designated as a hedge | LIBOR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum | Maximum | Minimum | Maximum | Interest rate derivative financial instruments | Interest rate derivative financial instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | $150,000,000 | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $92,000,000 | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $225,000,000 | $225,000,000 | $75,000,000 | $75,000,000 | $75,000,000 | $75,000,000 | ' | ' | ' |
Maximum increase in borrowing capacity available through accordion feature option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Five-year Fixed Rate | ' | ' | '30-day LIBOR | ' | ' | ' | ' | '90-day LIBOR | ' | ' | ' | '90-day LIBOR | ' | ' | ' | ' | ' | ' | ' | '90-day LIBOR | ' | '90-day LIBOR | ' | ' | ' | ' | ' | ' | ' | '90-day LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1, 2, 3, or 6-month LIBOR | ' | ' | 'base rate | ' | ' | '1-month LIBOR | 'prime rate | 'federal funds rate | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin on variable rate basis (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | 3.50% | ' | ' | ' | ' | 5.28% | ' | ' | ' | 5.28% | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 2.50% | ' | 0.75% | 1.50% | 1.00% | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused fees payable, if unused portion of credit facility is equal to or greater than 50% (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused fees payable, if unused portion of credit facility is less than 50% (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold for determining unused fees payable (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 270,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt obligation incurred | 587,245,000 | 130,659,000 | 65,383,000 | ' | ' | ' | ' | 34,000,000 | ' | ' | ' | 29,400,000 | ' | 22,700,000 | ' | 22,000,000 | ' | 38,700,000 | ' | ' | ' | ' | ' | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 4.55% | ' | ' | ' | 4.46% | ' | 4.52% | ' | 4.30% | ' | 4.95% | ' | ' | ' | ' | 4.95% | ' | ' | ' | ' | ' | 4.66% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.20% | 5.53% | 5.57% | ' | ' | ' | 5.25% | ' | 6.50% | ' | 5.01% | ' | 5.75% | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate up to reset date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.94% | ' | ' | ' | ' | ' | ' |
Variable rate basis of derivative instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' |
Variable interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.15% | ' | ' | ' | ' |
Number of unencumbered hotel properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32 | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties to remain unencumbered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 |
Notional value of interest rate derivative | ' | ' | ' | 104,273,000 | 41,095,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' |
Fixed rate with derivative (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.04% | ' |
Amount available for borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 195,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in collateral | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties securing debt | 43 | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 14 | ' | 4 | 3 | 3 | 3 | 3 | 2 | 2 | ' | 2 | ' | 2 | ' | 1 | ' | ' | ' | 1 | ' | ' | ' | ' | ' | 1 | ' | ' | 2 | 1 | ' | ' | ' | 1 | ' | ' | ' | ' | ' | 1 | ' | ' | ' | 1 | ' | 1 | ' | 1 | ' | 1 | 1 | 1 | ' | 3 | ' | ' | ' | 1 | ' | 1 | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment penalties (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | 3.00% | 2.00% | 1.00% | ' | 4.00% | 3.00% | 2.00% | 1.00% | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% | ' | ' | 2.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt paid off | 497,801,000 | 82,312,000 | 268,716,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,800,000 | ' | ' | ' | 1,300,000 | ' | 5,100,000 | ' | 8,600,000 | ' | 18,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional proceeds to be received after attaining performance level | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate debt converted to fixed rate debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for which interest rate of loans is fixed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional properties released | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional loans for which collateral was released | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative termination costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | $0 | ' | $0 | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DEBT_Details_3
DEBT (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Maturities of long-term debt for each of the next five years | ' | ' |
2014 | $9,164 | ' |
2015 | 13,036 | ' |
2016 | 67,013 | ' |
2017 | 39,211 | ' |
2018 | 103,128 | ' |
Thereafter | 204,037 | ' |
Total | 435,589 | 312,613 |
Weighted average interest rate, after giving effect to interest rate derivatives (as a percent) | 5.03% | 5.15% |
Debt | ' | ' |
Fixed-rate debt | 358,590 | 229,587 |
Variable-rate debt | 76,999 | 83,026 |
Total | 435,589 | 312,613 |
Not recorded at fair value | ' | ' |
Debt | ' | ' |
Fixed-rate debt | 329,544 | 188,565 |
Fair Value | Level 2 - Market approach | ' | ' |
Debt | ' | ' |
Fixed-rate debt | 319,429 | 193,448 |
Carried at fair value | ' | ' |
Debt | ' | ' |
Variable-rate debt | $104,000 | $41,000 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ACCRUED EXPENSES | ' | ' |
Accrued sales and property taxes | $10,359 | $8,893 |
Accrued salaries and benefits | 7,178 | 5,562 |
Accrued interest | 1,721 | 1,031 |
Other accrued expenses | 7,896 | 3,499 |
Total | $27,154 | $18,985 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and contingencies | ' | ' | ' |
Remaining prepaid balance of land lease | $3,420,000 | $3,468,000 | ' |
Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year | ' | ' | ' |
2014 | 569,000 | ' | ' |
2015 | 580,000 | ' | ' |
2016 | 591,000 | ' | ' |
2017 | 602,000 | ' | ' |
2018 | 474,000 | ' | ' |
Thereafter | 30,918,000 | ' | ' |
Total | 33,734,000 | ' | ' |
Ground Leases | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Total rent expense | 500,000 | 500,000 | 400,000 |
Ground Leases | Ft. Smith, AR | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Number of hotel properties for which land is leased | 2 | ' | ' |
Ground Leases | Ft. Smith, AR | Minimum | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Lease renewal period | '5 years | ' | ' |
Ground Leases | Ft. Smith, AR | Maximum | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Lease renewal period | '30 years | ' | ' |
Ground Leases | Duluth, GA | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Number of hotel properties for which land is leased | 1 | ' | ' |
Ground Leases | Portland, OR | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Number of hotel properties for which land is leased | 2 | ' | ' |
Remaining prepaid balance of land lease | $3,400,000 | $3,500,000 | ' |
Number of options to extend lease | 1 | ' | ' |
Lease renewal period | '14 years | ' | ' |
Ground Leases | Garden City, NY | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Number of hotel properties for which land is leased | 1 | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Franchise agreements | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Fees related to the agreement | $27.70 | $20.70 | $15.20 |
Franchise agreements | Minimum | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Agreement term | '10 years | ' | ' |
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue | 2.00% | ' | ' |
Franchise agreements | Maximum | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Agreement term | '20 years | ' | ' |
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue | 6.00% | ' | ' |
Marketing fees payable as a percentage of gross revenue | 4.00% | ' | ' |
Deposits required under the agreement as a percentage of the hotel property's gross revenue, into a reserve fund for capital expenditures | 5.00% | ' | ' |
Management agreements | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Fees related to the agreement | $13.50 | $9.20 | $5.90 |
Management agreements | Minimum | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Agreement term | '3 years | ' | ' |
Management agreements | Maximum | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Agreement term | '25 years | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details 3) (Purchase agreement with hotel property developer, Hampton Inn & Suites, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Purchase agreement with hotel property developer | Hampton Inn & Suites | ' |
Commitments and contingencies | ' |
Purchase agreement amount | $37.70 |
COMMITMENTS_AND_CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES (Details 4) (Arbitration action filed against Choice, USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2012 | Apr. 30, 2012 | Dec. 31, 2011 |
item | item | ||
Arbitration action filed against Choice | ' | ' | ' |
Litigation | ' | ' | ' |
Number of hotel properties for which franchise agreements were terminated by Choice | ' | 11 | 11 |
Damages awarded by the penal as full settlement of all claims submitted in the arbitration | $0.30 | ' | ' |
EQUITY_Details
EQUITY (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 03, 2012 | Oct. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 11, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 20, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 15, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 15, 2011 | Feb. 15, 2011 | Sep. 19, 2013 | Jan. 14, 2013 | Oct. 03, 2012 | |
