Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 01, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Apple REIT Ten, Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 90,611,755 | ||
Entity Public Float | $0 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1498864 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Investment in real estate, net of accumulated depreciation of $72,106 and $43,076, respectively | $839,032 | $764,579 |
Energy investment | 0 | 100,340 |
Cash and cash equivalents | 46,341 | 0 |
Restricted cash-furniture, fixtures and other escrows | 11,920 | 10,843 |
Due from third party managers, net | 5,565 | 4,327 |
Other assets, net | 6,178 | 9,865 |
Total Assets | 909,036 | 889,954 |
Liabilities | ||
Credit facility | 0 | 74,039 |
Mortgage debt | 119,708 | 122,501 |
Accounts payable and other liabilities | 12,162 | 10,642 |
Total Liabilities | 131,870 | 207,182 |
Shareholders' Equity | ||
Preferred stock, value issued | 0 | 0 |
Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 91,037,588 and 78,868,484 shares, respectively | 891,801 | 772,388 |
Distributions greater than net income | -114,683 | -89,664 |
Total Shareholders' Equity | 777,166 | 682,772 |
Total Liabilities and Shareholders' Equity | 909,036 | 889,954 |
Series A Preferred Stock [Member] | ||
Shareholders' Equity | ||
Preferred stock, value issued | 0 | 0 |
Series B Convertible Preferred Stock [Member] | ||
Shareholders' Equity | ||
Preferred stock, value issued | $48 | $48 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Real estate accumulated depreciation (in Dollars) | $72,106 | $43,076 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 91,037,588 | 78,868,484 |
Common stock, shares outstanding | 91,037,588 | 78,868,484 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 400,000,000 | 400,000,000 |
Preferred stock, shares issued | 91,037,588 | 78,868,484 |
Preferred stock, shares outstanding | 91,037,588 | 78,868,484 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 480,000 | 480,000 |
Preferred stock, shares issued | 480,000 | 480,000 |
Preferred stock, shares outstanding | 480,000 | 480,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Room | $202,036 | $144,123 | $106,759 |
Other | 17,518 | 14,793 | 10,907 |
Total revenue | 219,554 | 158,916 | 117,666 |
Expenses: | |||
Operating | 55,287 | 40,413 | 29,442 |
Hotel administrative | 17,399 | 12,583 | 9,330 |
Sales and marketing | 18,589 | 14,047 | 10,463 |
Utilities | 8,066 | 5,698 | 4,402 |
Repair and maintenance | 8,278 | 5,908 | 3,972 |
Franchise fees | 9,792 | 6,708 | 4,692 |
Management fees | 6,950 | 5,007 | 3,647 |
Property taxes, insurance and other | 13,145 | 10,779 | 8,067 |
General and administrative | 6,403 | 5,057 | 4,408 |
Acquisition related costs | 2,018 | 6,960 | 1,582 |
Depreciation | 29,030 | 21,272 | 15,795 |
Total expenses | 174,957 | 134,432 | 95,800 |
Operating income | 44,597 | 24,484 | 21,866 |
Investment income | 11,863 | 7,999 | 247 |
Interest expense | -8,177 | -5,682 | -4,729 |
Income before income taxes | 48,283 | 26,801 | 17,384 |
Income tax expense | -2,288 | -463 | -305 |
Net income | $45,995 | $26,338 | $17,079 |
Basic and diluted net income per common share (in Dollars per share) | $0.53 | $0.37 | $0.31 |
Weighted average common shares outstanding - basic and diluted (in Shares) | 86,242 | 72,047 | 54,888 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Common Stock [Member] | Series B Convertible Preferred Stock [Member] | Accumulated Distributions in Excess of Net Income [Member] | Total |
In Thousands | ||||
Balance at Dec. 31, 2011 | $424,626 | $48 | ($28,759) | $395,915 |
Balance (in Shares) at Dec. 31, 2011 | 43,502 | 480 | ||
Net proceeds from the issuance of common shares | 226,607 | 0 | 0 | 226,607 |
Net proceeds from the issuance of common shares (in Shares) | 22,965 | 0 | ||
Common shares redeemed | -15,042 | 0 | 0 | -15,042 |
Common shares redeemed (in Shares) | -1,483 | 0 | ||
Net income | 0 | 0 | 17,079 | 17,079 |
Cash distributions declared and paid to shareholders | 0 | 0 | -45,034 | -45,034 |
Balance at Dec. 31, 2012 | 636,191 | 48 | -56,714 | 579,525 |
Balance (in Shares) at Dec. 31, 2012 | 64,984 | 480 | ||
Net proceeds from the issuance of common shares | 157,007 | 0 | 0 | 157,007 |
Net proceeds from the issuance of common shares (in Shares) | 15,923 | 0 | ||
Common shares redeemed | -20,810 | 0 | 0 | -20,810 |
Common shares redeemed (in Shares) | -2,039 | 0 | ||
Net income | 0 | 0 | 26,338 | 26,338 |
Cash distributions declared and paid to shareholders | 0 | 0 | -59,288 | -59,288 |
Balance at Dec. 31, 2013 | 772,388 | 48 | -89,664 | 682,772 |
Balance (in Shares) at Dec. 31, 2013 | 78,868 | 480 | ||
Net proceeds from the issuance of common shares | 134,960 | 0 | 0 | 134,960 |
