Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 10, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35074 | ||
Entity Registrant Name | SUMMIT HOTEL PROPERTIES, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 27-2962512 | ||
Entity Address, Address Line One | 13215 Bee Cave Parkway, Suite B-300 | ||
Entity Address, City or Town | Austin | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 78738 | ||
City Area Code | 512 | ||
Local Phone Number | 538-2300 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 758,736,872 | ||
Entity Common Stock, Shares Outstanding | 106,901,576 | ||
Documents Incorporated by Reference | Portions of the registrant’s Definitive Proxy Statement on Schedule 14A for its 2023 annual meeting of stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year pursuant to Regulation 14A, are incorporated herein by reference into Part III, Items 10, 11, 12, 13 and 14. | ||
Entity Central Index Key | 0001497645 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | INN | ||
Security Exchange Name | NYSE | ||
6.25% Series E Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 6.25% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share | ||
Trading Symbol | INN-PE | ||
Security Exchange Name | NYSE | ||
5.875% Series F Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 5.875% Series F Cumulative Redeemable Preferred Stock, par value $0.01 per share | ||
Trading Symbol | INN-PF | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Auditor Location | Austin, Texas |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Investments in lodging property, net | $ 2,792,552 | $ 2,091,973 |
Undeveloped land | 0 | 1,500 |
Assets held for sale, net | 78,576 | 425 |
Cash and cash equivalents | 51,255 | 64,485 |
Restricted cash | 10,553 | 32,459 |
Right-of-use assets, net | 35,023 | 26,942 |
Trade receivables, net | 21,015 | 14,476 |
Prepaid expenses and other | 8,378 | 24,496 |
Deferred charges, net | 7,074 | 4,347 |
Other assets | 17,844 | 3,799 |
Total assets | 3,022,270 | 2,264,902 |
Liabilities: | ||
Debt, net of debt issuance costs | 1,451,796 | 1,069,797 |
Lease liabilities, net | 25,484 | 17,232 |
Accounts payable | 5,517 | 4,462 |
Accrued expenses and other | 81,304 | 66,219 |
Total liabilities | 1,564,101 | 1,157,710 |
Commitments and contingencies (Note 11) | ||
Redeemable non-controlling interests | 50,219 | 0 |
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized: | ||
Common stock, $0.01 par value per share, 500,000,000 shares authorized, 106,901,576 and 106,337,724 shares issued and outstanding at December 31, 2022 and 2021 respectively | 1,069 | 1,063 |
Additional paid-in capital | 1,232,302 | 1,225,184 |
Accumulated other comprehensive income (loss) | 14,538 | (15,639) |
Accumulated deficit and distributions in excess of retained earnings | (288,200) | (262,639) |
Total stockholders’ equity | 959,813 | 948,073 |
Non-controlling interests | 448,137 | 159,119 |
Total equity | 1,407,950 | 1,107,192 |
Total liabilities, redeemable non-controlling interests and equity | 3,022,270 | 2,264,902 |
6.25% Series E Preferred Stock | ||
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized: | ||
Preferred stock | 64 | 64 |
5.875% Series F Preferred Stock | ||
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized: | ||
Preferred stock | $ 40 | $ 40 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 106,901,576 | 106,337,724 |
Common shares outstanding, beginning balance (in shares) | 106,901,576 | 106,337,724 |
6.25% Series E Preferred Stock | ||
Preferred stock, shares authorized (in shares) | 6,400,000 | |
Preferred stock, shares issued (in shares) | 6,400,000 | 6,400,000 |
Beginning preferred shares outstanding (in shares) | 6,400,000 | 6,400,000 |
Preferred stock, aggregate liquidation preference (in dollars) | $ 160,861 | $ 160,861 |
Preferred stock, dividend rate | 6.25% | 6.25% |
5.875% Series F Preferred Stock | ||
Preferred stock, shares authorized (in shares) | 4,000,000 | |
Preferred stock, shares issued (in shares) | 4,000,000 | |
Beginning preferred shares outstanding (in shares) | 4,000,000 | |
Preferred stock, aggregate liquidation preference (in dollars) | $ 100,506 | $ 100,506 |
Preferred stock, dividend rate | 5.875% |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Total revenues | $ 675,695 | $ 361,926 | $ 234,463 |
Expenses: | |||
Property taxes, insurance and other | 49,921 | 41,350 | 44,691 |
Depreciation and amortization | 150,160 | 105,955 | 109,619 |
Corporate general and administrative | 30,765 | 29,428 | 20,985 |
Transaction costs | 749 | 3,849 | 0 |
(Recoveries of) provision for credit losses | (1,100) | (2,632) | 4,821 |
Loss on write-down or impairment of assets | 10,420 | 4,361 | 1,759 |
Total expenses | 628,228 | 395,432 | 343,857 |
Gain (loss) on disposal of assets, net | 20,315 | 240 | (16) |
Operating income (loss) | 67,782 | (33,266) | (109,410) |
Other income (expense): | |||
Interest expense | (65,581) | (43,368) | (43,300) |
Other income, net | 2,627 | 9,523 | 4,841 |
Total other expense | (62,954) | (33,845) | (38,459) |
Income (loss) from continuing operations before income taxes | 4,828 | (67,111) | (147,869) |
Income tax expense (Note 14) | (3,611) | (1,473) | (1,376) |
Net income (loss) | 1,217 | (68,584) | (149,245) |
Less - Loss attributable to non-controlling interests | 249 | 3,011 | 5,906 |
Net income (loss) attributable to Summit Hotel Properties, Inc. before preferred dividends and distributions | 1,466 | (65,573) | (143,339) |
Less - Distributions to and accretion of redeemable non-controlling interests | (2,520) | 0 | 0 |
Less - Preferred dividends | (15,875) | (15,431) | (14,838) |
Premium on redemption of preferred stock | 0 | (2,710) | 0 |
Net loss attributable to common stockholders, basic | (16,929) | (83,714) | (158,177) |
Net loss attributable to common stockholders, diluted | $ (16,929) | $ (83,714) | $ (158,177) |
Loss per share: | |||
Basic (in shares) | $ (0.16) | $ (0.80) | $ (1.52) |
Diluted (in shares) | $ (0.16) | $ (0.80) | $ (1.52) |
Weighted average common shares outstanding: | |||
Basic (in shares) | 105,142 | 104,471 | 104,141 |
Diluted (in shares) | 105,142 | 104,471 | 104,141 |
Dividends per common share (in dollars per share) | $ 0.08 | $ 0 | $ 0.18 |
Room | |||
Revenues: | |||
Total revenues | $ 609,370 | $ 334,338 | $ 215,506 |
Expenses: | |||
Cost of goods and services sold | 136,999 | 74,781 | 53,784 |
Food and beverage | |||
Revenues: | |||
Total revenues | 32,117 | 7,299 | 6,444 |
Expenses: | |||
Cost of goods and services sold | 24,897 | 4,856 | 5,416 |
Other | |||
Revenues: | |||
Total revenues | 34,208 | 20,289 | 12,513 |
Expenses: | |||
Cost of goods and services sold | 207,975 | 123,626 | 96,506 |
Management fees | |||
Expenses: | |||
Cost of goods and services sold | $ 17,442 | $ 9,858 | $ 6,276 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 1,217 | $ (68,584) | $ (149,245) |
Other comprehensive income (loss), net of tax: | |||
Changes in fair value of derivative financial instruments | 32,564 | 15,127 | (14,673) |
Comprehensive income (loss) | 33,781 | (53,457) | (163,918) |
Comprehensive (income) loss attributable to non-controlling interests | (2,138) | 2,990 | 5,931 |
Comprehensive income (loss) attributable to Summit Hotel Properties, Inc. | 31,643 | (50,467) | (157,987) |
Distributions to and accretion on redeemable non-controlling interests | (2,520) | 0 | 0 |
Preferred dividends | (15,875) | (15,431) | (14,838) |
Premium on redemption of preferred stock | 0 | (2,710) | 0 |
Comprehensive income (loss) attributable to common stockholders | $ 13,248 | $ (68,608) | $ (172,825) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity and Redeemable Non-controlling Interests - USD ($) $ in Thousands | Total | Shareholders’ Equity | Shares of Preferred Stock | Common Stock | Common Stock Common Stock | Additional Paid-In Capital | Accumulated Comprehensive Income /(Loss) | Accumulated Deficit and Distributions | Non-Controlling Interests |
Beginning balance at Dec. 31, 2019 | $ 0 | ||||||||
Ending balance at Dec. 31, 2020 | 0 | ||||||||
Balance at beginning of year at Dec. 31, 2019 | 1,243,390 | $ 1,173,778 | $ 94 | $ 1,052 | $ 1,190,949 | $ (16,034) | $ (2,283) | $ 69,612 | |
Preferred shares outstanding, beginning balance (in shares) at Dec. 31, 2019 | 9,400,000 | ||||||||
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2019 | 105,169,515 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock redemption of common units (in shares) | 47,279 | ||||||||
Common stock redemption of common units | 0 | 376 | 410 | (34) | (376) | ||||
Contribution by non-controlling interest in joint venture | 622 | 622 | |||||||
Common dividends and distributions | (18,628) | (18,591) | (18,591) | (37) | |||||
Preferred dividends and distributions | (14,890) | (14,800) | (14,800) | (90) | |||||
Joint venture partner distributions | (490) | (490) | |||||||
Equity-based compensation (in shares) | 557,338 | ||||||||
Equity-based compensation | 6,476 | 6,465 | $ 6 | 6,459 | 11 | ||||
Shares acquired for employee withholding requirements (in shares) | (65,345) | ||||||||
Shares acquired for employee withholding requirements | (469) | (469) | $ (1) | (468) | |||||
Other | (30) | (30) | (30) | ||||||
Other comprehensive loss | (14,673) | (14,648) | (14,648) | (25) | |||||
Net income (loss) | (149,245) | (143,339) | (143,339) | (5,906) | |||||
Balance at end of year at Dec. 31, 2020 | $ 1,052,063 | 988,742 | $ 94 | $ 1,057 | 1,197,320 | (30,716) | (179,013) | 63,321 | |
Preferred shares outstanding, ending balance (in shares) at Dec. 31, 2020 | 9,400,000 | ||||||||
Common shares outstanding, ending balance (in shares) at Dec. 31, 2020 | 105,708,787 | 105,708,787 | |||||||
Ending balance at Dec. 31, 2021 | $ 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock redemption of common units (in shares) | 36,945 | 36,945 | |||||||
Common stock redemption of common units | $ 0 | 239 | 268 | (29) | (239) | ||||
Net proceeds from sale of preferred stock (in shares) | 4,000,000 | ||||||||
Net proceeds from sale of preferred stock | 96,617 | 96,617 | $ 40 | 96,577 | |||||
Redemption of preferred stock (in shares) | (3,000,000) | ||||||||
Redemption of preferred shares | (75,000) | (75,000) | $ (30) | (72,260) | (2,710) | ||||
Purchases of capped call options | (21,131) | (21,131) | (21,131) | ||||||
Contribution by non-controlling interest in joint venture | 115,546 | 16,444 | 16,444 | 99,102 | |||||
Common dividends and distributions | 88 | 88 | 88 | ||||||
Preferred dividends and distributions | (15,521) | (15,431) | (15,431) | (90) | |||||
Equity-based compensation (in shares) | 859,460 | ||||||||
Equity-based compensation | $ 10,681 | 10,666 | $ 9 | 10,657 | 15 | ||||
Shares acquired for employee withholding requirements (in shares) | (267,468) | (267,468) | |||||||
Shares acquired for employee withholding requirements | $ (2,694) | (2,694) | $ (3) | (2,691) | |||||
Other comprehensive loss | 15,127 | 15,106 | 15,106 | 21 | |||||
Net income (loss) | (68,584) | (65,573) | (65,573) | (3,011) | |||||
Balance at end of year at Dec. 31, 2021 | $ 1,107,192 | 948,073 | $ 104 | $ 1,063 | 1,225,184 | (15,639) | (262,639) | 159,119 | |
Preferred shares outstanding, ending balance (in shares) at Dec. 31, 2021 | 10,400,000 | ||||||||
Common shares outstanding, ending balance (in shares) at Dec. 31, 2021 | 106,337,724 | 106,337,724 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Redeemable non-controlling interests in operating partnership issued for the acquisition of a portfolio of hotel properties | $ 50,000 | ||||||||
Adjustment of redeemable non-controlling interests to redemption value | 2,520 | ||||||||
Preferred dividends and distributions | (2,301) | ||||||||
Ending balance at Dec. 31, 2022 | $ 50,219 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock redemption of common units (in shares) | 12,664 | 12,664 | |||||||
Common stock redemption of common units | $ 0 | 127 | $ 1 | 126 | (127) | ||||
Net proceeds from sale of preferred stock | 157,513 | 157,513 | |||||||
Adjustment of redeemable non-controlling interests to redemption value | (2,520) | (2,520) | (2,520) | ||||||
Sale of non-controlling interests in joint venture | 674 | 674 | |||||||
Contribution by non-controlling interest in joint venture | 211,877 | 1,219 | 1,219 | 210,658 | |||||
Common dividends and distributions | (9,911) | (8,632) | (8,632) | (1,279) | |||||
Preferred dividends and distributions | (16,040) | (15,875) | (15,875) | (165) | |||||
Joint venture partner distributions | (80,353) | (80,353) | |||||||
Equity-based compensation (in shares) | 811,988 | ||||||||
Equity-based compensation | $ 8,446 | 8,446 | $ 8 | 8,438 | |||||
Shares acquired for employee withholding requirements (in shares) | (260,800) | (260,800) | |||||||
Shares acquired for employee withholding requirements | $ (2,456) | (2,456) | $ (3) | (2,453) | |||||
Other | (253) | (212) | (212) | (41) | |||||
Other comprehensive loss | 32,564 | 30,177 | 30,177 | 2,387 | |||||
Net income (loss) | 1,217 | 1,466 | 1,466 | (249) | |||||
Balance at end of year at Dec. 31, 2022 | $ 1,407,950 | $ 959,813 | $ 104 | $ 1,069 | $ 1,232,302 | $ 14,538 | $ (288,200) | $ 448,137 | |
Preferred shares outstanding, ending balance (in shares) at Dec. 31, 2022 | 10,400,000 | ||||||||
Common shares outstanding, ending balance (in shares) at Dec. 31, 2022 | 106,901,576 | 106,901,576 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ 1,217 | $ (68,584) | $ (149,245) |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 150,160 | 105,955 | 109,619 |
Amortization of debt issuance costs | 5,708 | 4,353 | 2,267 |
Loss on write-down or impairment of assets | 10,420 | 4,361 | 1,759 |
(Recoveries of) provision for credit losses | (1,100) | (2,632) | 4,821 |
Equity-based compensation | 8,446 | 10,681 | 6,476 |
Deferred tax asset, net | (59) | (19) | 2,056 |
(Gain) loss on disposal of assets, net | (20,315) | (240) | 16 |
Non-cash interest income | (113) | (1,042) | (2,848) |
Debt transaction costs | 1,528 | 220 | 365 |
Other | 232 | 412 | 384 |
Changes in operating assets and liabilities: | |||
Trade receivables, net | (7,257) | (2,701) | 1,286 |
Prepaid expenses and other | 1,845 | (1,362) | (997) |
Accounts payable | (438) | 1,854 | (1,422) |
Accrued expenses and other | 19,341 | 14,795 | (16,589) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 169,615 | 66,051 | (42,052) |
INVESTING ACTIVITIES: | |||
Acquisitions of real estate property | (286,731) | (59,036) | 0 |
Improvements to lodging properties | (76,469) | (20,356) | (22,632) |
Proceeds from asset dispositions, net | 73,758 | 0 | 0 |
Contract termination payment for asset disposition | 0 | 0 | (2,200) |
Funding of real estate loans and related expenses | (2,167) | (10,045) | (9,909) |
Proceeds from principal payments on real estate loans | 1,096 | 25,800 | 4,031 |
Escrow deposits and deferred acquisition costs | 0 | (10,607) | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (290,513) | (74,244) | (30,710) |
FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt | 506,500 | 331,767 | 202,500 |
Principal payments on debt | (506,898) | (351,932) | (123,748) |
Proceeds from the sale of non-controlling interests | 674 | 0 | 0 |
Proceeds from equity offerings, net of issuance costs | 0 | 96,617 | 0 |
Redemption of preferred stock | 0 | (75,000) | 0 |
Purchases of capped call options | 0 | (21,131) | 0 |
Common dividends paid | (10,048) | 0 | (18,832) |
Preferred dividends and distributions paid | (18,341) | (15,521) | (14,926) |
Proceeds from contributions by non-controlling interests in joint venture | 204,125 | 115,546 | 622 |
Distributions to joint venture partner | (80,353) | 0 | (490) |
Financing fees, debt transactions costs and other issuance costs | (7,441) | (11,411) | (2,832) |
Repurchase of common stock for tax withholding requirements | (2,456) | (2,694) | (469) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 85,762 | 66,241 | 41,825 |
Net change in cash, cash equivalents and restricted cash | (35,136) | 58,048 | (30,937) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
Beginning of period | 96,944 | 38,896 | 69,833 |
End of period | 61,808 | 96,944 | 38,896 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEET TO THE AMOUNTS SHOWN IN THE STATEMENT OF CASH FLOWS ABOVE: | |||
Cash and cash equivalents | 51,255 | 64,485 | 20,719 |
Restricted cash | 10,553 | 32,459 | 18,177 |
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ 61,808 | $ 96,944 | $ 38,896 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | DESCRIPTION OF BUSINESS General Summit Hotel Properties, Inc. (the “Company”) is a self-managed lodging property 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. Unless the context otherwise requires, “we”, “us”, and “our” refer to the Company and its consolidated subsidiaries. We focus on owning lodging properties with efficient operating models that generate strong margins and investment returns. At December 31, 2022, our portfolio consisted of 103 lodging properties with a total of 15,334 guestrooms located in 24 states. At December 31, 2022, we own 100% of the outstanding equity interests in 61 of 103 of our lodging properties. We own a 51% controlling interest in 39 hotels through a joint venture with the sovereign wealth fund of Singapore (the "GIC Joint Venture"), and two 90% equity interests in separate joint ventures (the "Brickell Joint Venture" and the "Onera Joint Venture"). The Brickell Joint Venture owns two lodging properties and the Onera Joint Venture owns one lodging property. As of December 31, 2022, 86% of our guestrooms were located in the top 50 metropolitan statistical areas (“MSAs”), 91% were located within the top 100 MSAs and 15,323 of our guestrooms operated under premium franchise brands owned by Marriott® International, Inc. (“Marriott”), Hilton® Worldwide (“Hilton”), Hyatt® Hotels Corporation (“Hyatt”), and InterContinental® Hotels Group (“IHG”). We have elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. To qualify as a REIT, we cannot operate or manage our lodging properties. Accordingly, all of our lodging properties are leased to our taxable REIT subsidiaries (“TRS Lessees”). Risks and Uncertainties |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation We prepare our Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”), 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. The accompanying Consolidated Financial Statements consolidate the accounts of all entities in which we have a controlling financial interest, as well as variable interest entities for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements. We evaluate joint venture partnerships to determine if they should be consolidated based on whether the partners exercise joint control. For a joint venture where we exercise primary control and we also own a majority of the equity interests, we consolidate the joint venture partnership. We have consolidated the accounts of all of our joint ventures in our consolidated financial statements. Segment Disclosure Accounting Standards Codification (“ASC”) Topic 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, for 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. Acquisitions of Lodging Property We analyze the acquisition of a lodging property to determine if it qualifies as the purchase of a business or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, the asset or asset group is not considered a business and we would record the transaction as an asset acquisition, which includes the capitalization of acquisition costs. For an asset acquisition, we allocate the purchase price paid to the assets acquired and the liabilities assumed in the transaction based on their relative fair values. For a business combination, we would record the assets and liabilities acquired at their respective estimated fair values. When we acquire a lodging property, we use all available information to make these fair value determinations, including discounted cash flow analyses and market comparable data. In addition, we make significant estimates regarding replacement costs for the buildings and furniture, fixtures and equipment, including estimated useful lives and judgements related to certain market assumptions. We also engage independent valuation specialists to assist in the fair value determinations of the assets acquired and the liabilities assumed. The determination of fair value is subjective and is based on assumptions and estimates that could differ materially from actual results in future periods. Investments in Lodging Property, net The Company allocates the purchase price of acquired lodging properties based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Intangible assets may include certain value associated with the on-going operations of the lodging business being acquired as part of the property acquisition. Acquired intangible assets that derive their values from real property or an interest in real property, are inseparable from that real property or interest in real property, and do not produce or contribute to the production of income other than consideration for the use or occupancy of space, are recorded as a component of the related real estate asset in our Consolidated Financial Statements. We allocate the purchase price of acquired lodging properties to land, building and furniture, fixtures and equipment based on independent third-party appraisals. Our lodging properties and related assets are recorded at cost, less accumulated depreciation. We capitalize development costs and the costs of significant additions and improvements that materially upgrade, increase the value or extend the useful life of the property. These costs may include development, refurbishment, renovation, and remodeling expenditures, as well as certain indirect internal costs related to construction projects. If an asset requires a period of time in which to carry out the activities necessary to bring it to the condition necessary for its intended use, the interest cost incurred during that period as a result of expenditures for the asset is capitalized as part of the cost of the asset. We expense the cost of repairs and maintenance as incurred. We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows: Classification Estimated Useful Lives Buildings and improvements 6 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, 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 lodging properties for development projects. We evaluate these arrangements to determine if we participate in residual profits of the lodging property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the real property, we reflect the loan in Investments in lodging property, net in our Consolidated Balance Sheets. We monitor events and changes in circumstances for indicators that the carrying value of a lodging property or undeveloped land may be impaired. Additionally, we perform at least annual reviews to monitor the factors that could trigger an impairment. Factors that we consider for an impairment analysis include, among others: i) significant underperformance relative to historical or anticipated 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 lodging properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, v) changes in values of comparable land or lodging property sales, vi) significant negative industry or economic trends, and fair value less costs to sell of lodging properties held for sale relative to the contractual selling price. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the carrying amount of the asset is recoverable. If the carrying amount of the asset is not recoverable, 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 its estimated fair value. Intangible Assets We amortize intangible assets with determined finite useful lives using the straight-line method. We do not amortize intangible assets with indefinite useful lives, but we evaluate these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Assets Held for Sale We periodically review our lodging properties and our undeveloped land based on established criteria such as age, type of franchise, adverse economic and competitive conditions, and strategic fit to identify properties that we believe are either non-strategic or no longer complement our business. Based on our review, we periodically market properties for sale that no longer meet our investment criteria. We also periodically receive unsolicited external inquiries that result in the sale of lodging properties. We classify assets as Assets 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 classified as Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or fair value less selling costs. We record a write-down on our Consolidated Statement of Operations when the carrying amounts of assets held for sale exceed their fair values less selling costs. Variable Interest Entities We consolidate variable interest entities (each a “VIE”) if we determine that we are the primary beneficiary of the entity. When evaluating the accounting for a VIE, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. We determine our rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. We consider other relevant factors including each entity’s capital structure, contractual rights to earnings or obligations for losses, subordination of our interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant. Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”). For reverse transactions under a 1031 Exchange in which we purchase a new property prior to selling the property to be matched in the like-kind exchange (we refer to a new property being acquired by us in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by a qualified intermediary engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. We retain essentially all of the legal and economic benefits and obligations related to a Parked Asset prior to completion of a 1031 Exchange. As such, a Parked Asset is included in our Consolidated Balance Sheets and Consolidated Statements of Operations as a consolidated VIE until legal title is transferred to us upon completion of the 1031 Exchange. 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 generally 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 lender or other party requiring the restricted cash reserves. Trade Receivables and Credit Policies We grant credit to qualified customers, generally without collateral, in the form of trade accounts receivable. Trade receivables result from the rental of guestrooms and the sales of food, beverage, and banquet services and are payable under normal trade terms. Trade receivables also include credit and debit card transactions that are in the process of being settled. Trade receivables are stated at the amount billed to the customer and do not accrue interest. We regularly review the collectability of our trade receivables. A provision for losses is determined on the basis of previous loss experience and current economic conditions. Our allowance for doubtful accounts was $0.1 million at December 31, 2022 and $0.2 million at December 31, 2021. Bad debt expense was $0.3 million, $0.4 million and $0.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Leases In accordance with Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) , we record the financial liability and right-of-use assets that are inherent to leasing an asset on the balance sheet for all leases with a term of greater than 12 months regardless of their classification. Several of our lodging properties lease retail or restaurant space to third-party tenants. The majority of our third-party tenants requested rent deferrals to ease the negative financial effects of the Pandemic on their businesses. We have primarily negotiated rent deferrals with these tenants that defer rent for a specified number of months and require repayment of the deferred rent over a negotiated period of time. We have adopted a policy that the deferrals are not a change in the provisions of the lease. As such, we are accounting for the concessions using the rights and obligations of the existing lease and recognizing a short-term lease receivable in the period that the cash payment is owed. Notes Receivables We selectively provide mezzanine financing to developers, where we also have the opportunity to acquire the lodging property at or after the completion of the development project, and we also may provide seller financing in connection with a lodging property disposition under limited circumstances. We classify notes receivable as held-to-maturity and carry the notes receivable at cost less the unamortized discount, if any. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We routinely evaluate our notes receivable and interest receivables for collectability. Probable losses on notes receivable are recognized in a valuation account that is deducted from the amortized cost basis of the notes receivable and recorded as Provision for credit losses in our Consolidated Statements of Operations. When we place notes receivable on non-accrual status, we suspend the recognition of interest income until cash interest payments are received. Generally, we return notes receivable to accrual status when all delinquent interest becomes current and collectability of interest is reasonably assured. We do not measure an allowance for credit losses for accrued interest receivable. Accrued interest receivable is written-off to bad debt expense when collection is not reasonably assured. Deferred Charges, net Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method. Deferred Financing Fees Debt issuance costs are presented as a direct deduction from the carrying value of the debt liability on the Consolidated Balance Sheets. Debt issuance costs are amortized as a component of interest expense over the term of the related debt using the straight-line method, which approximates the interest method. Non-controlling Interests Non-controlling interests represent the portion of equity in a consolidated entity held by owners other than the consolidating parent. Non-controlling interests are reported in the Consolidated Balance Sheets within equity, separately from stockholders’ equity. Revenue, expenses and net income attributable to both the Company and the non-controlling interests are reported in the Consolidated Statements of Operations. Our Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties and third-party ownership of our consolidated joint ventures. Redeemable Non-controlling Interests Redeemable non-controlling interests represent redeemable preferred units issued by our Operating Partnership ("Redeemable Preferred Units") in connection with the NCI Transaction (see " Note 3 - Investments in Lodging Property, net " for additional information). The Redeemable Preferred Units are presented as temporary equity related to our Operating Partnership on our Condensed Consolidated Balance Sheets under the caption of "Redeemable Non-controlling Interests ("see " Note 9 - Equity " for further information). We record Redeemable non-controlling interests at fair value on the issuance date of the securities. When the carrying value (the acquisition date fair value adjusted for the non-controlling interest’s share of net income (loss) and dividends) is less than the redemption value, we adjust the redeemable non-controlling interest to equal the redemption value with changes recognized as an adjustment to Accumulated deficit and distributions in excess of retained earnings. Any such adjustment, when necessary, is recorded as of the applicable balance sheet date. Revenue Recognition In accordance with ASU No. 2014-09, revenues from the operation of our lodging properties are recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales, and other lodging property revenues and are presented on a disaggregated basis on our Consolidated Statements of Operations. Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy lodging rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night. Food and beverage revenues are generated when customers purchase food and beverage at a lodging property's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers. Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. Ancillary services such as parking at certain lodging properties are provided by third parties and we assess whether we are the principal or agent in such arrangements. If we are determined to be the agent, revenue is recognized based upon the commission paid to us by the third-party for the services rendered to our customers. If we are determined to be the principal, revenues are recognized based upon the gross contract price of the service provided. Certain of our lodging properties have retail spaces, restaurants or other spaces that we lease to third parties. Lease revenues are recognized on a straight line basis over the respective lease terms and are included in Other income on our Consolidated Statement of Operations. Cash received prior to customer arrival is recorded as an advance deposit from the customer and is recognized as revenue at the time of occupancy. Sales and Other Taxes We have operations in states and municipalities that impose sales 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, which was amended and restated effective May 13, 2021 (as amended, the “Equity 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 time-based and performance-based stock awards using the grant date fair value of those equity awards. We have elected to account for forfeitures as they occur. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC Topic 718, Compensation — Stock Compensation . We expense the fair value of awards under the Equity Plan ratably over the vesting period and market-based awards are not adjusted for performance. The amount of stock-based compensation expense may be subject to adjustment in future periods due to forfeitures or modification of previously granted awards. Restricted stock awards are generally granted by our board of directors on or about the same date annually based on the 10-day volume-weighted average price of our stock. As such, no adjustment is required for material nonpublic information that may exist at the time of restricted stock grants. Derivative Financial Instruments and Hedging All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include interest rate swaps, caps and collars. 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. The change in the fair value of the hedging instruments is recorded in Other comprehensive income. Amounts in Other comprehensive income will be reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings. We have adopted ASC No. 848 - Rate Reference Reform at December 31, 2022. Under ASC No. 848 we have elected to not reassess a previous accounting determination related to our derivative financial instruments. We have also made elections to not de-designate the hedging relationships with the change in critical terms. Finally, we made elections to not de-designate the hedging relationships due to changes in hedged instruments, hedged items or future forecasted hedged transactions. Income Taxes We have elected to be taxed as a REIT under sections 856 through 859 of the IRC. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders at least 90% of our REIT taxable income, subject to certain adjustments and excluding any net capital gain. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRSs at regular corporate income tax rates) to the extent we distribute 100% of our REIT taxable income to our stockholders. 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 qualify for certain relief provisions. Substantially all of our assets are held by, and all of our operations are conducted through, our Operating Partnership or our subsidiary REITs. Partnerships are not subject to U.S. federal income taxes as revenues and expenses pass through to and are taxed on the owners. Generally, the states and cities where partnerships operate follow the U.S. federal income tax treatment. However, there are a limited number of local and state jurisdictions that tax the taxable income of the Operating Partnership. Accordingly, we provide for income taxes in these jurisdictions for the Operating Partnership. Taxable income related to our TRSs are subject to federal, state and local income taxes at applicable tax rates. Our consolidated income tax provision includes the income tax provision related to the operations of the TRSs as well as state and local income taxes related to the Operating Partnership. Where required, we account for federal and state income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for: i) the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on GAAP and the respective carrying amounts for tax purposes, and ii) operating losses and tax-credit carryforwards. 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. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We consider all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed. Due to the effects of the Pandemic, certain of our TRSs have incurred operating losses in the past and are expected to be in a cumulative loss for the foreseeable future. As such, the realizability of our deferred tax assets at December 31, 2022 is not reasonably assured. Therefore, we have recorded a valuation allowance against substantially all of our deferred tax assets at December 31, 2022. We perform a review of any uncertain tax positions and if necessary, will record expected future tax consequences of uncertain tax positions in the financial statements. 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 information, 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 have elected a measurement alternative for equity investments, such as our purchase option, that do not have readily determinable fair values. Under the alternative, our purchase option is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer, if any. Earnings Per Share Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. We apply the two-class method of computing earnings (loss) per share, which requires the calculation of separate earnings (loss) per share amounts for participating securities. 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. Any anti-dilutive securities are excluded from the basic per-share calculation. Diluted EPS is computed by dividing net income (loss) available to common stockholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Basic and diluted loss per share for the years ended December 31, 2022, 2021 and 2020 are calculated as Net loss attributable to common stockholders for each respective period divided by weighted average common shares outstanding for each respective period as all other securities are antidilutive. Potentially dilutive shares include unvested restricted share grants, unvested performance share grants, common shares issuable upon conversion of convertible debt and common shares issuable upon conversion of Common Units of our Operating Partnership. Use of Estimates Our Consolidated Financial Statements are prepared in conformity with GAAP, which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions that affect reported amounts and related disclosures in our Consolidated Financial Statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could materially differ from our expectations, which could materially affect our consolidated financial position and results of operations. Reclassifications Certain amounts at December 31, 2021 related to intangible assets totaling approximately $3.5 million and accumulated amortization of approximately $1.0 million have been reclassified within Investments in Lodging Property, net to conform to the current period presentation. |
INVESTMENTS IN LODGING PROPERTY
INVESTMENTS IN LODGING PROPERTY, NET | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