Hotel properties | Series A Cumulative Redeemable Preferred Stock | Series A Cumulative Redeemable Preferred Stock | Series A Cumulative Redeemable Preferred Stock | Series B Cumulative Redeemable Preferred Stock | Series B Cumulative Redeemable Preferred Stock | Series B Cumulative Redeemable Preferred Stock | Series C Cumulative Redeemable Preferred Stock | Series C Cumulative Redeemable Preferred Stock | Series C Cumulative Redeemable Preferred Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | ||||
hotelproperty | Operating partnership | Operating partnership | Independent directors and executive officers | Independent directors and executive officers | IPO | Private placement | Public offering | Public offering | Public offering | ||||||||||||||||
Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New issued stock (in shares) | ' | ' | ' | ' | 2,000,000 | ' | ' | 3,000,000 | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,000,000 | 1,274,000 | 17,250,000 | 17,250,000 | 13,800,000 |
Proceeds from equity offerings, net of offering costs | $381,795,000 | $178,858,000 | $288,716,000 | ' | $47,900,000 | ' | ' | $72,500,000 | ' | ' | $81,700,000 | ' | ' | $240,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | $152,000,000 | $148,100,000 | $106,400,000 |
Underwriting discount and offering-related expenses | ' | ' | ' | ' | $2,100,000 | ' | ' | $2,500,000 | ' | ' | $3,300,000 | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $6,500,000 | $7,200,000 | $6,100,000 |
Number of hotel properties acquired | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued to redeem common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,414,950 | 4,873,625 | 4,414,950 | 4,873,625 | ' | ' | ' | ' | ' | ' | ' |
Stock issued to officers and directors (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 327,806 | 208,027 | ' | ' | 327,806 | 208,027 | ' | ' | ' | ' | ' |
Preferred stock, dividend rate (as a percent) | ' | ' | ' | ' | 9.25% | 9.25% | 9.25% | 7.88% | 7.88% | 7.88% | 7.13% | 7.13% | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, liquidation preference (in dollars per share) | ' | ' | ' | ' | ' | $25 | ' | ' | $25 | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual dividend rate per share (in dollars per share) | ' | ' | ' | ' | ' | $2.31 | ' | ' | $1.97 | ' | ' | $1.78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EQUITY_Details_2
EQUITY (Details 2) | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Noncontrolling interests | Noncontrolling interests | Noncontrolling interests | Noncontrolling interests | Noncontrolling interests | Common Stock | Common Stock | Common Stock | Common Stock | |
SUMMIT HOTEL OP, LP | SUMMIT HOTEL OP, LP | SUMMIT HOTEL OP, LP | SUMMIT HOTEL OP, LP | Joint venture | SUMMIT HOTEL OP, LP | SUMMIT HOTEL OP, LP | |||
Common units | Common units | ||||||||
Number of common units of operating partnership owned by unaffiliated third parties | 811,425 | 5,226,375 | ' | ' | ' | ' | ' | ' | ' |
Percentage of limited partnership interest in operating partnership | 1.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Period after the date of issuance, unaffiliated limited partners of operating partnership have right to cause operating partnership to redeem common units for cash | '1 year | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock issuable upon conversion of common units | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Common units redeemed | ' | ' | 4,414,950 | 4,873,625 | ' | ' | ' | ' | ' |
Shares of common stock issued to redeem common units | ' | ' | ' | ' | ' | 4,414,950 | 4,873,625 | 4,414,950 | 4,873,625 |
Ownership interest in joint venture (as a percent) | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' |
Ownership interest in joint venture by partners (as a percent) | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' |
BENEFIT_PLANS_Details
BENEFIT PLANS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
BENEFIT PLANS | ' | ' | ' |
Employer contribution expense | $0.10 | $0.10 | $0.10 |
EQUITYBASED_COMPENSATION_Detai
EQUITY-BASED COMPENSATION (Details) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | Stock Options | 2011 Equity Incentive Plan | 2011 Equity Incentive Plan | |
Minimum | Maximum | |||
Equity-based compensation expense | ' | ' | ' | ' |
Term of option | '5 years | '10 years | ' | ' |
Shares reserved for issuance | ' | ' | 10,485,951 | 7,544,665 |
EQUITYBASED_COMPENSATION_Detai1
EQUITY-BASED COMPENSATION (Details 2) (Stock Options, USD $) | 0 Months Ended | 11 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Feb. 15, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options | ' | ' | ' | ' |
Equity-based compensation expense | ' | ' | ' | ' |
Options granted (in shares) | 940,000 | 940,000 | ' | ' |
Forfeited (in shares) | ' | ' | ' | 47,000 |
Exercise price of options granted (in dollars per share) | $9.75 | $9.75 | ' | ' |
Vesting period | ' | ' | '5 years | ' |
Assumptions used to compute the fair value of options granted was estimated using the Black-Scholes valuation model | ' | ' | ' | ' |
Expected dividend yield (as a percent) | ' | 5.09% | ' | ' |
Expected stock price volatility (as a percent) | ' | 56.60% | ' | ' |
Risk-free interest rate (as a percent) | ' | 2.57% | ' | ' |
Expected life of options | ' | '6 years 6 months | ' | ' |
Weighted average estimated fair value of options at grant date per share (in dollars per share) | ' | $3.48 | ' | ' |
Number of Options | ' | ' | ' | ' |
Outstanding at the beginning of period (in shares) | ' | ' | 893,000 | 940,000 |
Granted (in shares) | 940,000 | 940,000 | ' | ' |
Forfeited (in shares) | ' | ' | ' | -47,000 |
Outstanding at the end of period (in shares) | ' | 940,000 | 893,000 | 893,000 |
Exercisable at the end of period (in shares) | ' | ' | 357,200 | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Outstanding at the beginning of period (in dollars per share) | ' | ' | $9.75 | $9.75 |
Granted (in dollars per share) | $9.75 | $9.75 | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | $9.75 |
Outstanding at the end of period (in dollars per share) | ' | $9.75 | $9.75 | $9.75 |
Exercisable at the end of period (in dollars per share) | ' | ' | $9.75 | ' |
Weighted Average Remaining Contractual Terms | ' | ' | ' | ' |
Outstanding at the end of period | ' | ' | '7 years 2 months 12 days | ' |
Exercisable at the end of period | ' | ' | '7 years 2 months 12 days | ' |
Stock options | ' | ' | ' | ' |
Total fair value of options vested | ' | $0 | $1.20 | $1.20 |
EQUITYBASED_COMPENSATION_Detai2
EQUITY-BASED COMPENSATION (Details 3) (Restricted Stock Awards, USD $) | 0 Months Ended | 11 Months Ended | 12 Months Ended | ||
Mar. 02, 2013 | Apr. 25, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Time-based awards vesting period, one | ' | ' | ' | ' | ' |
Time-based restricted stock awards | ' | ' | ' | ' | ' |
Vesting percentage | 25.00% | 25.00% | ' | ' | ' |
Time-based awards vesting period, two | ' | ' | ' | ' | ' |
Time-based restricted stock awards | ' | ' | ' | ' | ' |
Vesting percentage | 25.00% | 25.00% | ' | ' | ' |
Time-based awards vesting period, three | ' | ' | ' | ' | ' |
Time-based restricted stock awards | ' | ' | ' | ' | ' |
Vesting percentage | 50.00% | 50.00% | ' | ' | ' |
Time-Based | ' | ' | ' | ' | ' |
Time-based restricted stock awards | ' | ' | ' | ' | ' |
Vesting period | '3 years | '3 years | ' | ' | ' |
Number of Shares | ' | ' | ' | ' | ' |
Non-vested at the beginning of period (in shares) | ' | ' | ' | 82,603 | ' |
Granted (in shares) | 106,518 | 110,137 | ' | 106,518 | 110,137 |
Vested (in shares) | ' | ' | ' | -27,534 | -27,534 |
Non-vested at the end of period (in shares) | ' | ' | ' | 161,587 | 82,603 |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' |
Non-vested at the beginning of period (in dollars per share) | ' | ' | ' | $7.78 | ' |
Granted (in dollars per share) | ' | ' | ' | $9.78 | $7.78 |
Vested (in dollars per share) | ' | ' | ' | $7.78 | $7.78 |
Non-vested at the end of period (in dollars per share) | ' | ' | ' | $9.10 | $7.78 |
Aggregate Current Value | ' | ' | ' | ' | ' |
Non-vested at the end of period | ' | ' | ' | $1,454,000 | ' |
Total fair value of awards vested | ' | ' | $0 | $200,000 | $200,000 |
EQUITYBASED_COMPENSATION_Detai3
EQUITY-BASED COMPENSATION (Details 4) (Restricted Stock Awards, Performance-Based, USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 02, 2013 | Apr. 25, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
item | item | |||
Performance-based restricted stock awards | ' | ' | ' | ' |
Vesting period | '3 years | '3 years | ' | ' |
Assumptions used to compute the fair value of options granted was estimated using the Black-Scholes valuation model | ' | ' | ' | ' |
Expected dividend yield (as a percent) | ' | ' | 4.52% | 5.58% |
Expected stock price volatility (as a percent) | ' | ' | 38.50% | 44.70% |
Risk-free interest rate, minimum (as a percent) | ' | ' | 0.15% | 0.15% |
Risk-free interest rate, maximum (as a percent) | ' | ' | 0.51% | 0.43% |
Monte Carlo iterations | ' | ' | 100,000 | 100,000 |
Weighted average estimated fair value of options at grant date per share (in dollars per share) | ' | ' | $7.09 | $5.10 |
Number of Shares | ' | ' | ' | ' |
Non-vested at the beginning of period (in shares) | ' | ' | 82,602 | ' |
Granted (in shares) | 185,572 | 82,602 | 185,572 | 82,602 |
Non-vested at the end of period (in shares) | ' | ' | 268,174 | 82,602 |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' |
Non-vested at the beginning of period (in dollars per share) | ' | ' | $7.78 | ' |
Granted (in dollars per share) | ' | ' | $7.09 | $7.78 |
Non-vested at the end of period (in dollars per share) | ' | ' | $7.30 | $7.78 |
Aggregate Current Value | ' | ' | ' | ' |
Non-vested at the end of period | ' | ' | $2,414 | ' |
Performance Period, one | ' | ' | ' | ' |
Performance-based restricted stock awards | ' | ' | ' | ' |
Designated performance period to measure performance based on which share based awards vests | ' | ' | '1 year | ' |
Performance Period, two | ' | ' | ' | ' |
Performance-based restricted stock awards | ' | ' | ' | ' |