Net proceeds from the issuance of common shares (in Shares) | 13,685 | 0 | ||
Common shares redeemed | -15,547 | 0 | 0 | -15,547 |
Common shares redeemed (in Shares) | -1,515 | 0 | ||
Net income | 0 | 0 | 45,995 | 45,995 |
Cash distributions declared and paid to shareholders | 0 | 0 | -71,014 | -71,014 |
Balance at Dec. 31, 2014 | $891,801 | $48 | ($114,683) | $777,166 |
Balance (in Shares) at Dec. 31, 2014 | 91,038 | 480 |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash distributions paid to shareholders | $0.83 | $0.83 | $0.83 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $45,995 | $26,338 | $17,079 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation | 29,030 | 21,272 | 15,795 |
Other non-cash expenses, net | 417 | 241 | 171 |
Changes in operating assets and liabilities: | |||
Increase in due from third party managers, net | -976 | -1,939 | -1,179 |
Decrease (increase) in other assets, net | 395 | -725 | 556 |
Increase in accounts payable and other liabilities | 149 | 2,275 | 711 |
Net cash provided by operating activities | 75,010 | 47,462 | 33,133 |
Cash flows from investing activities: | |||
Redemption of (cash paid for) energy investment | 100,000 | -100,000 | 0 |
Cash paid for the acquisition of hotel properties | -79,177 | -232,400 | -50,937 |
Deposits and other disbursements for potential acquisitions | -602 | -3,591 | -22 |
Capital improvements | -19,555 | -8,527 | -8,161 |
Decrease (increase) in capital improvement reserves | -1,163 | 3,911 | 514 |
Investment in other assets | 0 | -1,450 | 0 |
Net cash used in investing activities | -497 | -342,057 | -58,606 |
Cash flows from financing activities: | |||
Net proceeds related to issuance of Units | 134,818 | 156,957 | 226,555 |
Redemptions of Units | -15,547 | -20,810 | -15,042 |
Distributions paid to common shareholders | -71,014 | -59,288 | -45,034 |
Net proceeds from (payments on) credit facility | -74,039 | 74,039 | 0 |
Payments of mortgage debt | -2,137 | -1,585 | -1,423 |
Financing costs | -253 | -1,248 | -132 |
Net cash provided by (used in) financing activities | -28,172 | 148,065 | 164,924 |
Increase (decrease) in cash and cash equivalents | 46,341 | -146,530 | 139,451 |
Cash and cash equivalents, beginning of period | 0 | 146,530 | 7,079 |
Cash and cash equivalents, end of period | 46,341 | 0 | 146,530 |
Supplemental cash flow information: | |||
Interest paid | 8,778 | 5,514 | 4,884 |
Income taxes paid | 3,666 | 352 | 274 |
Supplemental disclosure of non-cash transactions: | |||
Notes payable assumed in acquisitions | 0 | 38,723 | 13,067 |
Other assets assumed in acquisitions | 242 | 123 | 20 |
Other liabilities assumed in acquisitions | $46 | $5,234 | $137 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1 |
Organization and Summary of Significant Accounting Policies | |
Organization | |
Apple REIT Ten, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011 when it purchased its first hotel. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of December 31, 2014, the Company owned 51 hotels located in 17 states with an aggregate of 6,468 rooms. All information related to the number of rooms included in these notes to the consolidated financial statements and Schedule III – Real Estate and Accumulated Depreciation listed in the Index at Item 15(2) has not been audited. | |
The Company has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The REIT Modernization Act, effective January 1, 2001, permits real estate investment trusts to establish taxable businesses to conduct certain previously disallowed business activities. The Company has a wholly-owned taxable REIT subsidiary (or subsidiary thereof) (collectively, the “Lessee”), which leases all of the Company’s hotels. | |
Cash and Cash Equivalents | |
Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The fair market value of cash and cash equivalents approximates their carrying value. Cash balances may at times exceed federal depository insurance limits. | |
Restricted Cash | |
Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. The fair market value of restricted cash approximates its carrying value. | |
Investment in Real Estate and Related Depreciation | |
Real estate is stated at cost, net of depreciation. Repair and maintenance costs are expensed as incurred while significant improvements, renovations, and replacements are capitalized. Depreciation is computed using the straight-line method over estimated useful lives of the assets, which are 39 years for buildings, 10 to 21 years for franchise fees, ten years for major improvements and three to seven years for furniture and equipment. | |
The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended. | |