INVESTMENTS IN REAL ESTATE PROPERTY, NET | INVESTMENTS IN LODGING PROPERTY, NET Investments in Lodging Property, net Investments in lodging property, net at December 31, 2022 and 2021 include (in thousands): 2022 2021 Land $ 365,770 $ 323,276 Lodging buildings and improvements 2,764,355 2,127,782 Intangible assets 39,954 10,834 Construction in progress 62,471 18,321 Furniture, fixtures and equipment 250,575 167,245 Real estate development loan (1) — 27,595 3,483,125 2,675,053 Less - accumulated depreciation and amortization (690,573) (583,080) $ 2,792,552 $ 2,091,973 (1) During the year ended December 31, 2019, we executed a mezzanine loan to provide financing of $29.9 million for a mixed-use development project that includes the AC/Element Hotel with 264 guestrooms, retail space, and parking. In connection with the mezzanine loan, we had an option to purchase a 90% equity interest in the AC/Element Hotel (the "Initial Purchase Option") upon completion of construction which occurred in December 2021. The mezzanine loan was classified as Investments in Lodging Property, net in our Consolidated Balance Sheet at December 31, 2021. See " Note 4 - Investment in Real Estate Loans " for further information. In June 2022, the balance of the mezzanine loan was extinguished with the exercise of the Initial Purchase Option to acquire the AC/Element Hotel as part of the Brickell Transaction as described below. Depreciation expense was $149.5 million, $105.5 million, and $109.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands): Weighted Average Amortization Period (in Years) 2022 2021 Indefinite-lived Intangible assets: Air rights N/A $ 10,754 $ 10,754 Other N/A 80 80 10,834 10,834 Finite-lived intangible assets: Tax incentives (1) 9.2 19,750 — Key money (1) 17.8 9,370 — 29,120 — Total intangible assets 39,954 10,834 Less - accumulated amortization (5,110) — Intangible assets, net $ 34,844 $ 10,834 (1) Finite-lived intangible assets were primarily acquired in the NCI Transaction. We recorded amortization expense related to intangible assets of approximately $4.0 million for the year ended December 31, 2022. We did not record any amortization expense related to intangible assets for the for the year ended December 31, 2021. Future amortization expense related to intangible assets is as follows (in thousands): For the Year Ended Amount 2023 $ 4,331 2024 4,296 2025 1,625 2026 1,625 2027 1,625 Thereafter 10,508 $ 24,010 Lodging Property Acquisitions NCI Transaction In January and March 2022, the Operating Partnership and the GIC Joint Venture closed on a transaction with NewcrestImage Holdings, LLC, a Delaware limited liability company, and NewcrestImage Holdings II, LLC, a Delaware limited liability company (together, “NewcrestImage”), to purchase from NewcrestImage a portfolio of 27 lodging properties, containing an aggregate of 3,709 guestrooms, and two parking structures, containing 1,002 spaces and various financial incentives for an aggregate purchase price of $822.0 million (the "NCI Transaction"), paid in the form of 15,864,674 Common Units (deemed value of $10.0853 per unit), 2,000,000 preferred units of limited partnership of the Operating Partnership newly designated as 5.25% Series Z Cumulative Perpetual Preferred Units (Liquidation Preference $25 Per Unit) (the “Series Z Preferred Units”), cash draws totaling $410.0 million from a term loan entered into by subsidiaries of the Joint Venture, the assumption by a subsidiary of the Joint Venture of approximately $6.5 million in PACE loan debt, $5.9 million of cash contributed to escrow in the prior year by GIC, as a limited partner in the GIC Joint Venture, and approximately $185.2 million cash contributed by GIC at closing. GIC also contributed to the GIC Joint Venture an additional $18.5 million in cash for estimated pre-acquisition costs related to the NCI Transaction, a portion of which was distributed to the Operating Partnership as reimbursement for transaction costs paid by the Operating Partnership. We valued the Common Units and Series Z Preferred Units at fair market value on the closing dates of the NCI Transaction, which resulted in us recording the issued Common Units and Series Z Preferred Units at $157.5 million and $50.0 million, respectively. The Common Units were recorded at the closing prices of our Common Stock on the closing dates since the Common Units are redeemable for shares of our Common Stock on a 1:1 basis. We estimated the fair value of the Series Z Preferred Units based on the features and stated dividend coupon of the Series Z Preferred Units relative to similar securities with more readily determinable market values. We recorded the Series Z Preferred Units at their redemption value of $50.0 million which approximates fair value on the closing dates. Our GIC Joint Venture assumed $335.2 million of debt in connection with the NCI Transaction and immediately repaid $328.7 million of the assumed debt on the closing date using proceeds from borrowings on the GIC Joint Venture Term Loan (as described below). We recorded debt assumed in connection with the NCI Transaction at its face amount, which approximated fair market value on the closing date. Our Joint Venture recorded the NCI Transaction as an asset acquisition and allocated the aggregate purchase price paid for the NCI Transaction to the net assets acquired based on their relative fair values. In determining relative fair values, we made significant estimates regarding replacement costs for the buildings and furniture, fixtures and equipment, and judgements related to certain market assumptions. Incentives and other intangibles include tax incentives totaling approximately $19.8 million associated with certain of the acquired properties in the NCI Transaction and are being amortized over a weighted average amortization period of approximately 9.1 years, which is the period in which we expect to meet the requirements to receive payment of the tax incentives. Other intangible assets totaling approximately $3.9 million are related to key money associated with certain of the hotel properties acquired in the NCI Transaction and are being amortized over a weighted average amortization period of approximately 19.7 years, which is the remaining key money contract period with the franchisor. Brickell Transaction On June 10, 2022, we formed the Brickell Joint Venture (see " Note 9 - Non-controlling Interests and Redeemable Non-controlling Interests ") to facilitate the exercise of our Initial Purchase Option to acquire a 90% equity interest in the AC/Element Hotel. The exercise price of the Initial Purchase Option was $89.0 million and was primarily funded with the conversion of the mezzanine loan of $29.9 million to equity, $7.9 million in cash and the assumption of debt. Onera Transaction On October 26, 2022 we formed the Onera Joint Venture (see " Note 9 - Non-controlling Interests and Redeemable Non-controlling Interests ") to facilitate the acquisition of a 90% equity interest in the Onera Opportunity Fund I LP ("Onera") for $5.2 million in cash, plus additional contingent consideration limited to a maximum of $1.8 million, payable to the seller based on the performance of the property for the 12-month period ending July 31, 2023. The Onera Joint Venture has a 100% fee simple interest in real property and improvements consisting of 11 glamping lodging units and a 6.4-acre parcel of undeveloped land that will be developed as phase two of the lodging site in the future. Transfer of Lodging Properties to GIC Joint Venture On May 1, 2021, the Company contributed a portfolio of six hotels containing 846 guestrooms to the GIC Joint Venture. The estimated market value of the portfolio of hotel properties was $172.0 million and GIC contributed $84.3 million in cash for its 49% interest in the GIC Joint Venture after the completion of the transfer of the six hotels. The transfer of the six hotel properties was recorded by the GIC Joint Venture at the Company's net book values as of the transfer date since the transaction was a transfer of assets between entities under common control. The excess of the $84.3 million of cash contributed by GIC over 49% of the net carrying amount of the assets transferred totaling $16.4 million was recorded in Additional paid-in capital. Transfer taxes of $1.8 million and legal costs of $0.3 million related to this transaction were recorded as Transaction costs during 2022. GIC paid 49%, or $0.9 million, of the $1.8 million transfer tax which is reflected in non-controlling interest on our Consolidated Statement of Operations. Lodging property acquisitions in 2022 and 2021 were as follows (in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase Year Ended December 31, 2022 January 13, 2022 Portfolio of properties - twenty-six hotel properties and two parking garages (1) Various 3,533 $ 766,000 March 23, 2022 Canopy Hotel by Hilton (1) New Orleans, LA 176 56,000 June 10, 2022 AC/Element Hotel (2) Miami (Brickell), FL 264 80,100 October 26, 2022 Independent (3) Fredericksburg, TX 11 5,193 3,984 $ 907,293 Year Ended December 31, 2021 July 9, 2021 Residence Inn by Marriott (4) Steamboat Springs, CO 110 $ 33,000 December 21, 2021 Embassy Suites (4) Tucson, AZ 120 25,500 230 $ 58,500 (1) On January 13, 2022, we acquired a portfolio of twenty-six hotels and two parking garages for an aggregate purchase price of 766.0 million. The hotels acquired included 21 hotels and two parking garages in Texas, two hotels in Louisiana, and three hotels in Oklahoma under the following brands: Marriott (13), Hilton (7), Hyatt (4), and IHG (2). On March 23, 2022, we acquired the Canopy New Orleans upon completion of its construction for a purchase price of $56.0 million. (2) We acquired a 90% equity interest in the AC/Element Hotel for $80.1 million based on the exercise price of the Initial Purchase Option of $89.0 million. The transaction included the assumption of $47.0 million of debt resulting in a net consideration payment requirement of $42.0 million. We paid 90% of the required net consideration with the conversion of our $29.9 million mezzanine loan into equity and a cash payment of $7.9 million. The carrying amount of our Initial Purchase Option of $2.8 million is also included in the total amount allocated to the assets acquired. The Brickell Joint Venture partner’s non-controlling interest of $6.9 million represents 10% of the fair value of the net assets on the transaction date, determined by a third-party valuation expert based on discounted forecasted future cash flows of the net assets acquired. We also incurred $0.6 million of transaction costs. The result is a total amount allocated to the assets acquired of $95.1 million plus an intangible asset totaling $2.0 million related to the assumption of the franchises for the hotel properties and a related key money liability. (3) On October 26, 2022, we completed the acquisition of a 90% equity interest in Onera Joint Venture which owns a high-end glamping property for $5.2 million based on aggregate purchase price of $5.8 million. We paid for our 90% in cash, plus $0.5 million of transaction costs. Additionally, the transaction includes additional contingent consideration (based on performance of the property for the 12-month period ending July 31, 2023) that is limited to a maximum of $1.8 million, payable to the seller. The Onera Joint Venture has a 100% fee simple interest in real property and improvements consisting of 11 glamping lodging units and a 6.4-acre parcel of undeveloped land that will be developed as phase two of the lodging site in the future. (4) The net assets acquired in 2021 were purchased by our GIC Joint Venture for $58.5 million plus the purchase of $0.2 million of net working capital assets, capitalized transaction costs of $0.4 million, and restricted cash reserves of $5.1 million. Additionally, the Company assumed debt of $13.3 million and paid deferred financing costs totaling $0.2 million. We own a 51% controlling interest in these hotel properties through our GIC Joint Venture. The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands): 2022 2021 Land $ 68,426 $ 3,673 Lodging buildings and improvements 756,551 52,226 Intangible assets 25,642 — Furniture, fixtures and equipment 82,730 2,946 Restricted cash reserves — 5,118 Other assets 5,318 405 Total assets acquired 938,667 64,368 Debt assumed (382,205) (13,267) Deferred financing costs — 236 Lease liability assumed (5,441) — Key Money and other liabilities (5,892) (214) Net assets acquired (1) $ 545,129 $ 51,123 (1) Total assets acquired is based on an aggregate purchase price of $907.3 million plus the following items related to the NCI Transaction: interest swap breakage fees and debt defeasance costs related to the NCI Transaction of $3.5 million, a reduction to the value of the Common Units issued related to the NCI Transaction on the closing date of $2.5 million, plus transaction costs of $3.0 million, and intangible assets totaling $9.0 million acquired outside of escrow; the following items related to the Brickell Transaction: Brickell Joint Venture partner’s non-controlling interest of $6.9 million; Brickell Joint Venture partner’s non-controlling interest share of the debt assumed as part of the transaction of $4.7 million, the assumption of intangible assets totaling $2.0 million, the carrying amount of our Initial Purchase Option of $2.9 million, and transactions costs of $0.6 million; and the following items related to the Onera Transaction: Onera Joint Venture partner's non-controlling interest of $0.8 million and $0.5 million of transaction costs. The net assets acquired in 2021 were purchased for $58.5 million plus the purchase of $0.2 million of net working capital assets, capitalized transaction costs of $0.4 million, and restricted cash reserves of $5.1 million. Additionally, the Company assumed debt of $13.3 million and paid deferred financing costs totaling $0.2 million. All lodging property purchases completed in 2022 and 2021 were deemed to be the acquisition of assets. Therefore, acquisition costs related to these transactions have been capitalized as part of the recorded amount of the acquired assets. Asset Sales In May 2022, the GIC Joint Venture completed the sale of a 169-guestroom Hilton Garden Inn San Francisco Airport North in San Francisco, CA for a gross selling price of $75.0 million. The sale of this property resulted in a net gain of $20.5 million to the GIC Joint Venture. Loss on Impairment and Write-off of Assets Subsequent to December 31, 2022, we entered into a purchase and sale agreement with a third-party to sell a portfolio of four lodging properties for $28.1 million. We reclassified the properties to Assets held for sale, net at December 31, 2022 and recorded a write-down of $2.9 million in the fourth quarter of 2022 for the excess of the net carrying amount of the portfolio of properties over the expected net selling price less costs to sell. In addition, we entered into a purchase and sale agreement with a third-party to sell a 6.0-acre parcel of undeveloped land for $1.3 million. We reclassified the property to Assets held for sale, net at December 31, 2022 and recorded a write-down of $0.3 million in the fourth quarter of 2022 for the excess of the net carrying amount of the undeveloped land over the expected net selling price less costs to sell. Subsequent to December 31, 2022, we also entered into an agreement for the sale of two lodging properties for $50.5 million. We reclassified the properties to Assets held for sale, net at December 31, 2022 and recorded a write-down of $7.2 million at December 31, 2022 for the excess of the net carrying amount of the properties over expected the net selling price less costs to sell. Assets Held for Sale Assets held for sale, net at December 31, 2022 include a parcel of undeveloped land in Flagstaff, AZ and certain properties as described above that are under contract for sale and expected to close during the first half of 2023 as follows (in thousands): Net Carrying Amount Portfolio of four lodging properties $ 27,516 Portfolio of two lodging properties 49,410 Parcel of undeveloped land - San Antonio, TX 1,225 Parcel of undeveloped land - Flagstaff, AZ 425 $ 78,576 Assets held for sale, net at December 31, 2021 include a parcel of undeveloped land in Flagstaff, AZ. During the years ended December 31, 2021 and 2020, the Company recorded charges to Loss on impairment and write-off of assets of $4.4 million and $1.8 million, respectively, on its purchase options related to real estate development loans. See "Part II – Item 8. – Financial Statements and Supplementary Data – Note 10 – Fair Value Measurement " for further information. |
INVESTMENT IN REAL ESTATE LOANS
INVESTMENT IN REAL ESTATE LOANS | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
INVESTMENT IN REAL ESTATE LOANS | INVESTMENT IN REAL ESTATE LOANS Real Estate Development Loans During the year ended December 31, 2019, we executed a mezzanine loan to fund up to $28.9 million for a mixed-use development project that includes the AC/Element Hotel, retail space, and parking. In December 2021, we modified the loan agreement to increase our funding commitment by $1.0 million. We completed the funding of our entire $29.9 million commitment during the first half of 2022. The loan was converted to equity in June 2022 upon the exercise of our Initial Purchase Option to acquire a 90% equity interest in the AC/Element Hotel. The loan was recorded as Investments in Lodging Property, net on our Consolidated Balance Sheet at December 31, 2021. Seller-Financing Loans On June 29, 2018, we sold the Holiday Inn in Duluth, GA and the Hilton Garden Inn in Duluth, GA for an aggregate selling price of $24.9 million. We provided seller financing totaling $3.6 million on the sale of these properties under two 3.5-year second mortgage notes with a blended interest rate of 7.38% that are further collateralized by a personal guarantee from the principal of the borrower. During the year ended December 31, 2020, we recorded an allowance for credit losses in an amount equal to the outstanding balance of the loans due to a borrower default caused by the negative effects of the Pandemic. On June 1, 2021, we amended the terms of the seller-financing loans and extended the maturity date of each loan to December 31, 2022. Under the amended loan terms, interest is accruing monthly at a rate of 9.00% per annum, including 5.00% payable in cash and 4.00% paid-in-kind. Semiannual principal payments of $0.3 million began on April 15, 2022. On September 15, 2022, we received a $0.6 million payment to repay one of the two loans in full. On September 15, 2022, we amended the terms of the seller-financing loans and extended the maturity date of the remaining loan to December 31, 2023. On October 26, 2022, we received a $0.3 million principal payment from the borrower on the remaining outstanding loan. The outstanding principal of the remaining seller-financing loan as of October 26, 2022 is $1.3 million. The outstanding principal balance of the seller-financing loan continues to be fully reserved pending further consistent performance by the borrower under the modified terms of the loan. Investment in real estate loans, net at December 31, 2022 and 2021 is as follows (in thousands): 2022 2021 Real estate loans $ 1,250 $ 2,350 Allowance for credit losses (1,250) (2,350) $ — $ — |
SUPPLEMENTAL BALANCE SHEET INFO
SUPPLEMENTAL BALANCE SHEET INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
SUPPLEMENTAL BALANCE SHEET INFORMATION | SUPPLEMENTAL BALANCE SHEET INFORMATION Restricted Cash Restricted cash at December 31, 2022 and 2021 was as follows (in thousands): 2022 2021 FF&E reserves $ 10,223 $ 23,587 Property taxes 316 2,132 Other 14 6,740 $ 10,553 $ 32,459 The Company maintains reserve funds for property taxes, insurance, capital expenditures and replacement or refurbishment of furniture, fixtures and equipment at some of our lodging properties in accordance with management, franchise or mortgage loan agreements. These agreements generally require us to reserve cash ranging from 2% to 5% of the revenues of the individual lodging property in restricted cash escrow accounts. Any unused restricted cash balances revert to us upon the termination of the underlying agreement or may be released to us from the restricted cash escrow accounts upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves. Prepaid Expenses and Other Prepaid expenses and other at December 31, 2022 and 2021 included the following (in thousands): 2022 2021 Deferred acquisition costs (1) $ 334 $ 6,763 Prepaid insurance 1,708 6,713 Escrow deposits (1) — 6,000 Prepaid taxes 1,639 1,691 Other 4,697 3,329 $ 8,378 $ 24,496 (1) Prepaid acquisition costs and escrow deposits at December 31, 2021 primarily relate to the NCI Transaction which was completed in January 2022. See " Note 3 - Investments in Lodging Property, net ." Deferred Charges Deferred charges at December 31, 2022 and 2021 were as follows (in thousands): 2022 2021 Initial franchise fees $ 10,079 $ 7,034 Less - accumulated amortization (3,005) (2,687) $ 7,074 $ 4,347 Amortization expense for the years ended December 31, 2022, 2021, and 2020 was $0.7 million, $0.5 million and $0.5 million, respectively. Other Assets Other assets at December 31, 2022 and 2021 included the following (in thousands): 2022 2021 Derivative financial instrument $ 16,841 $ — Purchase options related to real estate loans — 2,800 Deferred tax asset, net 108 49 Other 895 950 $ 17,844 $ 3,799 Accrued Expenses and Other Accrued expenses and other at December 31, 2022 and 2021 included the following (in thousands): 2022 2021 Accrued property, sales and income taxes $ 28,972 $ 17,448 Derivative financial instruments — 15,723 Accrued salaries and benefits 13,029 13,679 Other accrued expenses at lodging properties 25,282 11,880 Accrued interest 4,158 2,695 Other 9,863 4,794 $ 81,304 $ 66,219 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT At December 31, 2022, our indebtedness was comprised of borrowings under our 2018 Senior Credit Facility (as defined below), the 2018 Term Loan (as defined below), the GIC Joint Venture Credit Facility (as defined below), the GIC Joint Venture Term Loan (as defined below), the PACE Loan (as defined below), the Brickell Mortgage Loan (as defined below), the Convertible Notes (as defined below), and other indebtedness secured by first priority mortgage liens on various lodging properties. The weighted average interest rate, after giving effect to our interest rate derivatives, for all borrowings was 5.04% at December 31, 2022 and 3.35% at December 31, 2021. $600 Million Senior Credit and Term Loan Facility On December 6, 2018, the Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the loan documentation as a subsidiary guarantor, entered into a $600.0 million senior credit facility (the “2018 Senior Credit Facility”) with Deutsche Bank AG New York Branch, as administrative agent, and a syndicate of lenders. The 2018 Senior Credit Facility is comprised of a $400.0 million revolver (the "$400 Million Revolver") and a $200.0 million term loan facility (the “$200 Million Term Loan”). The 2018 Senior Credit Facility has an accordion feature which allows the Company to increase the total commitments by an aggregate of up to $300.0 million. At December 31, 2022, the $200 Million Term Loan was fully funded and we had $15.0 million of borrowings on our $400 Million Revolver. Borrowings under the 2018 Senior Credit Facility are limited by the value of the Unencumbered Assets. On July 21, 2022, Bank of America, N.A. entered into successor administrative agent documentation to succeed Deutsche Bank AG New York Branch as administrative agent on the 2018 Senior Credit Facility. Amendments to $600.0 Million Senior Credit Facility Between May 2020 and July 2022, the Company entered into several amendments to the 2018 Senior Credit Facility (the “Credit Facility Amendments”). We entered into the most recent amendment to the 2018 Senior Credit Facility on July 21, 2022 (the "Amendment"). The Amendment eliminated in its entirety the requirement that we grant first lien mortgages and assignments of leases on the unencumbered assets upon any advance that would cause the total amount outstanding under the revolving credit facility to exceed $350.0 million. The Amendment also provided improvements to certain of the key financial covenants including eliminating the minimum liquidity covenant. At December 31, 2022, we had $15.0 million of borrowings outstanding on the $400 Million Revolver. Pursuant to the Amendment, the $400 Million Revolver and $200 Million Term Loan each now have two additional six-month extension options available, subject to certain conditions. The $400 Million Revolver had an original maturity date of March 31, 2023, but we have exercised our option to extend the maturity date to September 30, 2023. We have additional options to extend the maturity date to March 31, 2025, subject to certain conditions. The $200 Million Term Loan will mature on April 1, 2024 and can be extended to April 1, 2025 at the Company’s option, subject to certain conditions. On July 21, 2022, the interest rate on the 2018 Senior Credit Facility was transitioned from LIBOR to the Secured Overnight Financing Rate (“SOFR”). The interest rate on the 2018 Senior Credit Facility is based on a pricing grid ranging from 140 basis points to 240 basis points plus SOFR plus a 10 basis point credit spread adjustment for the $400 Million Revolver and 135 basis points to 235 basis points plus SOFR plus a 10 basis point credit spread adjustment for the $200 Million Term Loan, depending on the Company's leverage ratio (as defined in the loan documents). For purposes of the 2018 Senior Credit Facility, SOFR is subject to a floor of 25 basis points. The Credit Facility Amendments require the borrower and certain subsidiaries to pledge to the secured parties all of the equity interests in the entities that own all properties included in the unencumbered asset pool supporting the facility (“Unencumbered Properties”), as well as the equity interests in the TRS Lessees related to such Unencumbered Properties until the borrower meets certain conditions for their release. The Credit Facility Amendments also permitted the Company to complete the Convertible Notes Offering (defined below), the Series F preferred shares offering (defined below), close on the NCI Transaction and enter into equity transactions and indebtedness related thereto. Term Loans 2018 Term Loan On February 15, 2018, our Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the term loan documentation as a subsidiary guarantor, entered into a new $225.0 million term loan (the “2018 Term Loan”) with KeyBank National Association, as administrative agent, and a syndicate of lenders listed in the loan documentation, which is fully drawn as of December 31, 2022. The 2018 Term Loan has an accordion feature that allows us to increase the total commitments by $150.0 million prior to the maturity date of February 14, 2025, subject to certain conditions. Amendments to $225.0 Million 2018 Term Loan Between May 2020 and July 2022, the Company entered into several amendments to the 2018 Term Loan. The amendments to the 2018 Term Loan are substantially the same as the Credit Facility Amendments described above related to the 2018 Senior Credit Facility. There was no modification to the maturity date of the 2018 Term Loan. We pay interest on advances at varying rates, based upon, at our option, either (i) daily, 1-, 3-, or 6-month SOFR (subject to a floor of 25 basis points), plus a SOFR adjustment equal to 10 basis points and an applicable margin between 135 and 215 basis points, depending upon our leverage ratio (as defined in the loan documents). We are required to pay other fees, including customary arrangement and administrative fees. Financial and Other Covenants . We are required to comply with various financial and other covenants to draw and maintain borrowings under the 2018 Term Loan. The 2018 Term Loan Amendments provide that certain financial and other covenants under the 2018 Term Loan were waived or adjusted, which waivers and adjustments are the same as under the amendments to the Company’s 2018 Senior Credit Facility. At December 31, 2022, we were in compliance with all financial covenants. Unencumbered Assets . The 2018 Term Loan Amendments require the borrower and certain subsidiaries to pledge to the secured parties all of the equity interests in the entities that own the Unencumbered Properties, as well as the equity interests in the TRS Lessees related to such Unencumbered Properties until the borrower meets certain conditions for the release of such pledges. During the period that the pledges are in place, as well as at all other times during the term of the facility, borrowings under the 2018 Term Loan are limited by the value of the Unencumbered Assets. 2017 Term Loan On September 26, 2017, our Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the term loan documentation as a subsidiary guarantor, entered into a $225.0 million term loan (the "2017 Term Loan") with KeyBank National Association, as administrative agent, and a syndicate of lenders listed in the loan documentation. The 2017 Term Loan had an original maturity date of November 2022. In May 2022, we repaid in full the balance of the 2017 Term Loan of $62.0 million with our share of the proceeds from the sale of the 169-guestroom Hilton Garden Inn San Francisco Airport North in San Francisco, CA, along with cash on hand, and formally terminated the facility. Convertible Senior Notes and Capped Call Options On January 7, 2021, we entered into an underwriting agreement (the “Convertible Notes Offering”) pursuant to which the Company agreed to offer and sell $287.5 million aggregate principal amount of 1.50% convertible senior notes due 2026 (the “Convertible Notes"). The net proceeds from the Convertible Notes Offering, after deducting underwriting discounts and commissions and offering expenses payable by the Company (including net proceeds from the full exercise by the underwriters of their over-allotment option to purchase additional Convertible Notes), were approximately $280.0 million before consideration of the Capped Call Transactions (as described below). These proceeds were used to pay the cost of the Capped Call Transactions and to partially repay outstanding obligations under the 2018 Senior Credit Facility and 2017 Term Loan. The Convertible Notes bear interest at a rate of 1.50% per year, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2021. The Convertible Notes will mature on February 15, 2026 (the “Maturity Date”), unless earlier converted, purchased or redeemed. Prior to August 15, 2025, the Convertible Notes will be convertible only upon certain circumstances and during certain periods. On or after August 15, 2025 and through the Maturity Date, holders may convert any of their Convertible Notes into shares of the Company’s common stock, at the applicable conversion rate at any time prior to the close of business on the second scheduled trading day prior to the Maturity Date, unless the Convertible Notes have been previously purchased or redeemed by the Company. During the years ended December 31, 2022 and 2021, the Company recorded coupon interest expense of $4.3 million and $4.2 million, respectively, and amortized $1.5 million during each of the years ended December 31, 2022 and 2021 of the $7.6 million debt issuance costs related to the Convertible Notes Offering. Including the amortization of the debt issuance costs, the current effective interest rate on the Convertible Notes is approximately 2.02%. The unamortized discount related to the Convertible Notes was $4.7 million and $6.2 million at December 31, 2022 and 2021, respectively. The initial conversion rate of the Convertible Notes is 83.4028 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of $11.99 per share of common stock based on the 37.5% base conversion premium on the reference price of $8.72 per share. In no event will the conversion rate exceed 114.6788 shares of common stock per $1,000 principal amount of Convertible Notes, subject to certain adjustments defined in the Convertible Notes Offering. Commensurate with the declaration of dividends on our Common Stock and Common Units on August 31, 2022 and November 30, 2022, the conversion rate of the Convertible Notes was adjusted to 84.1871 shares of Common Stock per $1,000 principal amount of Convertible Notes at December 31, 2022. On January 7, 2021, in connection with the pricing of the Convertible Notes, and on January 8, 2021, in connection with the full exercise by the Underwriters of their option to purchase additional Convertible Notes pursuant to the Underwriting Agreement, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the underwriters or their respective affiliates and another financial institution (the “Capped Call Counterparties”). The Capped Call Transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes, the number of shares of common stock underlying the Convertible Notes. The Capped Call Transactions are generally expected to reduce the potential dilution to holders of shares of common stock upon conversion of the Convertible Notes or offset the potential cash payments that the Company could be required to make in excess of the principal amount of any converted Convertible Notes upon conversion thereof, with such reduction or offset subject to a cap. The effective strike price of the Capped Call Transactions is initially $15.26, which represents a premium of 75.0% over the last reported sale price of the common stock on the New York Stock Exchange on January 7, 2021, and is subject to certain adjustments under the terms of the Capped Call transactions. The strike price was $15.12 at December 31, 2022 due to the adjustments related to the dividends paid during the year ended December 31, 2022. MetaBank and Other Mortgage Loans On June 30, 2017, Summit Meta 2017, LLC (“SM-17”), a subsidiary of our Operating Partnership, entered into a $47.6 million secured, non-recourse loan with MetaBank (the "MetaBank Loan"). The MetaBank Loan provides for a fixed interest rate of 4.44%, amortizes over 25 years, and matures on July 1, 2027. The MetaBank Loan is secured by three hotel properties and is subject to a prepayment penalty if prepaid prior to April 1, 2027. In or around December 2021, MetaBank sold the MetaBank Loan to Bayside MB CRE Loans, LLC (“Bayside”). On October 25, 2022, SM-17 received a letter from Bayside’s counsel alleging various events of default under the MetaBank Loan, primarily related to certain non-monetary covenants. SM-17 disputes that such events of default have occurred. We have engaged legal counsel and have entered into discussions with Bayside to address the matter. At December 31, 2022 and 2021, we had mortgage loans totaling $125.6 million and $163.3 million, respectively, that are secured primarily by first mortgage liens on eight and 16 hotel properties, respectively. During 2022, we entered into agreements to fully defease four commercial mortgage-backed securities ("CMBS") mortgage loans totaling $87.3 million, and by placing into trust an amount sufficient to cover future principal and interest payments. The defeasance resulted in the 11 hotel properties that collateralized the CMBS mortgage loans becoming unencumbered. The defeasance was recorded as an extinguishment of the debt since we have been fully released from liability. As part of the transaction, we incurred transaction costs of $0.8 million that were recorded as Debt Transaction Costs in our Statement of Operations for the year ended December 31, 2022. We will no longer be obligated to make future interest payments of approximately $2.4 million between the defeasance dates and the original maturity dates, and $26.8 million of restricted cash reserves were returned to us. We also expensed $0.1 million of unamortized deferred financing costs related to the defeased CMBS mortgage loans as debt transaction costs during the year ended December 31, 2022. GIC Joint Venture Credit Facility On October 8, 2019, Summit JV MR 1, LLC (the “Borrower”), as borrower, and Summit Hospitality JV, LP (the “Parent” or "GIC Joint Venture"), as parent of the Borrower, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a $200.0 million credit facility (the “GIC Joint Venture Credit Facility”) with Bank of America, N.A., as administrative agent and sole initial lender, and BofA Securities, Inc., as sole lead arranger and sole bookrunner. The Operating Partnership and the Company are not borrowers or guarantors of the GIC Joint Venture Credit Facility. The GIC Joint Venture Credit Facility is guaranteed by all of the Borrower’s existing and future subsidiaries, subject to certain exceptions. The GIC Joint Venture Credit Facility is comprised of a $125.0 million revolving credit facility (the “$125 Million Revolver”) and a $75.0 million term loan (the “$75 Million Term Loan”). The GIC Joint Venture Credit Facility has an accordion feature which allows us to increase the total commitments by up to $300.0 million, for aggregate potential borrowings of up to $500.0 million on the GIC Joint Venture Credit Facility. At December 31, 2022, we had $125.0 million outstanding under the $125 Million Revolver. The $125 Million Revolver and the $75 Million Term Loan will mature on October 8, 2023. Each individually can be extended for a single consecutive twelve-month period at the Joint Venture's option, subject to certain conditions. Interest is paid on revolving credit advances at varying rates based upon, at the Borrower's option, either (i) 1-, 2-, 3-, or 6-month LIBOR, plus a margin of 2.15% for Eurodollar rate advances, or (ii) LIBOR, plus a margin of 2.15% for LIBOR floating rate advances. The interest rate at December 31, 2022 was 6.53%. The applicable margin for a term loan advance shall be five basis points less than revolving credit advances referenced above. The GIC Joint Venture Credit Facility has been amended to accommodate the transition from LIBOR to SOFR, when LIBOR is no longer available. Subsequent to December 31, 2022, the GIC Joint Venture Facility was converted to SOFR. At December 31, 2022, we were in compliance with all financial covenants. Amendments to $200 Million GIC Joint Venture Credit Facility On June 18, 2020, the Company entered into a Second Amendment to Credit Agreement related to the GIC Joint Venture Credit Facility (“Second Amendment”). The Second Amendment resulted in waivers or adjustments to certain financial and other covenants under the GIC Joint Venture Credit Facility, which are described in the Current Report on Form 8-K filed by the Company on June 24, 2020. On April 29, 2021, the Borrower, Parent, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a Third Amendment to Credit Agreement concerning the GIC Joint Venture Credit Facility (the “GIC Joint Venture Amendment”). Certain financial and other covenants under the GIC Joint Venture Credit Facility were waived or adjusted as follows: • Increase of the Maximum Leverage Ratio through the initial maturity date; • Increase of the Borrowing Base Leverage through the initial maturity date; During the covenant waiver period, the applicable margin was increased to 230 basis points and 225 basis points for the $125 Million Revolver and $75 Million Term Loan, respectively. The covenant waiver period has expired so the applicable margin has reverted to 215 basis points and 210 basis points for the $125 Million Revolver and $75 Million Term Loan, respectively. Borrowing Base Assets . The GIC Joint Venture Credit Facility is secured primarily by a first priority pledge of the Borrower's equity interests in the subsidiaries that hold 11 assets financed by the facility, and the related TRS entities, which wholly own the TRS Lessees that lease each of the borrowing base assets. There are currently 11 hotel properties deemed borrowing base assets. GIC Joint Venture Term Loan In connection with the NCI Transaction, on January 13, 2022, Summit JV MR 2, LLC, Summit JV MR 3, LLC and Summit NCI NOLA BR 184, LLC (each of which is a subsidiary of the GIC Joint Venture, and are collectively, the “Borrowers”), the GIC Joint Venture, as parent guarantor, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a $410.0 million senior secured term loan facility (the “GIC Joint Venture Term Loan”) with Bank of America, N.A., as administrative agent and initial lender, Wells Fargo Bank, National Association, as syndication agent and an initial lender, and BofA Securities, Inc. and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners. Neither the Operating Partnership nor the Company are borrowers or guarantors of the GIC Joint Venture Term Loan. The GIC Joint Venture Term Loan is guaranteed by the GIC Joint Venture and all of the Borrowers’ existing and future subsidiaries, subject to certain exceptions. The GIC Joint Venture Term Loan provides for a $410.0 million term loan and has an accordion feature which permits an increase in the total commitments by up to $190.0 million, for aggregate potential borrowings of up to $600.0 million. The GIC Joint Venture Term Loan will mature on January 13, 2026 and can be extended for one 12-month period at the option of the GIC Joint Venture, subject to certain conditions. As of December 31, 2022, we had $410.0 million outstanding on the GIC Joint Venture Term Loan bearing interest at a floating rate of SOFR plus 2.86%. The interest rate at December 31, 2022 was 7.19%. Borrowing Base Assets The GIC Joint Venture Term Loan is secured primarily by a first priority pledge of the Borrowers’ equity interests in the subsidiaries that hold a direct or indirect interest in the 27 hotel properties and two parking facilities purchased in the NCI Transaction that constitute borrowing base assets. The GIC Joint Venture Term Loan contains terms, conditions and covenants for typical for similar credit facilities. PACE Loan As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a PACE loan of approximately $6.5 million. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender. Brickell Mortgage Loan In June 2022, the Company entered into a joint venture (the "Brickell Joint Venture") with C-F Brickell, LLC, a Delaware limited liability company that was the developer of the AC/Element Hotel ("C-F Brickell"), to facilitate the exercise of the Initial Purchase Option to acquire a 90% equity interest in the Brickell Joint Venture, which owned a 100% interest in the AC/Element Hotel. On June 10, 2022, the Brickell Joint Venture entered into a $47.0 million mortgage loan and non-recourse guaranty with City National Bank of Florida to finance the dual-branded 264-guestroom AC/Element Hotel. The City National Bank Loan provides for an interest rate equal to one-month term SOFR plus 300 basis points. Payment terms include an interest-only period through June 30, 2024 and the loan will amortize based on a 25-year schedule from July 1, 2024 through the maturity date of June 30, 2025. The City National Bank Loan is prepayable at any time without penalty. At December 31, 2022 and 2021 our outstanding indebtedness was as follows (in thousands): Lender Reference Interest Amortization Period Maturity Date Number of Balance at December 31, 12/31/2022 2022 2021 2018 Senior Credit Facility Bank of America, NA $400 Million Revolver (1) 6.37% Variable n/a 3/31/2023 (11) n/a $ 15,000 $ — $200 Million Term Loan (1) 6.32% Variable n/a 4/1/2024 n/a 200,000 200,000 Total Senior Credit and Term Loan Facility 215,000 200,000 Term Loans KeyBank National Association Term Loan (1) 4.24% Variable n/a 11/25/2022 n/a — 62,000 KeyBank National Association Term Loan (1) 6.11% Variable n/a 2/14/2025 n/a 225,000 225,000 Total Term Loans 225,000 287,000 Convertible Notes 1.50% Fixed n/a 2/15/2026 n/a 287,500 287,500 Secured Mortgage Indebtedness MetaBank (2) 4.44% Fixed 25 7/1/2027 3 43,917 45,070 KeyBank National Association (Berkadia) (3) 4.46% Fixed 30 2/1/2023 — — 18,545 (4) 4.52% Fixed 30 4/1/2023 — — 19,024 (5) 4.30% Fixed 30 4/1/2023 — — 18,358 KeyBank National Association (6) 4.95% Fixed 30 8/1/2023 — — 33,155 Bank of the Cascades (First Interstate Bank) (7) 6.39% Variable 25 12/19/2024 1 7,691 7,957 Bank of the Cascades (First Interstate Bank) (7) 4.30% Fixed 25 12/19/2024 — 7,691 7,957 Total Mortgage Loans 4 59,299 150,066 4 786,799 924,566 Brickell Joint Venture Mortgage Loan City National Bank of Florida 7.36% Variable 25 6/30/2025 2 47,000 — GIC Joint Venture Credit Facility and Term Loans (8) Bank of America, N.A. $125 Million Revolver 6.53% Variable n/a 10/8/2023 (12) n/a 125,000 68,500 $75 Million Term Loan 6.48% Variable n/a 10/8/2023 (12) n/a 75,000 75,000 Bank of America, N.A. 7.19% Variable n/a 1/13/2026 n/a 410,000 — Wells Fargo (9) 4.99% Fixed 30 6/6/2028 1 13,032 13,249 PACE loan (10) 6.10% Fixed 20 7/31/2040 1 6,293 — Total GIC Joint Venture Credit Facility and Term Loans 2 629,325 156,749 Total Joint Venture Debt 4 676,325 156,749 Total Debt 8 1,463,124 1,081,315 Unamortized debt issuance costs (11,328) (11,518) Debt, net of issuance costs $ 1,451,796 $ 1,069,797 (1) The $600 million Senior Revolving Credit and Term Loan Facility and Term Loans are supported by a borrowing base of 57 unencumbered hotel properties and a pledge of the equity securities of the entities that own the 57 properties and their affiliates. (2) On June 30, 2017, we entered into the MetaBank Loan. The MetaBank Loan is secured by the Hampton Inn & Suites in Minneapolis, MN, the Four Points by Sheraton Hotel & Suites in South San Francisco, CA, and the Hyatt Place in Mesa, AZ. The MetaBank Loan is subject to a prepayment penalty if prepaid prior to April 1, 2027. In or around December 2021, MetaBank sold the MetaBank Loan to Bayside MB CRE Loans, LLC (“Bayside”). On October 25, 2022, Summit Meta 2017, LLC (“SM-17”), a subsidiary of our Operating Partnership, received a letter from Bayside’s counsel alleging various events of default under the MetaBank Loan, primarily related to certain non-monetary covenants. SM-17 disputes that such events of default have occurred. We have engaged legal counsel and have entered into discussions with Bayside to address the matter. (3) 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 three of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; and Denver (Englewood), CO. This loan is subject to defeasance costs if prepaid. On March 19, 2019, we defeased $6.3 million of the principal balance to have the encumbrance released on one property, the Hyatt Place in Arlington, TX, to facilitate the sale of the property. As a result of this transaction, we recorded debt transaction costs of $0.6 million in 2019 primarily related to the debt defeasance premium. On August 30, 2022, we defeased the remaining $18.2 million principal balance to have the remaining encumbrances released. As a result of this transaction, we recorded debt transaction costs of $0.2 million related to the debt defeasance premium. (4) 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. On August 30, 2022, we defeased the outstanding $18.7 million principal balance to have the hotel properties held as encumbrances released. As a result of this transaction, we recorded debt transaction costs of $0.2 million related to the debt defeasance premium. (5) 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. On August 30, 2022, we defeased the outstanding $18.1 million principal balance to have the hotel properties held as encumbrances released. As a result of this transaction, we recorded debt transaction costs of $0.2 million related to the debt defeasance premium. (6) 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. On December 1, 2022, we defeased the outstanding $32.3 million principal balance to have the hotel properties held as encumbrances released. As a result of this transaction, we recorded debt transaction costs of $0.2 million related to the debt defeasance premium. (7) On December 19, 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $7.9 million. As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.3%. Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loan is comprised of two promissory notes that are secured by the same collateral and cross-defaulted. (8) The GIC Joint Venture Credit Facilities and Term Loans are secured by a pledge of the equity interests in the subsidiaries that own and operate the borrowing base assets financed by the facility. (9) On December 21, 2021, we assumed a $13.3 million loan with a fixed rate of 4.99% and a maturity of June 6, 2028. This loan is secured by the Embassy Suites by Hilton in Tucson, AZ. This loan is subject to defeasance if prepaid. (10) As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a PACE loan of approximately $6.5 million. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender. (11) We have exercised our option to extend the maturity date for the $400 million Revolver to September 30, 2023 and we have an additional option to extend the maturity date to March 31, 2025, subject to certain conditions. (12) The maturity date for the $200 million Term Loan can be extended to April 1, 2025 at the Company's option, subject to certain conditions. There are currently no defaults under any of the Company's mortgage loan agreements. Our total fixed-rate and variable-rate debt at December 31, 2022 and 2021, after giving effect to our interest rate derivatives, is as follows (in thousands): 2022 Percentage 2021 Percentage Fixed-rate debt (1) $ 758,433 52 % $ 842,858 78 % Variable-rate debt 704,691 48 % 238,457 22 % $ 1,463,124 $ 1,081,315 (1) At December 31, 2022, debt related to our wholly-owned properties coupled with our pro rata share of joint venture debt results in a fixed-rate debt ratio of approximately 65.1% of our total pro rata indebtedness when including the effect of interest rate swaps. We have two interest rate swaps with a notional amount of $200 million expiring on January 31, 2023 and two new interest rate swaps with the same notional amount commencing on January 31, 2023 (see "Note 8 - Derivative Financial Instruments and Hedging.") Contractual principal payments for each of the next five years are as follows (in thousands): For the Year Ended Amount 2023 $ 217,190 (1) 2024 216,579 2025 229,123 2026 744,112 2027 39,318 Thereafter 16,802 $ 1,463,124 (1) Includes $200.0 million of scheduled maturities in October of 2023 related to the GIC Joint Venture Credit Facility for which we expect to exercise our extension options to extend the maturity date to the fourth quarter of 2024. Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 2022 2021 Carrying Fair Value Carrying Fair Value Valuation Technique Convertible notes $ 287,500 $ 247,126 $ 287,500 $ 300,384 Level 1 - Market approach Mortgage loans 70,933 61,447 155,358 155,765 Level 2 - Market approach $ 358,433 $ 308,573 $ 442,858 $ 456,149 At December 31, 2022 and 2021, we had $400.0 million 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 as a result of changes in the current market rate of interest on the valuation date. For additional information on our use of derivatives as interest rate hedges, refer to “Part II – Item 8. – Financial Statements and Supplementary Data – Note 8 – Derivative Financial Instruments and Hedging .” |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
LEASES | LEASES The Company has operating leases related to the land under certain hotel properties, conference centers, parking spaces, automobiles, our corporate office and other miscellaneous office equipment. These leases have remaining terms of 1 year to 75.5 years, some of which include options to extend the leases for additional years. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or restrictive covenants that materially affect our business. In addition, we rent or sublease certain owned real estate to third parties. In 2022, 2021, and 2020, we recorded gross third-party tenant income of $8.9 million, $1.9 million, and $1.7 million, respectively, which were recorded in Other income, net in the Consolidated Statements of Operations. Our right-of-use assets and related liabilities include renewal options reasonably certain to be exercised. We base our lease calculations on our estimated incremental borrowing rate. As of December 31, 2022, our weighted average incremental borrowing rate was 4.8%. In 2022, 2021, and 2020, the Company's total operating lease cost was $4.1 million, $3.3 million, and $3.1 million, respectively, and the operating cash outflows from operating leases was $3.7 million, $3.1 million, and $2.8 million, respectively. As of December 31, 2022, the weighted average operating lease term was 34.0 years. Operating lease maturities as of December 31, 2022 are as follows (in thousands): For the Year Ended Amount 2023 $ 1,942 2024 1,904 2025 1,925 2026 1,959 2027 2,042 Thereafter 37,955 Total lease payments (1) 47,727 Less imputed interest (22,243) Total $ 25,484 (1) Certain payments above include future increases to the minimum fixed rent based on the Consumer Price Index in effect at the initial measurement of the lease balances. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING | DERIVATIVE 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 seven 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 are designated as cash flow hedges and 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 provisions such that if we default, or can be declared in default, on any of our indebtedness, then we could also be declared in default on our derivative financial instruments. Information about our derivative financial instruments at December 31, 2022 and 2021 is as follows (dollar amounts in thousands): Average Annual Effective Fixed Rate Notional Amount Fair Value Contract date Effective Date Expiration Date December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 October 2, 2017 January 29, 2018 January 31, 2023 1.96 % $ 100,000 $ 100,000 $ 208 $ (1,617) October 2, 2017 January 29, 2018 January 31, 2023 1.98 % 100,000 100,000 210 (1,629) June 11, 2018 September 28, 2018 September 30, 2024 2.86 % 75,000 75,000 2,219 (3,831) June 11, 2018 December 31, 2018 December 31, 2025 2.92 % 125,000 125,000 4,211 (8,646) July 26, 2022 January 31, 2023 January 31, 2027 2.60 % 100,000 — 4,366 — July 26, 2022 January 31, 2023 January 31, 2029 2.56 % 100,000 — 5,627 — $ 600,000 $ 400,000 $ 16,841 $ (15,723) 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, 2022, all our interest rate swaps were in an asset position. At December 31, 2021, all of our interest rate swaps were in a liability position. The substantial change in value related to our interest rate swaps during 2021 and 2022 was due to increases in interest rates. Derivative assets related to our interest rate swaps are recorded in Other assets, and other and derivative liabilities are included in Accrued expenses and other in our Consolidated Balance Sheets. We are not required to post any collateral related to these agreements and are not in breach of any financial provisions of the agreements. Changes in the fair value of the hedging instruments are deferred in Other comprehensive income (loss) and are reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings. In 2023, we estimate that an additional $8.4 million will be reclassified from Other comprehensive income and recorded as an increase to Interest expense. The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands): 2022 2021 2020 Gain (loss) recognized in Accumulated other comprehensive loss on derivative financial instruments $ 29,744 $ 5,631 $ (22,090) Loss reclassified from Accumulated other comprehensive loss to Interest expense $ (2,820) $ (9,496) $ (7,417) Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded $ (65,581) $ (43,368) $ (43,300) |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
EQUITY | EQUITY Common Stock The Company is authorized to issue up to 500,000,000 shares of common stock, $0.01 par value per share (the "Common Stock"). Each outstanding share of our Common Stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors and, except as may be provided with respect to any other class or series of stock, the holders of such shares possess the exclusive voting power. On May 9, 2022, the Company and the Operating Partnership entered into an equity distribution agreement (the “Equity Distribution Agreement”) with a group of underwriters as sales agents for the Company, principals and/or, with certain exceptions, forward sellers (collectively the “Managers”) and certain banks as forward purchasers, providing for the offer and sale of shares of the Company’s Common Stock, having a maximum aggregate offering price of up to $200.0 million through or to the Managers, as the Company’s sales agents or, if applicable, as forward sellers, or directly to the Managers, as principals (the “2022 ATM Program”). To date, we have not sold any shares of our Common Stock under the 2022 ATM Program. Changes in Common Stock during the years ended December 31, 2022 and 2021 were as follows: 2022 2021 Beginning common shares outstanding 106,337,724 105,708,787 Grants under the Equity Plan 735,371 860,910 Common Unit redemptions 12,664 36,945 Annual grants to independent directors 84,889 60,546 Performance share and other forfeitures (8,272) (61,996) Shares retained for employee tax withholding requirements (260,800) (267,468) Ending common shares outstanding 106,901,576 106,337,724 At December 31, 2022 and 2021, the Company had reserved 51,650,000 and 15,864,515 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 our Equity Plan, (ii) upon redemption of Common Units, or (iii) under the 2017 ATM Program. Preferred Stock The Company is authorized to issue up to 100,000,000 shares of preferred stock, $0.01 par value per share, of which 89,600,000 is currently undesignated, 6,400,000 shares have been designated as 6.25% Series E Cumulative Redeemable Preferred Stock (the "Series E preferred shares") and 4,000,000 shares have been designated as 5.875% Series F Cumulative Redeemable Preferred Stock (the "Series F preferred shares"). The Company completed the offering of 4,000,000 Series F preferred shares on August 12, 2021 for net proceeds of $96.6 million, after the underwriting discount and offering-related expenses of $3.4 million. On September 4, 2021, the Company paid $75.0 million to redeem all 3,000,000 of its outstanding 6.45% Series D Cumulative Redeemable Preferred Stock at a redemption price of $25 per share plus accrued and unpaid dividends. The premium on redemption of $2.7 million was recorded as a reduction to retained earnings. The Company's preferred shares (collectively, “Preferred Shares”) rank senior to our Common Stock and on parity with each other with respect to the payment of dividends and distributions of assets in the event of a liquidation, dissolution, or winding up. The Preferred Shares do not have any maturity date and are not subject to mandatory redemption or sinking fund requirements. The Company may not redeem the Series E preferred shares or Series F preferred shares prior to November 13, 2022 and August 12, 2026, respectively, except in limited circumstances relating to the Company’s continuing qualification as a REIT or in connection with certain changes in control. After those dates, the Company may, at its option, redeem the applicable Preferred Shares, in whole or from time to time in part, by payment of $25 per share, plus any accumulated, accrued and unpaid distributions up to, but not including, the date of redemption. If the Company does not exercise its rights to redeem the Preferred Shares upon certain changes in control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common shares based on a defined formula, subject to a share cap, or alternative consideration. The share cap on each Series E preferred share is 3.1686 shares of Common Stock and each Series F preferred share is 5.8275 shares of common stock, all subject to certain adjustments. The Company pays dividends at an annual rate of $1.5625 for each Series E preferred share and $1.46875 for each Series F preferred share. Dividend payments are made quarterly in arrears on or about the last day of February, May, August and November of each year. Non-controlling Interests in Operating Partnership Pursuant to the limited partnership agreement of our Operating Partnership, the unaffiliated third parties who hold Common Units in our Operating Partnership have the right to cause us to redeem their Common Units in exchange for cash based upon the fair value of an equivalent number of our shares of Common Stock at the time of redemption; however, the Company has the option to redeem with shares of our Common Stock on a one-for-one basis. 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 dividend payments, share subdivisions or combinations. On January 13, 2022, and March 23, 2022, in connection with the NCI Transaction, the Company issued an aggregate of 15,864,674 Common Units as partial consideration for the purchase. At December 31, 2022 and 2021, unaffiliated third parties owned 15,976,807 and 124,797, respectively, of Common Units of the Operating Partnership, representing approximately 13% and less than 1% of the Common Units of the Operating Partnership for each period. We classify outstanding Common Units held by unaffiliated third parties as non-controlling interests in the Operating Partnership, a component of equity in the Company’s Consolidated Balance Sheets. The portion of net income allocated to these Common Units is reported on the Company’s Consolidated Statement of Operations as net income attributable to non-controlling interests of the Operating Partnership. Non-controlling Interests in Joint Ventures At December 31, 2022, the Company is a partner with a majority controlling equity interest in three consolidated joint ventures as described below. GIC Joint Venture In July 2019, the Company entered into the GIC Joint Venture to acquire assets that align with the Company’s current investment strategy and criteria. The Company serves as general partner and asset manager of the GIC Joint Venture and invests 51% of the equity capitalization of the limited partnership, with GIC investing the remaining 49%. The Company earns fees for providing services to the GIC Joint Venture and has the potential to earn incentive fees based on the GIC Joint Venture achieving certain return thresholds. During the year ended December 31, 2022, Summit earned $0.8 million under incentive fee agreements. There were no such incentive fees earned during the year ended December 31, 2021. As of December 31, 2022, the GIC Joint Venture owns 39 hotel properties containing 5,414 guestrooms in nine states. The GIC Joint Venture owns the properties through master real estate investment trusts (“Master REIT”) and subsidiary REITs (“Subsidiary REIT”). All of the hotel properties owned by the GIC Joint Venture are leased to taxable REIT subsidiaries of the Subsidiary REITs (“Subsidiary REIT TRSs”). To qualify as a REIT, the Master REIT and each Subsidiary REIT must meet all REIT requirements provided in the IRC. Taxable income related to the Subsidiary REIT TRSs is subject to federal, state and local income taxes at applicable corporate tax rates. Brickell Joint Venture In June 2022, the Company entered into the Brickell Joint Venture to facilitate the exercise of the Initial Purchase Option to acquire a 90% equity interest in the AC/Element Hotel. Our joint venture partner, C-F Brickell, owns the remaining 10% equity interest in the Brickell Joint Venture. The Company has an option to purchase the remaining 10% equity interest in the Brickell Joint Venture from C-F Brickell in December 2026 pursuant to the exercise of a second purchase option at its market value on the exercise date. The Company serves as the managing member of the Brickell Joint Venture. Onera Joint Venture In October 2022, the Company entered into a joint venture with Onera (the "Onera Joint Venture"), developers of alternative accommodation properties, with the acquisition of a 90% equity interest in the Onera Joint Venture for $5.2 million in cash, plus additional contingent consideration limited to a maximum of $1.8 million, payable to the seller based on performance of the property for the 12-month period ending July 31, 2023. The Onera Joint Venture owns a 100% fee simple interest in real property and improvements located in Fredericksburg, Texas consisting of 11 glamping lodging units and a 6.4-acre parcel of undeveloped land that will be developed as phase two of the lodging site in the future. The Company serves as the managing member of the Onera Joint Venture. Redeemable Non-controlling Interests On January 13, 2022, in connection with the NCI Transaction, Summit Hotel GP, LLC, a wholly-owned subsidiary of the Company and the sole general partner of the Operating Partnership, on its own behalf as general partner of the Operating Partnership and on behalf of the limited partners of the Operating Partnership, entered into the Tenth Amendment (the “Tenth Amendment”) to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, to provide for the issuance of up to 2,000,000 Series Z Preferred Units. The Series Z Preferred Units rank on a parity with the Operating Partnership’s Series E and Series F Preferred Units and holders will receive quarterly distributions at a rate of 5.25% per year. From issuance until the tenth anniversary of their issuance, the Series Z Preferred Units will be redeemable at the holder’s request at any time, or in connection with a change of control of the Company, for, at the Company’s election, cash or shares of the Company’s 5.25% Series Z Cumulative Perpetual Preferred Stock (which will be designated and authorized following notice of redemption by holder of the Series Z Preferred Units) on a one-for-one basis. After the fifth anniversary of their issuance, the Company may redeem the Series Z Preferred Units for cash at a redemption amount of $25 per unit. For a 90-day period immediately following both the tenth and the eleventh anniversaries of their issuance or in connection with a change of control of the Company, the Series Z Preferred Units will be redeemable at the holder’s request for cash at a redemption amount of $25 per unit. On January 13, 2022 and March 23, 2022, in connection with the NCI Transaction, the Operating Partnership issued an aggregate of 2,000,000 Series Z Preferred Units as partial consideration for the purchase. At December 31, 2022, the redeemable Series Z Preferred Units issued in connection with the NCI Transaction are recorded as temporary equity and reflected as Redeemable non-controlling interests on our Consolidated Balance Sheet. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2022 and 2021. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, we classify assets and liabilities based on the lowest level of input that is significant to the fair value measurement. 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 (in thousands): Fair Value Measurement at December 31, 2022 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 16,841 $ — $ 16,841 Fair Value Measurement at December 31, 2021 using Level 1 Level 2 Level 3 Total Assets: Purchase options related to real estate loans (1) $ — $ — $ 2,800 $ 2,800 Liabilities: Interest rate swaps $ — $ 15,723 $ — $ 15,723 (1) The original fair value of the Initial Purchase Option was estimated using the Black-Scholes model. The Initial Purchase Option related to the acquisition of the AC/Element Hotel and did not have a readily determinable fair value at December 31, 2021. As such, the Initial Purchase Option was recorded at an amount at inception that was estimated using the Black-Scholes model. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2022 or 2021. During the year ended December 31, 2021, we recorded a Loss on impairment and write-off of assets of $4.4 million as follows (dollar amounts in thousands): Real Estate Loan 1 Real Estate Loan 2 Real Estate Loan 3 Purchase option carrying amount at December 31, 2020 $ 1,600 $ 2,761 $ 2,800 Loss on impairment and write-off of assets (1,600) (1) (2,761) (1) — Purchase option carrying amount at December 31, 2021 $ — $ — $ 2,800 (1) Real Estate Loan 1 and 2 were repaid in full during the year ended December 31, 2021 and the Company elected not to exercise its purchase options related to these loans. As such, we recorded a Loss on impairment and write-off of assets of $4.4 million related to the forfeited purchase options during the year ended December 31, 2021. Due to the adverse effects of the Pandemic, we evaluated our Purchase Options for impairment during the year ended December 31, 2020. The fair value of each Purchase Option was estimated using the Black-Scholes model. The estimated fair values of the Purchase Options were based on unobservable inputs for which there is little or no market information available and required us to develop our own assumptions as follows (dollar amounts in thousands): Real Estate Loan 1 Real Estate Loan 2 Real Estate Loan 3 Exercise price $ 15,143 $ 17,377 $ 37,800 Term 2.59 (1) 2.68 (1) 1.42 (2) Expected volatility 65.0 % 55.0 % 55.0 % Risk-free rate 0.3 % 0.3 % 0.2 % Expected annualized equity dividend yield 6.5 % 7.5 % — % (1) The option term is the period from April 1, 2020 through the fully extended maturity dates of the respective mezzanine loans. (2) The option term is the period from April 1, 2020 through the date in which the development project is completed and the option becomes exercisable. During the year ended December 31, 2020, we recorded an impairment of $1.8 million related to Real Estate Loan 3 to reduce its carrying amount to its estimated fair value as of December 31, 2020. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Franchise Agreements All of our lodging properties (with the exception of the Onera Joint Venture property) 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. We also pay fees to our franchisors for services related to reservation and information systems. In 2022, 2021, and 2020, we expensed fees related to our franchise agreements of $47.9 million, $25.0 million, and $20.7 million, respectively. Management Agreements Our lodging properties operate pursuant to management agreements with various professional third-party management companies. The terms of our management agreements range from month-to-month to twenty-five years with various extension provisions. Each management company receives a base management fee, generally a percentage of total lodging property revenues. In some cases, there are also monthly fees for certain services, such as accounting, based on the number of guestrooms. Generally, there are also incentive fees based on attaining certain financial thresholds. In 2022, 2021, and 2020, we expensed fees related to our lodging property management agreements of $17.4 million, $9.9 million, and $6.3 million, respectively. Litigation We are involved from time to time in litigation arising in the ordinary course of business. We are not currently aware of any actions against us that would have a material effect on our financial condition or results of operations. |
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
EQUITY-BASED COMPENSATION | EQUITY-BASED COMPENSATION Our currently outstanding equity-based awards were issued under our Equity 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 non-qualified stock options. Vesting terms may vary with each grant, and stock option terms are generally five Stock Options Granted Under Our Equity Plan The 235,000 stock options outstanding as of December 31, 2020 expired unexercised on February 13, 2021 and were forfeited. Time-Based Restricted Stock Awards Made Pursuant to Our Equity Plan The following table summarizes time-based restricted stock activity under our Equity Plan for 2022 and 2021: Number of Shares Weighted Average Aggregate (in thousands) Non-vested December 31, 2020 573,577 $ 10.18 Granted 536,980 10.27 Vested (503,914) 10.51 Forfeited (1,173) 9.98 Non-vested December 31, 2021 605,470 9.98 Granted 316,643 9.83 Vested (259,037) 10.14 Forfeited (8,272) 10.01 Non-vested December 31, 2022 654,804 $ 9.85 $ 4,728 The awards granted to our non-executive employees prior to 2022 vest over a four-year period based on continuous service (20% on the first, second and third anniversary of the grant date and 40% on the fourth anniversary of the grant date). The awards granted to our non-executive employees in 2022 vest over a three-year period based on continuous service (25% on the first and second anniversary of the grant date and 50% on the third anniversary of the grant date). The awards granted to our executive officers vest over a three-year period based on continuous service (25% on the first and second anniversary of the grant date and 50% on the third anniversary of the grant date) or in certain circumstances 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 of our Common Stock on the date of grant. During the years ended December 31, 2022, 2021, and 2020, the total fair value of time-based restricted stock awards that vested was $2.5 million, $5.3 million and $2.3 million, respectively. The total fair value of time-based restricted stock awards that vested during the year ended December 31, 2022 includes $0.4 million of time-based restricted stock for which the vesting was accelerated related to the retirement of our Executive Vice President and Chief Operating Officer. The total fair value of time-based restricted stock awards that vested during the year ended December 31, 2021 includes $1.5 million of time-based restricted stock for which the vesting was accelerated related to the non-renewal of the employment contract of our Executive Chairman. Performance-Based Restricted Stock Awards Made Pursuant to Our Equity Plan The following table summarizes performance-based restricted stock activity under our Equity Plan for 2022 and 2021: Number of Shares Weighted Average Aggregate (in thousands) Non-vested December 31, 2020 922,239 $ 11.65 Granted 323,930 14.05 Vested (182,480) 13.73 Forfeited (60,823) 13.73 Non-vested December 31, 2021 1,002,866 11.92 Granted 418,728 12.26 Vested (414,620) 12.81 Non-vested December 31, 2022 1,006,974 $ 11.76 $ 7,270 Our performance-based restricted stock awards are market-based awards and are accounted for based on the fair value of our Common Stock on the grant date. The fair value of the performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model. These awards generally vest over a three-year period based on our total shareholder return relative to the total shareholder return of companies within the SNL U.S. REIT Hotel Index at the end of the period or upon a change in control. The awards require continued service during the measurement period and are subject to the other conditions described in the Equity Plan or award document. The number of shares the executive officers may earn under these awards range from zero shares to twice the number of shares granted based on our percentile ranking within the index at the end of the measurement period. In addition, a portion of the performance-based shares may be earned based on the Company's absolute total shareholder return calculated during the performance period. The holders of these grants have the right to vote the granted shares of Common Stock and any dividends declared will be accumulated and will be subject to the same vesting conditions as the awards. Further, if additional shares are earned based on our percentile ranking within the index, dividend payments will be issued as if the additional shares had been held throughout the measurement period. The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions: 2022 2021 2020 Expected dividend yield 3.52 % — % 8.16 % Expected stock price volatility 65.4 % 63.7 % 23.7 % Risk-free interest rate 1.77 % 0.34 % 0.53 % Monte Carlo iterations 100,000 100,000 100,000 Weighted average estimated fair value of performance-based restricted stock awards $ 12.26 $ 14.05 $ 9.38 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. Director Stock Awards Made Pursuant to Our Equity Plan During the years ended December 31, 2022 and 2021 we granted 84,889 and 60,546 shares of Common Stock, respectively, to our non-employee directors as a part of our director compensation program. These grants were made pursuant to our Equity Plan and were vested upon grant. Equity-Based Compensation Expense Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 was as follows (in thousands): 2022 2021 2020 Time-based restricted stock $ 2,860 $ 4,784 $ 2,470 Performance-based restricted stock 4,784 5,314 3,559 Director stock 802 583 447 $ 8,446 $ 10,681 $ 6,476 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 pursuant to our Equity Plan was $8.2 million at December 31, 2022 as follows (in thousands): Total 2023 2024 2025 Time-based restricted stock $ 3,960 $ 2,315 $ 1,435 $ 210 Performance-based restricted stock 4,268 2,559 1,483 226 $ 8,228 $ 4,874 $ 2,918 $ 436 The Company's former Executive Vice President and Chief Operating Officer retired in March 2022. The Company recorded $1.3 million of additional stock-based compensation expense during the period related to the modification of certain stock award agreements. This amount was comprised of $0.4 million related to time-based restricted stock awards and $0.9 million related to performance-based restricted stock awards. In connection with the non-renewal of the employment contract of the former Executive Chairman in December 2021, the Company recorded $2.9 million of additional stock-based compensation expense during the year ended December 31, 2021 related to the modification of certain stock award agreements. This amount was comprised of $1.5 million related to time-based restricted stock awards and $1.4 million related to performance-based restricted stock awards. |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS On August 1, 2011, we initiated a qualified contributory retirement plan (the “Plan”) under Section 401(k) of the IRC, 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 was $0.4 million for the year ended December 31, 2022, and $0.3 million for each of the years ended December 31, 2021 and 2020. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES We have elected to be taxed as a REIT. As a REIT, we are generally not subject to corporate level income taxes on taxable income we distribute to our shareholders. We believe we have met the annual REIT distribution requirement by distribution of at least 90% of our taxable income to our shareholders. Income related to our TRSs is subject to federal, state and local taxes at applicable corporate tax rates. Our consolidated tax provision includes the income tax provision related to the operations of the TRSs as well as state and local income taxes related to the Operating Partnership. Due to the Pandemic and its adverse, long-term effect on our lodging operations, certain of our TRSs have incurred operating losses and are in a three-year cumulative loss. As such, the realizability of our deferred tax assets at December 31, 2022 is not reasonably assured. Therefore, we have recorded a valuation allowance against substantially all of our deferred tax assets at December 31, 2022. The components of income tax expense (benefit) for the years ended December 31, 2022, 2021, and 2020 are as follows (in thousands): 2022 2021 2020 Current: Federal $ 1,953 $ 1,036 $ (904) State and local 1,717 456 224 Deferred: Federal (59) (19) 1,548 State and local — — 508 Income tax expense $ 3,611 $ 1,473 $ 1,376 Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes: 2022 2021 2020 Statutory federal income tax provision $ 1,014 $ (14,093) $ (31,052) Nontaxable income of the REITs 1,124 16,812 19,963 State income taxes, net of federal tax benefit 1,644 891 (3,079) Provision to return and deferred adjustment 81 — (16) Effect of permanent differences and other 246 99 319 Deferred assets transferred with REIT stock sale 730 — — Change in valuation allowance (1,228) (2,236) 15,241 Income tax provision $ 3,611 $ 1,473 $ 1,376 The Company evaluates its deferred tax assets each reporting period to determine if it is more-likely-than-not that those assets will be realized. In its evaluation, the Company assesses available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the Company’s existing deferred tax assets. At December 31, 2022, certain TRSs had a three-year cumulative loss. As such, realizability of the Company's deferred tax assets is not reasonably assured. Therefore, a valuation allowance was recorded against substantially all of our deferred tax assets at December 31, 2022. At December 31, 2022 and 2021, we had valuation allowances of $11.8 million and $13.0 million, respectively. The $1.2 million decrease in valuation allowance relates to decreases in deferred tax assets related to $0.7 million in deferred assets transferred with the sale of subsidiary REIT stock, $0.3 million related to utilization of net operating losses Deferred tax assets are included within Other assets and deferred tax liabilities are included within Accrued expenses and other in the accompanying Consolidated Balance Sheets. Significant components of our TRSs deferred tax assets (liabilities) are as follows (in thousands): 2022 2021 Tax carryforwards $ 10,312 $ 11,251 Accrued expenses 1,421 1,704 Other 124 71 Valuation allowance (11,777) (13,005) Net deferred tax assets $ 80 $ 21 Gross deferred tax assets $ 11,883 $ 13,066 Gross deferred tax liabilities (26) (40) Valuation allowance (11,777) (13,005) Net deferred tax assets $ 80 $ 21 At December 31, 2022, our TRSs had federal net operating losses of $37.7 million which are not subject to expiration and state net operating losses of $37.2 million, which expire beginning in 2025. At December 31, 2022, Summit Hotel Properties Inc. and our Subsidiary REITs had federal net operating loss carryforwards of $35.7 million and $2.5 million, respectively, which are not subject to expiration. In the normal course of business, we are subject to examination by federal, state, and local jurisdictions where applicable. We had no unrecognized tax benefits at December 31, 2022 or in the three-year period then ended. We expect no significant increase or decrease in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2022. We have no material interest or penalties relating to unrecognized tax benefits in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021 or 2020 or in the Consolidated Balance Sheets as of December 31, 2022 or 2021. We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. In general, we are not subject to tax examinations by tax authorities for years before 2018. Characterization of Distributions (Unaudited) For income tax purposes, distributions paid consist of ordinary income and capital gains or a combination thereof. For the years ended December 31, 2022, 2021, and 2020 distributions paid per share were characterized as follows: 2022 2021 2020 Amount % Amount % Amount % Common Stock Ordinary non-qualified dividend income $ 0.0471 58.82 % $ — — % $ 0.0944 52.46 % Ordinary qualified dividend income 0.0106 13.26 % — — % — — % Capital gain distributions 0.0223 27.92 % — — % — — % Return of capital — — % — — % 0.0856 47.54 % Total $ 0.0800 100.00 % $ — — % $ 0.1800 100.00 % Preferred Stock - Series D Ordinary non-qualified dividend income $ — — % $ — — % $ 0.4031 25.00 % Capital gain distributions — — % — — % — — % Return of capital — — % 1.2228 100.00 % 1.2094 75.00 % Total $ — — % $ 1.2228 100.00 % $ 1.6125 100.00 % Preferred Stock - Series E Ordinary non-qualified dividend income $ 0.9191 58.82 % $ — — % $ 0.3906 25.00 % Ordinary qualified dividend income 0.2072 13.26 % — — % — — % Capital gain distributions 0.4363 27.92 % — — % — — % Return of capital — — % 1.5625 100.00 % 1.1719 75.00 % Total $ 1.5625 100.00 % $ 1.5625 100.00 % $ 1.5625 100.00 % Preferred Stock - Series F Ordinary non-qualified dividend income $ 0.8639 58.82 % $ — — % $ — — % Ordinary qualified dividend income 0.1947 13.26 % — — % — — % Capital gain distributions 0.4101 27.92 % — — % — — % Return of capital — — % 0.4406 100.00 % — — % Total $ 1.4687 100.00 % $ 0.4406 100.00 % $ — — % The dividends that were distributed to our stockholders during the year ended December 31, 2022 were 58.82% ordinary non-qualified dividend income, 13.26% ordinary qualified dividend income, and 27.92% capital gain distributions. The 2022 ordinary non-qualified dividends are eligible for the 20% deduction provided by Section 199A for qualified REIT dividends. The Preferred D, Preferred E and Preferred F dividends paid during the year ended December 31, 2021 were 100.0% return of capital. The common dividends that were taxable to our stockholders in 2020 were 52.46% ordinary income and 47.54% return of capital. The 2020 Preferred D and Preferred E dividends were 25.00% ordinary income and 75.00% return of capital. The 2020 ordinary income dividends are eligible for the 20% deduction provided by Section 199A for qualified REIT dividends. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS 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 with non-forfeitable dividends and for our Common Stock. Our non-vested time-based restricted stock awards with non-forfeitable rights to dividends 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 with non-forfeitable dividends do not have such an obligation so they are not allocated losses. The Common Units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income would also be added to derive net income attributable to common stockholders. For the years ended December 31, 2022, 2021, and 2020, we had unvested performance-based restricted stock awards of 1,006,974 shares, 1,002,866 shares and 922,239 shares, respectively, which were excluded from the denominator of the diluted earnings per share as the awards were antidilutive. Our outstanding convertible notes have been excluded from the denominator of the diluted earnings per share calculation as their inclusion would be antidilutive. Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts): 2022 2021 2020 Numerator: Net income (loss) $ 1,217 $ (68,584) $ (149,245) Adjusted for: Preferred dividends (15,875) (15,431) (14,838) Premium on redemption of preferred stock — (2,710) — Allocation to participating securities — — (81) Distributions and accretion of redeemable non-controlling interests (2,520) — — Attributable to non-controlling interest in Operating Partnership 2,570 115 271 Attributable to non-controlling interests in joint ventures (2,321) 2,896 5,635 Income from continuing operations attributable to common stockholders $ (16,929) $ (83,714) $ (158,258) Denominator: Weighted average common shares outstanding - basic and diluted 105,142 104,471 104,141 Loss per share: Basic and diluted $ (0.16) $ (0.80) $ (1.52) |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. 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 lender or other party requiring the restricted cash reserves. Supplemental cash flow information for the years ended December 31, 2022, 2021 and 2020 is as follows: 2022 2021 2020 Cash payments for interest $ 58,409 $ 37,509 $ 40,927 Accrued acquisition costs and improvements to lodging properties $ 8,233 $ 3,399 $ 2,142 Cash payments for income taxes, net of refunds $ 3,742 $ 557 $ (463) Mortgage debt assumed for acquisitions of lodging properties $ 382,205 $ 13,267 $ — Assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties $ 9,206 $ — $ — Conversion of a mezzanine loan to complete acquisition of lodging properties $ 29,875 $ — $ — Conversion of purchase option to complete acquisition of lodging properties $ 2,800 $ — $ — Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties $ 7,724 $ — $ — Issuance of non-controlling interests in Operating Partnership to complete acquisition of a portfolio of properties $ 157,513 $ — $ — Redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties $ 50,000 $ — $ — |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS We have evaluated significant matters subsequent to our year end date of December 31, 2022 and through the filing date of our Annual Report on Form 10-K for the year then ended of February 27, 2023 as follows: Equity Transactions On January 26, 2023, our Board of Directors declared cash dividends of $0.390625 per share of 6.25% Series E Cumulative Redeemable Preferred Stock and $0.3671875 per share of 5.875% Series F Cumulative Redeemable Preferred Stock. The Board of Directors also declared on behalf of the Operating Partnership, a cash dividend of $0.328125 per share of the Operating Partnership's unregistered 5.25% Series Z Cumulative Perpetual Preferred Units. Our Board of Directors also declared a quarterly cash dividend of $0.04 per share on our Common Stock and per Common Unit of the Operating Partnership. These dividends are payable February 28, 2023 to stockholders of record on February 14, 2023. Disposition of Lodging Properties and Undeveloped Land Subsequent to December 31, 2022, we entered into a purchase and sale agreement with a third-party to sell a portfolio of four lodging properties for $28.1 million. We recorded a write-down of $2.9 million at December 31, 2022 for the excess of the net carrying amount of the portfolio of properties over the expected net selling price less costs to sell. Additionally, we entered into a purchase and sale agreement with a third-party to sell a 6.0-acre parcel of undeveloped for $1.3 million. We recorded a write-down of $0.3 million at December 31, 2022 for the excess of the net carrying amount of the undeveloped land over the expected net selling price less costs to sell. We also entered into an agreement for the sale of two lodging properties for $50.5 million. We recorded a write-down of $7.2 million at December 31, 2022 for the excess of the net carrying amount of the properties over the expected net selling price less costs to sell. Investment in Development Property |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Initial Cost Costs Subsequent Gross Amount at December 31, 2022 Description Mortgage Debt/ Land Buildings, Buildings, Land Buildings, Total Accumulated Depreciation Date Homewood Suites, Aliso Viejo, CA $ — $ 5,599 $ 32,367 $ 600 $ 5,599 $ 32,967 $ 38,566 $ (8,363) 2017 Courtyard, Arlington, TX — 1,497 15,573 (53) 1,497 15,520 17,017 (5,574) 2012 Residence Inn, Arlington, TX — 1,646 15,440 350 1,646 15,790 17,436 (5,602) 2012 Hotel Indigo, Asheville, NC — 2,100 34,755 1,901 2,100 36,656 38,756 (10,613) 2015 Courtyard, Atlanta, GA — 2,050 27,969 3,314 2,050 31,283 33,333 (9,701) 2012 Residence Inn, Atlanta, GA — (3) 3,381 34,820 (1,502) 3,381 33,318 36,699 (8,154) 2016 AC Hotel, Atlanta, GA — 5,670 51,922 1,569 5,670 53,491 59,161 (11,890) 2017 Hampton Inn & Suites, Austin, TX — (2) — 56,394 7,186 — 63,580 63,580 (16,118) 2014 Hampton Inn & Suites, Baltimore, MD — 2,205 16,013 5,818 2,205 21,831 24,036 (5,289) 2017 Residence Inn, Baltimore, MD — 1,986 37,016 6,880 1,986 43,896 45,882 (11,379) 2017 Marriott, Boulder, CO — 11,115 49,204 9,494 11,115 58,698 69,813 (15,627) 2016 Residence Inn, Branchburg, NJ — 2,374 24,411 285 2,374 24,696 27,070 (7,332) 2015 DoubleTree, Brisbane, CA — 3,300 39,686 1,499 3,300 41,185 44,485 (17,533) 2014 Hampton Inn & Suites, Camarillo, CA — 2,200 17,366 852 2,200 18,218 20,418 (8,282) 2013 Courtyard, Charlotte, NC — — 41,094 2,303 — 43,397 43,397 (10,217) 2017 Hyatt Place, Chicago, IL — 5,395 68,355 450 5,395 68,805 74,200 (16,929) 2016 Residence Inn, Cleveland, OH — 10,075 33,340 2,916 10,075 36,256 46,331 (9,435) 2017 Courtyard, Decatur, GA — 4,046 34,151 4,025 4,046 38,176 42,222 (10,507) 2015 Hilton Garden Inn, Eden Prairie, MN — (3) 1,800 11,211 (359) 1,800 10,852 12,652 (5,331) 2013 Hyatt Place, Englewood, CO — 2,000 11,950 2,899 2,000 14,849 16,849 (5,462) 2012 Hyatt House, Englewood, CO — 2,700 16,267 1,340 2,700 17,607 20,307 (8,569) 2012 Courtyard, Fort Lauderdale, FL — 37,950 47,002 4,234 37,950 51,236 89,186 (11,461) 2017 Courtyard, Fort Worth, TX — 1,920 38,070 10,460 1,920 48,530 50,450 (11,958) 2017 Hyatt Place, Garden City, NY — 4,200 27,775 550 4,282 28,243 32,525 (8,472) 2012 Staybridge Suites, Glendale, CO — 2,100 10,151 4,424 2,100 14,575 16,675 (4,767) 2011 Hilton Garden Inn, Greenville, SC — 1,200 14,566 3,211 1,200 17,777 18,977 (6,999) 2013 Residence Inn, Hillsboro, OR — 4,943 42,541 1,463 4,943 44,004 48,947 (6,194) 2019 Hyatt Place, Hoffman Estates, IL — (3) 1,900 8,917 (2,175) 1,900 6,742 8,642 (4,150) 2013 Hilton Garden Inn, Houston, TX — (2) — 41,838 3,707 — 45,545 45,545 (14,308) 2014 Hilton Garden Inn, Houston, TX — 2,800 33,777 8,046 2,800 41,823 44,623 (8,542) 2014 Residence Inn, Hunt Valley, MD — — 35,436 1,456 1,076 35,816 36,892 (10,027) 2015 SpringHill Suites, Indianapolis, IN — 4,012 27,910 (287) 4,012 27,623 31,635 (8,844) 2013 Courtyard, Indianapolis, IN — 7,788 54,384 (1,325) 7,788 53,059 60,847 (16,229) 2013 Courtyard, Kansas City, MO — (3) 3,955 20,608 1,666 3,955 22,274 26,229 (5,472) 2017 Hyatt Place, Lombard, IL — (3) 1,550 17,351 (784) 1,550 16,567 18,117 (7,343) 2012 Hyatt Place, Lone Tree, CO — 1,300 11,704 3,201 1,314 14,891 16,205 (5,590) 2012 Fairfield Inn & Suites, Louisville, KY — 3,120 24,231 (214) 3,120 24,017 27,137 (8,259) 2013 Initial Cost Costs Subsequent Gross Amount at December 31, 2022 Description Mortgage Debt/ Land Buildings, Buildings, Land Buildings, Total Accumulated Depreciation Date SpringHill Suites, Louisville, KY — 4,880 37,361 83 4,880 37,444 42,324 (12,873) 2013 Hyatt Place, Mesa, AZ — (1) 2,400 19,848 1,598 2,400 21,446 23,846 (6,070) 2017 Courtyard, Metairie, LA — 1,860 25,168 3,896 1,860 29,064 30,924 (10,837) 2013 Residence Inn, Metairie, LA — 1,791 23,386 337 1,791 23,723 25,514 (12,019) 2013 Hyatt House, Miami, FL — 4,926 40,087 2,901 4,926 42,988 47,914 (15,512) 2015 Hilton Garden Inn, Milpitas, CA — 7,921 46,141 4,872 7,921 51,013 58,934 (7,367) 2019 Hyatt Place, Minneapolis, MN — — 34,026 2,303 — 36,329 36,329 (11,055) 2013 Hampton Inn & Suites, Minneapolis, MN — (1) 3,502 35,433 483 3,502 35,916 39,418 (11,090) 2015 Holiday Inn Express & Suites, Minnetonka, MN — (3) 1,000 7,662 70 1,000 7,732 8,732 (3,815) 2013 SpringHill Suites, Nashville, TN — 777 5,598 1,519 777 7,117 7,894 (2,356) 2004 Courtyard, Nashville, TN — 8,792 62,759 7,890 8,792 70,649 79,441 (16,992) 2016 Courtyard, New Haven, CT — 11,990 51,497 2,634 11,990 54,131 66,121 (11,224) 2017 Courtyard, New Orleans, LA — 1,944 25,120 3,676 1,944 28,796 30,740 (14,046) 2013 Courtyard, New Orleans, LA — 2,490 34,220 2,096 2,490 36,316 38,806 (15,982) 2013 SpringHill Suites, New Orleans, LA — 2,046 33,270 6,180 2,046 39,450 41,496 (17,271) 2013 Hyatt Place, Orlando, FL — 3,100 11,343 3,512 3,100 14,855 17,955 (5,336) 2013 Hyatt Place, Orlando, FL — 2,716 11,221 6,584 2,716 17,805 20,521 (5,297) 2013 Hyatt House, Orlando, FL — 2,800 34,423 346 2,800 34,769 37,569 (10,024) 2018 Hyatt Place, Owings Mills, MD — 2,100 9,799 271 2,100 10,070 12,170 (4,409) 2012 Courtyard, Pittsburgh, PA — 1,652 40,749 6,526 1,652 47,275 48,927 (10,343) 2017 Hyatt Place, Portland, OR — (2) — 14,700 745 — 15,445 15,445 (6,508) 2009 Residence Inn, Portland, OR 7,691 (2) — 15,629 543 — 16,172 16,172 (7,104) 2009 Residence Inn, Portland, OR — 12,813 76,868 11,195 12,813 88,063 100,876 (11,795) 2019 Hampton Inn & Suites, Poway, CA — 2,300 14,728 1,240 2,300 15,968 18,268 (6,374) 2013 Hilton Garden Inn, San Francisco, CA — 12,346 45,730 (58,076) — — — — 2019 Holiday Inn Express & Suites, San Francisco, CA — 15,545 49,469 4,227 15,545 53,696 69,241 (21,315) 2013 Four Points, San Francisco, CA — (1) 1,200 21,397 3,916 1,200 25,313 26,513 (9,434) 2014 Hyatt Place, Scottsdale, AZ — 1,500 10,171 (53) 1,500 10,118 11,618 (4,274) 2012 Courtyard, Scottsdale, AZ — 3,225 12,571 3,703 3,225 16,274 19,499 (9,232) 2003 SpringHill Suites, Scottsdale, AZ — 2,195 9,496 1,737 2,195 11,233 13,428 (6,380) 2003 Hampton Inn & Suites, Silverthorne, CO — 4,441 21,125 811 4,441 21,936 26,377 (2,836) 2019 Residence Inn, Steamboat Springs, CO — 1,832 31,214 360 1,832 31,574 33,406 (2,028) 2021 Hampton Inn & Suites, Tampa, FL — 3,600 20,366 4,553 3,600 24,919 28,519 (9,053) 2012 Embassy Suites, Tucson, AZ 13,032 1,841 23,958 646 1,841 24,604 26,445 (1,432) 2021 Homewood Suites, Tucson, AZ — 2,570 22,802 1,389 2,570 24,191 26,761 (6,435) 2017 Hilton Garden Inn, Waltham, MA — 10,644 21,713 6,432 10,644 28,145 38,789 (7,580) 2017 Residence Inn, Watertown, MA — 25,083 45,917 421 25,083 46,338 71,421 (8,563) 2018 Initial Cost Costs Subsequent Gross Amount at December 31, 2022 Description Mortgage Debt/ Land Buildings, Buildings, Land Buildings, Total Accumulated Depreciation Date Parking Garage, Silverthorne, CO — 2,404 — 1,229 2,404 1,229 3,633 — 2019 Parking Garage, Fort Lauderdale, FL — — — — — 2,717 2,717 — 2017 AC Hotel, Dallas, TX — 1,330 31,379 265 1,330 31,644 32,974 (1,511) 2022 Residence Inn, Dallas, TX — 1,372 32,351 254 1,372 32,605 33,977 (1,568) 2022 Hampton Inn & Suites, Dallas, TX — 1,834 47,069 292 1,834 47,361 49,195 (2,176) 2022 Parking Garage, Dallas, TX — 3,131 9,252 91 3,131 9,343 12,474 (240) 2022 SpringHill Suites, Dallas, TX — 2,447 23,746 2,823 2,447 26,569 29,016 (1,757) 2022 Hilton Garden Inn, Grapevine, TX 6,293 (2) 986 33,137 81 986 33,218 34,204 (1,780) 2022 Holiday Inn Express & Suites, Grapevine, TX — 1,419 13,810 268 1,419 14,078 15,497 (1,354) 2022 Courtyard, Grapevine, TX — 2,542 34,872 488 2,542 35,360 37,902 (2,620) 2022 TownePlace Suites, Grapevine, TX — 1,686 23,119 180 1,686 23,299 24,985 (1,646) 2022 Hyatt Place, Grapevine, TX — 1,318 18,740 372 1,318 19,112 20,430 (1,406) 2022 Hyatt Place, Plano, TX — 2,363 13,699 174 2,363 13,873 16,236 (1,236) 2022 AC Hotel, Frisco, TX — 1,246 38,390 58 1,246 38,448 39,694 (2,120) 2022 Residence Inn, Frisco, TX — 1,246 38,390 48 1,246 38,438 39,684 (2,092) 2022 Canopy Hotel, Frisco, TX — 1,109 38,531 52 1,109 38,583 39,692 (1,928) 2022 Residence Inn, Tyler, TX — 1,243 15,323 256 1,243 15,579 16,822 (1,333) 2022 Hilton Garden Inn, Longview, TX — 1,284 13,281 217 1,284 13,498 14,782 (872) 2022 AC Hotel, Houston, TX — 4,796 52,268 792 4,796 53,060 57,856 (2,518) 2022 Hilton Garden Inn, Bryan, TX — 713 11,337 418 713 11,755 12,468 (785) 2022 Homewood Suites, Midland, TX — 1,717 22,326 257 1,717 22,583 24,300 (1,480) 2022 Hyatt Place, Lubbock, TX — 896 20,182 412 896 20,594 21,490 (1,381) 2022 Courtyard, Amarillo, TX — 269 18,561 259 269 18,820 19,089 (1,233) 2022 Embassy Suites, Amarillo, TX — (2) 657 38,456 310 657 38,766 39,423 (2,591) 2022 AC Hotel, Oklahoma City, OK — 2,769 29,389 130 2,769 29,519 32,288 (1,949) 2022 Hyatt Place, Oklahoma City, OK — 2,822 25,311 115 2,822 25,426 28,248 (1,254) 2022 Holiday Inn Express & Suites, Oklahoma City, OK — 2,542 21,574 312 2,542 21,886 24,428 (1,221) 2022 SpringHill Suites, New Orleans, LA — 963 12,763 82 963 12,845 13,808 (610) 2022 TownePlace Suites, New Orleans, LA — 1,366 18,110 119 1,366 18,229 19,595 (882) 2022 Canopy Hotel, New Orleans, LA — (2) 4,262 51,406 69 4,262 51,475 55,737 (1,952) 2022 AC Hotel, Miami, FL — (1) 8,496 46,839 31 8,496 46,870 55,366 (1,207) 2022 Element, Miami, FL — (1) 5,882 32,427 2 5,882 32,429 38,311 (850) 2022 Parking Garage, Miami, FL — (1) — 1,473 — — 1,473 1,473 (78) 2022 Onera Escapes, Fredericksburg, TX — 1,251 5,209 42 1,251 5,251 6,502 (54) 2022 Parking Garage, Frisco, TX — 2,470 6,563 10 2,470 6,573 9,043 (179) 2022 Land Parcels — 4,645 — (2,995) 1,650 — 1,650 — $ 395,175 $ 3,011,813 $ 138,479 $ 381,006 $ 3,167,178 $ 3,548,184 $ (716,646) (1) Properties cross-collateralize the related loan, refer to "Part II – Item 8. – Financial Statements and Supplementary Data – Note 6 – Debt " in the Consolidated Financial Statements. (2) Properties subject to ground lease, refer to "Part II – Item 8. – Financial Statements and Supplementary Data – Note 7 – Leases " in the Consolidated Financial Statements. (3) Property value includes an impairment charge, based on the difference between the net realizable value and the carrying value at the time of measurement. (a) ASSET BASIS 2022 2021 2020 Reconciliation of land, buildings and improvements: Balance at beginning of period as adjusted $ 2,638,549 $ 2,570,768 $ 2,553,428 Additions to land, buildings and improvements 989,046 80,496 19,918 Disposition of land, buildings and improvements (68,991) (12,715) (2,578) Impairment loss (10,420) — — Balance at end of period $ 3,548,184 $ 2,638,549 $ 2,570,768 (b) ACCUMULATED DEPRECIATION 2022 2021 2020 Reconciliation of accumulated depreciation: Balance at beginning of period $ 583,080 $ 490,326 $ 383,763 Depreciation 145,491 105,462 109,159 Depreciation on assets sold or disposed (11,925) (12,708) (2,596) Balance at end of period $ 716,646 $ 583,080 $ 490,326 (c) The aggregate cost of real estate for Federal income tax purposes was approximately $3,336 million (unaudited). (d) Depreciation for buildings, improvements and furniture, fixtures and equipment is based on useful lives ranging from 2 to 40 years. (e) We have mortgages payable on the properties as noted. Additional mortgage information can be found in "Part II – Item 8. – Financial Statements and Supplementary Data – Note 6 – Debt " to the Consolidated Financial Statements. (f) Amounts under the column heading "Costs Subsequent" include (when applicable) parcels of undeveloped land that were sold, and impairment losses related to certain properties. |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We prepare our Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”), 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. The accompanying Consolidated Financial Statements consolidate the accounts of all entities in which we have a controlling financial interest, as well as variable interest entities for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements. We evaluate joint venture partnerships to determine if they should be consolidated based on whether the partners exercise joint control. For a joint venture where we exercise primary control and we also own a majority of the equity interests, we consolidate the joint venture partnership. We have consolidated the accounts of all of our joint ventures in our consolidated financial statements. |
Segment Disclosure | Segment Disclosure Accounting Standards Codification (“ASC”) Topic 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, for 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. |
Acquisitions of Lodging Property | Acquisitions of Lodging PropertyWe analyze the acquisition of a lodging property to determine if it qualifies as the purchase of a business or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, the asset or asset group is not considered a business and we would record the transaction as an asset acquisition, which includes the capitalization of acquisition costs. For an asset acquisition, we allocate the purchase price paid to the assets acquired and the liabilities assumed in the transaction based on their relative fair values. For a business combination, we would record the assets and liabilities acquired at their respective estimated fair values. When we acquire a lodging property, we use all available information to make these fair value determinations, including discounted cash flow analyses and market comparable data. In addition, we make significant estimates regarding replacement costs for the buildings and furniture, fixtures and equipment, including estimated useful lives and judgements related to certain market assumptions. We also engage independent valuation specialists to assist in the fair value determinations of the assets acquired and the liabilities assumed. The determination of fair value is subjective and is based on assumptions and estimates that could differ materially from actual results in future periods. |
Investments in Lodging Property, net | Investments in Lodging Property, net The Company allocates the purchase price of acquired lodging properties based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Intangible assets may include certain value associated with the on-going operations of the lodging business being acquired as part of the property acquisition. Acquired intangible assets that derive their values from real property or an interest in real property, are inseparable from that real property or interest in real property, and do not produce or contribute to the production of income other than consideration for the use or occupancy of space, are recorded as a component of the related real estate asset in our Consolidated Financial Statements. We allocate the purchase price of acquired lodging properties to land, building and furniture, fixtures and equipment based on independent third-party appraisals. Our lodging properties and related assets are recorded at cost, less accumulated depreciation. We capitalize development costs and the costs of significant additions and improvements that materially upgrade, increase the value or extend the useful life of the property. These costs may include development, refurbishment, renovation, and remodeling expenditures, as well as certain indirect internal costs related to construction projects. If an asset requires a period of time in which to carry out the activities necessary to bring it to the condition necessary for its intended use, the interest cost incurred during that period as a result of expenditures for the asset is capitalized as part of the cost of the asset. We expense the cost of repairs and maintenance as incurred. We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows: Classification Estimated Useful Lives Buildings and improvements 6 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, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations. |
Intangible Assets | Intangible Assets |
Assets Held for Sale | Assets Held for Sale We periodically review our lodging properties and our undeveloped land based on established criteria such as age, type of franchise, adverse economic and competitive conditions, and strategic fit to identify properties that we believe are either non-strategic or no longer complement our business. Based on our review, we periodically market properties for sale that no longer meet our investment criteria. We also periodically receive unsolicited external inquiries that result in the sale of lodging properties. We classify assets as Assets 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 classified as Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or fair value less selling costs. We record a write-down on our Consolidated Statement of Operations when the carrying amounts of assets held for sale exceed their fair values less selling costs. |
Variable Interest Entities | Variable Interest Entities We consolidate variable interest entities (each a “VIE”) if we determine that we are the primary beneficiary of the entity. When evaluating the accounting for a VIE, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. We determine our rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. We consider other relevant factors including each entity’s capital structure, contractual rights to earnings or obligations for losses, subordination of our interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant. |
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 generally 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 lender or other party requiring the restricted cash reserves. |
Trade Receivables and Credit Policies | Trade Receivables and Credit Policies |
Leases | Leases In accordance with Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) , we record the financial liability and right-of-use assets that are inherent to leasing an asset on the balance sheet for all leases with a term of greater than 12 months regardless of their classification. Several of our lodging properties lease retail or restaurant space to third-party tenants. The majority of our third-party tenants requested rent deferrals to ease the negative financial effects of the Pandemic on their businesses. We have primarily negotiated rent deferrals with these tenants that defer rent for a specified number of months and require repayment of the deferred rent over a negotiated period of time. We have adopted a policy that the deferrals are not a change in the provisions of the lease. As such, we are accounting for the concessions using the rights and obligations of the existing lease and recognizing a short-term lease receivable in the period that the cash payment is owed. |
Notes Receivables | Notes Receivables We selectively provide mezzanine financing to developers, where we also have the opportunity to acquire the lodging property at or after the completion of the development project, and we also may provide seller financing in connection with a lodging property disposition under limited circumstances. We classify notes receivable as held-to-maturity and carry the notes receivable at cost less the unamortized discount, if any. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We routinely evaluate our notes receivable and interest receivables for collectability. Probable losses on notes receivable are recognized in a valuation account that is deducted from the amortized cost basis of the notes receivable and recorded as Provision for credit losses in our Consolidated Statements of Operations. When we place notes receivable on non-accrual status, we suspend the recognition of interest income until cash interest payments are received. Generally, we return notes receivable to accrual status when all delinquent interest becomes current and collectability of interest is reasonably assured. We do not measure an allowance for credit losses for accrued interest receivable. Accrued interest receivable is written-off to bad debt expense when collection is not reasonably assured. |
Deferred Charges, net | Deferred Charges, net Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method. |
Deferred Financing Fees | Deferred Financing FeesDebt issuance costs are presented as a direct deduction from the carrying value of the debt liability on the Consolidated Balance Sheets. Debt issuance costs are amortized as a component of interest expense over the term of the related debt using the straight-line method, which approximates the interest method. |
Non-controlling Interests and Redeemable Non-controlling Interests | Non-controlling Interests Non-controlling interests represent the portion of equity in a consolidated entity held by owners other than the consolidating parent. Non-controlling interests are reported in the Consolidated Balance Sheets within equity, separately from stockholders’ equity. Revenue, expenses and net income attributable to both the Company and the non-controlling interests are reported in the Consolidated Statements of Operations. Our Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties and third-party ownership of our consolidated joint ventures. Redeemable Non-controlling Interests Redeemable non-controlling interests represent redeemable preferred units issued by our Operating Partnership ("Redeemable Preferred Units") in connection with the NCI Transaction (see " Note 3 - Investments in Lodging Property, net " for additional information). The Redeemable Preferred Units are presented as temporary equity related to our Operating Partnership on our Condensed Consolidated Balance Sheets under the caption of "Redeemable Non-controlling Interests ("see " Note 9 - Equity " for further information). We record Redeemable non-controlling interests at fair value on the issuance date of the securities. When the carrying value (the acquisition date fair value adjusted for the non-controlling interest’s share of net income (loss) and dividends) is less than the redemption value, we adjust the redeemable non-controlling interest to equal the redemption value with changes recognized as an adjustment to Accumulated deficit and distributions in excess of retained earnings. Any such adjustment, when necessary, is recorded as of the applicable balance sheet date. |
Revenue Recognition, Sales and Other Taxes | Revenue Recognition In accordance with ASU No. 2014-09, revenues from the operation of our lodging properties are recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales, and other lodging property revenues and are presented on a disaggregated basis on our Consolidated Statements of Operations. Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy lodging rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night. Food and beverage revenues are generated when customers purchase food and beverage at a lodging property's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers. Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. Ancillary services such as parking at certain lodging properties are provided by third parties and we assess whether we are the principal or agent in such arrangements. If we are determined to be the agent, revenue is recognized based upon the commission paid to us by the third-party for the services rendered to our customers. If we are determined to be the principal, revenues are recognized based upon the gross contract price of the service provided. Certain of our lodging properties have retail spaces, restaurants or other spaces that we lease to third parties. Lease revenues are recognized on a straight line basis over the respective lease terms and are included in Other income on our Consolidated Statement of Operations. Cash received prior to customer arrival is recorded as an advance deposit from the customer and is recognized as revenue at the time of occupancy. Sales and Other Taxes We have operations in states and municipalities that impose sales 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, which was amended and restated effective May 13, 2021 (as amended, the “Equity 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 time-based and performance-based stock awards using the grant date fair value of those equity awards. We have elected to account for forfeitures as they occur. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC Topic 718, Compensation — Stock Compensation . We expense the fair value of awards under the Equity Plan ratably over the vesting period and market-based awards are not adjusted for performance. The amount of stock-based compensation expense may be subject to adjustment in future periods due to forfeitures or modification of previously granted awards. |
Derivative Financial Instruments and Hedging | Derivative Financial Instruments and Hedging All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include interest rate swaps, caps and collars. 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. The change in the fair value of the hedging instruments is recorded in Other comprehensive income. Amounts in Other comprehensive income will be reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings. We have adopted ASC No. 848 - Rate Reference Reform at December 31, 2022. Under ASC No. 848 we have elected to not reassess a previous accounting determination related to our derivative financial instruments. We have also made elections to not de-designate the hedging relationships with the change in critical terms. Finally, we made elections to not de-designate the hedging relationships due to changes in hedged instruments, hedged items or future forecasted hedged transactions. |
Income Taxes | Income Taxes We have elected to be taxed as a REIT under sections 856 through 859 of the IRC. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders at least 90% of our REIT taxable income, subject to certain adjustments and excluding any net capital gain. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRSs at regular corporate income tax rates) to the extent we distribute 100% of our REIT taxable income to our stockholders. 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 qualify for certain relief provisions. Substantially all of our assets are held by, and all of our operations are conducted through, our Operating Partnership or our subsidiary REITs. Partnerships are not subject to U.S. federal income taxes as revenues and expenses pass through to and are taxed on the owners. Generally, the states and cities where partnerships operate follow the U.S. federal income tax treatment. However, there are a limited number of local and state jurisdictions that tax the taxable income of the Operating Partnership. Accordingly, we provide for income taxes in these jurisdictions for the Operating Partnership. Taxable income related to our TRSs are subject to federal, state and local income taxes at applicable tax rates. Our consolidated income tax provision includes the income tax provision related to the operations of the TRSs as well as state and local income taxes related to the Operating Partnership. Where required, we account for federal and state income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for: i) the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on GAAP and the respective carrying amounts for tax purposes, and ii) operating losses and tax-credit carryforwards. 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. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We consider all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed. Due to the effects of the Pandemic, certain of our TRSs have incurred operating losses in the past and are expected to be in a cumulative loss for the foreseeable future. As such, the realizability of our deferred tax assets at December 31, 2022 is not reasonably assured. Therefore, we have recorded a valuation allowance against substantially all of our deferred tax assets at December 31, 2022. We perform a review of any uncertain tax positions and if necessary, will record expected future tax consequences of uncertain tax positions in the financial statements. |
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 information, 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 have elected a measurement alternative for equity investments, such as our purchase option, that do not have readily determinable fair values. Under the alternative, our purchase option is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer, if any. |
Earnings Per Share | Earnings Per Share Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. We apply the two-class method of computing earnings (loss) per share, which requires the calculation of separate earnings (loss) per share amounts for participating securities. 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. Any anti-dilutive securities are excluded from the basic per-share calculation. Diluted EPS is computed by dividing net income (loss) available to common stockholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Basic and diluted loss per share for the years ended December 31, 2022, 2021 and 2020 are calculated as Net loss attributable to common stockholders for each respective period divided by weighted average common shares outstanding for each respective period as all other securities are antidilutive. Potentially dilutive shares include unvested restricted share grants, unvested performance share grants, common shares issuable upon conversion of convertible debt and common shares issuable upon conversion of Common Units of our Operating Partnership. |
Use of Estimates | Use of Estimates |
Reclassifications | Reclassifications Certain amounts at December 31, 2021 related to intangible assets totaling approximately $3.5 million and accumulated amortization of approximately $1.0 million have been reclassified within Investments in Lodging Property, net to conform to the current period presentation. |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Hotel Properties and Related Assets | We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows: Classification Estimated Useful Lives Buildings and improvements 6 to 40 years Furniture, fixtures and equipment 2 to 15 years Investments in lodging property, net at December 31, 2022 and 2021 include (in thousands): 2022 2021 Land $ 365,770 $ 323,276 Lodging buildings and improvements 2,764,355 2,127,782 Intangible assets 39,954 10,834 Construction in progress 62,471 18,321 Furniture, fixtures and equipment 250,575 167,245 Real estate development loan (1) — 27,595 3,483,125 2,675,053 Less - accumulated depreciation and amortization (690,573) (583,080) $ 2,792,552 $ 2,091,973 (1) During the year ended December 31, 2019, we executed a mezzanine loan to provide financing of $29.9 million for a mixed-use development project that includes the AC/Element Hotel with 264 guestrooms, retail space, and parking. In connection with the mezzanine loan, we had an option to purchase a 90% equity interest in the AC/Element Hotel (the "Initial Purchase Option") upon completion of construction which occurred in December 2021. The mezzanine loan was classified as Investments in Lodging Property, net in our Consolidated Balance Sheet at December 31, 2021. See " Note 4 - Investment in Real Estate Loans " for further information. In June 2022, the balance of the mezzanine loan was extinguished with the exercise of the Initial Purchase Option to acquire the AC/Element Hotel as part of the Brickell Transaction as described below. |
INVESTMENTS IN LODGING PROPER_2
INVESTMENTS IN LODGING PROPERTY, NET (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Investments in Lodging Property, net | We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows: Classification Estimated Useful Lives Buildings and improvements 6 to 40 years Furniture, fixtures and equipment 2 to 15 years Investments in lodging property, net at December 31, 2022 and 2021 include (in thousands): 2022 2021 Land $ 365,770 $ 323,276 Lodging buildings and improvements 2,764,355 2,127,782 Intangible assets 39,954 10,834 Construction in progress 62,471 18,321 Furniture, fixtures and equipment 250,575 167,245 Real estate development loan (1) — 27,595 3,483,125 2,675,053 Less - accumulated depreciation and amortization (690,573) (583,080) $ 2,792,552 $ 2,091,973 (1) During the year ended December 31, 2019, we executed a mezzanine loan to provide financing of $29.9 million for a mixed-use development project that includes the AC/Element Hotel with 264 guestrooms, retail space, and parking. In connection with the mezzanine loan, we had an option to purchase a 90% equity interest in the AC/Element Hotel (the "Initial Purchase Option") upon completion of construction which occurred in December 2021. The mezzanine loan was classified as Investments in Lodging Property, net in our Consolidated Balance Sheet at December 31, 2021. See " Note 4 - Investment in Real Estate Loans " for further information. In June 2022, the balance of the mezzanine loan was extinguished with the exercise of the Initial Purchase Option to acquire the AC/Element Hotel as part of the Brickell Transaction as described below. |