Designated performance period to measure performance based on which share based awards vests | ' | ' | '2 years | ' |
Performance Period, three | ' | ' | ' | ' |
Performance-based restricted stock awards | ' | ' | ' | ' |
Designated performance period to measure performance based on which share based awards vests | ' | ' | '3 years | ' |
EQUITYBASED_COMPENSATION_Detai4
EQUITY-BASED COMPENSATION (Details 5) (USD $) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity-based compensation expense | ' | ' | ' |
Share based compensation | $480,000 | $2,124,000 | $1,205,000 |
Unrecognized compensation expense | ' | ' | ' |
Unrecognized compensation costs related to non-vested awards | ' | 3,400,000 | ' |
Share based compensation non-vested awards period of recognition | ' | '1 year 6 months | ' |
Corporate general and administrative salaries and other compensation | ' | ' | ' |
Equity-based compensation expense | ' | ' | ' |
Share based compensation | 441,000 | 1,781,000 | 1,085,000 |
Corporate general and administrative salaries and other compensation | Stock options | ' | ' | ' |
Equity-based compensation expense | ' | ' | ' |
Share based compensation | 441,000 | 622,000 | 700,000 |
Corporate general and administrative salaries and other compensation | Restricted Stock Awards | Time-Based | ' | ' | ' |
Equity-based compensation expense | ' | ' | ' |
Share based compensation | ' | 611,000 | 214,000 |
Corporate general and administrative salaries and other compensation | Restricted Stock Awards | Performance-Based | ' | ' | ' |
Equity-based compensation expense | ' | ' | ' |
Share based compensation | ' | 548,000 | 171,000 |
Corporate general and administrative other | Stock awards | Non-employee director | ' | ' | ' |
Equity-based compensation expense | ' | ' | ' |
Share based compensation | $39,000 | $343,000 | $120,000 |
Common Stock | Non-employee director | ' | ' | ' |
Equity-based compensation expense | ' | ' | ' |
Stock issued to officers and directors (in shares) | 4,000 | 29,228 | 15,288 |
Shares issued in lieu of cash for director fees | ' | 6,488 | ' |
LOSS_ON_IMPAIRMENT_OF_ASSETS_D
LOSS ON IMPAIRMENT OF ASSETS (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Hotel properties | ' | ' |
Assets held for sale | ' | ' |
Discontinued operations, loss on impairment of assets | $7,675,000 | $2,305,000 |
Land parcels | ' | ' |
Assets held for sale | ' | ' |
Loss on impairment of assets related to land parcels | $1,400,000 | $700,000 |
DERIVITIVE_FINANCIAL_INSTRUMEN2
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 30, 2013 | Oct. 10, 2013 | Jan. 02, 2014 | Dec. 31, 2013 | Dec. 27, 2013 | Oct. 10, 2013 | Dec. 31, 2013 | Oct. 30, 2013 | Oct. 31, 2013 | Sep. 05, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 05, 2013 | |
instrument | Term mortgage loan | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Designated as a cash flow hedge | Designated as a cash flow hedge | Designated as a cash flow hedge | Designated as a cash flow hedge | Designated as a cash flow hedge | |||
$75 Million Term Loan | $75 Million Term Loan | $75 Million Term Loan | $75 Million Term Loan | Term mortgage loan | Term mortgage loan | Senior Unsecured Credit Facility | instrument | instrument | Interest rate swaps | Interest rate swaps | Interest rate swaps | |||||||
Maximum | $75 Million Term Loan | instrument | instrument | Senior Unsecured Credit Facility | ||||||||||||||
LIBOR | $75 Million Term Loan | |||||||||||||||||
Derivative financial instruments and hedging | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum length of time over which instruments are hedged | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' |
Fixed rate with derivative (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.04% | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | $300,000,000 | $75,000,000 | $75,000,000 | $75,000,000 | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 4.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest Rate (as a percent) | ' | ' | ' | 4.10% | ' | 3.94% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' |
Number of Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 4 | ' |
Total | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | ' | ' |
Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,273,000 | ' | ' |
Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | 41,095,000 | ' |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,300,000 | ' | ' | 104,273,000 | 41,095,000 | ' | ' | 75,000,000 |
Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 253,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 253,000 | ' | ' |
Liability | -1,772,000 | -641,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,772,000 | -641,000 | ' |
Net liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,519,000 | -641,000 | ' | ' | ' |
Aggregate derivative contract termination value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
DERIVITIVE_FINANCIAL_INSTRUMEN3
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Details 2) (USD $) | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
instrument | Interest rate swaps | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | |
Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | |||
Interest expense | Interest expense | |||||
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING | ' | ' | ' | ' | ' | ' |
Number of derivative financial instruments held | 0 | ' | ' | ' | ' | ' |
Derivative instruments, gain (loss) recognized | ' | ' | ' | ' | ' | ' |
Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion) | ' | ' | ($1,240,000) | ($786,000) | ' | ' |
Gain (loss) reclassified from accumulated other comprehensive income (effective portion) | ' | ' | ' | ' | -359,000 | -147,000 |
Gain (loss) recognized in gain (loss) on derivative financial instruments (ineffective portion) | ' | ' | 2,000 | -2,000 | ' | ' |
Estimated reclassification from other comprehensive income as an increase to interest expense in 2014 | ' | $1,700,000 | ' | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
INCOME TAXES | ' | ' |
Deferred tax asset | $5.80 | $4 |
Income taxes | ' | ' |
Valuation allowance related to NOL carry forwards | 5 | ' |
Deferred tax liability | 0.7 | ' |
TRSs | ' | ' |
Income taxes | ' | ' |
Federal and state NOL carryforwards | $15.20 | $12 |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | 11 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 13, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
TRSs | Summit Hotel Properties, LLC | State and local | State and local | ||||
Accrued expenses | Accrued expenses | ||||||
Operating partnership | Operating partnership | ||||||
INCOME TAXES | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits | ' | $0 | ' | ' | ' | ' | ' |
Income taxes | ' | ' | ' | ' | ' | ' | ' |
Current tax liabilities | ' | ' | ' | ' | ' | 300,000 | 200,000 |
Reconciliation of the federal statutory rate to the effective income tax rate for the TRSs | ' | ' | ' | ' | ' | ' | ' |
Tax benefit at U.S. statutory rates on TRSs income subject to tax | ' | ' | ' | -809,000 | ' | ' | ' |
State income tax, net of federal income tax benefit | ' | ' | ' | -120,000 | ' | ' | ' |
Effect of permanent differences and other | ' | ' | ' | -152,000 | ' | ' | ' |
Increase in valuation allowance | ' | ' | ' | 5,029,000 | ' | ' | ' |
Provision for income tax expense/(benefit) | -2,259,000 | 4,894,000 | -728,000 | 3,948,000 | 550,000 | ' | ' |
Current: | ' | ' | ' | ' | ' | ' | ' |
State and local | -129,000 | 408,000 | 512,000 | ' | 339,000 | ' | ' |
Deferred: | ' | ' | ' | ' | ' | ' | ' |
Federal (34%) | -1,867,000 | 3,352,000 | -1,531,000 | ' | ' | ' | ' |
State and local | -329,000 | 597,000 | -270,000 | ' | ' | ' | ' |
Total provision | -2,325,000 | 4,357,000 | -1,289,000 | ' | 339,000 | ' | ' |
Federal tax rate (as a percent) | 34.00% | 34.00% | 34.00% | ' | 34.00% | ' | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' |
From continuing operations | -2,259,000 | 4,894,000 | -728,000 | 3,948,000 | 550,000 | ' | ' |
From discontinued operations | -66,000 | -537,000 | -561,000 | ' | -211,000 | ' | ' |
Total provision | ($2,325,000) | $4,357,000 | ($1,289,000) | ' | $339,000 | ' | ' |
FAIR_VALUE_Details
FAIR VALUE (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Assets held for sale | $12,224 | $4,836 |
Derivative asset | 253 | ' |
Liabilities: | ' | ' |
Derivative liability | 1,772 | 641 |
Fixed-rate debt | 358,590 | 229,587 |
Asset transfers between Level 2 to Level 1 | 0 | 0 |
Asset transfers between Level 1 to Level 2 | 0 | 0 |
Liability transfers between Level 1 to Level 2 | 0 | 0 |
Liability transfers between Level 2 to Level 1 | 0 | 0 |
Recurring basis | Level 2 | ' | ' |
Assets: | ' | ' |
Assets held for sale | 12,224 | 4,836 |
Liabilities: | ' | ' |
Fixed-rate debt | 319,429 | 193,448 |
Recurring basis | Level 2 | Interest rate swaps | ' | ' |
Assets: | ' | ' |
Derivative asset | 253 | ' |
Liabilities: | ' | ' |
Derivative liability | 1,772 | 641 |
Recurring basis | Total fair value | ' | ' |
Assets: | ' | ' |
Assets held for sale | 12,224 | 4,836 |
Liabilities: | ' | ' |
Fixed-rate debt | 319,429 | 193,448 |
Recurring basis | Total fair value | Interest rate swaps | ' | ' |
Assets: | ' | ' |
Derivative asset | 253 | ' |
Liabilities: | ' | ' |
Derivative liability | $1,772 | $641 |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2011 |
Summit Hotel Properties, LLC | Hotel properties | Hotel properties | Hotel properties | Hotel properties | ||||||||||||
Summit Hotel Properties, LLC | ||||||||||||||||
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30,265 | $19,458 | $33,193 | $3,755 |
Hotel operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,762 | 14,859 | 24,701 | 3,070 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,732 | 1,960 | 4,226 | 778 |
Loss on impairment of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,675 | 2,305 | ' |