Upon acquisition of real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, buildings and improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities, including in-place leases, and assumed debt based on evaluation of information and estimates available at that date. Fair values for these assets are not directly observable and estimates are based on comparables and other information which is subjective in nature. Generally, the Company does not acquire hotel properties that have significant in-place leases as lease terms for hotel properties are very short term in nature other than the leases discussed in Note 2. The Company has not assigned any intangible value to management contracts and franchise agreements as such contracts | |
are generally at current market rates based on the remaining terms of the contracts, and any other value attributable to these contracts is not considered material. The Company has expensed as incurred all transaction costs associated with the acquisitions of existing businesses, including title, legal, accounting and other related costs, as well as the brokerage commission paid to Apple Suites Realty Group, Inc. (“ASRG”), a related party 100% owned by Glade M. Knight, the Chairman and Chief Executive Officer of the Company. | |
The Company records impairment losses on hotel properties used in operations if indicators of impairment are present, and the sum of the undiscounted cash flows estimated to be generated by the respective properties over their estimated remaining useful life, based on historical and industry data, is less than the properties’ carrying amount. Indicators of impairment include a property with current or potential losses from operations, when it becomes more likely than not that a property will be sold before the end of its previously estimated useful life or when events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and an asset’s carrying value may not be recoverable. The Company monitors its properties on an ongoing basis by analytically reviewing financial performance and considers each property individually for purposes of reviewing for indicators of impairment. As many indicators of impairment are subjective, such as general economic and market declines, the Company also prepares an annual recoverability analysis for each of its properties to assist with its evaluation of impairment indicators. The analysis compares each property’s net book value to each property’s estimated operating income using current operating results for each stabilized property and projected stabilized operating results based on the property’s market for properties that recently opened, were recently renovated or experienced other short-term business disruption. Since the Company’s planned initial hold period for each property is 39 years the Company’s ongoing analysis and annual recoverability analysis have not identified any impairment losses and no impairment losses have been recorded to date. If events or circumstances change such as the Company’s intended hold period for a property or if the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable and an impairment loss will be recorded. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. | |
Revenue Recognition | |
Hotel revenue is recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel’s services. | |
Offering Costs | |
On July 31, 2014, the Company concluded its best-efforts offering of Units by David Lerner Associates, Inc., the managing underwriter, which received a selling commission and a marketing expense allowance based on proceeds of the Units sold. Additionally, the Company incurred other offering costs including legal, accounting and reporting services. These offering costs were recorded by the Company as a reduction of shareholders’ equity. As of the conclusion of the offering, the Company had sold 96.1 million Units for gross proceeds of approximately $1.1 billion and proceeds net of offering costs of approximately $943.0 million. Offering costs included approximately $105.2 million in selling commissions and marketing expenses and approximately $3.9 million in other offering costs. | |
Comprehensive Income | |
The Company recorded no comprehensive income other than net income for the periods reported. | |
Earnings Per Common Share | |
Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the year. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the year. There were no potential common shares with a dilutive effect for the years ended December 31, 2014, 2013 and 2012. As a result, basic and dilutive earnings per common share were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares. | |
Income Taxes | |