Schedule of Finite-Lived Intangible Assets | Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands): Weighted Average Amortization Period (in Years) 2022 2021 Indefinite-lived Intangible assets: Air rights N/A $ 10,754 $ 10,754 Other N/A 80 80 10,834 10,834 Finite-lived intangible assets: Tax incentives (1) 9.2 19,750 — Key money (1) 17.8 9,370 — 29,120 — Total intangible assets 39,954 10,834 Less - accumulated amortization (5,110) — Intangible assets, net $ 34,844 $ 10,834 (1) Finite-lived intangible assets were primarily acquired in the NCI Transaction. |
Schedule of Indefinite-lived Intangible Assets | Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands): Weighted Average Amortization Period (in Years) 2022 2021 Indefinite-lived Intangible assets: Air rights N/A $ 10,754 $ 10,754 Other N/A 80 80 10,834 10,834 Finite-lived intangible assets: Tax incentives (1) 9.2 19,750 — Key money (1) 17.8 9,370 — 29,120 — Total intangible assets 39,954 10,834 Less - accumulated amortization (5,110) — Intangible assets, net $ 34,844 $ 10,834 (1) Finite-lived intangible assets were primarily acquired in the NCI Transaction. |
Schedule of Future Amortization Expenses | Future amortization expense related to intangible assets is as follows (in thousands): For the Year Ended Amount 2023 $ 4,331 2024 4,296 2025 1,625 2026 1,625 2027 1,625 Thereafter 10,508 $ 24,010 |
Schedule of Hotel Property Acquisitions | Lodging property acquisitions in 2022 and 2021 were as follows (in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase Year Ended December 31, 2022 January 13, 2022 Portfolio of properties - twenty-six hotel properties and two parking garages (1) Various 3,533 $ 766,000 March 23, 2022 Canopy Hotel by Hilton (1) New Orleans, LA 176 56,000 June 10, 2022 AC/Element Hotel (2) Miami (Brickell), FL 264 80,100 October 26, 2022 Independent (3) Fredericksburg, TX 11 5,193 3,984 $ 907,293 Year Ended December 31, 2021 July 9, 2021 Residence Inn by Marriott (4) Steamboat Springs, CO 110 $ 33,000 December 21, 2021 Embassy Suites (4) Tucson, AZ 120 25,500 230 $ 58,500 (1) On January 13, 2022, we acquired a portfolio of twenty-six hotels and two parking garages for an aggregate purchase price of 766.0 million. The hotels acquired included 21 hotels and two parking garages in Texas, two hotels in Louisiana, and three hotels in Oklahoma under the following brands: Marriott (13), Hilton (7), Hyatt (4), and IHG (2). On March 23, 2022, we acquired the Canopy New Orleans upon completion of its construction for a purchase price of $56.0 million. (2) We acquired a 90% equity interest in the AC/Element Hotel for $80.1 million based on the exercise price of the Initial Purchase Option of $89.0 million. The transaction included the assumption of $47.0 million of debt resulting in a net consideration payment requirement of $42.0 million. We paid 90% of the required net consideration with the conversion of our $29.9 million mezzanine loan into equity and a cash payment of $7.9 million. The carrying amount of our Initial Purchase Option of $2.8 million is also included in the total amount allocated to the assets acquired. The Brickell Joint Venture partner’s non-controlling interest of $6.9 million represents 10% of the fair value of the net assets on the transaction date, determined by a third-party valuation expert based on discounted forecasted future cash flows of the net assets acquired. We also incurred $0.6 million of transaction costs. The result is a total amount allocated to the assets acquired of $95.1 million plus an intangible asset totaling $2.0 million related to the assumption of the franchises for the hotel properties and a related key money liability. (3) On October 26, 2022, we completed the acquisition of a 90% equity interest in Onera Joint Venture which owns a high-end glamping property for $5.2 million based on aggregate purchase price of $5.8 million. We paid for our 90% in cash, plus $0.5 million of transaction costs. Additionally, the transaction includes additional contingent consideration (based on performance of the property for the 12-month period ending July 31, 2023) that is limited to a maximum of $1.8 million, payable to the seller. The Onera Joint Venture has a 100% fee simple interest in real property and improvements consisting of 11 glamping lodging units and a 6.4-acre parcel of undeveloped land that will be developed as phase two of the lodging site in the future. (4) The net assets acquired in 2021 were purchased by our GIC Joint Venture for $58.5 million plus the purchase of $0.2 million of net working capital assets, capitalized transaction costs of $0.4 million, and restricted cash reserves of $5.1 million. Additionally, the Company assumed debt of $13.3 million and paid deferred financing costs totaling $0.2 million. We own a 51% controlling interest in these hotel properties through our GIC Joint Venture. The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands): 2022 2021 Land $ 68,426 $ 3,673 Lodging buildings and improvements 756,551 52,226 Intangible assets 25,642 — Furniture, fixtures and equipment 82,730 2,946 Restricted cash reserves — 5,118 Other assets 5,318 405 Total assets acquired 938,667 64,368 Debt assumed (382,205) (13,267) Deferred financing costs — 236 Lease liability assumed (5,441) — Key Money and other liabilities (5,892) (214) Net assets acquired (1) $ 545,129 $ 51,123 (1) Total assets acquired is based on an aggregate purchase price of $907.3 million plus the following items related to the NCI Transaction: interest swap breakage fees and debt defeasance costs related to the NCI Transaction of $3.5 million, a reduction to the value of the Common Units issued related to the NCI Transaction on the closing date of $2.5 million, plus transaction costs of $3.0 million, and intangible assets totaling $9.0 million acquired outside of escrow; the following items related to the Brickell Transaction: Brickell Joint Venture partner’s non-controlling interest of $6.9 million; Brickell Joint Venture partner’s non-controlling interest share of the debt assumed as part of the transaction of $4.7 million, the assumption of intangible assets totaling $2.0 million, the carrying amount of our Initial Purchase Option of $2.9 million, and transactions costs of $0.6 million; and the following items related to the Onera Transaction: Onera Joint Venture partner's non-controlling interest of $0.8 million and $0.5 million of transaction costs. The net assets acquired in 2021 were purchased for $58.5 million plus the purchase of $0.2 million of net working capital assets, capitalized transaction costs of $0.4 million, and restricted cash reserves of $5.1 million. Additionally, the Company assumed debt of $13.3 million and paid deferred financing costs totaling $0.2 million. |
Schedule of Assets Held for Sale | Assets held for sale, net at December 31, 2022 include a parcel of undeveloped land in Flagstaff, AZ and certain properties as described above that are under contract for sale and expected to close during the first half of 2023 as follows (in thousands): Net Carrying Amount Portfolio of four lodging properties $ 27,516 Portfolio of two lodging properties 49,410 Parcel of undeveloped land - San Antonio, TX 1,225 Parcel of undeveloped land - Flagstaff, AZ 425 $ 78,576 |
INVESTMENT IN REAL ESTATE LOA_2
INVESTMENT IN REAL ESTATE LOANS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Investment in Real Estate Loans | Investment in real estate loans, net at December 31, 2022 and 2021 is as follows (in thousands): 2022 2021 Real estate loans $ 1,250 $ 2,350 Allowance for credit losses (1,250) (2,350) $ — $ — |
SUPPLEMENTAL BALANCE SHEET IN_2
SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Restricted Cash | Restricted cash at December 31, 2022 and 2021 was as follows (in thousands): 2022 2021 FF&E reserves $ 10,223 $ 23,587 Property taxes 316 2,132 Other 14 6,740 $ 10,553 $ 32,459 |
Schedule of Prepaid Expenses and Other | Prepaid expenses and other at December 31, 2022 and 2021 included the following (in thousands): 2022 2021 Deferred acquisition costs (1) $ 334 $ 6,763 Prepaid insurance 1,708 6,713 Escrow deposits (1) — 6,000 Prepaid taxes 1,639 1,691 Other 4,697 3,329 $ 8,378 $ 24,496 (1) Prepaid acquisition costs and escrow deposits at December 31, 2021 primarily relate to the NCI Transaction which was completed in January 2022. See " Note 3 - Investments in Lodging Property, net ." |
Schedule of Deferred Charges | Deferred charges at December 31, 2022 and 2021 were as follows (in thousands): 2022 2021 Initial franchise fees $ 10,079 $ 7,034 Less - accumulated amortization (3,005) (2,687) $ 7,074 $ 4,347 |
Schedule of Other Assets | Other assets at December 31, 2022 and 2021 included the following (in thousands): 2022 2021 Derivative financial instrument $ 16,841 $ — Purchase options related to real estate loans — 2,800 Deferred tax asset, net 108 49 Other 895 950 $ 17,844 $ 3,799 |
Schedule of Accrued Expenses | Accrued expenses and other at December 31, 2022 and 2021 included the following (in thousands): 2022 2021 Accrued property, sales and income taxes $ 28,972 $ 17,448 Derivative financial instruments — 15,723 Accrued salaries and benefits 13,029 13,679 Other accrued expenses at lodging properties 25,282 11,880 Accrued interest 4,158 2,695 Other 9,863 4,794 $ 81,304 $ 66,219 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Indebtedness | At December 31, 2022 and 2021 our outstanding indebtedness was as follows (in thousands): Lender Reference Interest Amortization Period Maturity Date Number of Balance at December 31, 12/31/2022 2022 2021 2018 Senior Credit Facility Bank of America, NA $400 Million Revolver (1) 6.37% Variable n/a 3/31/2023 (11) n/a $ 15,000 $ — $200 Million Term Loan (1) 6.32% Variable n/a 4/1/2024 n/a 200,000 200,000 Total Senior Credit and Term Loan Facility 215,000 200,000 Term Loans KeyBank National Association Term Loan (1) 4.24% Variable n/a 11/25/2022 n/a — 62,000 KeyBank National Association Term Loan (1) 6.11% Variable n/a 2/14/2025 n/a 225,000 225,000 Total Term Loans 225,000 287,000 Convertible Notes 1.50% Fixed n/a 2/15/2026 n/a 287,500 287,500 Secured Mortgage Indebtedness MetaBank (2) 4.44% Fixed 25 7/1/2027 3 43,917 45,070 KeyBank National Association (Berkadia) (3) 4.46% Fixed 30 2/1/2023 — — 18,545 (4) 4.52% Fixed 30 4/1/2023 — — 19,024 (5) 4.30% Fixed 30 4/1/2023 — — 18,358 KeyBank National Association (6) 4.95% Fixed 30 8/1/2023 — — 33,155 Bank of the Cascades (First Interstate Bank) (7) 6.39% Variable 25 12/19/2024 1 7,691 7,957 Bank of the Cascades (First Interstate Bank) (7) 4.30% Fixed 25 12/19/2024 — 7,691 7,957 Total Mortgage Loans 4 59,299 150,066 4 786,799 924,566 Brickell Joint Venture Mortgage Loan City National Bank of Florida 7.36% Variable 25 6/30/2025 2 47,000 — GIC Joint Venture Credit Facility and Term Loans (8) Bank of America, N.A. $125 Million Revolver 6.53% Variable n/a 10/8/2023 (12) n/a 125,000 68,500 $75 Million Term Loan 6.48% Variable n/a 10/8/2023 (12) n/a 75,000 75,000 Bank of America, N.A. 7.19% Variable n/a 1/13/2026 n/a 410,000 — Wells Fargo (9) 4.99% Fixed 30 6/6/2028 1 13,032 13,249 PACE loan (10) 6.10% Fixed 20 7/31/2040 1 6,293 — Total GIC Joint Venture Credit Facility and Term Loans 2 629,325 156,749 Total Joint Venture Debt 4 676,325 156,749 Total Debt 8 1,463,124 1,081,315 Unamortized debt issuance costs (11,328) (11,518) Debt, net of issuance costs $ 1,451,796 $ 1,069,797 (1) The $600 million Senior Revolving Credit and Term Loan Facility and Term Loans are supported by a borrowing base of 57 unencumbered hotel properties and a pledge of the equity securities of the entities that own the 57 properties and their affiliates. (2) On June 30, 2017, we entered into the MetaBank Loan. The MetaBank Loan is secured by the Hampton Inn & Suites in Minneapolis, MN, the Four Points by Sheraton Hotel & Suites in South San Francisco, CA, and the Hyatt Place in Mesa, AZ. The MetaBank Loan is subject to a prepayment penalty if prepaid prior to April 1, 2027. In or around December 2021, MetaBank sold the MetaBank Loan to Bayside MB CRE Loans, LLC (“Bayside”). On October 25, 2022, Summit Meta 2017, LLC (“SM-17”), a subsidiary of our Operating Partnership, received a letter from Bayside’s counsel alleging various events of default under the MetaBank Loan, primarily related to certain non-monetary covenants. SM-17 disputes that such events of default have occurred. We have engaged legal counsel and have entered into discussions with Bayside to address the matter. (3) 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 three of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; and Denver (Englewood), CO. This loan is subject to defeasance costs if prepaid. On March 19, 2019, we defeased $6.3 million of the principal balance to have the encumbrance released on one property, the Hyatt Place in Arlington, TX, to facilitate the sale of the property. As a result of this transaction, we recorded debt transaction costs of $0.6 million in 2019 primarily related to the debt defeasance premium. On August 30, 2022, we defeased the remaining $18.2 million principal balance to have the remaining encumbrances released. As a result of this transaction, we recorded debt transaction costs of $0.2 million related to the debt defeasance premium. (4) 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. On August 30, 2022, we defeased the outstanding $18.7 million principal balance to have the hotel properties held as encumbrances released. As a result of this transaction, we recorded debt transaction costs of $0.2 million related to the debt defeasance premium. (5) 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. On August 30, 2022, we defeased the outstanding $18.1 million principal balance to have the hotel properties held as encumbrances released. As a result of this transaction, we recorded debt transaction costs of $0.2 million related to the debt defeasance premium. (6) 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. On December 1, 2022, we defeased the outstanding $32.3 million principal balance to have the hotel properties held as encumbrances released. As a result of this transaction, we recorded debt transaction costs of $0.2 million related to the debt defeasance premium. (7) On December 19, 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $7.9 million. As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.3%. Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loan is comprised of two promissory notes that are secured by the same collateral and cross-defaulted. (8) The GIC Joint Venture Credit Facilities and Term Loans are secured by a pledge of the equity interests in the subsidiaries that own and operate the borrowing base assets financed by the facility. (9) On December 21, 2021, we assumed a $13.3 million loan with a fixed rate of 4.99% and a maturity of June 6, 2028. This loan is secured by the Embassy Suites by Hilton in Tucson, AZ. This loan is subject to defeasance if prepaid. (10) As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a PACE loan of approximately $6.5 million. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender. (11) We have exercised our option to extend the maturity date for the $400 million Revolver to September 30, 2023 and we have an additional option to extend the maturity date to March 31, 2025, subject to certain conditions. (12) The maturity date for the $200 million Term Loan can be extended to April 1, 2025 at the Company's option, subject to certain conditions. |
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, 2022 and 2021, after giving effect to our interest rate derivatives, is as follows (in thousands): 2022 Percentage 2021 Percentage Fixed-rate debt (1) $ 758,433 52 % $ 842,858 78 % Variable-rate debt 704,691 48 % 238,457 22 % $ 1,463,124 $ 1,081,315 (1) At December 31, 2022, debt related to our wholly-owned properties coupled with our pro rata share of joint venture debt results in a fixed-rate debt ratio of approximately 65.1% of our total pro rata indebtedness when including the effect of interest rate swaps. We have two interest rate swaps with a notional amount of $200 million expiring on January 31, 2023 and two new interest rate swaps with the same notional amount commencing on January 31, 2023 (see "Note 8 - Derivative Financial Instruments and Hedging.") |
Schedule of Principal Payments for Each of the Next Five Years | Contractual principal payments for each of the next five years are as follows (in thousands): For the Year Ended Amount 2023 $ 217,190 (1) 2024 216,579 2025 229,123 2026 744,112 2027 39,318 Thereafter 16,802 $ 1,463,124 (1) Includes $200.0 million of scheduled maturities in October of 2023 related to the GIC Joint Venture Credit Facility for which we expect to exercise our extension options to extend the maturity date to the fourth quarter of 2024. |
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 is as follows (in thousands): 2022 2021 Carrying Fair Value Carrying Fair Value Valuation Technique Convertible notes $ 287,500 $ 247,126 $ 287,500 $ 300,384 Level 1 - Market approach Mortgage loans 70,933 61,447 155,358 155,765 Level 2 - Market approach $ 358,433 $ 308,573 $ 442,858 $ 456,149 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Operating Lease Maturity | Operating lease maturities as of December 31, 2022 are as follows (in thousands): For the Year Ended Amount 2023 $ 1,942 2024 1,904 2025 1,925 2026 1,959 2027 2,042 Thereafter 37,955 Total lease payments (1) 47,727 Less imputed interest (22,243) Total $ 25,484 (1) Certain payments above include future increases to the minimum fixed rent based on the Consumer Price Index in effect at the initial measurement of the lease balances. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Financial Instruments | Information about our derivative financial instruments at December 31, 2022 and 2021 is as follows (dollar amounts in thousands): Average Annual Effective Fixed Rate Notional Amount Fair Value Contract date Effective Date Expiration Date December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 October 2, 2017 January 29, 2018 January 31, 2023 1.96 % $ 100,000 $ 100,000 $ 208 $ (1,617) October 2, 2017 January 29, 2018 January 31, 2023 1.98 % 100,000 100,000 210 (1,629) June 11, 2018 September 28, 2018 September 30, 2024 2.86 % 75,000 75,000 2,219 (3,831) June 11, 2018 December 31, 2018 December 31, 2025 2.92 % 125,000 125,000 4,211 (8,646) July 26, 2022 January 31, 2023 January 31, 2027 2.60 % 100,000 — 4,366 — July 26, 2022 January 31, 2023 January 31, 2029 2.56 % 100,000 — 5,627 — $ 600,000 $ 400,000 $ 16,841 $ (15,723) |
Schedule of Location in Financial Statements of Gain or Loss Recognized on Derivative Financial Instruments Designated as Cash Flow Hedges | The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands): 2022 2021 2020 Gain (loss) recognized in Accumulated other comprehensive loss on derivative financial instruments $ 29,744 $ 5,631 $ (22,090) Loss reclassified from Accumulated other comprehensive loss to Interest expense $ (2,820) $ (9,496) $ (7,417) Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded $ (65,581) $ (43,368) $ (43,300) |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Common Stock Activity | Changes in Common Stock during the years ended December 31, 2022 and 2021 were as follows: 2022 2021 Beginning common shares outstanding 106,337,724 105,708,787 Grants under the Equity Plan 735,371 860,910 Common Unit redemptions 12,664 36,945 Annual grants to independent directors 84,889 60,546 Performance share and other forfeitures (8,272) (61,996) Shares retained for employee tax withholding requirements (260,800) (267,468) Ending common shares outstanding 106,901,576 106,337,724 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Disclosures Concerning Financial Instruments Measured at Fair Value | Disclosures concerning financial instruments measured at fair value are as follows (in thousands): Fair Value Measurement at December 31, 2022 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 16,841 $ — $ 16,841 Fair Value Measurement at December 31, 2021 using Level 1 Level 2 Level 3 Total Assets: Purchase options related to real estate loans (1) $ — $ — $ 2,800 $ 2,800 Liabilities: Interest rate swaps $ — $ 15,723 $ — $ 15,723 (1) The original fair value of the Initial Purchase Option was estimated using the Black-Scholes model. The Initial Purchase Option related to the acquisition of the AC/Element Hotel and did not have a readily determinable fair value at December 31, 2021. As such, the Initial Purchase Option was recorded at an amount at inception that was estimated using the Black-Scholes model. |
Schedule of Loss on Impairment of Assets | During the year ended December 31, 2021, we recorded a Loss on impairment and write-off of assets of $4.4 million as follows (dollar amounts in thousands): Real Estate Loan 1 Real Estate Loan 2 Real Estate Loan 3 Purchase option carrying amount at December 31, 2020 $ 1,600 $ 2,761 $ 2,800 Loss on impairment and write-off of assets (1,600) (1) (2,761) (1) — Purchase option carrying amount at December 31, 2021 $ — $ — $ 2,800 (1) Real Estate Loan 1 and 2 were repaid in full during the year ended December 31, 2021 and the Company elected not to exercise its purchase options related to these loans. As such, we recorded a Loss on impairment and write-off of assets of $4.4 million related to the forfeited purchase options during the year ended December 31, 2021. |
Schedule of Unobservable Inputs for Fair Values of Purchase Options | The estimated fair values of the Purchase Options were based on unobservable inputs for which there is little or no market information available and required us to develop our own assumptions as follows (dollar amounts in thousands): Real Estate Loan 1 Real Estate Loan 2 Real Estate Loan 3 Exercise price $ 15,143 $ 17,377 $ 37,800 Term 2.59 (1) 2.68 (1) 1.42 (2) Expected volatility 65.0 % 55.0 % 55.0 % Risk-free rate 0.3 % 0.3 % 0.2 % Expected annualized equity dividend yield 6.5 % 7.5 % — % (1) The option term is the period from April 1, 2020 through the fully extended maturity dates of the respective mezzanine loans. (2) The option term is the period from April 1, 2020 through the date in which the development project is completed and the option becomes exercisable. |
EQUITY-BASED COMPENSATION (Tabl
EQUITY-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Awards | The following table summarizes time-based restricted stock activity under our Equity Plan for 2022 and 2021: Number of Shares Weighted Average Aggregate (in thousands) Non-vested December 31, 2020 573,577 $ 10.18 Granted 536,980 10.27 Vested (503,914) 10.51 Forfeited (1,173) 9.98 Non-vested December 31, 2021 605,470 9.98 Granted 316,643 9.83 Vested (259,037) 10.14 Forfeited (8,272) 10.01 Non-vested December 31, 2022 654,804 $ 9.85 $ 4,728 The following table summarizes performance-based restricted stock activity under our Equity Plan for 2022 and 2021: Number of Shares Weighted Average Aggregate (in thousands) Non-vested December 31, 2020 922,239 $ 11.65 Granted 323,930 14.05 Vested (182,480) 13.73 Forfeited (60,823) 13.73 Non-vested December 31, 2021 1,002,866 11.92 Granted 418,728 12.26 Vested (414,620) 12.81 Non-vested December 31, 2022 1,006,974 $ 11.76 $ 7,270 |
Schedule of Assumptions Used Estimate Fair Value of Performance-based Restricted Stock Awards Granted | The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions: 2022 2021 2020 Expected dividend yield 3.52 % — % 8.16 % Expected stock price volatility 65.4 % 63.7 % 23.7 % Risk-free interest rate 1.77 % 0.34 % 0.53 % Monte Carlo iterations 100,000 100,000 100,000 Weighted average estimated fair value of performance-based restricted stock awards $ 12.26 $ 14.05 $ 9.38 |
Schedule of Equity-based Compensation Expense | Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 was as follows (in thousands): 2022 2021 2020 Time-based restricted stock $ 2,860 $ 4,784 $ 2,470 Performance-based restricted stock 4,784 5,314 3,559 Director stock 802 583 447 $ 8,446 $ 10,681 $ 6,476 |
Schedule of Unrecognized Equity-based Compensation Expense for all Non-vested Awards | Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $8.2 million at December 31, 2022 as follows (in thousands): Total 2023 2024 2025 Time-based restricted stock $ 3,960 $ 2,315 $ 1,435 $ 210 Performance-based restricted stock 4,268 2,559 1,483 226 $ 8,228 $ 4,874 $ 2,918 $ 436 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense and Total Provision (Benefit) for TRS and Operating Partnership | The components of income tax expense (benefit) for the years ended December 31, 2022, 2021, and 2020 are as follows (in thousands): 2022 2021 2020 Current: Federal $ 1,953 $ 1,036 $ (904) State and local 1,717 456 224 Deferred: Federal (59) (19) 1,548 State and local — — 508 Income tax expense $ 3,611 $ 1,473 $ 1,376 |
Schedule of Reconciliation of Federal Statutory Rate to Effective Income Tax Rate for TRS | Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes: 2022 2021 2020 Statutory federal income tax provision $ 1,014 $ (14,093) $ (31,052) Nontaxable income of the REITs 1,124 16,812 19,963 State income taxes, net of federal tax benefit 1,644 891 (3,079) Provision to return and deferred adjustment 81 — (16) Effect of permanent differences and other 246 99 319 Deferred assets transferred with REIT stock sale 730 — — Change in valuation allowance (1,228) (2,236) 15,241 Income tax provision $ 3,611 $ 1,473 $ 1,376 |
Schedule of Significant Components of Deferred Tax Assets (Liabilities) | Significant components of our TRSs deferred tax assets (liabilities) are as follows (in thousands): 2022 2021 Tax carryforwards $ 10,312 $ 11,251 Accrued expenses 1,421 1,704 Other 124 71 Valuation allowance (11,777) (13,005) Net deferred tax assets $ 80 $ 21 Gross deferred tax assets $ 11,883 $ 13,066 Gross deferred tax liabilities (26) (40) Valuation allowance (11,777) (13,005) Net deferred tax assets $ 80 $ 21 |
Schedule of Characterization of Distributions | For income tax purposes, distributions paid consist of ordinary income and capital gains or a combination thereof. For the years ended December 31, 2022, 2021, and 2020 distributions paid per share were characterized as follows: 2022 2021 2020 Amount % Amount % Amount % Common Stock Ordinary non-qualified dividend income $ 0.0471 58.82 % $ — — % $ 0.0944 52.46 % Ordinary qualified dividend income 0.0106 13.26 % — — % — — % Capital gain distributions 0.0223 27.92 % — — % — — % Return of capital — — % — — % 0.0856 47.54 % Total $ 0.0800 100.00 % $ — — % $ 0.1800 100.00 % Preferred Stock - Series D Ordinary non-qualified dividend income $ — — % $ — — % $ 0.4031 25.00 % Capital gain distributions — — % — — % — — % Return of capital — — % 1.2228 100.00 % 1.2094 75.00 % Total $ — — % $ 1.2228 100.00 % $ 1.6125 100.00 % Preferred Stock - Series E Ordinary non-qualified dividend income $ 0.9191 58.82 % $ — — % $ 0.3906 25.00 % Ordinary qualified dividend income 0.2072 13.26 % — — % — — % Capital gain distributions 0.4363 27.92 % — — % — — % Return of capital — — % 1.5625 100.00 % 1.1719 75.00 % Total $ 1.5625 100.00 % $ 1.5625 100.00 % $ 1.5625 100.00 % Preferred Stock - Series F Ordinary non-qualified dividend income $ 0.8639 58.82 % $ — — % $ — — % Ordinary qualified dividend income 0.1947 13.26 % — — % — — % Capital gain distributions 0.4101 27.92 % — — % — — % Return of capital — — % 0.4406 100.00 % — — % Total $ 1.4687 100.00 % $ 0.4406 100.00 % $ — — % |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of 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 amounts): 2022 2021 2020 Numerator: Net income (loss) $ 1,217 $ (68,584) $ (149,245) Adjusted for: Preferred dividends (15,875) (15,431) (14,838) Premium on redemption of preferred stock — (2,710) — Allocation to participating securities — — (81) Distributions and accretion of redeemable non-controlling interests (2,520) — — Attributable to non-controlling interest in Operating Partnership 2,570 115 271 Attributable to non-controlling interests in joint ventures (2,321) 2,896 5,635 Income from continuing operations attributable to common stockholders $ (16,929) $ (83,714) $ (158,258) Denominator: Weighted average common shares outstanding - basic and diluted 105,142 104,471 104,141 Loss per share: Basic and diluted $ (0.16) $ (0.80) $ (1.52) |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information for the years ended December 31, 2022, 2021 and 2020 is as follows: 2022 2021 2020 Cash payments for interest $ 58,409 $ 37,509 $ 40,927 Accrued acquisition costs and improvements to lodging properties $ 8,233 $ 3,399 $ 2,142 Cash payments for income taxes, net of refunds $ 3,742 $ 557 $ (463) Mortgage debt assumed for acquisitions of lodging properties $ 382,205 $ 13,267 $ — Assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties $ 9,206 $ — $ — Conversion of a mezzanine loan to complete acquisition of lodging properties $ 29,875 $ — $ — Conversion of purchase option to complete acquisition of lodging properties $ 2,800 $ — $ — Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties $ 7,724 $ — $ — Issuance of non-controlling interests in Operating Partnership to complete acquisition of a portfolio of properties $ 157,513 $ — $ — Redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties $ 50,000 $ — $ — |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details) | 12 Months Ended | |
Dec. 31, 2022 hotel room joint_venture state | Dec. 31, 2021 room | |
Properties | ||
Number of hotels | room | 3,984 | 230 |
Number of states in which hotel properties are located | state | 24 | |
Percentage of guestrooms located in the top 50 metropolitan statistical areas | 86% | |
Percentage of guestrooms located in the top 100 metropolitan statistical areas | 91% | |
Hotels | ||
Properties | ||
Number of hotels | 103 | |
Number of guestrooms | room | 15,334 | |
Number of joint venture | joint_venture | 2 | |
Hotels | Brickell Joint Venture | ||
Properties | ||
Number of hotels | 2 | |
Hotels | Onera Joint Venture | ||
Properties | ||
Number of hotels | 1 | |
Hotels | Wholly Owned Properties | ||
Properties | ||
Number of guestrooms | room | 15,323 | |
Hotels | Hotel Portfolio Other Than Ones Owned Through Joint Venture | Wholly Owned Properties | ||
Properties | ||
Ownership percentage of equity interests | 100% | |
Hotels | Hotels Owned Through Joint Venture | Partially Owned Properties | ||
Properties | ||
Number of hotels | 39 | |
Ownership percentage of equity interests | 90% | |
General partner, ownership interest (as percent) | 51% |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Reportable Segment (Details) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segment Disclosure | |
Number of reportable segments | 1 |
BASIS OF PRESENTATION AND SIG_5
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Hotel Properties and Related Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings and improvements | Minimum | |
INVESTMENT IN HOTEL PROPERTIES, NET | |
Hotel properties, useful lives (in years) | 6 years |
Buildings and improvements | Maximum | |
INVESTMENT IN HOTEL PROPERTIES, NET | |
Hotel properties, useful lives (in years) | 40 years |
Furniture, fixtures and equipment | Minimum | |
INVESTMENT IN HOTEL PROPERTIES, NET | |
Hotel properties, useful lives (in years) | 2 years |
Furniture, fixtures and equipment | Maximum | |
INVESTMENT IN HOTEL PROPERTIES, NET | |
Hotel properties, useful lives (in years) | 15 years |
BASIS OF PRESENTATION AND SIG_6
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Trade Receivables and Credit Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Allowance for doubtful accounts | $ (0.1) | $ (0.2) | |
Bad debt expense | $ 0.3 | $ 0.4 | $ 0.6 |
BASIS OF PRESENTATION AND SIG_7
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Investments in lodging property, net | $ 2,792,552 | $ 2,091,973 |
Accumulated amortization | $ 690,573 | 583,080 |
Revision of Prior Period, Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Investments in lodging property, net | 3,500 | |
Accumulated amortization | $ 1,000 |
INVESTMENTS IN LODGING PROPER_3
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Investments in Lodging Property, net (Details) $ in Thousands | Dec. 31, 2022 USD ($) hotel room | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) room | Dec. 31, 2019 USD ($) room |
Investment in Hotel Properties, net | ||||
Investment in hotel properties at cost | $ 3,483,125 | $ 2,675,053 | ||
Less - accumulated depreciation and amortization | (690,573) | (583,080) | ||
Investment in hotel properties, net | $ 2,792,552 | $ 2,091,973 | ||
Number of hotels | room | 3,984 | 230 | ||
Hotels | ||||
Investment in Hotel Properties, net | ||||
Number of hotels | hotel | 103 | |||
Real estate development loan | ||||
Investment in Hotel Properties, net | ||||
Investment in hotel properties at cost | $ 0 | $ 27,595 | ||
Mezzanine Loans | ||||
Investment in Hotel Properties, net | ||||
Loans funded amount | $ 29,900 | $ 29,900 | ||
Initial purchase option, ownership percentage | 90% | 90% | ||
Mezzanine Loans | Hotels | ||||
Investment in Hotel Properties, net | ||||
Number of hotels | room | 264 | |||
Land | ||||
Investment in Hotel Properties, net | ||||
Investment in hotel properties at cost | 365,770 | $ 323,276 | ||
Lodging buildings and improvements | ||||
Investment in Hotel Properties, net | ||||
Investment in hotel properties at cost | 2,764,355 | 2,127,782 | ||
Intangible assets | ||||
Investment in Hotel Properties, net | ||||
Investment in hotel properties at cost | 39,954 | 10,834 | ||
Construction in progress | ||||
Investment in Hotel Properties, net | ||||
Investment in hotel properties at cost | 62,471 | 18,321 | ||
Furniture, fixtures and equipment | ||||
Investment in Hotel Properties, net | ||||
Investment in hotel properties at cost | $ 250,575 | $ 167,245 |
INVESTMENTS IN LODGING PROPER_4
INVESTMENTS IN LODGING PROPERTY, NET - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jan. 26, 2023 | Oct. 26, 2022 USD ($) a unit units | Jun. 10, 2022 USD ($) | Jan. 13, 2022 USD ($) shares | May 01, 2021 USD ($) room hotel | Oct. 31, 2022 USD ($) | May 31, 2022 USD ($) room | Mar. 23, 2022 shares | Mar. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) room hotel Rate | Dec. 31, 2021 USD ($) room | Dec. 31, 2020 USD ($) | Feb. 27, 2023 USD ($) a hotel | Mar. 31, 2022 USD ($) | Mar. 31, 2022 hotel | Mar. 31, 2022 room | Mar. 31, 2022 parkingStructure | Mar. 31, 2022 parkingSpace | Mar. 31, 2022 $ / shares | Jan. 13, 2022 hotel | Jan. 13, 2022 room | Jan. 13, 2022 $ / shares | Nov. 02, 2021 property parkingStructure | Dec. 31, 2019 room | |
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Depreciation expense | $ 149,500 | $ 105,500 | $ 109,200 | |||||||||||||||||||||
Number of hotels | room | 3,984 | 230 | ||||||||||||||||||||||
Asset acquisition, purchase price | $ 58,500 | |||||||||||||||||||||||
Redeemable common unit, conversion ratio | Rate | 100% | |||||||||||||||||||||||
Debt assumed | $ 382,205 | 13,267 | ||||||||||||||||||||||
Repayments of mortgage loan | 506,898 | 351,932 | 123,748 | |||||||||||||||||||||
Amount held in escrow deposits | 0 | 6,000 | ||||||||||||||||||||||
Consideration for hotel property portfolio activity | $ 172,000 | |||||||||||||||||||||||
Adjustment to additional paid-in capital, contribution by non-controlling interest in joint venture | 16,400 | |||||||||||||||||||||||
Transaction costs, transfer taxes | 1,800 | |||||||||||||||||||||||
Transaction costs, legal costs | 300 | |||||||||||||||||||||||
Gain (loss) on disposal of assets, net | 20,315 | 240 | (16) | |||||||||||||||||||||
Loss on write-down or impairment of assets | $ 10,420 | $ 4,361 | $ 1,759 | |||||||||||||||||||||
Holiday Inn and Hilton Garden Inn | San Francisco California [Member] | Disposed of by Sale | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of guestrooms | room | 169 | |||||||||||||||||||||||
Gross selling price | $ 75,000 | |||||||||||||||||||||||
Gain (loss) on disposal of assets, net | $ 20,500 | |||||||||||||||||||||||
Joint Venture | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of guestrooms | unit | 11 | |||||||||||||||||||||||
Percentage of equity interest in a joint venture (as percent) | 90% | |||||||||||||||||||||||
Cash payments to acquire businesses | $ 5,200 | |||||||||||||||||||||||
Joint venture, fee simple interest (as percent) | 100% | |||||||||||||||||||||||
Onera Joint Venture | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of guestrooms | units | 11 | |||||||||||||||||||||||
Percentage of equity interest in a joint venture (as percent) | 90% | |||||||||||||||||||||||
Cash payments to acquire businesses | $ 5,200 | |||||||||||||||||||||||
Joint venture, fee simple interest (as percent) | 100% | |||||||||||||||||||||||
Area of land acquired (in acre) | a | 6.4 | |||||||||||||||||||||||
Onera Joint Venture | Maximum | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Contingent consideration, liability | $ 1,800 | |||||||||||||||||||||||
Mezzanine Loans | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Initial purchase option, ownership percentage | 90% | 90% | ||||||||||||||||||||||
Mezzanine Loans | Subsequent Events | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Initial purchase option, ownership percentage | 90% | |||||||||||||||||||||||
Tax incentives | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Weighted Average Amortization Period (in Years) | 9 years 2 months 12 days | |||||||||||||||||||||||
Joint Venture Term Loan | Secured debt | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Debt instrument, face amount | $ 410,000 | |||||||||||||||||||||||
Series Z Preferred Units | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Preferred stock, dividend rate | 5.25% | |||||||||||||||||||||||
Preferred stock, redemption price (in dollars per share) | $ / shares | $ 25 | |||||||||||||||||||||||
Series Z Preferred Units | Subsequent Events | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Preferred stock, dividend rate | 5.25% | |||||||||||||||||||||||
Summit Hotel OP, LP | Series Z Preferred Units | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Preferred stock, dividend rate | 5.25% | |||||||||||||||||||||||
GIC | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Cash contribution to acquire interest in joint venture | $ 84,300 | |||||||||||||||||||||||
Transaction costs, transfer taxes | $ 900 | |||||||||||||||||||||||
NCI Transaction | Joint Venture Term Loan | Secured debt | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Debt instrument, face amount | $ 410,000 | |||||||||||||||||||||||
NCI Transaction | Operating Partnership Units | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Redeemable common unit, conversion ratio | 1 | |||||||||||||||||||||||
NCI Transaction | Series Z Preferred Units | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Preferred stock, dividend rate | 5.25% | |||||||||||||||||||||||
Preferred stock, redemption price (in dollars per share) | $ / shares | $ 25 | |||||||||||||||||||||||
Brickell Joint Venture | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Totaled amount | $ 95,100 | |||||||||||||||||||||||
Brickell Joint Venture | Mezzanine Loans | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Initial purchase option, ownership percentage | 90% | |||||||||||||||||||||||
Exercise price of initial purchase option | $ 89,000 | |||||||||||||||||||||||
Initial purchase option exercise, expected payments received | 29,900 | |||||||||||||||||||||||
Initial purchase option exercise, cash payment | $ 7,900 | |||||||||||||||||||||||
Onera Joint Venture | Onera Joint Venture | Joint Venture | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Percentage of equity interest in a joint venture (as percent) | 90% | |||||||||||||||||||||||
Cash payments to acquire businesses | $ 5,200 | |||||||||||||||||||||||
Hotels | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of hotels | hotel | 103 | |||||||||||||||||||||||
Number of guestrooms | room | 15,334 | |||||||||||||||||||||||
Asset acquisition, purchase price | $ 907,293 | $ 58,500 | ||||||||||||||||||||||
Hotels | Mezzanine Loans | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of hotels | room | 264 | |||||||||||||||||||||||
Hotels | Six Hotels Contributed In 2021 Into Joint Venture | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of hotels | hotel | 6 | |||||||||||||||||||||||