Income (loss) from hotel operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,771 | -5,036 | 1,961 | -93 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,182 | 174 | 855 | 1,226 |
(Gain) loss on disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,945 | -3,010 | ' |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -411 | -1,265 | 4,116 | -1,319 |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 66 | 537 | 561 | 211 | 66 | 537 | 561 | 211 |
Income (loss) from discontinued operations | 1,780 | -3,410 | 545 | 357 | 3,603 | 2,052 | 583 | -1,561 | -345 | -728 | 4,677 | -1,108 | -345 | -728 | 4,677 | -1,108 |
Income (loss) from discontinued operations attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -93 | -25 | 807 | ' |
Income (loss) from discontinued operations attributable to common shareholders/members | ' | ' | ' | ' | ' | ' | ' | ' | ($252) | ($703) | $3,870 | ' | ($252) | ($703) | $3,870 | ' |
EARNINGS_LOSS_PER_SHARE_Detail
EARNINGS (LOSS) PER SHARE (Details) (Stock options) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock options | ' | ' | ' |
Anti-dilutive options excluded from computation of diluted earnings per share | ' | ' | ' |
Anti-dilutive options excluded from computation of diluted earnings per share (in shares) | 940,000 | 893,000 | 893,000 |
EARNINGS_LOSS_PER_SHARE_Detail1
EARNINGS (LOSS) PER SHARE (Details 2) (USD $) | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations | ($3,855) | $2,837 | $6,126 | $1,517 | ($4,352) | ($411) | ($939) | ($1,245) | ($3,832) | $6,625 | ($6,947) |
Less: Preferred dividends | ' | ' | ' | ' | ' | ' | ' | ' | 411 | 14,590 | 4,625 |
Allocation to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73 | 37 |
Attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -1,147 | 44 | -2,001 |
Income (loss) attributable to common shareholders from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -3,096 | -8,082 | -9,608 |
Income (loss) attributable to common shareholders from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -252 | -703 | 3,870 |
Net income (loss) attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ($3,348) | ($8,785) | ($5,738) |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 27,278 | 70,327 | 33,717 |
Dilutive effect of equity-based compensation awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 410 | 132 |
Weighted average common shares outstanding - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 27,278 | 70,737 | 33,849 |
Earnings per common share - basic and diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) from continuing operations (in dollars per share) | ($0.09) | ($0.02) | $0.03 | ($0.03) | ($0.11) | ($0.04) | ($0.06) | ($0.07) | ($0.11) | ($0.11) | ($0.28) |
Net income (loss) from discontinued operations (in dollars per share) | $0.02 | ($0.05) | $0.01 | $0.01 | $0.07 | $0.06 | $0.02 | ($0.04) | ($0.01) | ($0.01) | $0.11 |
Basic and diluted net income (loss) per share (in dollars per share) | ($0.07) | ($0.07) | $0.04 | ($0.02) | ($0.04) | $0.02 | ($0.04) | ($0.11) | ($0.12) | ($0.12) | ($0.17) |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Oct. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 11, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 20, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 09, 2014 | Jan. 10, 2014 | Jan. 24, 2014 | Mar. 14, 2014 | Jan. 09, 2014 | Jan. 10, 2014 | Jan. 17, 2014 | Mar. 14, 2014 | Jan. 30, 2014 | Jan. 30, 2014 | Jan. 30, 2014 | Jan. 30, 2014 | Jan. 10, 2014 | Jan. 02, 2014 | Jan. 31, 2014 | |
2013 acquisitions | Series A Cumulative Redeemable Preferred Stock | Series A Cumulative Redeemable Preferred Stock | Series A Cumulative Redeemable Preferred Stock | Series B Cumulative Redeemable Preferred Stock | Series B Cumulative Redeemable Preferred Stock | Series B Cumulative Redeemable Preferred Stock | Series C Cumulative Redeemable Preferred Stock | Series C Cumulative Redeemable Preferred Stock | Series C Cumulative Redeemable Preferred Stock | SUMMIT HOTEL OP, LP | SUMMIT HOTEL OP, LP | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |
Noncontrolling interest | Noncontrolling interest | Hilton Garden Inn | Hampton Inn | Four Points by Sheraton | DoubleTree by Hilton | Mortgage loan due November 1, 2016 | Mortgage loan due November 11, 2021 | Mortgage loan due March 8, 2016 | Mortgage loan due March 8, 2016 | Series A Cumulative Redeemable Preferred Stock | Series B Cumulative Redeemable Preferred Stock | Series C Cumulative Redeemable Preferred Stock | Common stock | SUMMIT HOTEL OP, LP | SUMMIT HOTEL OP, LP | SUMMIT HOTEL OP, LP | |||||||||||
Common units | Common units | Houston, TX | Santa Barbara (Goleta), CA | San Francisco, CA | San Francisco, CA | Hilton Garden Inn | Hampton Inn | AmericInn Hotel & Suites and the Aspen Hotel & Suites | DoubleTree by Hilton | Hampton Inn | Noncontrolling interest | Noncontrolling interest | |||||||||||||||
Houston, TX | Santa Barbara (Goleta), CA | Fort Smith, AR | San Francisco, CA | Santa Barbara (Goleta), CA | Common units | Common units | |||||||||||||||||||||
Common units | |||||||||||||||||||||||||||
Subsequent events | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,414,950 | 4,873,625 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,155 | ' |
Common units tendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,570 |
Cash dividends declared, common stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.11 | ' | ' | ' |
Cash dividends declared, preferred stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.58 | $0.49 | $0.45 | ' | ' | ' | ' |
Preferred stock, dividend rate (as a percent) | ' | 9.25% | 9.25% | 9.25% | 7.88% | 7.88% | 7.88% | 7.13% | 7.13% | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price | $475,615,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $37,500,000 | $27,900,000 | $21,300,000 | $39,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,900,000 | 12,000,000 | ' | 13,300,000 | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.22% | 6.13% | ' | 5.98% | ' | ' | ' | ' | ' | ' | ' |
Amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | '25 years | ' | '30 years | ' | ' | ' | ' | ' | ' | ' |
Issuance of common units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 412,174 | ' | ' |
Issuance price of common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' |
Cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,200,000 | ' | 29,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of property previously classified as held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
SELECTED_QUARTERLY_FINANCIAL_D2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $77,956 | $82,174 | $79,105 | $59,723 | $45,109 | $43,069 | $39,580 | $33,942 | $106,388 | $298,958 | $161,700 | ' |
Net income (loss) from continuing operations | -3,855 | 2,837 | 6,126 | 1,517 | -4,352 | -411 | -939 | -1,245 | -3,832 | 6,625 | -6,947 | ' |
Net income (loss) from discontinued operations | 1,780 | -3,410 | 545 | 357 | 3,603 | 2,052 | 583 | -1,561 | -345 | -728 | 4,677 | ' |
Net income (loss) | -2,075 | -573 | 6,671 | 1,874 | -749 | 1,641 | -356 | -2,806 | -4,177 | 5,897 | -2,270 | -10,384 |
Net income (loss) attributable to Summit Hotel Properties, Inc. | ($1,859) | ($662) | $6,459 | $1,940 | ($821) | $1,562 | ($81) | ($1,736) | ($2,937) | $5,878 | ($1,076) | ' |
Earnings per share - basic and diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) from continuing operations (in dollars per share) | ($0.09) | ($0.02) | $0.03 | ($0.03) | ($0.11) | ($0.04) | ($0.06) | ($0.07) | ($0.11) | ($0.11) | ($0.28) | ' |
Net income (loss) from discontinued operations (in dollars per share) | $0.02 | ($0.05) | $0.01 | $0.01 | $0.07 | $0.06 | $0.02 | ($0.04) | ($0.01) | ($0.01) | $0.11 | ' |
Basic and diluted net income (loss) per share (in dollars per share) | ($0.07) | ($0.07) | $0.04 | ($0.02) | ($0.04) | $0.02 | ($0.04) | ($0.11) | ($0.12) | ($0.12) | ($0.17) | ' |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Initial Cost | ' | ' | ' | ' |
Land | $169,762 | ' | ' | ' |
Building & Improvements | 1,058,920 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 120,406 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 169,762 | ' | ' | ' |
Building & Improvements | 1,179,326 | ' | ' | ' |
Total | 1,349,088 | 901,207 | 645,339 | 570,807 |
Accumulated Depreciation | -173,149 | -146,207 | -126,168 | -104,797 |
Total Cost Net of Accumulated Depreciation | 1,175,939 | ' | ' | ' |
Debt | 150,876 | ' | ' | ' |
Land Parcels | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 14,708 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 14,708 | ' | ' | ' |
Total | 14,708 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 14,708 | ' | ' | ' |
Arlington, TX | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 650 | ' | ' | ' |
Building & Improvements | 8,405 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 379 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 650 | ' | ' | ' |
Building & Improvements | 8,784 | ' | ' | ' |
Total | 9,434 | ' | ' | ' |
Accumulated Depreciation | -835 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 8,599 | ' | ' | ' |
Arlington, TX | Courtyard by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,497 | ' | ' | ' |
Building & Improvements | 13,503 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 25 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,497 | ' | ' | ' |
Building & Improvements | 13,528 | ' | ' | ' |
Total | 15,025 | ' | ' | ' |
Accumulated Depreciation | -736 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 14,289 | ' | ' | ' |
Arlington, TX | Residence Inn by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,646 | ' | ' | ' |
Building & Improvements | 13,854 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 30 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,646 | ' | ' | ' |
Building & Improvements | 13,884 | ' | ' | ' |
Total | 15,530 | ' | ' | ' |