Number of guestrooms | room | 846 | |||||||||||||||||||||||
Hotels | GIC | Joint Venture with GIC | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Limited partner, ownership percentage | 49% | |||||||||||||||||||||||
Hotels | Brickell Joint Venture | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of hotels | hotel | 2 | |||||||||||||||||||||||
Hotels | Onera Joint Venture | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of hotels | hotel | 1 | |||||||||||||||||||||||
Portfolio Purchase Through Contribution And Purchase Agreement | Hotels | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of hotels | hotel | 2 | |||||||||||||||||||||||
Proceeds from sale of asset acquisition | $ 50,500 | |||||||||||||||||||||||
Loss on write-down or impairment of assets | 7,200 | |||||||||||||||||||||||
Portfolio Purchase Through Contribution And Purchase Agreement | Hotels | Summit Hotel OP, LP | Operating Partnership Units | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of shares issued in asset acquisition (in shares) | shares | 15,864,674 | |||||||||||||||||||||||
Portfolio Purchase Through Contribution And Purchase Agreement | Hotels | Summit Hotel OP, LP | Series Z Preferred Units | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of shares issued in asset acquisition (in shares) | shares | 2,000,000 | |||||||||||||||||||||||
Portfolio Purchase Through Contribution And Purchase Agreement | Hotels | NCI Transaction | Tax incentives | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Asset acquisition, incentives and other intangibles | 19,800 | |||||||||||||||||||||||
Weighted Average Amortization Period (in Years) | 9 years 1 month 6 days | |||||||||||||||||||||||
Portfolio Purchase Through Contribution And Purchase Agreement | Hotels | NCI Transaction | Other | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Asset acquisition, incentives and other intangibles | 3,900 | |||||||||||||||||||||||
Weighted Average Amortization Period (in Years) | 19 years 8 months 12 days | |||||||||||||||||||||||
Portfolio Purchase Through Contribution And Purchase Agreement | Hotels | NCI Transaction | Summit Hotel OP, LP | Operating Partnership Units | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of shares issued in asset acquisition (in shares) | shares | 15,864,674 | |||||||||||||||||||||||
Asset acquisition, share price (in USD per share) | $ / shares | $ 10.0853 | |||||||||||||||||||||||
Portfolio Purchase Through Contribution And Purchase Agreement | Hotels | NCI Transaction | Summit Hotel OP, LP | Series Z Preferred Units | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of shares issued in asset acquisition (in shares) | shares | 2,000,000 | |||||||||||||||||||||||
Portfolio Purchase Through Contribution And Purchase Agreement | Land | Affiliated Entity | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Loss on write-down or impairment of assets | 300 | |||||||||||||||||||||||
Portfolio Purchase Through Contribution And Purchase Agreement | Land | Affiliated Entity | Subsequent Events | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Proceeds from sale of asset acquisition | $ 1,300 | |||||||||||||||||||||||
Sale of land (in acre) | a | 6 | |||||||||||||||||||||||
Hotel Portfolio Acquired In January 2022 | NCI Transaction | GIC | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Cash contribution to acquire interest in joint venture | $ 185,200 | |||||||||||||||||||||||
Expected contribution to joint venture | 18,500 | |||||||||||||||||||||||
Hotel Portfolio Acquired In January 2022 | Hotels | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of hotels | 26 | 3,533 | ||||||||||||||||||||||
Asset acquisition, purchase price | $ 766,000 | |||||||||||||||||||||||
Purchase Agreement Portfolio | Hotels | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Loss on write-down or impairment of assets | $ 2,900 | |||||||||||||||||||||||
Purchase Agreement Portfolio | Hotels | Subsequent Events | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of hotels | hotel | 4 | |||||||||||||||||||||||
Proceeds from sale of asset acquisition | $ 28,100 | |||||||||||||||||||||||
Joint Venture with GIC | Portfolio Purchase Through Contribution And Purchase Agreement | Hotels | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of hotels | property | 27 | |||||||||||||||||||||||
Number of guestrooms | parkingStructure | 2 | |||||||||||||||||||||||
Joint Venture with GIC | Portfolio Purchase Through Contribution And Purchase Agreement | Hotels | NCI Transaction | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of hotels | hotel | 27 | |||||||||||||||||||||||
Number of guestrooms | 3,709 | 2 | 1,002 | |||||||||||||||||||||
Asset acquisition, purchase price | 822,000 | |||||||||||||||||||||||
Debt assumed | 335,200 | |||||||||||||||||||||||
Repayments of mortgage loan | 328,700 | |||||||||||||||||||||||
Joint Venture with GIC | Portfolio Purchase Through Contribution And Purchase Agreement | Hotels | NCI Transaction | Operating Partnership Units | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Totaled amount | 157,500 | |||||||||||||||||||||||
Joint Venture with GIC | Portfolio Purchase Through Contribution And Purchase Agreement | Hotels | NCI Transaction | Series Z Preferred Units | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Totaled amount | $ 50,000 | |||||||||||||||||||||||
Redeemable noncontrolling interest, redemption value | 50,000 | |||||||||||||||||||||||
Joint Venture with GIC | Hotel Portfolio Acquired In January 2022 | Hotels | NCI Transaction | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Liabilities assumed in asset acquisition | 6,500 | |||||||||||||||||||||||
Joint Venture with GIC | Hotel Portfolio Acquired In January 2022 | Hotels | NCI Transaction | GIC | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Asset acquisition, consideration transferred, cash contribution to escrow | $ 5,900 |
INVESTMENTS IN LODGING PROPER_5
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Indefinite-lived Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Indefinite-lived Intangible assets: | $ 10,834,000 | $ 10,834,000 |
Finite-lived intangible assets: | 29,120,000 | 0 |
Total intangible assets | 39,954,000 | 10,834,000 |
Less - accumulated amortization | (5,110,000) | 0 |
Intangible assets, net | 34,844,000 | 10,834,000 |
Amortization of intangible assets | 4,000,000 | 0 |
Tax incentives | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Finite-lived intangible assets: | $ 19,750,000 | 0 |
Weighted Average Amortization Period (in Years) | 9 years 2 months 12 days | |
Key money | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Finite-lived intangible assets: | $ 9,370,000 | 0 |
Weighted Average Amortization Period (in Years) | 17 years 9 months 18 days | |
Air rights | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Indefinite-lived Intangible assets: | $ 10,754,000 | 10,754,000 |
Other | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Indefinite-lived Intangible assets: | $ 80,000 | $ 80,000 |
INVESTMENTS IN LODGING PROPER_6
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Future Amortization Expenses (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Real Estate [Abstract] | |
2023 | $ 4,331 |
2024 | 4,296 |
2025 | 1,625 |
2026 | 1,625 |
2027 | 1,625 |
Thereafter | 10,508 |
Finite lived intangible assets | $ 24,010 |
INVESTMENTS IN LODGING PROPER_7
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Hotel Properties Acquisitions (Details) $ in Thousands | 12 Months Ended | |||||||||||
Oct. 26, 2022 USD ($) tradingday unit | Jun. 10, 2022 USD ($) room | Mar. 23, 2022 USD ($) room | Jan. 13, 2022 USD ($) hotel | Dec. 21, 2021 USD ($) room | Jul. 09, 2021 USD ($) room | Dec. 31, 2022 USD ($) hotel room | Dec. 31, 2021 USD ($) room | Dec. 31, 2020 USD ($) | Jan. 13, 2022 room | Jan. 13, 2022 parkingStructure | Dec. 31, 2019 room | |
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | room | 3,984 | 230 | ||||||||||
Asset acquisition, purchase price | $ 58,500 | |||||||||||
Intangible assets | $ 25,642 | 0 | ||||||||||
Transaction costs | 749 | 3,849 | $ 0 | |||||||||
Asset acquisition, net working capital assets | 200 | |||||||||||
Restricted cash reserves | 0 | 5,118 | ||||||||||
Capitalized transaction costs | 400 | |||||||||||
Debt assumed | 382,205 | 13,267 | ||||||||||
Deferred financing costs | 0 | $ 236 | ||||||||||
Joint Venture | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of parking units | unit | 11 | |||||||||||
Percentage of equity interest in a joint venture (as percent) | 90% | |||||||||||
Cash payments to acquire businesses | $ 5,200 | |||||||||||
Aggregate purchase price | 5,800 | |||||||||||
Transaction costs | $ 500 | |||||||||||
Joint venture, fee simple interest (as percent) | 100% | |||||||||||
Mezzanine Loans | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Initial purchase option, ownership percentage | 90% | 90% | ||||||||||
Brickell Joint Venture | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Initial purchase option | $ 2,800 | 2,900 | ||||||||||
Fair value of net assets on transaction date | 6,900 | |||||||||||
Transaction costs | 600 | 600 | ||||||||||
Totaled amount | 95,100 | |||||||||||
Intangible assets | $ 2,000 | $ 2,000 | ||||||||||
Brickell Joint Venture | Mezzanine Loans | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Initial purchase option, ownership percentage | 90% | |||||||||||
Exercise price for purchase option | $ 80,100 | |||||||||||
Exercise price of initial purchase option | 89,000 | |||||||||||
Initial purchase option exercise, assumption of senior debt | 47,000 | |||||||||||
Net consideration payment | 42,000 | |||||||||||
Initial purchase option exercise, expected payments received | 29,900 | |||||||||||
Cash payment | $ 7,900 | |||||||||||
Second purchase option, ownership percentage | 0.10 | |||||||||||
Hotels | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | hotel | 103 | |||||||||||
Asset acquisition, purchase price | $ 907,293 | $ 58,500 | ||||||||||
Number of parking units | room | 15,334 | |||||||||||
Hotels | Hotels Owned Through Joint Venture | Partially Owned Properties | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | hotel | 39 | |||||||||||
General partner, ownership interest (as percent) | 51% | |||||||||||
Hotels | Mezzanine Loans | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | room | 264 | |||||||||||
Hotels | Brickell Joint Venture | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | hotel | 2 | |||||||||||
Portfolio of properties - twenty-six hotel properties and two parking garages | Hotels | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | 26 | 3,533 | ||||||||||
Asset acquisition, purchase price | $ 766,000 | |||||||||||
Portfolio of properties - twenty-six hotel properties and two parking garages | Parking Garages | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | hotel | 2 | |||||||||||
Canopy New Orleans | Hotels | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | room | 176 | |||||||||||
Asset acquisition, purchase price | $ 56,000 | |||||||||||
AC/Element Hotel [Member] | Hotels | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | room | 264 | |||||||||||
Asset acquisition, purchase price | $ 80,100 | |||||||||||
Independent | Hotels | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | tradingday | 11 | |||||||||||
Asset acquisition, purchase price | $ 5,193 | |||||||||||
Residence Inn by Marriott [Member] | Hotels | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | room | 110 | |||||||||||
Asset acquisition, purchase price | $ 33,000 | |||||||||||
Canopy Hotels by Hilton | Hotels | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | room | 120 | |||||||||||
Asset acquisition, purchase price | $ 25,500 | |||||||||||
Hotel portfolio acquired in Texas | Hotels | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | hotel | 21 | |||||||||||
Number of parking units | parkingStructure | 2 | |||||||||||
Hotel portfolio acquired in Louisiana | Hotels | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | hotel | 2 | |||||||||||
Hotel portfolio acquired in Oklahoma | Hotels | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of hotel properties | hotel | 3 |
INVESTMENTS IN LODGING PROPER_8
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Allocation of Aggregate Purchase Price (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jun. 10, 2022 | |
Real Estate Properties [Line Items] | |||
Land | $ 68,426 | $ 3,673 | |
Lodging buildings and improvements | 756,551 | 52,226 | |
Intangible assets | 25,642 | 0 | |
Furniture, fixtures and equipment | 82,730 | 2,946 | |
Restricted cash reserves | 0 | 5,118 | |
Other assets | 5,318 | 405 | |
Total assets acquired | 938,667 | 64,368 | |
Debt assumed | (382,205) | (13,267) | |
Deferred financing costs | 0 | 236 | |
Lease liability assumed | (5,441) | 0 | |
Key Money and other liabilities | (5,892) | (214) | |
Net assets acquired | 545,129 | 51,123 | |
Purchase price | 907,300 | ||
Amount of NCI transactions | 3,500 | ||
Reduction value of common units | 2,500 | ||
Asset acquisition, transaction costs | 3,000 | ||
Intangible assets acquired outside of escrow | 9,000 | ||
Asset acquisition, purchase price | 58,500 | ||
Asset acquisition, net working capital assets | 200 | ||
Capitalized transaction costs | $ 400 | ||
Brickell Joint Venture | |||
Real Estate Properties [Line Items] | |||
Intangible assets | 2,000 | $ 2,000 | |
Initial purchase option | 2,900 | 2,800 | |
Asset acquisition, long-term debt | 4,700 | ||
Transaction costs | 600 | $ 600 | |
Onera Joint Venture | |||
Real Estate Properties [Line Items] | |||
Transaction costs | 500 | ||
Non-controlling interests | $ 800 |
INVESTMENTS IN LODGING PROPER_9
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Future Amortization Expenses (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2023 | $ 4,331 |
INVESTMENTS IN LODGING PROPE_10
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Assets Held for Sale (Details) - Disposed of by Sale $ in Thousands | Dec. 31, 2022 USD ($) |
Business Acquisition [Line Items] | |
Net Carrying Amount | $ 78,576 |
Portfolio of four lodging properties | |
Business Acquisition [Line Items] | |
Net Carrying Amount | 27,516 |
Portfolio of two lodging properties | |
Business Acquisition [Line Items] | |
Net Carrying Amount | 49,410 |
Undeveloped Land | San Antonio, TX | |
Business Acquisition [Line Items] | |
Net Carrying Amount | 1,225 |
Undeveloped Land | Flagstaff, AZ | |
Business Acquisition [Line Items] | |
Net Carrying Amount | $ 425 |
INVESTMENT IN REAL ESTATE LOA_3
INVESTMENT IN REAL ESTATE LOANS - Additional Information (Details) $ in Thousands | 12 Months Ended | |||||||
Oct. 26, 2022 USD ($) | Sep. 15, 2022 USD ($) loan | Jun. 01, 2021 USD ($) | Jun. 29, 2018 USD ($) contract | Dec. 31, 2021 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Investment Company, Financial Highlights [Line Items] | ||||||||
Number of loans received | loan | 1 | |||||||
Number of loans receivable | loan | 2 | |||||||
Disposed of by Sale | ||||||||
Investment Company, Financial Highlights [Line Items] | ||||||||
Aggregate sale price | $ 78,576 | |||||||
Holiday Inn and Hilton Garden Inn | Duluth, GA | Disposed of by Sale | ||||||||
Investment Company, Financial Highlights [Line Items] | ||||||||
Aggregate sale price | $ 24,900 | |||||||
Mezzanine Loans | ||||||||
Investment Company, Financial Highlights [Line Items] | ||||||||
Loans commitments amount | $ 28,900 | |||||||
Increase of funding commitment | $ 1,000 | |||||||
Loans funded amount | $ 29,900 | $ 29,900 | ||||||
Initial purchase option, ownership percentage | 90% | 90% | ||||||
Seller-Financing Loans | ||||||||
Investment Company, Financial Highlights [Line Items] | ||||||||
Financing receivables, interest rate (as percent) | 9% | |||||||
Financing receivable interest rate, payable in cash | 5% | |||||||
Financing receivable interest rate, paid-in-kind | 4% | |||||||
Financing receivable, semi-annual principal payments | $ 300 | |||||||
Seller-Financing Loans | Holiday Inn and Hilton Garden Inn | Duluth, GA | Disposed of by Sale | ||||||||
Investment Company, Financial Highlights [Line Items] | ||||||||
Note receivable | $ 1,300 | $ 3,600 | ||||||
Number of second mortgage notes | contract | 2 | |||||||
Financing receivable, term (in years) | 3 years 6 months | |||||||
Financing receivables, interest rate (as percent) | 7.38% | |||||||
Proceeds from collection of loans receivable | $ 300 | $ 600 |
INVESTMENT IN REAL ESTATE LOA_4
INVESTMENT IN REAL ESTATE LOANS - Schedule of Investment in Real Estate Loans, Net (Details) - Real Estate Loan - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate loans | $ 1,250 | $ 2,350 |
Allowance for credit losses | (1,250) | (2,350) |
Investment in real estate, net | $ 0 | $ 0 |
SUPPLEMENTAL BALANCE SHEET IN_3
SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted cash | ||
Restricted cash | $ 10,553 | $ 32,459 |
Minimum | ||
Restricted cash | ||
Restricted cash reserve as percentage of hotel revenues | 2% | |
Maximum | ||
Restricted cash | ||
Restricted cash reserve as percentage of hotel revenues | 5% | |
FF&E reserves | ||
Restricted cash | ||
Restricted cash | $ 10,223 | 23,587 |
Property taxes | ||
Restricted cash | ||
Restricted cash | 316 | 2,132 |
Other | ||
Restricted cash | ||
Restricted cash | $ 14 | $ 6,740 |
SUPPLEMENTAL BALANCE SHEET IN_4
SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Prepaid Expenses and Other (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid expenses and other | ||
Deferred acquisition costs | $ 334 | $ 6,763 |
Prepaid insurance | 1,708 | 6,713 |
Escrow deposits | 0 | 6,000 |
Prepaid taxes | 1,639 | 1,691 |
Other | 4,697 | 3,329 |
Prepaid expenses and other | $ 8,378 | $ 24,496 |
SUPPLEMENTAL BALANCE SHEET IN_5
SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Deferred Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred charges | |||
Initial franchise fees | $ 10,079 | $ 7,034 | |
Less - accumulated amortization | (3,005) | (2,687) | |
Deferred Costs, Net | 7,074 | 4,347 | |
Amortization expense | $ 700 | $ 500 | $ 500 |
SUPPLEMENTAL BALANCE SHEET IN_6
SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Derivative financial instrument | $ 16,841 | $ 0 |
Purchase options related to real estate loans | 0 | 2,800 |
Deferred tax asset, net | 108 | 49 |
Other | 895 | 950 |
Total | $ 17,844 | $ 3,799 |
SUPPLEMENTAL BALANCE SHEET IN_7
SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued expenses and other | ||
Accrued property, sales and income taxes | $ 28,972 | $ 17,448 |
Derivative financial instruments | 0 | 15,723 |
Accrued salaries and benefits | 13,029 | 13,679 |
Other accrued expenses at lodging properties | 25,282 | 11,880 |
Accrued interest | 4,158 | 2,695 |
Other | 9,863 | 4,794 |
Total | $ 81,304 | $ 66,219 |
DEBT - Additional Information (
DEBT - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Weighted average interest rate for all borrowings | 5.04% | 3.35% |
Interest Rate Swaps Expiring Between 2023 and 2039 | Designated as hedges | ||
Debt Instrument [Line Items] | ||
Fair value of derivative interest rate | $ 400 | $ 400 |
DEBT - $600 Million Senior Cred
DEBT - $600 Million Senior Credit and Term Loan Facility (Details) | 1 Months Ended | 12 Months Ended | ||
Jul. 21, 2022 USD ($) | Jul. 31, 2022 | Dec. 31, 2022 USD ($) renewalOption | Dec. 06, 2018 USD ($) | |
Debt Instrument [Line Items] | ||||
Number of extensions | renewalOption | 2 | |||
2018 Senior Credit Facility | Unsecured debt | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 600,000,000 | $ 600,000,000 | ||
Additional borrowing capacity | 300,000,000 | |||
Remaining borrowing capacity | 400,000,000 | |||
$400 Million Revolver and $200 Million Term Loan | ||||
Debt Instrument [Line Items] | ||||
Term of extension (in months) | 6 months | |||
$400 Million Revolver | SOFR | ||||
Debt Instrument [Line Items] | ||||
Debt, basis spread on variable rate | 0.10% | |||
$400 Million Revolver | Minimum | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 1.40% | |||
$400 Million Revolver | Minimum | SOFR | ||||
Debt Instrument [Line Items] | ||||
Debt, basis spread on variable rate | 0.25% | |||
$400 Million Revolver | Maximum | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.40% | |||
$400 Million Revolver | Unsecured debt | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | 400,000,000 | |||
Debt instrument, face amount | $ 400,000,000 | |||
Stated interest rate | 6.37% | |||
$200 Million Term Loan | SOFR | ||||
Debt Instrument [Line Items] | ||||
Debt, basis spread on variable rate | 0.10% | |||
$200 Million Term Loan | Minimum | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 1.35% | |||
$200 Million Term Loan | Maximum | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.35% | |||
$200 Million Term Loan | Unsecured debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 200,000,000 | $ 200,000,000 | ||
Line of credit outstanding | $ 200,000,000 | |||
Stated interest rate | 6.32% | |||
Amended 2018 Senior Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Additional borrowing capacity with condition | $ 350,000,000 |
DEBT - Term Loans (Details)
DEBT - Term Loans (Details) | 1 Months Ended | 12 Months Ended | ||||
Feb. 15, 2018 USD ($) | May 31, 2022 USD ($) hotel | Dec. 31, 2022 USD ($) hotel room | Dec. 31, 2021 USD ($) room | Dec. 31, 2020 USD ($) | Sep. 26, 2017 USD ($) | |
Debt Instrument [Line Items] | ||||||
Repayments of debt | $ 506,898,000 | $ 351,932,000 | $ 123,748,000 | |||
Number of hotel properties | room | 3,984 | 230 | ||||
Hotels | ||||||
Debt Instrument [Line Items] | ||||||
Number of hotel properties | hotel | 103 | |||||
Hotels | Disposed of by Sale | Hilton Garden Inn - South San Francisco, CA | ||||||
Debt Instrument [Line Items] | ||||||
Number of hotel properties | hotel | 169 | |||||
2018 Term Loan | Unsecured debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 225,000,000 | |||||
Additional borrowing capacity | $ 150,000,000 | |||||
2018 Term Loan | Unsecured debt | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Debt, basis spread on variable rate | 0.10% | |||||
2018 Term Loan | Unsecured debt | Minimum | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Debt, basis spread on variable rate | 0.25% | |||||
Stated interest rate | 1.35% | |||||
2018 Term Loan | Unsecured debt | Maximum | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 2.15% | |||||
2017 Term Loan | Unsecured debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 225,000,000 | |||||
Repayments of debt | $ 62,000,000 |
DEBT - Convertible Senior Notes
DEBT - Convertible Senior Notes and Capped Call Options (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Jan. 07, 2021 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 12, 2021 $ / shares | |
Debt Instrument [Line Items] | |||||
Amortization of debt issuance costs | $ 5,708 | $ 4,353 | $ 2,267 | ||
Share price (in dollars per share) | $ / shares | $ 8.72 | ||||
1.50% convertible senior notes due 2026 | Convertible notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 287,500 | ||||
Stated interest rate | 1.50% | 1.50% | |||
Proceeds from convertible debt | $ 280,000 | ||||
Interest on convertible debt | $ 4,300 | 4,200 | |||
Amortization of debt issuance costs | 1,500 | 1,500 | |||
Debt issuance costs | $ 7,600 | ||||
Unamortized discount related to convertible notes | $ 4,700 | $ 6,200 | |||
Debt instrument, effective interest rate | 2.02% | ||||
Debt instrument, conversion ratio | 0.0834028 | 0.0841871 | |||
Debt instrument, conversion price (in dollars per share) | $ / shares | $ 11.99 | ||||
Conversion price, premium percentage | 37.50% | ||||
Debt instrument convertible strike price of capped call transactions (in dollars per share) | $ / shares | $ 15.12 | $ 15.26 | |||
Convertible debt, strike price of capped call transactions, premium percentage | 75% | ||||
1.50% convertible senior notes due 2026 | Convertible notes | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, conversion ratio | 0.1146788 |
DEBT - MetaBank and other Mortg
DEBT - MetaBank and other Mortgage Loans (Details) - Non-recourse loan - MetaBank - Secured debt | Jun. 30, 2017 USD ($) hotel |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ | $ 47,600,000 |
Stated interest rate | 4.44% |
Debt instrument, amortization period after interest only payments period (in years) | 25 years |
Number of properties that served as collateral for loans | hotel | 3 |
DEBT - Mortgage Loans (Details)
DEBT - Mortgage Loans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) security property | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||
Debt outstanding | $ 1,463,124 | $ 1,081,315 | |
Debt transaction costs | 1,528 | 220 | $ 365 |
Restricted cash reserves | (35,136) | 58,048 | $ (30,937) |
Mortgage loans | |||
Debt Instrument [Line Items] | |||
Debt outstanding | $ 125,600 | $ 163,300 | |
Number of properties that served as collateral for loans | property | 8 | 16 | |
Number of security defeased | security | 4 | ||
Extinguishment of debt | $ 87,300 | ||
Number of unencumbered properties | property | 11 | ||
Debt transaction costs | $ 800 | ||
Interest payments eliminated | 2,400 | ||
Restricted cash reserves | 26,800 | ||
Write off of deferred debt issuance cost | $ 100 |
DEBT - Joint Venture Credit Fac
DEBT - Joint Venture Credit Facility (Details) | 12 Months Ended | |||
Apr. 29, 2021 | Oct. 08, 2019 USD ($) | Dec. 31, 2022 USD ($) hotel | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 1,451,796,000 | $ 1,069,797,000 | ||
Debt instrument, collateral, number of real estate properties available to be contributed | hotel | 11 | |||
$75 Million Term Loan | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 75,000,000 | |||
Debt extension term | 12 months | |||
Difference of basis spread on variable rate | 0.05% | |||
$75 Million Term Loan | Covenant waiver period | ||||
Debt Instrument [Line Items] | ||||
Debt, basis spread on variable rate | 2.25% | |||
$75 Million Term Loan | After covenant waiver period | ||||
Debt Instrument [Line Items] | ||||
Debt, basis spread on variable rate | 2.10% | |||
Line of Credit | Joint Venture Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility current borrowing capacity | $ 200,000,000 | |||
Credit facility, maximum borrowing capacity | 500,000,000 | |||
Additional borrowing capacity | $ 300,000,000 | |||
Line of Credit | $125 Million Revolving Credit Facility | Option One | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt, basis spread on variable rate | 2.15% | |||
Line of Credit | $125 Million Revolving Credit Facility | Option Two | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt, basis spread on variable rate | 2.15% | 6.53% | ||
Revolving credit facility | $125 Million Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 125,000,000 | $ 125,000,000 | ||
Debt extension term | 12 months | |||
Revolving credit facility | $125 Million Revolving Credit Facility | Covenant waiver period | ||||
Debt Instrument [Line Items] | ||||
Debt, basis spread on variable rate | 2.30% | |||
Revolving credit facility | $125 Million Revolving Credit Facility | After covenant waiver period | ||||
Debt Instrument [Line Items] | ||||
Debt, basis spread on variable rate | 2.15% |
DEBT - Joint Venture Term Loan
DEBT - Joint Venture Term Loan (Details) $ in Thousands | 12 Months Ended | |||
Jan. 13, 2022 USD ($) | Dec. 31, 2022 USD ($) hotel room | Dec. 31, 2021 USD ($) room | Nov. 02, 2021 property parkingStructure | |
Debt Instrument [Line Items] | ||||
Debt, net of debt issuance costs | $ 1,451,796 | $ 1,069,797 | ||
Number of hotel properties | room | 3,984 | 230 | ||
Hotels | ||||
Debt Instrument [Line Items] | ||||
Number of hotel properties | hotel | 103 | |||
Number of guestrooms | room | 15,334 | |||
Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | ||||
Debt Instrument [Line Items] | ||||
Number of hotel properties | hotel | 2 | |||
Joint Venture with GIC | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | ||||
Debt Instrument [Line Items] | ||||
Number of hotel properties | property | 27 | |||
Number of guestrooms | parkingStructure | 2 | |||
Joint Venture Term Loan | Secured debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 410,000 | |||
Debt, increase of commitments amount | 190,000 | |||
Credit facility, maximum borrowing capacity | $ 600,000 | |||
Debt instrument, extension period | 12 months | |||
Debt instrument, effective interest rate | 7.19% | |||
Joint Venture Term Loan | Secured debt | SOFR | ||||
Debt Instrument [Line Items] | ||||
Debt, basis spread on variable rate | 2.86% |
DEBT - PACE Loan (Details)
DEBT - PACE Loan (Details) - NCI Transaction - PACE Loan $ in Millions | Mar. 23, 2022 USD ($) |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 6.5 |
Stated interest rate | 6.10% |
Debt instrument, amortization period | 20 years |
DEBT - Brickell Mortgage Loan (
DEBT - Brickell Mortgage Loan (Details) $ in Thousands | Mar. 23, 2022 | Dec. 06, 2018 | Dec. 31, 2022 USD ($) | Jun. 30, 2022 room | Jun. 10, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Debt Instrument [Line Items] | ||||||
Debt outstanding | $ 1,463,124 | $ 1,081,315 | ||||
Mortgage loans | ||||||
Debt Instrument [Line Items] | ||||||
Debt outstanding | $ 125,600 | $ 163,300 | ||||
Brickell Joint Venture | AC/Element Hotel [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Initial purchase option, ownership percentage | 90% | |||||
Brickell Joint Venture | Brickell Mortgage Loan | Mortgage loans | ||||||
Debt Instrument [Line Items] | ||||||
Initial purchase option, ownership percentage | 90% | |||||
Debt outstanding | $ 47,000 | |||||
Debt instrument, amortization period | 25 years | |||||
Brickell Joint Venture | Brickell Mortgage Loan | Mortgage loans | AC/Element Hotel [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Initial purchase option, ownership percentage | 100% | |||||
Number of guestrooms | room | 264 | |||||
Debt, basis spread on variable rate | 3% |
DEBT - Schedule of Outstanding
DEBT - Schedule of Outstanding Indebtedness (Details) | 12 Months Ended | ||||||||||||||
Dec. 01, 2022 USD ($) | Aug. 30, 2022 USD ($) | Dec. 19, 2014 USD ($) contract Instrument | Jan. 25, 2013 USD ($) property | Dec. 31, 2022 USD ($) property hotel | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 23, 2022 USD ($) | Dec. 21, 2021 USD ($) | Jan. 07, 2021 USD ($) | Oct. 08, 2019 USD ($) | Dec. 06, 2018 USD ($) | Jul. 22, 2013 USD ($) property | Mar. 08, 2013 USD ($) property | Mar. 07, 2013 USD ($) property | |
Debt Instrument [Line Items] | |||||||||||||||
Number of Properties Encumbered | property | 8 | ||||||||||||||
Debt outstanding | $ 1,463,124,000 | $ 1,081,315,000 | |||||||||||||
Unamortized debt issuance costs | (11,328,000) | (11,518,000) | |||||||||||||
Debt, net of issuance costs | 1,451,796,000 | 1,069,797,000 | |||||||||||||
Debt transaction costs | 1,528,000 | 220,000 | $ 365,000 | ||||||||||||
$125 Million Revolving Credit Facility | Revolving credit facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility, maximum borrowing capacity | $ 125,000,000 | $ 125,000,000 | |||||||||||||
$75 Million Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 75,000,000 | ||||||||||||||
Term Loans with Wells Fargo due June 6, 2028 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of Properties Encumbered | property | 1 | ||||||||||||||
PACE Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of Properties Encumbered | property | 1 | ||||||||||||||
PACE Loan | NCI Transaction | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 6,500,000 | ||||||||||||||
Stated interest rate | 6.10% | ||||||||||||||
Unsecured debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt outstanding | $ 225,000,000 | 287,000,000 | |||||||||||||
Unsecured debt | 2018 Senior Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility, maximum borrowing capacity | 600,000,000 | $ 600,000,000 | |||||||||||||
Debt outstanding | $ 215,000,000 | 200,000,000 | |||||||||||||
Number of unencumbered hotel properties | hotel | 57 | ||||||||||||||
Unsecured debt | $400 Million Revolver | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility, maximum borrowing capacity | 400,000,000 | ||||||||||||||
Debt instrument, face amount | $ 400,000,000 | ||||||||||||||
Stated interest rate | 6.37% | ||||||||||||||
Debt outstanding | $ 15,000,000 | 0 | |||||||||||||
Unsecured debt | $200 Million Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 200,000,000 | $ 200,000,000 | |||||||||||||
Stated interest rate | 6.32% | ||||||||||||||
Debt outstanding | $ 200,000,000 | 200,000,000 | |||||||||||||
Unsecured debt | Keybank National Association Term Loan due November 11, 2022 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 4.24% | ||||||||||||||
Debt outstanding | $ 0 | 62,000,000 | |||||||||||||
Unsecured debt | Keybank National Association Term Loan due February 14, 2025 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 6.11% | ||||||||||||||
Debt outstanding | $ 225,000,000 | 225,000,000 | |||||||||||||
Unsecured debt | Joint Venture Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of Properties Encumbered | property | 4 | ||||||||||||||
Debt outstanding | $ 676,325,000 | 156,749,000 | |||||||||||||
Unsecured debt | $125 Million Revolving Credit Facility | Revolving credit facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 6.53% | ||||||||||||||
Debt outstanding | $ 125,000,000 | 68,500,000 | |||||||||||||
Unsecured debt | $75 Million Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 6.48% | ||||||||||||||
Debt outstanding | $ 75,000,000 | 75,000,000 | |||||||||||||
Unsecured debt | Bank of America, N.A, variable due January 13, 2026 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 7.19% | ||||||||||||||
Debt outstanding | $ 410,000,000 | 0 | |||||||||||||
Unsecured debt | Term Loans with Wells Fargo due June 6, 2028 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 4.99% | 4.99% | |||||||||||||
Amortization Period (Years) | 30 years | ||||||||||||||
Debt outstanding | $ 13,032,000 | 13,249,000 | $ 13,300,000 | ||||||||||||
Unsecured debt | PACE Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 6.10% | ||||||||||||||
Amortization Period (Years) | 20 years | ||||||||||||||
Debt outstanding | $ 6,293,000 | 0 | |||||||||||||
Unsecured debt | GIC Joint Venture Credit Facility and Term Loans | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of Properties Encumbered | property | 2 | ||||||||||||||
Debt outstanding | $ 629,325,000 | 156,749,000 | |||||||||||||
Convertible notes | Convertible senior notes due 2026 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 287,500,000 | ||||||||||||||
Stated interest rate | 1.50% | 1.50% | |||||||||||||
Debt outstanding | $ 287,500,000 | 287,500,000 | |||||||||||||
Mortgage loans | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt outstanding | 125,600,000 | 163,300,000 | |||||||||||||
Debt transaction costs | $ 800,000 | ||||||||||||||
Mortgage loans | Meta Bank 4.44% Fixed due July 1, 2027 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 4.44% | ||||||||||||||
Amortization Period (Years) | 25 years | ||||||||||||||
Number of Properties Encumbered | property | 3 | ||||||||||||||
Debt outstanding | $ 43,917,000 | 45,070,000 | |||||||||||||
Mortgage loans | KeyBank National Association 4.46% Fixed due February 1, 2023 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 29,400,000 | ||||||||||||||
Stated interest rate | 4.46% | 4.46% | |||||||||||||
Amortization Period (Years) | 30 years | ||||||||||||||
Number of Properties Encumbered | property | 3 | 0 | 3 | ||||||||||||
Debt outstanding | $ 0 | 18,545,000 | |||||||||||||
Debt principal amount defeased | $ 6,300,000 | ||||||||||||||
Debt principal remaining amount defeased | $ 18,200,000 | ||||||||||||||
Debt transaction costs | 200,000 | $ 600,000 | |||||||||||||
Mortgage loans | KeyBank National Association 4.52% Fixed due April 1, 2023 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 22,700,000 | ||||||||||||||
Stated interest rate | 4.52% | 4.52% | |||||||||||||
Amortization Period (Years) | 30 years | ||||||||||||||
Number of Properties Encumbered | property | 0 | ||||||||||||||
Debt outstanding | $ 0 | 19,024,000 | |||||||||||||
Debt principal remaining amount defeased | 18,700,000 | ||||||||||||||
Debt transaction costs | 200,000 | ||||||||||||||
Mortgage loans | KeyBank National Association 4.30% Fixed due April 1, 2023 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 22,000,000 | ||||||||||||||
Stated interest rate | 4.30% | 4.30% | |||||||||||||
Amortization Period (Years) | 30 years | ||||||||||||||
Number of Properties Encumbered | property | 0 | 3 | |||||||||||||
Debt outstanding | $ 0 | 18,358,000 | |||||||||||||
Debt principal remaining amount defeased | 18,100,000 | ||||||||||||||
Debt transaction costs | $ 200,000 | ||||||||||||||
Mortgage loans | KeyBank National Association 4.95% Fixed due August 1, 2023 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 38,700,000 | ||||||||||||||
Stated interest rate | 4.95% | 4.95% | |||||||||||||
Amortization Period (Years) | 30 years | ||||||||||||||
Number of Properties Encumbered | property | 0 | 2 | |||||||||||||
Debt outstanding | $ 0 | 33,155,000 | |||||||||||||
Debt principal remaining amount defeased | $ 32,300,000 | ||||||||||||||
Debt transaction costs | $ 200,000 | ||||||||||||||
Mortgage loans | Bank of Cascades loan(s) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amortization Period (Years) | 25 years | ||||||||||||||
Loan increase | $ 7,900,000 | ||||||||||||||
Number of loans | contract | 2 | ||||||||||||||
Number of promissory notes | Instrument | 2 | ||||||||||||||
Mortgage loans | Bank Of Cascades Variable due December 19, 2024, Note A | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 6.39% | ||||||||||||||
Amortization Period (Years) | 25 years | ||||||||||||||
Number of Properties Encumbered | property | 1 | ||||||||||||||
Debt outstanding | $ 7,691,000 | 7,957,000 | |||||||||||||
Mortgage loans | Bank Of Cascades Variable due December 19, 2024, Note A | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, basis spread on variable rate | 2% | ||||||||||||||
Mortgage loans | Bank Of Cascades 4.30% Fixed due December 19, 2024, Note B | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 4.30% | 4.30% | |||||||||||||
Amortization Period (Years) | 25 years | ||||||||||||||
Number of Properties Encumbered | property | 0 | ||||||||||||||
Debt outstanding | $ 7,691,000 | 7,957,000 | |||||||||||||
Mortgage loans | Secured Mortgage Indebtedness | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of Properties Encumbered | property | 4 | ||||||||||||||
Debt outstanding | $ 59,299,000 | 150,066,000 | |||||||||||||
Mortgage loans | City National Bank of Florida, variable due June 30, 2025 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 7.36% | ||||||||||||||
Amortization Period (Years) | 25 years | ||||||||||||||
Number of Properties Encumbered | property | 2 | ||||||||||||||
Debt outstanding | $ 47,000,000 | 0 | |||||||||||||
Loans Payable | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of Properties Encumbered | property | 4 | ||||||||||||||
Debt outstanding | $ 786,799,000 | $ 924,566,000 |
DEBT - Schedule of Total Fixed-
DEBT - Schedule of Total Fixed-rate and Variable-rate Debt, After Giving Effect to Interest Rate Derivatives (Details) $ in Thousands | Dec. 31, 2022 USD ($) debt_instrument | Dec. 31, 2021 USD ($) |
Debt Instrument [Line Items] | ||
Fixed-rate debt | $ 758,433 | $ 842,858 |
Fixed-rate debt, percentage | 52% | 78% |
Variable-rate debt | $ 704,691 | $ 238,457 |
Variable-rate debt, percentage | 48% | 22% |
Debt, gross | $ 1,463,124 | $ 1,081,315 |
Notional amount | $ 200,000 | |
Derivative, number of instruments | debt_instrument | 2 | |
Wholly Owned Properties And Joint Venture Debt | ||
Debt Instrument [Line Items] | ||
Fixed-rate debt, percentage | 65.10% |
DEBT - Schedule of Principal Pa
DEBT - Schedule of Principal Payments for Each of the Next Five Years (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Principal payments for each of the next five years | ||
2023 | $ 217,190 | |
2024 | 216,579 | |
2025 | 229,123 | |
2026 | 744,112 | |
2027 | 39,318 | |
Thereafter | 16,802 | |
Debt, gross | 1,463,124 | $ 1,081,315 |
GIC Joint Venture Credit Facility | ||
Principal payments for each of the next five years | ||
Long-term debt, current maturities | $ 200,000 |
DEBT - Schedule of the Fair Val
DEBT - Schedule of the Fair Value of Fixed-rate Debt that is not Recorded at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Value | ||
Debt | ||
Debt | $ 358,433 | $ 442,858 |
Carrying Value | Level 1 | Convertible notes | ||
Debt | ||
Debt | 287,500 | 287,500 |
Carrying Value | Level 2 | Mortgage loans | ||
Debt | ||
Debt | 70,933 | 155,358 |
Fair Value | ||
Debt | ||
Debt | 308,573 | 456,149 |
Fair Value | Level 1 | Convertible notes | ||
Debt | ||
Debt | 247,126 | 300,384 |
Fair Value | Level 2 | Mortgage loans | ||
Debt | ||
Debt | $ 61,447 | $ 155,765 |
LEASES - Additional Information
LEASES - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate Properties [Line Items] | |||
Tenant income | $ 8.9 | $ 1.9 | $ 1.7 |
Operating lease weighted average discount rate | 4.80% | ||
Operating lease, cost | $ 4.1 | 3.3 | 3.1 |
Operating cash outflows from operating leases | $ 3.7 | $ 3.1 | $ 2.8 |
Operating lease weighted average remaining lease term | 34 years | ||
Minimum | |||
Real Estate Properties [Line Items] | |||
Lease remaining term | 1 year | ||
Maximum | |||
Real Estate Properties [Line Items] | |||
Lease remaining term | 75 years 6 months |
LEASES - Schedule of Operating
LEASES - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 1,942 | |
2024 | 1,904 | |
2025 | 1,925 | |
2026 | 1,959 | |
2027 | 2,042 | |
Thereafter | 37,955 | |
Total lease payments | 47,727 | |
Less imputed interest | (22,243) | |
Total | $ 25,484 | $ 17,232 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | |
Maximum length of time over which instruments are hedged | 7 years |
Interest rate swaps | |
Derivative [Line Items] | |
Estimated reclassification from other comprehensive income as an increase to interest expense | $ 8.4 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of Derivative Financial Instruments (Details) - Designated as hedges - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 600,000 | $ 400,000 |
Fair Value | $ 16,841 | (15,723) |
Interest Rate Swap Expiring January 31, 2023 One | ||
Derivative [Line Items] | ||
Average Annual Effective Fixed Rate | 1.96% | |
Notional Amount | $ 100,000 | 100,000 |
Fair Value | $ 208 | (1,617) |
Interest Rate Swap Expiring January 31, 2023 Two | ||
Derivative [Line Items] | ||
Average Annual Effective Fixed Rate | 1.98% | |
Notional Amount | $ 100,000 | 100,000 |
Fair Value | $ 210 | (1,629) |
Interest Rate Swap Expiring September 30, 2024 | ||
Derivative [Line Items] | ||
Average Annual Effective Fixed Rate | 2.86% | |
Notional Amount | $ 75,000 | 75,000 |
Fair Value | $ 2,219 | (3,831) |
Interest Rate Swap Expiring December 31, 2025 | ||
Derivative [Line Items] | ||
Average Annual Effective Fixed Rate | 2.92% | |
Notional Amount | $ 125,000 | 125,000 |
Fair Value | $ 4,211 | (8,646) |
Interest Rate Swap Expiring January 31, 2027 | ||
Derivative [Line Items] | ||
Average Annual Effective Fixed Rate | 2.60% | |
Notional Amount | $ 100,000 | 0 |
Fair Value | $ 4,366 | 0 |
Interest Rate Swap Expiring January 31, 2029 | ||
Derivative [Line Items] | ||
Average Annual Effective Fixed Rate | 2.56% | |
Notional Amount | $ 100,000 | 0 |
Fair Value | $ 5,627 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of Gain or Loss Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative instruments, gain (loss) recognized | |||
Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded | $ (65,581) | $ (43,368) | $ (43,300) |
Cash flow hedges | Interest rate swaps | |||
Derivative instruments, gain (loss) recognized | |||
Gain (loss) recognized in Accumulated other comprehensive loss on derivative financial instruments | 29,744 | 5,631 | (22,090) |
Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded | (65,581) | (43,368) | (43,300) |
Cash flow hedges | Interest rate swaps | Interest expense | |||
Derivative instruments, gain (loss) recognized | |||
Loss reclassified from Accumulated other comprehensive loss to Interest expense | $ (2,820) | $ (9,496) | $ (7,417) |
EQUITY - Additional Information
EQUITY - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||
Oct. 26, 2022 USD ($) a units | May 09, 2022 USD ($) | Jan. 13, 2022 $ / shares shares | Sep. 04, 2021 USD ($) $ / shares shares | Aug. 12, 2021 USD ($) shares | May 01, 2021 | Oct. 31, 2022 USD ($) | Mar. 23, 2022 shares | Dec. 31, 2022 USD ($) room state hotel vote $ / shares Rate shares | Dec. 31, 2021 USD ($) room $ / shares shares | Dec. 31, 2020 USD ($) | Jun. 30, 2022 | |
Class of Stock [Line Items] | ||||||||||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | ||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
Number of votes a share of outstanding common stock is entitled | vote | 1 | |||||||||||
Shares reserved for issuance (in shares) | 51,650,000 | 15,864,515 | ||||||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
Proceeds from equity offerings, net of issuance costs | $ | $ 0 | $ 96,617 | $ 0 | |||||||||
Premium on redemption of preferred stock | $ | $ 0 | $ 2,710 | $ 0 | |||||||||
Number of Joint Ventures Entered Into | room | 3 | |||||||||||
Number of hotels | room | 3,984 | 230 | ||||||||||
Number of states in which hotel properties are located | state | 24 | |||||||||||
Redeemable common unit, conversion ratio | Rate | 100% | |||||||||||
Onera Joint Venture | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of guestrooms | units | 11 | |||||||||||
Percentage of equity interest in a joint venture (as percent) | 90% | |||||||||||
Area of land acquired (in acre) | a | 6.4 | |||||||||||
Cash payments to acquire businesses | $ | $ 5,200 | |||||||||||
Joint venture, fee simple interest (as percent) | 100% | |||||||||||
Hotels | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of hotels | hotel | 103 | |||||||||||
Number of guestrooms | room | 15,334 | |||||||||||
Hotels | Brickell Joint Venture | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of hotels | hotel | 2 | |||||||||||
Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of hotels | hotel | 2 | |||||||||||
AC/Element Hotel [Member] | Brickell Joint Venture | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Initial purchase option, ownership percentage | 90% | |||||||||||
Operating partnership | Non-Controlling Interests | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Limited partner, ownership percentage | 13% | 13% | ||||||||||
Joint Venture with GIC | Joint Venture with GIC | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
General partner, ownership interest (as percent) | 51% | |||||||||||
Incentive fee earned | $ | $ 800 | |||||||||||
GIC | Joint Venture with GIC | Joint Venture with GIC | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Limited partner, ownership percentage | 49% | |||||||||||
GIC | Joint Venture with GIC | Hotels | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Limited partner, ownership percentage | 49% | |||||||||||
Joint Venture with GIC | Hotels | Joint Venture with GIC | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of guestrooms | room | 5,414 | |||||||||||
Number of states in which hotel properties are located | state | 9 | |||||||||||
Brickell Joint Venture | Brickell Joint Venture | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Initial purchase option, ownership percentage | 10% | |||||||||||
Undesignated preferred stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized (in shares) | 89,600,000 | |||||||||||
6.25% Series E Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized (in shares) | 6,400,000 | |||||||||||
Preferred stock, dividend rate | 6.25% | 6.25% | ||||||||||
Beginning preferred shares outstanding (in shares) | 6,400,000 | 6,400,000 | ||||||||||
Preferred stock, redemption price (in dollars per share) | $ / shares | $ 25 | |||||||||||
Annual dividend rate per share (in dollars per share) | $ / shares | $ 1.5625 | |||||||||||
5.875% Series F Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized (in shares) | 4,000,000 | |||||||||||
Preferred stock, dividend rate | 5.875% | |||||||||||
Number of common stock sold (in shares) | 4,000,000 | |||||||||||
Proceeds from equity offerings, net of issuance costs | $ | $ 96,600 | |||||||||||
Underwriting discount and offering related expense | $ | $ 3,400 | |||||||||||
Beginning preferred shares outstanding (in shares) | 4,000,000 | |||||||||||
Preferred stock, redemption price (in dollars per share) | $ / shares | $ 25 | |||||||||||
Annual dividend rate per share (in dollars per share) | $ / shares | $ 1.46875 | |||||||||||
6.45% Series D Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, dividend rate | 6.45% | |||||||||||
Preferred stock, redemption amount | $ | $ 75,000 | |||||||||||
Beginning preferred shares outstanding (in shares) | 3,000,000 | |||||||||||
Preferred stock, redemption price (in dollars per share) | $ / shares | $ 25 | |||||||||||
Premium on redemption of preferred stock | $ | $ 2,700 | |||||||||||
Operating Partnership Units | Summit Hotel OP, LP | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of shares issued in asset acquisition (in shares) | 15,864,674 | |||||||||||
Series Z Preferred Units | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, dividend rate | 5.25% | |||||||||||
Preferred stock, redemption price (in dollars per share) | $ / shares | $ 25 | |||||||||||
Preferred stock, redemption term, period | 90 days | |||||||||||
Series Z Preferred Units | Summit Hotel OP, LP | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, dividend rate | 5.25% | |||||||||||
Series Z Preferred Units | Summit Hotel OP, LP | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of shares issued in asset acquisition (in shares) | 2,000,000 | |||||||||||
Temporary equity, shares issued (in shares) | 2,000,000 | |||||||||||
Unaffiliated Third Parties | Summit Hotel OP, LP | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Limited partner, ownership percentage | 1% | 1% | ||||||||||
Unaffiliated Third Parties | Operating partnership | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Limited partner capital account units conversion ratio | 1 | |||||||||||
Number of common units of operating partnership owned by unaffiliated third parties (in shares) | 15,976,807 | 124,797 | ||||||||||
Maximum | Onera Joint Venture | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Contingent consideration, liability | $ | $ 1,800 | |||||||||||
Maximum | 6.25% Series E Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Ratio for conversion | 3.1686 | |||||||||||
Maximum | 5.875% Series F Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Ratio for conversion | 5.8275 | |||||||||||
2022 ATM Program | Maximum | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Sale of stock aggregate offering price | $ | $ 200,000 |
EQUITY - Schedule of Common Sto
EQUITY - Schedule of Common Stock Activity (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||
Common shares outstanding, beginning balance (in shares) | 106,337,724 | 105,708,787 |
Grants under the Equity Plan (in shares) | 735,371 | 860,910 |
Common Units redemptions (in shares) | 12,664 | 36,945 |
Performance share and other forfeitures (in shares) | (8,272) | (61,996) |
Shares retained for employee tax withholding requirements (in shares) | (260,800) | (267,468) |
Common shares outstanding, ending balance (in shares) | 106,901,576 | 106,337,724 |
Director stock | ||
Class of Stock [Line Items] | ||
Grants under the Equity Plan (in shares) | 84,889 | 60,546 |
FAIR VALUE MEASUREMENT - Schedu
FAIR VALUE MEASUREMENT - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Purchase options related to real estate loans | $ 0 | $ 2,800 |
Liabilities: | ||
Interest rate swaps | 0 | 15,723 |
Recurring basis | ||
Assets: | ||
Purchase options related to real estate loans | 2,800 | |
Recurring basis | Interest rate swaps | ||
Assets: | ||
Derivative financial instruments | 16,841 | |
Liabilities: | ||
Interest rate swaps | 15,723 | |
Recurring basis | Level 1 | ||
Assets: | ||
Purchase options related to real estate loans | 0 | |
Recurring basis | Level 1 | Interest rate swaps | ||
Assets: | ||
Derivative financial instruments | 0 | |
Liabilities: | ||
Interest rate swaps | 0 | |
Recurring basis | Level 2 | ||
Assets: | ||
Purchase options related to real estate loans | 0 | |
Recurring basis | Level 2 | Interest rate swaps | ||
Assets: | ||
Derivative financial instruments | 16,841 | |
Liabilities: | ||
Interest rate swaps | 15,723 | |
Recurring basis | Level 3 | ||
Assets: | ||
Purchase options related to real estate loans | 2,800 | |
Recurring basis | Level 3 | Interest rate swaps | ||
Assets: | ||
Derivative financial instruments | $ 0 | |
Liabilities: | ||
Interest rate swaps | $ 0 |
FAIR VALUE MEASUREMENT - Sche_2
FAIR VALUE MEASUREMENT - Schedule of Loss on Impairment of Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement In Purchase Option Value [Roll Forward] | |||
Loss on impairment and write-off of assets | $ (10,420) | $ (4,361) | $ (1,759) |
Real Estate Loan 1 | |||
Movement In Purchase Option Value [Roll Forward] | |||
Purchase option carrying amount, beginning balance | 0 | 1,600 | |
Loss on impairment and write-off of assets | (1,600) | ||
Purchase option carrying amount, ending balance | 0 | 1,600 | |
Real Estate Loan 2 | |||
Movement In Purchase Option Value [Roll Forward] | |||
Purchase option carrying amount, beginning balance | 0 | 2,761 | |
Loss on impairment and write-off of assets | (2,761) | ||
Purchase option carrying amount, ending balance | 0 | 2,761 | |
Real Estate Loan 3 | |||
Movement In Purchase Option Value [Roll Forward] | |||
Purchase option carrying amount, beginning balance | $ 2,800 | 2,800 | |
Loss on impairment and write-off of assets | 0 | (1,800) | |
Purchase option carrying amount, ending balance | $ 2,800 | $ 2,800 |
FAIR VALUE MEASUREMENT - Sche_3
FAIR VALUE MEASUREMENT - Schedule of Unobservable Inputs for Fair Values of Purchase Options (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Fair value | |||
Loss on write-down or impairment of assets | $ 10,420 | $ 4,361 | $ 1,759 |
Real Estate Loan 1 | |||
Fair value | |||
Loss on write-down or impairment of assets | 1,600 | ||
Real Estate Loan 1 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, term | 2 years 7 months 2 days | ||
Real Estate Loan 2 | |||
Fair value | |||
Loss on write-down or impairment of assets | 2,761 | ||
Real Estate Loan 2 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, term | 2 years 8 months 4 days | ||
Real Estate Loan 3 | |||
Fair value | |||
Loss on write-down or impairment of assets | $ 0 | $ 1,800 | |
Real Estate Loan 3 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, term | 1 year 5 months 1 day | ||
Exercise price | Real Estate Loan 1 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, exercise price | $ 15,143 | ||
Exercise price | Real Estate Loan 2 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, exercise price | 17,377 | ||
Exercise price | Real Estate Loan 3 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, exercise price | $ 37,800 | ||
Expected volatility | Real Estate Loan 1 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, measurement input | 0.650 | ||
Expected volatility | Real Estate Loan 2 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, measurement input | 0.550 | ||
Expected volatility | Real Estate Loan 3 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, measurement input | 0.550 | ||
Risk-free rate | Real Estate Loan 1 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, measurement input | 0.003 | ||
Risk-free rate | Real Estate Loan 2 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, measurement input | 0.003 | ||
Risk-free rate | Real Estate Loan 3 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, measurement input | 0.002 | ||
Expected annualized equity dividend yield | Real Estate Loan 1 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, measurement input | 0.065 | ||
Expected annualized equity dividend yield | Real Estate Loan 2 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, measurement input | 0.075 | ||
Expected annualized equity dividend yield | Real Estate Loan 3 | Recurring basis | Level 3 | |||
Fair value | |||
Purchase options, measurement input | 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Franchise Agreements | |||
Commitments and contingencies | |||
Fees related to the agreement | $ 47.9 | $ 25 | $ 20.7 |
Franchise Agreements | Minimum | |||
Commitments and contingencies | |||
Management agreement, term | 10 years | ||
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue | 2% | ||
Franchise Agreements | Maximum | |||
Commitments and contingencies | |||
Management agreement, term | 20 years | ||
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue | 6% | ||
Marketing fees payable as a percentage of gross revenue | 4% | ||
Deposits required under the agreement as a percentage of the hotel property's gross revenue, into a reserve fund for capital expenditures | 5% | ||
Management Agreements | |||
Commitments and contingencies | |||
Management agreement, term | 25 years | ||
Fees related to the agreement | $ 17.4 | $ 9.9 | $ 6.3 |
EQUITY-BASED COMPENSATION - Add
EQUITY-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity-based compensation | |||
Number of exercisable shares (in shares) | 235,000 | ||
Number of outstanding shares (in shares) | 235,000 | ||
Grants under the Equity Plan (in shares) | 735,371 | 860,910 | |
Minimum | |||
Equity-based compensation | |||
Stock options term | 5 years | ||
Maximum | |||
Equity-based compensation | |||
Stock options term | 10 years | ||
Director stock | |||
Equity-based compensation | |||
Grants under the Equity Plan (in shares) | 84,889 | 60,546 | |
Director stock | Common Stock | |||
Equity-based compensation | |||
Grants under the Equity Plan (in shares) | 84,889 | 60,546 | |
Restricted Stock Awards | Executive officers | Minimum | |||
Equity-based compensation | |||
Vesting percentage | 0% | ||
Restricted Stock Awards | Executive officers | Maximum | |||
Equity-based compensation | |||
Vesting percentage | 200% | ||
Restricted Stock Awards | Former Executive Chairman | |||
Equity-based compensation | |||
Additional stock-based compensation expense | $ 2.9 | ||
Restricted Stock Awards | Executive Vice President And Chief Operating Officer | |||
Equity-based compensation | |||
Additional stock-based compensation expense | $ 1.3 | ||
Restricted Stock Awards | Time-based restricted stock | |||
Equity-based compensation | |||
Total fair value of awards vested | $ 2.5 | 5.3 | $ 2.3 |
Restricted Stock Awards | Time-based restricted stock | Employees | Prior To 2022 | |||
Equity-based compensation | |||
Vesting period | 4 years | ||
Restricted Stock Awards | Time-based restricted stock | Employees | In 2022 | |||
Equity-based compensation | |||
Vesting period | 3 years | ||
Restricted Stock Awards | Time-based restricted stock | Employees | Period one | Prior To 2022 | |||
Equity-based compensation | |||
Vesting percentage | 20% | ||
Restricted Stock Awards | Time-based restricted stock | Employees | Period one | In 2022 | |||
Equity-based compensation | |||
Vesting percentage | 25% | ||
Restricted Stock Awards | Time-based restricted stock | Employees | Period two | Prior To 2022 | |||
Equity-based compensation | |||
Vesting percentage | 20% | ||
Restricted Stock Awards | Time-based restricted stock | Employees | Period two | In 2022 | |||
Equity-based compensation | |||
Vesting percentage | 25% | ||
Restricted Stock Awards | Time-based restricted stock | Employees | Period three | Prior To 2022 | |||
Equity-based compensation | |||
Vesting percentage | 20% | ||
Restricted Stock Awards | Time-based restricted stock | Employees | Period three | In 2022 | |||
Equity-based compensation | |||
Vesting percentage | 50% | ||
Restricted Stock Awards | Time-based restricted stock | Employees | Period four | Prior To 2022 | |||
Equity-based compensation | |||
Vesting percentage | 40% | ||
Restricted Stock Awards | Time-based restricted stock | Executive officers | |||
Equity-based compensation | |||
Vesting period | 3 years | ||
Restricted Stock Awards | Time-based restricted stock | Executive officers | Period one | |||
Equity-based compensation | |||
Vesting percentage | 25% | ||
Restricted Stock Awards | Time-based restricted stock | Executive officers | Period two | |||
Equity-based compensation | |||
Vesting percentage | 25% | ||
Restricted Stock Awards | Time-based restricted stock | Executive officers | Period three | |||
Equity-based compensation | |||
Vesting percentage | 50% | ||
Restricted Stock Awards | Time-based restricted stock | Former Executive Chairman | |||
Equity-based compensation | |||
Additional stock-based compensation expense | 1.5 | ||
Restricted Stock Awards | Time-based restricted stock | Executive Vice President And Chief Operating Officer | |||
Equity-based compensation | |||
Additional stock-based compensation expense | $ 0.4 | ||
Restricted Stock Awards | Performance-based restricted stock | |||
Equity-based compensation | |||
Vesting period | 3 years | ||
Restricted Stock Awards | Performance-based restricted stock | Former Executive Chairman | |||
Equity-based compensation | |||
Additional stock-based compensation expense | $ 1.4 | ||
Restricted Stock Awards | Performance-based restricted stock | Executive Vice President And Chief Operating Officer | |||
Equity-based compensation | |||
Additional stock-based compensation expense | $ 0.9 |
EQUITY-BASED COMPENSATION - Tim
EQUITY-BASED COMPENSATION - Time-based Restricted Stock Activity (Details) - Restricted Stock Awards - Time-based restricted stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Shares | ||
Non-vested at the beginning of year (in shares) | 605,470 | 573,577 |
Granted (in shares) | 316,643 | 536,980 |
Vested (in shares) | (259,037) | (503,914) |
Forfeited (in shares) | (8,272) | (1,173) |
Non-vested at end of year (in shares) | 654,804 | 605,470 |
Weighted Average Grant Date Fair Value per Share | ||
Non-vested at beginning of year (in dollars per share) | $ 9.98 | $ 10.18 |
Granted (in dollars per share) | 9.83 | 10.27 |
Vested (in dollars per share) | 10.14 | 10.51 |
Forfeited (in dollars per share) | 10.01 | 9.98 |
Non-vested at end of year (in dollars per share) | $ 9.85 | $ 9.98 |
Aggregate Current Value | ||
Aggregate Current Value | $ 4,728 |
EQUITY-BASED COMPENSATION - Per
EQUITY-BASED COMPENSATION - Performance-Based Restricted Stock Awards (Details) - Restricted Stock Awards - Performance-based restricted stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares | |||
Non-vested at the beginning of year (in shares) | 1,002,866 | 922,239 | |
Granted (in shares) | 418,728 | 323,930 | |
Vested (in shares) | (414,620) | (182,480) | |
Forfeited (in shares) | (60,823) | ||
Non-vested at end of year (in shares) | 1,006,974 | 1,002,866 | 922,239 |
Weighted Average Grant Date Fair Value per Share | |||
Non-vested at beginning of year (in dollars per share) | $ 11.92 | $ 11.65 | |
Granted (in dollars per share) | 12.26 | 14.05 | $ 9.38 |
Vested (in dollars per share) | 12.81 | 13.73 | |
Forfeited (in dollars per share) | 13.73 | ||
Non-vested at end of year (in dollars per share) | $ 11.76 | $ 11.92 | $ 11.65 |
Aggregate Current Value | |||
Aggregate Current Value | $ 7,270 |
EQUITY-BASED COMPENSATION - Sch
EQUITY-BASED COMPENSATION - Schedule of Assumptions Used Estimate Fair Value of Performance-based Restricted Stock Awards Granted (Details) - Performance-based restricted stock - Restricted Stock Awards | 12 Months Ended | ||
Dec. 31, 2022 Iteration $ / shares | Dec. 31, 2021 Iteration $ / shares | Dec. 31, 2020 Iteration $ / shares | |
Equity-based compensation | |||
Expected dividend yield | 3.52% | 0% | 8.16% |
Expected stock price volatility | 65.40% | 63.70% | 23.70% |
Risk-free interest rate | 1.77% | 0.34% | 0.53% |
Monte Carlo iterations | Iteration | 100,000 | 100,000 | 100,000 |
Weighted average estimated fair value of performance-based restricted stock awards (in dollars per share) | $ / shares | $ 12.26 | $ 14.05 | $ 9.38 |
EQUITY-BASED COMPENSATION - S_2
EQUITY-BASED COMPENSATION - Schedule of Equity-Based Compensation Expense (Details) - Corporate general and administrative - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity-based compensation expense | |||
Share based compensation expense | $ 8,446 | $ 10,681 | $ 6,476 |
Restricted Stock Awards | Time-based restricted stock | |||
Equity-based compensation expense | |||
Share based compensation expense | 2,860 | 4,784 | 2,470 |
Restricted Stock Awards | Performance-based restricted stock | |||
Equity-based compensation expense | |||
Share based compensation expense | 4,784 | 5,314 | 3,559 |
Director stock | Director stock | |||
Equity-based compensation expense | |||
Share based compensation expense | $ 802 | $ 583 | $ 447 |
EQUITY-BASED COMPENSATION - S_3
EQUITY-BASED COMPENSATION - Schedule of Unrecognized Equity-based Compensation Expense for all Non-vested Awards (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Equity-based compensation expense | |
Total | $ 8,228 |
2023 | 4,874 |
2024 | 2,918 |
2025 | 436 |
Time-based restricted stock | Restricted Stock Awards | |
Equity-based compensation expense | |
Total | 3,960 |
2023 | 2,315 |
2024 | 1,435 |
2025 | 210 |
Performance-based restricted stock | Restricted Stock Awards | |
Equity-based compensation expense | |
Total | 4,268 |
2023 | 2,559 |
2024 | 1,483 |
2025 | $ 226 |
BENEFIT PLANS (Details)
BENEFIT PLANS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Employer contribution expense | $ 0.4 | $ 0.3 | $ 0.3 |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Tax Expense and Total Provision (Benefit) for TRS and Operating Partnership (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ 1,953 | $ 1,036 | $ (904) |
State and local | 1,717 | 456 | 224 |
Deferred: | |||
Federal | (59) | (19) | 1,548 |
State and local | 0 | 0 | 508 |
Income tax expense | $ 3,611 | $ 1,473 | $ 1,376 |
INCOME TAXES - Schedule of Reco
INCOME TAXES - Schedule of Reconciliation of Federal Statutory Rate to Effective Income Tax Rate for TRS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of the federal statutory rate to the effective income tax rate for the TRSs | |||
Statutory federal income tax provision | $ 1,014 | $ (14,093) | $ (31,052) |
Nontaxable income of the REITs | 1,124 | 16,812 | 19,963 |
State income taxes, net of federal tax benefit | 1,644 | 891 | (3,079) |
Provision to return and deferred adjustment | 81 | 0 | (16) |
Effect of permanent differences and other | 246 | 99 | 319 |
Deferred assets transferred with REIT stock sale | 730 | 0 | 0 |
Change in valuation allowance | (1,228) | (2,236) | 15,241 |
Income tax expense | $ 3,611 | $ 1,473 | $ 1,376 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income taxes | |||
Number of year cumulative loss | 3 years | ||
Valuation allowance | $ 11,777,000 | $ 13,005,000 | |
Decrease in valuation allowance | 1,200,000 | ||
Decrease from sale of subsidiary | 700,000 | ||
Decrease in accrued expenses | 200,000 | ||
Utilization of net operating losses | $ 300,000 | ||
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (loss) on disposal of assets, net | ||
Unrecognized tax benefits | $ 0 | ||
Common Stock | |||
Income taxes | |||
Ordinary income, percent | 58.82% | 0% | 52.46% |
Return of capital, percent | 0% | 0% | 47.54% |
Capital gain distributions, percent | 27.92% | 0% | 0% |
Preferred Stock - Series E | |||
Income taxes | |||
Ordinary income, percent | 58.82% | 0% | 25% |
Return of capital, percent | 0% | 100% | 75% |
Capital gain distributions, percent | 27.92% | 0% | 0% |
Preferred Stock - Series D | |||
Income taxes | |||
Ordinary income, percent | 0% | 0% | 25% |
Return of capital, percent | 0% | 100% | 75% |
Capital gain distributions, percent | 0% | 0% | 0% |
Preferred Stock - Series F | |||
Income taxes | |||
Ordinary income, percent | 58.82% | 0% | 0% |
Return of capital, percent | 0% | 100% | 0% |
Capital gain distributions, percent | 27.92% | 0% | 0% |
Federal | |||
Income taxes | |||
Operating loss carryforwards | $ 35,700,000 | ||
Federal | TRSs | |||
Income taxes | |||
Operating loss carryforwards | 37,700,000 | ||
Federal | REIT Subsidiaries | |||
Income taxes | |||
Operating loss carryforwards | 2,500,000 | ||
State | TRSs | |||
Income taxes | |||
Operating loss carryforwards | $ 37,200,000 |
INCOME TAXES - Schedule of Sign
INCOME TAXES - Schedule of Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Significant components of the Company's deferred tax assets and liabilities | ||
Tax carryforwards | $ 10,312 | $ 11,251 |
Accrued expenses | 1,421 | 1,704 |
Other | 124 | 71 |
Valuation allowance | (11,777) | (13,005) |
Net deferred tax assets | 80 | 21 |
Net Deferred Tax Assets | ||
Gross deferred tax assets | 11,883 | 13,066 |
Gross deferred tax liabilities | (26) | (40) |
Valuation allowance | (11,777) | (13,005) |
Net deferred tax assets | $ 80 | $ 21 |
INCOME TAXES - Schedule of Char
INCOME TAXES - Schedule of Characterization of Distributions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock | |||
Class of Stock [Line Items] | |||
Ordinary non-qualified dividend income (in dollars per share) | $ 0.0471 | $ 0 | $ 0.0944 |
Ordinary non-qualified dividend income (in percent) | 58.82% | 0% | 52.46% |
Ordinary qualified dividend income (in dollars per share) | $ 0.0106 | $ 0 | $ 0 |
Ordinary qualified dividend income (in percent) | 13.26% | 0% | 0% |
Capital gain distributions (in dollars per share) | $ 0.0223 | $ 0 | $ 0 |
Capital gain distributions, percent | 27.92% | 0% | 0% |
Return of capital (in dollars per share) | $ 0 | $ 0 | $ 0.0856 |
Return of capital, percent | 0% | 0% | 47.54% |
Distribution per share (in dollars per share) | $ 0.0800 | $ 0 | $ 0.1800 |
Distribution paid, percent | 100% | 0% | 100% |
Preferred Stock - Series D | |||
Class of Stock [Line Items] | |||
Ordinary non-qualified dividend income (in dollars per share) | $ 0 | $ 0 | $ 0.4031 |
Ordinary non-qualified dividend income (in percent) | 0% | 0% | 25% |
Capital gain distributions (in dollars per share) | $ 0 | $ 0 | $ 0 |
Capital gain distributions, percent | 0% | 0% | 0% |
Return of capital (in dollars per share) | $ 0 | $ 1.2228 | $ 1.2094 |
Return of capital, percent | 0% | 100% | 75% |
Distribution per share (in dollars per share) | $ 0 | $ 1.2228 | $ 1.6125 |
Distribution paid, percent | 0% | 100% | 100% |
Preferred Stock - Series E | |||
Class of Stock [Line Items] | |||
Ordinary non-qualified dividend income (in dollars per share) | $ 0.9191 | $ 0 | $ 0.3906 |
Ordinary non-qualified dividend income (in percent) | 58.82% | 0% | 25% |
Ordinary qualified dividend income (in dollars per share) | $ 0.2072 | $ 0 | $ 0 |
Ordinary qualified dividend income (in percent) | 13.26% | 0% | 0% |
Capital gain distributions (in dollars per share) | $ 0.4363 | $ 0 | $ 0 |
Capital gain distributions, percent | 27.92% | 0% | 0% |
Return of capital (in dollars per share) | $ 0 | $ 1.5625 | $ 1.1719 |
Return of capital, percent | 0% | 100% | 75% |
Distribution per share (in dollars per share) | $ 1.5625 | $ 1.5625 | $ 1.5625 |
Distribution paid, percent | 100% | 100% | 100% |
Preferred Stock - Series F | |||
Class of Stock [Line Items] | |||
Ordinary non-qualified dividend income (in dollars per share) | $ 0.8639 | $ 0 | $ 0 |
Ordinary non-qualified dividend income (in percent) | 58.82% | 0% | 0% |
Ordinary qualified dividend income (in dollars per share) | $ 0.1947 | $ 0 | $ 0 |
Ordinary qualified dividend income (in percent) | 13.26% | 0% | 0% |
Capital gain distributions (in dollars per share) | $ 0.4101 | $ 0 | $ 0 |
Capital gain distributions, percent | 27.92% | 0% | 0% |
Return of capital (in dollars per share) | $ 0 | $ 0.4406 | $ 0 |
Return of capital, percent | 0% | 100% | 0% |
Distribution per share (in dollars per share) | $ 1.4687 | $ 0.4406 | $ 0 |
Distribution paid, percent | 100% | 100% | 0% |
EARNINGS PER SHARE - Anti-Dilut
EARNINGS PER SHARE - Anti-Dilutive Stock Options (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock Awards | |||
Anti-dilutive options excluded from computation of diluted earnings per share | |||
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares) | 1,006,974 | 1,002,866 | 922,239 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Components Used to Calculate Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Net income (loss) | $ 1,217 | $ (68,584) | $ (149,245) |
Adjusted for: | |||
Preferred dividends | (15,875) | (15,431) | (14,838) |
Premium on redemption of preferred stock | 0 | (2,710) | 0 |
Allocation to participating securities | 0 | 0 | (81) |
Distributions and accretion of redeemable non-controlling interests | 2,520 | 0 | 0 |
Attributable to non-controlling interest in Operating Partnership | 2,570 | 115 | 271 |
Attributable to non-controlling interests in joint ventures | (2,321) | 2,896 | 5,635 |
Income from continuing operations attributable to common stockholders, Basic | (16,929) | (83,714) | (158,258) |
Income from continuing operations attributable to common stockholders, Diluted | $ (16,929) | $ (83,714) | $ (158,258) |
Denominator: | |||
Weighted average common shares outstanding, basic (in shares) | 105,142 | 104,471 | 104,141 |
Weighted average common shares outstanding, diluted (in shares) | 105,142 | 104,471 | 104,141 |
Basic (in shares) | $ (0.16) | $ (0.80) | $ (1.52) |
Diluted (in shares) | $ (0.16) | $ (0.80) | $ (1.52) |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash payments for interest | $ 58,409 | $ 37,509 | $ 40,927 |
Accrued acquisition costs and improvements to lodging properties | 8,233 | 3,399 | 2,142 |
Cash payments for income taxes, net of refunds | 3,742 | 557 | (463) |
Mortgage debt assumed for acquisitions of lodging properties | 382,205 | 13,267 | 0 |
Assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties | 9,206 | 0 | 0 |
Conversion of a mezzanine loan to complete acquisition of lodging properties | 29,875 | 0 | 0 |
Conversion of purchase option to complete acquisition of lodging properties | 2,800 | 0 | 0 |
Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties | 7,724 | 0 | 0 |
Issuance of non-controlling interests in Operating Partnership to complete acquisition of a portfolio of properties | 157,513 | 0 | 0 |
Redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties | $ 50,000 | $ 0 | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Jan. 26, 2023 $ / shares | Jan. 13, 2022 | Dec. 31, 2022 USD ($) hotel room | Dec. 31, 2021 USD ($) room | Dec. 31, 2020 USD ($) | Feb. 27, 2023 USD ($) a hotel | Jan. 10, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2019 USD ($) room | |
Subsequent events | |||||||||
Number of hotel properties | room | 3,984 | 230 | |||||||
Loss on write-down or impairment of assets | $ 10,420 | $ 4,361 | $ 1,759 | ||||||
Mezzanine Loans | |||||||||
Subsequent events | |||||||||
Loans funded amount | $ 29,900 | $ 29,900 | |||||||
Purchase option, ownership percentage | 90% | 90% | |||||||
Hotels | |||||||||
Subsequent events | |||||||||
Number of hotel properties | hotel | 103 | ||||||||
Hotels | Mezzanine Loans | |||||||||
Subsequent events | |||||||||
Number of hotel properties | room | 264 | ||||||||
Hotels | Purchase Agreement Portfolio | |||||||||
Subsequent events | |||||||||
Loss on write-down or impairment of assets | $ 2,900 | ||||||||
Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | |||||||||
Subsequent events | |||||||||
Number of hotel properties | hotel | 2 | ||||||||
Proceeds from sale of asset acquisition | $ 50,500 | ||||||||
Loss on write-down or impairment of assets | 7,200 | ||||||||
Land | Portfolio Purchase Through Contribution And Purchase Agreement | Affiliated Entity | |||||||||
Subsequent events | |||||||||
Loss on write-down or impairment of assets | $ 300 | ||||||||
Subsequent Events | |||||||||
Subsequent events | |||||||||
Cash dividends declared, common stock (in dollars per share) | $ / shares | $ 0.04 | ||||||||
Subsequent Events | Mezzanine Loans | |||||||||
Subsequent events | |||||||||
Purchase option, ownership percentage | 90% | ||||||||
Subsequent Events | Affiliated Entity | Construction Loans | Letter of credit | |||||||||
Subsequent events | |||||||||
Letter of credit | $ 3,000 | ||||||||
Subsequent Events | Affiliated Entity | Mezzanine Loans | |||||||||
Subsequent events | |||||||||
Loans funded amount | $ 4,600 | ||||||||
Subsequent Events | Hotels | Purchase Agreement Portfolio | |||||||||
Subsequent events | |||||||||
Number of hotel properties | hotel | 4 | ||||||||
Proceeds from sale of asset acquisition | $ 28,100 | ||||||||
Subsequent Events | Land | Portfolio Purchase Through Contribution And Purchase Agreement | Affiliated Entity | |||||||||
Subsequent events | |||||||||
Sale of land (in acre) | a | 6 | ||||||||
Proceeds from sale of asset acquisition | $ 1,300 | ||||||||
6.25% Series E Preferred Stock | |||||||||
Subsequent events | |||||||||
Preferred stock, dividend rate | 6.25% | 6.25% | |||||||
6.25% Series E Preferred Stock | Subsequent Events | |||||||||
Subsequent events | |||||||||
Cash dividends declared, preferred stock (in dollars per share) | $ / shares | $ 0.390625 | ||||||||
Preferred stock, dividend rate | 6.25% | ||||||||
5.875% Series F Preferred Stock | |||||||||
Subsequent events | |||||||||
Preferred stock, dividend rate | 5.875% | ||||||||
5.875% Series F Preferred Stock | Subsequent Events | |||||||||
Subsequent events | |||||||||
Cash dividends declared, preferred stock (in dollars per share) | $ / shares | $ 0.3671875 | ||||||||
Preferred stock, dividend rate | 5.875% | ||||||||
Series Z Preferred Units | |||||||||
Subsequent events | |||||||||
Preferred stock, dividend rate | 5.25% | ||||||||
Series Z Preferred Units | Subsequent Events | |||||||||
Subsequent events | |||||||||
Cash dividends declared, preferred stock (in dollars per share) | $ / shares | $ 0.328125 | ||||||||
Preferred stock, dividend rate | 5.25% |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Initial Cost | ||||
Land | $ 395,175 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 3,011,813 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 138,479 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 381,006 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 3,167,178 | |||
Total | 3,548,184 | $ 2,638,549 | $ 2,570,768 | $ 2,553,428 |
Accumulated Depreciation | (716,646) | $ (583,080) | $ (490,326) | $ (383,763) |
Homewood Suites, Aliso Viejo, CA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,599 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 32,367 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 600 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,599 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 32,967 | |||
Total | 38,566 | |||
Accumulated Depreciation | (8,363) | |||
Courtyard, Arlington, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,497 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 15,573 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | (53) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,497 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 15,520 | |||
Total | 17,017 | |||
Accumulated Depreciation | (5,574) | |||
Residence Inn, Arlington, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,646 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 15,440 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 350 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,646 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 15,790 | |||
Total | 17,436 | |||
Accumulated Depreciation | (5,602) | |||
Hotel Indigo, Asheville, NC | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,100 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 34,755 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,901 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,100 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 36,656 | |||
Total | 38,756 | |||
Accumulated Depreciation | (10,613) | |||
Courtyard, Atlanta, GA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,050 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 27,969 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 3,314 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,050 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 31,283 | |||
Total | 33,333 | |||
Accumulated Depreciation | (9,701) | |||
Residence Inn, Atlanta, GA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,381 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 34,820 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | (1,502) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,381 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 33,318 | |||
Total | 36,699 | |||
Accumulated Depreciation | (8,154) | |||