Accumulated Depreciation | -799 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 14,731 | ' | ' | ' |
Atlanta, GA | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,154 | ' | ' | ' |
Building & Improvements | 9,605 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 4,335 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,154 | ' | ' | ' |
Building & Improvements | 13,940 | ' | ' | ' |
Total | 15,094 | ' | ' | ' |
Accumulated Depreciation | -4,494 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 10,600 | ' | ' | ' |
Debt | 7,348 | ' | ' | ' |
Atlanta, GA | Courtyard by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,050 | ' | ' | ' |
Building & Improvements | 26,850 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 479 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,050 | ' | ' | ' |
Building & Improvements | 27,329 | ' | ' | ' |
Total | 29,379 | ' | ' | ' |
Accumulated Depreciation | -1,912 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 27,467 | ' | ' | ' |
Baltimore, MD | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,100 | ' | ' | ' |
Building & Improvements | 8,135 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 976 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,100 | ' | ' | ' |
Building & Improvements | 9,111 | ' | ' | ' |
Total | 11,211 | ' | ' | ' |
Accumulated Depreciation | -667 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 10,544 | ' | ' | ' |
Baton Rouge, LA | DoubleTree | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,100 | ' | ' | ' |
Building & Improvements | 14,063 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,012 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,100 | ' | ' | ' |
Building & Improvements | 15,075 | ' | ' | ' |
Total | 16,175 | ' | ' | ' |
Accumulated Depreciation | -4,627 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 11,548 | ' | ' | ' |
Debt | 10,108 | ' | ' | ' |
Baton Rouge, LA | Fairfield Inn and Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 345 | ' | ' | ' |
Building & Improvements | 3,057 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,761 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 345 | ' | ' | ' |
Building & Improvements | 5,818 | ' | ' | ' |
Total | 6,163 | ' | ' | ' |
Accumulated Depreciation | -1,870 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 4,293 | ' | ' | ' |
Baton Rouge, LA | SpringHill Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 448 | ' | ' | ' |
Building & Improvements | 3,729 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,828 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 448 | ' | ' | ' |
Building & Improvements | 6,557 | ' | ' | ' |
Total | 7,005 | ' | ' | ' |
Accumulated Depreciation | -2,161 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 4,844 | ' | ' | ' |
Baton Rouge, LA | TownePlace Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 259 | ' | ' | ' |
Building & Improvements | 3,743 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,846 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 259 | ' | ' | ' |
Building & Improvements | 6,589 | ' | ' | ' |
Total | 6,848 | ' | ' | ' |
Accumulated Depreciation | -2,280 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 4,568 | ' | ' | ' |
Bellevue, WA | Fairfield Inn and Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,705 | ' | ' | ' |
Building & Improvements | 12,944 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 3,299 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,705 | ' | ' | ' |
Building & Improvements | 16,243 | ' | ' | ' |
Total | 18,948 | ' | ' | ' |
Accumulated Depreciation | -4,889 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 14,059 | ' | ' | ' |
Birmingham (Liberty Park), AL | Hilton Garden Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,400 | ' | ' | ' |
Building & Improvements | 10,100 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 217 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,400 | ' | ' | ' |
Building & Improvements | 10,317 | ' | ' | ' |
Total | 11,717 | ' | ' | ' |
Accumulated Depreciation | -916 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 10,801 | ' | ' | ' |
Debt | 6,290 | ' | ' | ' |
Birmingham (Lakeshore), AL | Hilton Garden Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,400 | ' | ' | ' |
Building & Improvements | 7,225 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,672 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,400 | ' | ' | ' |
Building & Improvements | 8,897 | ' | ' | ' |
Total | 10,297 | ' | ' | ' |
Accumulated Depreciation | -1,051 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 9,246 | ' | ' | ' |
Debt | 5,371 | ' | ' | ' |
Bloomington, MN | SpringHill Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,658 | ' | ' | ' |
Building & Improvements | 14,071 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 997 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,658 | ' | ' | ' |
Building & Improvements | 15,068 | ' | ' | ' |
Total | 16,726 | ' | ' | ' |
Accumulated Depreciation | -4,301 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 12,425 | ' | ' | ' |
Debt | 2,114 | ' | ' | ' |
Bloomington, MN | Hampton Inn and Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,658 | ' | ' | ' |
Building & Improvements | 14,596 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,054 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,658 | ' | ' | ' |
Building & Improvements | 16,650 | ' | ' | ' |
Total | 18,308 | ' | ' | ' |
Accumulated Depreciation | -4,287 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 14,021 | ' | ' | ' |
Debt | 11,976 | ' | ' | ' |
Charleston, WV | Country Inn & Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,042 | ' | ' | ' |
Building & Improvements | 3,489 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,080 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,042 | ' | ' | ' |
Building & Improvements | 5,569 | ' | ' | ' |
Total | 6,611 | ' | ' | ' |
Accumulated Depreciation | -1,672 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 4,939 | ' | ' | ' |
Charleston, WV | Holiday Inn Express | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 907 | ' | ' | ' |
Building & Improvements | 2,903 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,248 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 907 | ' | ' | ' |
Building & Improvements | 5,151 | ' | ' | ' |
Total | 6,058 | ' | ' | ' |
Accumulated Depreciation | -1,527 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 4,531 | ' | ' | ' |
Denver, CO | Fairfield Inn and Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,566 | ' | ' | ' |
Building & Improvements | 6,783 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 3,534 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,566 | ' | ' | ' |
Building & Improvements | 10,317 | ' | ' | ' |
Total | 11,883 | ' | ' | ' |
Accumulated Depreciation | -3,096 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 8,787 | ' | ' | ' |
Denver, CO | SpringHill Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,076 | ' | ' | ' |
Building & Improvements | 11,079 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 114 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,076 | ' | ' | ' |
Building & Improvements | 11,193 | ' | ' | ' |
Total | 12,269 | ' | ' | ' |
Accumulated Depreciation | -3,402 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 8,867 | ' | ' | ' |
Debt | 7,612 | ' | ' | ' |
Denver (Englewood), CO | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,000 | ' | ' | ' |
Building & Improvements | 9,515 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 453 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,000 | ' | ' | ' |
Building & Improvements | 9,968 | ' | ' | ' |
Total | 11,968 | ' | ' | ' |
Accumulated Depreciation | -870 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 11,098 | ' | ' | ' |
Denver (Englewood), CO | Hyatt House | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,700 | ' | ' | ' |
Building & Improvements | 10,780 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,544 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,700 | ' | ' | ' |
Building & Improvements | 13,324 | ' | ' | ' |
Total | 16,024 | ' | ' | ' |
Accumulated Depreciation | -1,070 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 14,954 | ' | ' | ' |
Denver (Lone Tree), CO | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,300 | ' | ' | ' |
Building & Improvements | 9,230 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 479 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,300 | ' | ' | ' |
Building & Improvements | 9,713 | ' | ' | ' |
Total | 11,013 | ' | ' | ' |
Accumulated Depreciation | -853 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 10,160 | ' | ' | ' |
Duluth, GA | Hilton Garden Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,200 | ' | ' | ' |
Building & Improvements | 11,150 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,282 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,200 | ' | ' | ' |
Building & Improvements | 12,432 | ' | ' | ' |
Total | 14,632 | ' | ' | ' |
Accumulated Depreciation | -1,415 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 13,217 | ' | ' | ' |
Duluth, GA | Holiday Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Building & Improvements | 7,000 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 217 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Building & Improvements | 7,217 | ' | ' | ' |
Total | 7,217 | ' | ' | ' |
Accumulated Depreciation | -872 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 6,345 | ' | ' | ' |
Eden Prairie, MN | Hilton Garden Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,800 | ' | ' | ' |
Building & Improvements | 8,400 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,144 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,800 | ' | ' | ' |
Building & Improvements | 9,544 | ' | ' | ' |
Total | 11,344 | ' | ' | ' |