AC Hotel, Atlanta, GA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,670 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 51,922 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,569 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,670 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 53,491 | |||
Total | 59,161 | |||
Accumulated Depreciation | (11,890) | |||
Hampton Inn & Suites, Austin, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 56,394 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 7,186 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 63,580 | |||
Total | 63,580 | |||
Accumulated Depreciation | (16,118) | |||
Hampton Inn & Suites, Baltimore, MD | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,205 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 16,013 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 5,818 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,205 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 21,831 | |||
Total | 24,036 | |||
Accumulated Depreciation | (5,289) | |||
Residence Inn, Baltimore, MD | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,986 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 37,016 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 6,880 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,986 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 43,896 | |||
Total | 45,882 | |||
Accumulated Depreciation | (11,379) | |||
Marriott, Boulder, CO | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 11,115 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 49,204 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 9,494 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 11,115 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 58,698 | |||
Total | 69,813 | |||
Accumulated Depreciation | (15,627) | |||
Residence Inn, Branchburg, NJ | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,374 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 24,411 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 285 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,374 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 24,696 | |||
Total | 27,070 | |||
Accumulated Depreciation | (7,332) | |||
DoubleTree, Brisbane, CA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,300 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 39,686 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,499 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,300 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 41,185 | |||
Total | 44,485 | |||
Accumulated Depreciation | (17,533) | |||
Hampton Inn & Suites, Camarillo, CA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,200 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 17,366 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 852 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,200 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 18,218 | |||
Total | 20,418 | |||
Accumulated Depreciation | (8,282) | |||
Courtyard, Charlotte, NC | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 41,094 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 2,303 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 43,397 | |||
Total | 43,397 | |||
Accumulated Depreciation | (10,217) | |||
Hyatt Place, Chicago, IL | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,395 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 68,355 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 450 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,395 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 68,805 | |||
Total | 74,200 | |||
Accumulated Depreciation | (16,929) | |||
Residence Inn, Cleveland, OH | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 10,075 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 33,340 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 2,916 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 10,075 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 36,256 | |||
Total | 46,331 | |||
Accumulated Depreciation | (9,435) | |||
Courtyard, Decatur, GA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,046 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 34,151 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 4,025 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,046 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 38,176 | |||
Total | 42,222 | |||
Accumulated Depreciation | (10,507) | |||
Hilton Garden Inn, Eden Prairie, MN | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,800 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 11,211 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | (359) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,800 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 10,852 | |||
Total | 12,652 | |||
Accumulated Depreciation | (5,331) | |||
Hyatt Place, Englewood, CO | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,000 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 11,950 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 2,899 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,000 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 14,849 | |||
Total | 16,849 | |||
Accumulated Depreciation | (5,462) | |||
Hyatt House, Englewood, CO | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,700 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 16,267 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,340 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,700 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 17,607 | |||
Total | 20,307 | |||
Accumulated Depreciation | (8,569) | |||
Courtyard, Fort Lauderdale, FL | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 37,950 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 47,002 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 4,234 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 37,950 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 51,236 | |||
Total | 89,186 | |||
Accumulated Depreciation | (11,461) | |||
Courtyard, Fort Worth, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,920 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 38,070 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 10,460 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,920 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 48,530 | |||
Total | 50,450 | |||
Accumulated Depreciation | (11,958) | |||
Hyatt Place, Garden City, NY | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,200 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 27,775 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 550 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,282 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 28,243 | |||
Total | 32,525 | |||
Accumulated Depreciation | (8,472) | |||
Staybridge Suites, Glendale, CO | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,100 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 10,151 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 4,424 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,100 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 14,575 | |||
Total | 16,675 | |||
Accumulated Depreciation | (4,767) | |||
Hilton Garden Inn, Greenville, SC | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,200 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 14,566 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 3,211 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,200 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 17,777 | |||
Total | 18,977 | |||
Accumulated Depreciation | (6,999) | |||
Residence Inn, Hillsboro, OR | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,943 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 42,541 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,463 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,943 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 44,004 | |||
Total | 48,947 | |||
Accumulated Depreciation | (6,194) | |||
Hyatt Place, Hoffman Estates, IL | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,900 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 8,917 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | (2,175) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,900 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 6,742 | |||
Total | 8,642 | |||
Accumulated Depreciation | (4,150) | |||
Hilton Garden Inn, Houston, TX 1 | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 41,838 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 3,707 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 45,545 | |||
Total | 45,545 | |||
Accumulated Depreciation | (14,308) | |||
Hilton Garden Inn, Houston, TX 2 | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,800 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 33,777 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 8,046 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,800 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 41,823 | |||
Total | 44,623 | |||
Accumulated Depreciation | (8,542) | |||
Residence Inn, Hunt Valley, MD | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 35,436 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,456 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,076 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 35,816 | |||
Total | 36,892 | |||
Accumulated Depreciation | (10,027) | |||
SpringHill Suites, Indianapolis, IN | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,012 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 27,910 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | (287) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,012 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 27,623 | |||
Total | 31,635 | |||
Accumulated Depreciation | (8,844) | |||
Courtyard, Indianapolis, IN | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 7,788 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 54,384 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | (1,325) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 7,788 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 53,059 | |||
Total | 60,847 | |||
Accumulated Depreciation | (16,229) | |||
Courtyard, Kansas City, MO | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,955 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 20,608 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,666 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,955 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 22,274 | |||
Total | 26,229 | |||
Accumulated Depreciation | (5,472) | |||
Hyatt Place, Lombard, IL | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,550 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 17,351 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | (784) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,550 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 16,567 | |||
Total | 18,117 | |||
Accumulated Depreciation | (7,343) | |||
Hyatt Place, Lone Tree, CO | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,300 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 11,704 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 3,201 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,314 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 14,891 | |||
Total | 16,205 | |||
Accumulated Depreciation | (5,590) | |||
Fairfield Inn & Suites, Louisville, KY | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,120 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 24,231 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | (214) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,120 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 24,017 | |||
Total | 27,137 | |||
Accumulated Depreciation | (8,259) | |||
SpringHill Suites, Louisville, KY | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,880 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 37,361 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 83 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,880 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 37,444 | |||
Total | 42,324 | |||
Accumulated Depreciation | (12,873) | |||
Hyatt Place, Mesa, AZ | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,400 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 19,848 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,598 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,400 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 21,446 | |||
Total | 23,846 | |||
Accumulated Depreciation | (6,070) | |||
Courtyard, Metairie, LA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,860 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 25,168 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 3,896 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,860 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 29,064 | |||
Total | 30,924 | |||
Accumulated Depreciation | (10,837) | |||
Residence Inn, Metairie, LA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,791 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 23,386 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 337 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,791 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 23,723 | |||
Total | 25,514 | |||
Accumulated Depreciation | (12,019) | |||
Hyatt House, Miami, FL | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,926 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 40,087 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 2,901 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,926 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 42,988 | |||
Total | 47,914 | |||
Accumulated Depreciation | (15,512) | |||
Hilton Garden Inn, Milpitas, CA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 7,921 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 46,141 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 4,872 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 7,921 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 51,013 | |||
Total | 58,934 | |||
Accumulated Depreciation | (7,367) | |||
Hyatt Place, Minneapolis, MN | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 34,026 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 2,303 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 36,329 | |||
Total | 36,329 | |||
Accumulated Depreciation | (11,055) | |||
Hampton Inn & Suites, Minneapolis, MN | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,502 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 35,433 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 483 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,502 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 35,916 | |||
Total | 39,418 | |||
Accumulated Depreciation | (11,090) | |||
Holiday Inn Express & Suites, Minnetonka, MN | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,000 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 7,662 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 70 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,000 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 7,732 | |||
Total | 8,732 | |||
Accumulated Depreciation | (3,815) | |||
SpringHill Suites, Nashville, TN | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 777 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 5,598 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,519 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 777 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 7,117 | |||
Total | 7,894 | |||
Accumulated Depreciation | (2,356) | |||
Courtyard, Nashville, TN | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 8,792 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 62,759 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 7,890 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 8,792 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 70,649 | |||
Total | 79,441 | |||
Accumulated Depreciation | (16,992) | |||
Courtyard, New Haven, CT | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 11,990 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 51,497 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 2,634 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 11,990 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 54,131 | |||
Total | 66,121 | |||
Accumulated Depreciation | (11,224) | |||
Courtyard, New Orleans, LA 1 | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,944 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 25,120 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 3,676 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,944 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 28,796 | |||
Total | 30,740 | |||
Accumulated Depreciation | (14,046) | |||
Courtyard, New Orleans, LA 2 | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,490 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 34,220 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 2,096 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,490 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 36,316 | |||
Total | 38,806 | |||
Accumulated Depreciation | (15,982) | |||
SpringHill Suites, New Orleans, LA 1 | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,046 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 33,270 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 6,180 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,046 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 39,450 | |||
Total | 41,496 | |||
Accumulated Depreciation | (17,271) | |||
Hyatt Place, Orlando, FL 1 | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,100 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 11,343 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 3,512 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,100 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 14,855 | |||
Total | 17,955 | |||
Accumulated Depreciation | (5,336) | |||
Hyatt Place, Orlando, FL 2 | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,716 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 11,221 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 6,584 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,716 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 17,805 | |||
Total | 20,521 | |||
Accumulated Depreciation | (5,297) | |||
Hyatt House, Orlando, FL | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,800 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 34,423 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 346 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,800 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 34,769 | |||
Total | 37,569 | |||
Accumulated Depreciation | (10,024) | |||
Hyatt Place, Owings Mills, MD | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,100 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 9,799 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 271 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,100 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 10,070 | |||
Total | 12,170 | |||
Accumulated Depreciation | (4,409) | |||
Courtyard, Pittsburgh, PA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,652 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 40,749 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 6,526 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,652 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 47,275 | |||
Total | 48,927 | |||
Accumulated Depreciation | (10,343) | |||
Hyatt Place, Portland, OR | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 14,700 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 745 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 15,445 | |||
Total | 15,445 | |||
Accumulated Depreciation | (6,508) | |||
Residence Inn, Portland, OR 1 | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 7,691 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 15,629 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 543 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 16,172 | |||
Total | 16,172 | |||
Accumulated Depreciation | (7,104) | |||
Residence Inn, Portland, OR 2 | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 12,813 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 76,868 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 11,195 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 12,813 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 88,063 | |||
Total | 100,876 | |||
Accumulated Depreciation | (11,795) | |||
Hampton Inn & Suites, Poway, CA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,300 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 14,728 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,240 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,300 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 15,968 | |||
Total | 18,268 | |||
Accumulated Depreciation | (6,374) | |||
Hilton Garden Inn, San Francisco, CA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 12,346 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 45,730 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | (58,076) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 0 | |||
Total | 0 | |||
Accumulated Depreciation | 0 | |||
Holiday Inn Express & Suites, San Francisco, CA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 15,545 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 49,469 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 4,227 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 15,545 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 53,696 | |||
Total | 69,241 | |||
Accumulated Depreciation | (21,315) | |||
Four Points, San Francisco, CA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,200 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 21,397 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 3,916 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,200 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 25,313 | |||
Total | 26,513 | |||
Accumulated Depreciation | (9,434) | |||
Hyatt Place, Scottsdale, AZ | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,500 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 10,171 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | (53) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,500 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 10,118 | |||
Total | 11,618 | |||
Accumulated Depreciation | (4,274) | |||
Courtyard, Scottsdale, AZ | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,225 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 12,571 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 3,703 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,225 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 16,274 | |||
Total | 19,499 | |||
Accumulated Depreciation | (9,232) | |||
SpringHill Suites, Scottsdale, AZ | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,195 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 9,496 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,737 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,195 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 11,233 | |||
Total | 13,428 | |||
Accumulated Depreciation | (6,380) | |||
Hampton Inn & Suites, Silverthorne, CO | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,441 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 21,125 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 811 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,441 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 21,936 | |||
Total | 26,377 | |||
Accumulated Depreciation | (2,836) | |||
Residence Inn, Steamboat Springs, CO | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,832 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 31,214 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 360 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,832 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 31,574 | |||
Total | 33,406 | |||
Accumulated Depreciation | (2,028) | |||
Hampton Inn & Suites, Tampa, FL | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,600 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 20,366 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 4,553 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,600 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 24,919 | |||
Total | 28,519 | |||
Accumulated Depreciation | (9,053) | |||
Embassy Suites, Tucson, AZ | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 13,032 | |||
Initial Cost | ||||
Land | 1,841 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 23,958 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 646 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,841 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 24,604 | |||
Total | 26,445 | |||
Accumulated Depreciation | (1,432) | |||
Homewood Suites, Tucson, AZ | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,570 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 22,802 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,389 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,570 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 24,191 | |||
Total | 26,761 | |||
Accumulated Depreciation | (6,435) | |||
Hilton Garden Inn, Waltham, MA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 10,644 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 21,713 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 6,432 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 10,644 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 28,145 | |||
Total | 38,789 | |||
Accumulated Depreciation | (7,580) | |||
Residence Inn, Watertown, MA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 25,083 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 45,917 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 421 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 25,083 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 46,338 | |||
Total | 71,421 | |||
Accumulated Depreciation | (8,563) | |||
Parking Garage, Silverthorne, CO | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,404 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,229 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,404 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,229 | |||
Total | 3,633 | |||
Accumulated Depreciation | 0 | |||
Parking Garage, Fort Lauderdale, FL | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 2,717 | |||
Total | 2,717 | |||
Accumulated Depreciation | 0 | |||
AC Hotel, Dallas, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,330 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 31,379 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 265 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,330 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 31,644 | |||
Total | 32,974 | |||
Accumulated Depreciation | (1,511) | |||
Residence Inn, Dallas, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,372 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 32,351 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 254 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,372 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 32,605 | |||
Total | 33,977 | |||
Accumulated Depreciation | (1,568) | |||
Hampton Inn & Suites, Dallas, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,834 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 47,069 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 292 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,834 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 47,361 | |||
Total | 49,195 | |||
Accumulated Depreciation | (2,176) | |||
Parking Garage, Dallas, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,131 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 9,252 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 91 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,131 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 9,343 | |||
Total | 12,474 | |||
Accumulated Depreciation | (240) | |||
SpringHill Suites, Dallas, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,447 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 23,746 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 2,823 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,447 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 26,569 | |||
Total | 29,016 | |||
Accumulated Depreciation | (1,757) | |||
Hilton Garden Inn, Grapevine, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 6,293 | |||
Initial Cost | ||||
Land | 986 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 33,137 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 81 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 986 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 33,218 | |||
Total | 34,204 | |||
Accumulated Depreciation | (1,780) | |||
Holiday Inn Express & Suites, Grapevine, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,419 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 13,810 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 268 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,419 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 14,078 | |||
Total | 15,497 | |||
Accumulated Depreciation | (1,354) | |||
Courtyard, Grapevine, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,542 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 34,872 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 488 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,542 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 35,360 | |||
Total | 37,902 | |||
Accumulated Depreciation | (2,620) | |||
TownePlace Suites, Grapevine, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,686 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 23,119 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 180 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,686 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 23,299 | |||
Total | 24,985 | |||
Accumulated Depreciation | (1,646) | |||
Hyatt Place, Grapevine, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,318 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 18,740 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 372 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,318 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 19,112 | |||
Total | 20,430 | |||
Accumulated Depreciation | (1,406) | |||
Hyatt Place, Plano, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,363 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 13,699 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 174 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,363 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 13,873 | |||
Total | 16,236 | |||
Accumulated Depreciation | (1,236) | |||
AC Hotel, Frisco, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,246 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 38,390 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 58 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,246 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 38,448 | |||
Total | 39,694 | |||
Accumulated Depreciation | (2,120) | |||
Residence Inn, Frisco, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,246 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 38,390 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 48 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,246 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 38,438 | |||
Total | 39,684 | |||
Accumulated Depreciation | (2,092) | |||
Canopy Hotel, Frisco, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,109 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 38,531 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 52 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,109 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 38,583 | |||
Total | 39,692 | |||
Accumulated Depreciation | (1,928) | |||
Residence Inn, Tyler, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,243 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 15,323 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 256 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,243 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 15,579 | |||
Total | 16,822 | |||
Accumulated Depreciation | (1,333) | |||
Hilton Garden Inn, Longview, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,284 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 13,281 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 217 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,284 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 13,498 | |||
Total | 14,782 | |||
Accumulated Depreciation | (872) | |||
AC Hotel, Houston, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,796 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 52,268 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 792 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,796 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 53,060 | |||
Total | 57,856 | |||
Accumulated Depreciation | (2,518) | |||
Hilton Garden Inn, Bryan, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 713 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 11,337 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 418 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 713 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 11,755 | |||
Total | 12,468 | |||
Accumulated Depreciation | (785) | |||
Homewood Suites, Midland, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,717 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 22,326 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 257 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,717 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 22,583 | |||
Total | 24,300 | |||
Accumulated Depreciation | (1,480) | |||
Hyatt Place, Lubbock, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 896 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 20,182 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 412 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 896 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 20,594 | |||
Total | 21,490 | |||
Accumulated Depreciation | (1,381) | |||
Courtyard, Amarillo, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 269 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 18,561 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 259 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 269 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 18,820 | |||
Total | 19,089 | |||
Accumulated Depreciation | (1,233) | |||
Embassy Suites, Amarillo, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 657 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 38,456 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 310 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 657 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 38,766 | |||
Total | 39,423 | |||
Accumulated Depreciation | (2,591) | |||
AC Hotel, Oklahoma City, OK | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,769 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 29,389 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 130 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,769 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 29,519 | |||
Total | 32,288 | |||
Accumulated Depreciation | (1,949) | |||
Hyatt Place, Oklahoma City, OK | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,822 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 25,311 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 115 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,822 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 25,426 | |||
Total | 28,248 | |||
Accumulated Depreciation | (1,254) | |||
Holiday Inn Express & Suites, Oklahoma City, OK | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,542 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 21,574 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 312 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,542 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 21,886 | |||
Total | 24,428 | |||
Accumulated Depreciation | (1,221) | |||
SpringHill Suites, New Orleans, LA 2 | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 963 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 12,763 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 82 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 963 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 12,845 | |||
Total | 13,808 | |||
Accumulated Depreciation | (610) | |||
TownePlace Suites, New Orleans, LA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,366 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 18,110 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 119 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,366 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 18,229 | |||
Total | 19,595 | |||
Accumulated Depreciation | (882) | |||
Canopy Hotel, New Orleans, LA | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,262 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 51,406 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 69 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,262 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 51,475 | |||
Total | 55,737 | |||
Accumulated Depreciation | (1,952) | |||
AC Hotel, Miami, FL | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 8,496 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 46,839 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 31 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 8,496 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 46,870 | |||
Total | 55,366 | |||
Accumulated Depreciation | (1,207) | |||
Element, Miami, FL | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,882 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 32,427 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 2 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,882 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 32,429 | |||
Total | 38,311 | |||
Accumulated Depreciation | (850) | |||
Parking Garage, Miami, FL | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,473 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 1,473 | |||
Total | 1,473 | |||
Accumulated Depreciation | (78) | |||
Onera Escapes, Fredericksburg, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,251 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 5,209 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 42 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,251 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 5,251 | |||
Total | 6,502 | |||
Accumulated Depreciation | (54) | |||
Parking Garage, Frisco, TX | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,470 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 6,563 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 10 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,470 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 6,573 | |||
Total | 9,043 | |||
Accumulated Depreciation | (179) | |||
Land Parcels | ||||
Real estate and accumulated depreciation | ||||
Mortgage Debt/ Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,645 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 0 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | (2,995) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,650 | |||
Buildings, Improvements and Furniture, Fixtures and Equipment | 0 | |||
Total | 1,650 | |||
Accumulated Depreciation | $ 0 |
SCHEDULE III - REAL ESTATE AN_3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Land, Buildings and Improvements, and Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
ASSET BASIS | |||
Balance at beginning of period as adjusted | $ 2,638,549 | $ 2,570,768 | $ 2,553,428 |
Additions to land, buildings and improvements | 989,046 | 80,496 | 19,918 |
Disposition of land, buildings and improvements | (68,991) | (12,715) | (2,578) |
Impairment loss | (10,420) | 0 | 0 |
Balance at end of period | 3,548,184 | 2,638,549 | 2,570,768 |
ACCUMULATED DEPRECIATION | |||
Balance at beginning of period | 583,080 | 490,326 | 383,763 |
Depreciation | 145,491 | 105,462 | 109,159 |
Depreciation on assets sold or disposed | (11,925) | (12,708) | (2,596) |
Balance at end of period | 716,646 | $ 583,080 | $ 490,326 |
Aggregate cost of land, buildings, furniture and equipment for federal income tax purposes | $ 3,336,000 | ||
Lodging buildings and improvements | Minimum | |||
ACCUMULATED DEPRECIATION | |||
Useful life (in years) | 2 years | ||
Furniture and equipment | Maximum | |||
ACCUMULATED DEPRECIATION | |||
Useful life (in years) | 40 years |