Accumulated Depreciation | -238 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 11,106 | ' | ' | ' |
Debt | 6,261 | ' | ' | ' |
El Paso, TX | Courtyard by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,640 | ' | ' | ' |
Building & Improvements | 10,710 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 840 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,640 | ' | ' | ' |
Building & Improvements | 11,550 | ' | ' | ' |
Total | 13,190 | ' | ' | ' |
Accumulated Depreciation | -1,159 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 12,031 | ' | ' | ' |
El Paso, TX | Hampton Inn and Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,055 | ' | ' | ' |
Building & Improvements | 10,745 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 3,600 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,055 | ' | ' | ' |
Building & Improvements | 14,345 | ' | ' | ' |
Total | 16,400 | ' | ' | ' |
Accumulated Depreciation | -4,247 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 12,153 | ' | ' | ' |
Flagstaff, AZ | Courtyard by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,361 | ' | ' | ' |
Building & Improvements | 20,785 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 93 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,361 | ' | ' | ' |
Building & Improvements | 20,878 | ' | ' | ' |
Total | 23,239 | ' | ' | ' |
Accumulated Depreciation | -4,615 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 18,624 | ' | ' | ' |
Debt | 13,325 | ' | ' | ' |
Flagstaff, AZ | SpringHill Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,398 | ' | ' | ' |
Building & Improvements | 9,352 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 4,981 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,398 | ' | ' | ' |
Building & Improvements | 14,333 | ' | ' | ' |
Total | 15,731 | ' | ' | ' |
Accumulated Depreciation | -4,458 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 11,273 | ' | ' | ' |
Ft. Collins, CO | Hilton Garden Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,300 | ' | ' | ' |
Building & Improvements | 11,804 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 496 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,300 | ' | ' | ' |
Building & Improvements | 12,300 | ' | ' | ' |
Total | 13,600 | ' | ' | ' |
Accumulated Depreciation | -4,446 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 9,154 | ' | ' | ' |
Ft. Collins, CO | Hampton Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 738 | ' | ' | ' |
Building & Improvements | 4,363 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,009 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 738 | ' | ' | ' |
Building & Improvements | 6,372 | ' | ' | ' |
Total | 7,110 | ' | ' | ' |
Accumulated Depreciation | -1,913 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 5,197 | ' | ' | ' |
Ft. Myers, FL | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,878 | ' | ' | ' |
Building & Improvements | 16,583 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 43 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,878 | ' | ' | ' |
Building & Improvements | 16,626 | ' | ' | ' |
Total | 18,504 | ' | ' | ' |
Accumulated Depreciation | -4,835 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 13,669 | ' | ' | ' |
Ft. Smith, AR | Hampton Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Building & Improvements | 12,401 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 730 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Building & Improvements | 13,131 | ' | ' | ' |
Total | 13,131 | ' | ' | ' |
Accumulated Depreciation | -4,370 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 8,761 | ' | ' | ' |
Ft. Smith, AR | AmericInn Hotel and Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Building & Improvements | 3,718 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | -979 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Building & Improvements | 2,739 | ' | ' | ' |
Total | 2,739 | ' | ' | ' |
Accumulated Depreciation | -1,536 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 1,203 | ' | ' | ' |
Ft. Smith, AR | Aspen Hotel and Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 223 | ' | ' | ' |
Building & Improvements | 3,189 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | -322 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 223 | ' | ' | ' |
Building & Improvements | 2,867 | ' | ' | ' |
Total | 3,090 | ' | ' | ' |
Accumulated Depreciation | -1,790 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 1,300 | ' | ' | ' |
Ft. Wayne, IN | Residence Inn by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 914 | ' | ' | ' |
Building & Improvements | 6,736 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,923 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 914 | ' | ' | ' |
Building & Improvements | 8,659 | ' | ' | ' |
Total | 9,573 | ' | ' | ' |
Accumulated Depreciation | -2,394 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 7,179 | ' | ' | ' |
Ft. Wayne, IN | Hampton Inn and Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 786 | ' | ' | ' |
Building & Improvements | 6,564 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,011 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 786 | ' | ' | ' |
Building & Improvements | 8,575 | ' | ' | ' |
Total | 9,361 | ' | ' | ' |
Accumulated Depreciation | -2,424 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 6,937 | ' | ' | ' |
Ft. Worth, TX | SpringHill Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 553 | ' | ' | ' |
Building & Improvements | 2,698 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 3,077 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 553 | ' | ' | ' |
Building & Improvements | 5,775 | ' | ' | ' |
Total | 6,328 | ' | ' | ' |
Accumulated Depreciation | -1,539 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 4,789 | ' | ' | ' |
Ft. Worth, TX | Hilton Garden Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 974 | ' | ' | ' |
Building & Improvements | 6,226 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 3,092 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 974 | ' | ' | ' |
Building & Improvements | 9,318 | ' | ' | ' |
Total | 10,292 | ' | ' | ' |
Accumulated Depreciation | -595 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 9,697 | ' | ' | ' |
Ft. Worth, TX | Hampton Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,500 | ' | ' | ' |
Building & Improvements | 8,184 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,902 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,500 | ' | ' | ' |
Building & Improvements | 10,086 | ' | ' | ' |
Total | 11,586 | ' | ' | ' |
Accumulated Depreciation | -2,898 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 8,688 | ' | ' | ' |
Garden City, NY | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 4,200 | ' | ' | ' |
Building & Improvements | 26,800 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 31 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 4,200 | ' | ' | ' |
Building & Improvements | 26,831 | ' | ' | ' |
Total | 31,031 | ' | ' | ' |
Accumulated Depreciation | -892 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 30,139 | ' | ' | ' |
Germantown, TN | Courtyard by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,860 | ' | ' | ' |
Building & Improvements | 5,448 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,961 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,860 | ' | ' | ' |
Building & Improvements | 7,409 | ' | ' | ' |
Total | 9,269 | ' | ' | ' |
Accumulated Depreciation | -2,685 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 6,584 | ' | ' | ' |
Germantown, TN | Residence Inn by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,083 | ' | ' | ' |
Building & Improvements | 5,200 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,617 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,083 | ' | ' | ' |
Building & Improvements | 6,817 | ' | ' | ' |
Total | 7,900 | ' | ' | ' |
Accumulated Depreciation | -2,072 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 5,828 | ' | ' | ' |
Germantown, TN | Fairfield Inn and Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 767 | ' | ' | ' |
Building & Improvements | 2,700 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,416 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 767 | ' | ' | ' |
Building & Improvements | 5,116 | ' | ' | ' |
Total | 5,883 | ' | ' | ' |
Accumulated Depreciation | -1,259 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 4,624 | ' | ' | ' |
Glendale, CO | Staybridge Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,100 | ' | ' | ' |
Building & Improvements | 7,900 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,638 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,100 | ' | ' | ' |
Building & Improvements | 9,538 | ' | ' | ' |
Total | 11,638 | ' | ' | ' |
Accumulated Depreciation | -1,120 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 10,518 | ' | ' | ' |
Greenville, SC | Hilton Garden Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,200 | ' | ' | ' |
Building & Improvements | 14,050 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 56 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,200 | ' | ' | ' |
Building & Improvements | 14,106 | ' | ' | ' |
Total | 15,306 | ' | ' | ' |
Accumulated Depreciation | -364 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 14,942 | ' | ' | ' |
Hoffman Estates, IL | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,900 | ' | ' | ' |
Building & Improvements | 7,330 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 19 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,900 | ' | ' | ' |
Building & Improvements | 7,349 | ' | ' | ' |
Total | 9,249 | ' | ' | ' |
Accumulated Depreciation | -478 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 8,771 | ' | ' | ' |
Indianapolis, IN | Courtyard by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 7,788 | ' | ' | ' |
Building & Improvements | 50,846 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 7,788 | ' | ' | ' |
Building & Improvements | 50,846 | ' | ' | ' |
Total | 58,634 | ' | ' | ' |
Accumulated Depreciation | -1,096 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 57,538 | ' | ' | ' |
Indianapolis, IN | SpringHill Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 4,012 | ' | ' | ' |
Building & Improvements | 26,193 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 4,012 | ' | ' | ' |
Building & Improvements | 26,193 | ' | ' | ' |
Total | 30,205 | ' | ' | ' |
Accumulated Depreciation | -564 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 29,641 | ' | ' | ' |
Jackson, MS | Courtyard by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,301 | ' | ' | ' |
Building & Improvements | 7,322 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,510 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,301 | ' | ' | ' |
Building & Improvements | 9,832 | ' | ' | ' |
Total | 11,133 | ' | ' | ' |
Accumulated Depreciation | -3,070 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 8,063 | ' | ' | ' |
Jackson, MS | Staybridge Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 698 | ' | ' | ' |
Building & Improvements | 8,454 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,232 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 698 | ' | ' | ' |
Building & Improvements | 10,686 | ' | ' | ' |
Total | 11,384 | ' | ' | ' |
Accumulated Depreciation | -2,309 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 9,075 | ' | ' | ' |
Jacksonville, FL | Aloft | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,700 | ' | ' | ' |
Building & Improvements | 15,775 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 100 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,700 | ' | ' | ' |
Building & Improvements | 15,875 | ' | ' | ' |
Total | 17,575 | ' | ' | ' |
Accumulated Depreciation | -4,278 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 13,297 | ' | ' | ' |
Las Colinas, TX | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 781 | ' | ' | ' |
Building & Improvements | 5,729 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,867 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 781 | ' | ' | ' |
Building & Improvements | 7,596 | ' | ' | ' |
Total | 8,377 | ' | ' | ' |
Accumulated Depreciation | -3,434 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 4,943 | ' | ' | ' |
Las Colinas, TX | Holiday Inn Express and Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 898 | ' | ' | ' |
Building & Improvements | 6,689 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,729 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 898 | ' | ' | ' |
Building & Improvements | 8,418 | ' | ' | ' |
Total | 9,316 | ' | ' | ' |
Accumulated Depreciation | -3,386 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 5,930 | ' | ' | ' |
Lombard, IL | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,550 | ' | ' | ' |
Building & Improvements | 15,475 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,408 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,550 | ' | ' | ' |
Building & Improvements | 16,883 | ' | ' | ' |
Total | 18,433 | ' | ' | ' |
Accumulated Depreciation | -1,122 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 17,311 | ' | ' | ' |
Louisville, KY | Fairfield Inn and Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 3,120 | ' | ' | ' |
Building & Improvements | 21,903 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 23 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 3,120 | ' | ' | ' |
Building & Improvements | 21,926 | ' | ' | ' |
Total | 25,046 | ' | ' | ' |
Accumulated Depreciation | -511 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 24,535 | ' | ' | ' |
Louisville, KY | SpringHill Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 4,880 | ' | ' | ' |
Building & Improvements | 34,258 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 37 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 4,880 | ' | ' | ' |
Building & Improvements | 34,295 | ' | ' | ' |
Total | 39,175 | ' | ' | ' |
Accumulated Depreciation | -800 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 38,375 | ' | ' | ' |
Medford, OR | Hampton Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,230 | ' | ' | ' |
Building & Improvements | 4,788 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,265 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,230 | ' | ' | ' |
Building & Improvements | 7,053 | ' | ' | ' |
Total | 8,283 | ' | ' | ' |
Accumulated Depreciation | -2,046 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 6,237 | ' | ' | ' |
Minneapolis, MN | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Building & Improvements | 32,506 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Building & Improvements | 32,506 | ' | ' | ' |
Total | 32,506 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 32,506 | ' | ' | ' |
Minnetonka, MN | Holiday Inn Express and Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,000 | ' | ' | ' |
Building & Improvements | 5,900 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,095 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,000 | ' | ' | ' |
Building & Improvements | 6,995 | ' | ' | ' |
Total | 7,995 | ' | ' | ' |
Accumulated Depreciation | -198 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 7,797 | ' | ' | ' |
Debt | 3,652 | ' | ' | ' |
Nashville, TN | SpringHill Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 777 | ' | ' | ' |
Building & Improvements | 3,576 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,512 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 777 | ' | ' | ' |
Building & Improvements | 6,088 | ' | ' | ' |
Total | 6,865 | ' | ' | ' |
Accumulated Depreciation | -2,118 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 4,747 | ' | ' | ' |
New Orleans, LA | Courtyard by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,944 | ' | ' | ' |
Building & Improvements | 23,739 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 596 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,944 | ' | ' | ' |
Building & Improvements | 24,335 | ' | ' | ' |
Total | 26,279 | ' | ' | ' |
Accumulated Depreciation | -996 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 25,283 | ' | ' | ' |
New Orleans, LA | Courtyard by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,860 | ' | ' | ' |
Building & Improvements | 21,679 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,570 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,860 | ' | ' | ' |
Building & Improvements | 24,249 | ' | ' | ' |
Total | 26,109 | ' | ' | ' |
Accumulated Depreciation | -844 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 25,265 | ' | ' | ' |
New Orleans, LA | Residence Inn by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,791 | ' | ' | ' |
Building & Improvements | 18,099 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 186 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,791 | ' | ' | ' |
Building & Improvements | 18,285 | ' | ' | ' |
Total | 20,076 | ' | ' | ' |
Accumulated Depreciation | -660 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 19,416 | ' | ' | ' |
New Orleans, LA | Courtyard by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,490 | ' | ' | ' |
Building & Improvements | 28,337 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,394 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,490 | ' | ' | ' |
Building & Improvements | 30,731 | ' | ' | ' |
Total | 33,221 | ' | ' | ' |
Accumulated Depreciation | -1,111 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 32,110 | ' | ' | ' |
New Orleans, LA | SpringHill Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,046 | ' | ' | ' |
Building & Improvements | 31,050 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 26 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,046 | ' | ' | ' |
Building & Improvements | 31,076 | ' | ' | ' |
Total | 33,122 | ' | ' | ' |
Accumulated Depreciation | -1,032 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 32,090 | ' | ' | ' |
Orlando, FL | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 3,100 | ' | ' | ' |
Building & Improvements | 9,152 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,870 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 3,100 | ' | ' | ' |
Building & Improvements | 11,022 | ' | ' | ' |
Total | 14,122 | ' | ' | ' |
Accumulated Depreciation | -879 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 13,243 | ' | ' | ' |
Orlando, FL | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,800 | ' | ' | ' |
Building & Improvements | 9,043 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,908 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,800 | ' | ' | ' |
Building & Improvements | 10,951 | ' | ' | ' |
Total | 13,751 | ' | ' | ' |
Accumulated Depreciation | -871 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 12,880 | ' | ' | ' |
Phoenix, AZ | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 582 | ' | ' | ' |
Building & Improvements | 4,438 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 66 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 582 | ' | ' | ' |
Building & Improvements | 4,504 | ' | ' | ' |
Total | 5,086 | ' | ' | ' |
Accumulated Depreciation | -390 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 4,696 | ' | ' | ' |
Portland, OR | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Building & Improvements | 16,713 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 43 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Building & Improvements | 16,756 | ' | ' | ' |
Total | 16,756 | ' | ' | ' |
Accumulated Depreciation | -4,514 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 12,242 | ' | ' | ' |
Portland, OR | Residence Inn by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Building & Improvements | 16,409 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 44 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Building & Improvements | 16,453 | ' | ' | ' |
Total | 16,453 | ' | ' | ' |
Accumulated Depreciation | -4,045 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 12,408 | ' | ' | ' |
Debt | 11,986 | ' | ' | ' |
Provo, UT | Hampton Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 909 | ' | ' | ' |
Building & Improvements | 2,862 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,243 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 909 | ' | ' | ' |
Building & Improvements | 5,105 | ' | ' | ' |
Total | 6,014 | ' | ' | ' |
Accumulated Depreciation | -1,513 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 4,501 | ' | ' | ' |
Ridgeland, MS | Residence Inn by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,050 | ' | ' | ' |
Building & Improvements | 10,040 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 486 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,050 | ' | ' | ' |
Building & Improvements | 10,526 | ' | ' | ' |
Total | 11,576 | ' | ' | ' |
Accumulated Depreciation | -3,605 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 7,971 | ' | ' | ' |
Ridgeland, MS | Homewood Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,314 | ' | ' | ' |
Building & Improvements | 6,036 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,450 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,314 | ' | ' | ' |
Building & Improvements | 7,486 | ' | ' | ' |
Total | 8,800 | ' | ' | ' |
Accumulated Depreciation | -945 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 7,855 | ' | ' | ' |
Salt Lake City, UT | Residence Inn by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,392 | ' | ' | ' |
Building & Improvements | 17,567 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 4,040 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,392 | ' | ' | ' |
Building & Improvements | 21,607 | ' | ' | ' |
Total | 23,999 | ' | ' | ' |
Accumulated Depreciation | -1,042 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 22,957 | ' | ' | ' |
Debt | 13,516 | ' | ' | ' |
San Antonio, TX | Country Inn & Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,497 | ' | ' | ' |
Building & Improvements | 12,833 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 448 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,497 | ' | ' | ' |
Building & Improvements | 13,281 | ' | ' | ' |
Total | 15,778 | ' | ' | ' |
Accumulated Depreciation | -4,383 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 11,395 | ' | ' | ' |
San Diego, CA | Hampton Inn and Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,300 | ' | ' | ' |
Building & Improvements | 12,850 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,300 | ' | ' | ' |
Building & Improvements | 12,850 | ' | ' | ' |
Total | 15,150 | ' | ' | ' |
Accumulated Depreciation | -156 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 14,994 | ' | ' | ' |
San Francisco, CA | Holiday Inn Express and Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 15,545 | ' | ' | ' |
Building & Improvements | 44,955 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,045 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 15,545 | ' | ' | ' |
Building & Improvements | 47,000 | ' | ' | ' |
Total | 62,545 | ' | ' | ' |
Accumulated Depreciation | -1,622 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 60,923 | ' | ' | ' |
Debt | 23,107 | ' | ' | ' |
Sandy, UT | Holiday Inn Express and Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 720 | ' | ' | ' |
Building & Improvements | 1,768 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,745 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 720 | ' | ' | ' |
Building & Improvements | 3,513 | ' | ' | ' |
Total | 4,233 | ' | ' | ' |
Accumulated Depreciation | -1,255 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 2,978 | ' | ' | ' |
Scottsdale, AZ | Hyatt Place | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,500 | ' | ' | ' |
Building & Improvements | 9,030 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 901 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,500 | ' | ' | ' |
Building & Improvements | 9,931 | ' | ' | ' |
Total | 11,431 | ' | ' | ' |
Accumulated Depreciation | -870 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 10,561 | ' | ' | ' |
Scottsdale, AZ | Courtyard by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 3,225 | ' | ' | ' |
Building & Improvements | 10,152 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 3,215 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 3,225 | ' | ' | ' |
Building & Improvements | 13,367 | ' | ' | ' |
Total | 16,592 | ' | ' | ' |
Accumulated Depreciation | -4,368 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 12,224 | ' | ' | ' |
Debt | 9,476 | ' | ' | ' |
Scottsdale, AZ | SpringHill Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,195 | ' | ' | ' |
Building & Improvements | 7,120 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,950 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,195 | ' | ' | ' |
Building & Improvements | 10,070 | ' | ' | ' |
Total | 12,265 | ' | ' | ' |
Accumulated Depreciation | -3,282 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 8,983 | ' | ' | ' |
Debt | 5,103 | ' | ' | ' |
Smyrna, TN | Hilton Garden Inn | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,188 | ' | ' | ' |
Building & Improvements | 10,312 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 366 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,188 | ' | ' | ' |
Building & Improvements | 10,678 | ' | ' | ' |
Total | 11,866 | ' | ' | ' |
Accumulated Depreciation | -684 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 11,182 | ' | ' | ' |
Debt | 8,382 | ' | ' | ' |
Smyrna, TN | Hampton Inn and Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,145 | ' | ' | ' |
Building & Improvements | 6,855 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 433 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,145 | ' | ' | ' |
Building & Improvements | 7,288 | ' | ' | ' |
Total | 8,433 | ' | ' | ' |
Accumulated Depreciation | -450 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 7,983 | ' | ' | ' |
Debt | 5,249 | ' | ' | ' |
Spokane, WA | Fairfield Inn and Suites by Marriott | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,637 | ' | ' | ' |
Building & Improvements | 3,669 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 2,597 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,637 | ' | ' | ' |
Building & Improvements | 6,266 | ' | ' | ' |
Total | 7,903 | ' | ' | ' |
Accumulated Depreciation | -2,236 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 5,667 | ' | ' | ' |
Ventura, CA | Hampton Inn and Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 2,200 | ' | ' | ' |
Building & Improvements | 13,550 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 7 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 2,200 | ' | ' | ' |
Building & Improvements | 13,557 | ' | ' | ' |
Total | 15,757 | ' | ' | ' |
Accumulated Depreciation | -137 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 15,620 | ' | ' | ' |
Vernon Hills, IL | Holiday Inn Express | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 1,198 | ' | ' | ' |
Building & Improvements | 6,099 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,242 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 1,198 | ' | ' | ' |
Building & Improvements | 7,341 | ' | ' | ' |
Total | 8,539 | ' | ' | ' |
Accumulated Depreciation | -2,652 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 5,887 | ' | ' | ' |
Ybor City, FL | Hampton Inn and Suites | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Land | 3,600 | ' | ' | ' |
Building & Improvements | 17,244 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 1,117 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Land | 3,600 | ' | ' | ' |
Building & Improvements | 18,361 | ' | ' | ' |
Total | 21,961 | ' | ' | ' |
Accumulated Depreciation | -669 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | 21,292 | ' | ' | ' |
Austin, TX | Corporate Office | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' |
Building & Improvements | 210 | ' | ' | ' |
Cost Capitalized Subsequent to Acquisition | 397 | ' | ' | ' |
Total Cost | ' | ' | ' | ' |
Building & Improvements | 607 | ' | ' | ' |
Total | 607 | ' | ' | ' |
Accumulated Depreciation | -77 | ' | ' | ' |
Total Cost Net of Accumulated Depreciation | $530 | ' | ' | ' |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
ASSET BASIS | ' | ' | ' |
Balance at the beginning of the period | $901,207,000 | $645,339,000 | $570,807,000 |
Additions to land, buildings and improvements | 531,207,000 | 294,310,000 | 79,901,000 |
Disposition of land, buildings and improvements | -74,282,000 | -35,477,000 | -5,369,000 |
Impairment loss | -9,044,000 | -2,965,000 | ' |
Balance at the end of the period | 1,349,088,000 | 901,207,000 | 645,339,000 |
ACCUMULATED DEPRECIATION | ' | ' | ' |
Balance at the beginning of the period | 146,207,000 | 126,168,000 | 104,797,000 |
Depreciation | 50,445,000 | 31,732,000 | 26,740,000 |
Depreciation on assets sold or disposed | -23,503,000 | -11,693,000 | -5,369,000 |
Balance at the end of the period | 173,149,000 | 146,207,000 | 126,168,000 |
Real estate and accumulated depreciation | ' | ' | ' |
Aggregate cost of land, buildings, furniture and equipment for federal income tax purposes | $1,317,000,000 | ' | ' |
Buildings and improvements | Minimum | ' | ' | ' |
Real estate and accumulated depreciation | ' | ' | ' |
Useful lives | '25 years | ' | ' |
Buildings and improvements | Maximum | ' | ' | ' |
Real estate and accumulated depreciation | ' | ' | ' |
Useful lives | '40 years | ' | ' |
Furniture and equipment | Minimum | ' | ' | ' |
Real estate and accumulated depreciation | ' | ' | ' |
Useful lives | '2 years | ' | ' |
Furniture and equipment | Maximum | ' | ' | ' |
Real estate and accumulated depreciation | ' | ' | ' |
Useful lives | '15 years | ' | ' |