The Company is operated as, and has elected to be taxed as, a REIT under Sections 856 to 860 of the Internal Revenue Code. Earnings and profits, which will determine the taxability of distributions to shareholders, will differ from income reported for financial reporting purposes primarily due to the differences for federal income tax purposes in the carrying value (basis) of the investment in properties and estimated useful lives used to compute depreciation and acquisition related costs. Total distributions in 2014 of $0.825 per share for tax purposes were 73% ordinary income and | |
27% return of capital. The characterization of 2013 distributions of $0.825 per share for tax purposes was 55% ordinary income and 45% return of capital. The characterization of 2012 distributions of $0.825 per share for tax purposes was 49% ordinary income and 51% return of capital. | |
To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition, the Company’s Lessee, which leases the Company’s hotels and previously owned the Company’s energy investment prior to its redemption in November 2014, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. | |
The taxable REIT subsidiary had taxable income for the years ended December 31, 2014 and 2013 and incurred a loss for the year ended December 31, 2012. Taxable income for the year ended December 31, 2014 was in excess of its net operating loss carry forwards and resulted in estimated federal and state taxes of approximately $2.0 million, or approximately 41% of the excess taxable income. Taxable income for the year ended December 31, 2013 was offset by net operating losses carried forward from prior years. Prior to 2014, the Lessee had net operating loss carry forwards to offset taxable income, which as of December 31, 2013 and 2012 totaled $1.7 million and $5.4 million, respectively. No operating loss benefit (a valuation allowance for the entire deferred asset) was recorded in the consolidated balance sheet as of December 31, 2013 and 2012 since realization was uncertain due to the taxable REIT subsidiary’s history of operating losses. There are no material differences between the book and tax cost basis of the Company’s assets and liabilities, except for acquisition related costs which are capitalized for tax purposes. In addition to the federal and state tax expense of the Lessee as described above, the Company’s income tax expense as shown in the consolidated statements of operations also includes franchise and income taxes at the state jurisdiction level for the REIT, which do not have any associated material deferred taxes. As of December 31, 2014 the tax years that remain subject to examination by major tax jurisdictions generally include 2011-2014. | |
Sales and Marketing Costs | |
Sales and marketing costs are expensed when incurred. These costs represent the expense for franchise advertising and reservation systems under the terms of the hotel management and franchise agreements and general and administrative expenses that are directly attributable to advertising and promotion. | |
Use of Estimates | |
The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Reclassifications | |
Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation with no effect on previously reported net income, shareholders’ equity or cash flows. | |
Recent Accounting Standard | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. Early adoption is not permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. | |
Investment_in_Real_Estate
Investment in Real Estate | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||
Real Estate Disclosure [Text Block] | Note 2 | ||||||||||||||||
Investment in Real Estate | |||||||||||||||||
The Company’s investment in real estate consisted of the following (in thousands): | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Land | $ | 77,943 | $ | 71,088 | |||||||||||||
Building and Improvements | 762,134 | 682,414 | |||||||||||||||
Furniture, Fixtures and Equipment | 67,529 | 50,778 | |||||||||||||||
Franchise Fees | 3,532 | 3,375 | |||||||||||||||
911,138 | 807,655 | ||||||||||||||||
Less Accumulated Depreciation | (72,106 | ) | (43,076 | ) | |||||||||||||
Investment in Real Estate, net | $ | 839,032 | $ | 764,579 | |||||||||||||
As of December 31, 2014, the Company owned 51 hotels with an aggregate of 6,468 rooms, located in 17 states. The table below shows the number of hotels and rooms by brand. | |||||||||||||||||
Number of Hotels and Guest Rooms by Brand | |||||||||||||||||
Number of | Number of | ||||||||||||||||
Brand | Hotels | Rooms | |||||||||||||||
Hilton Garden Inn | 11 | 1,719 | |||||||||||||||
Homewood Suites | 10 | 1,100 | |||||||||||||||
Hampton Inn & Suites | 9 | 1,089 | |||||||||||||||
Courtyard | 5 | 643 | |||||||||||||||
TownePlace Suites | 4 | 387 | |||||||||||||||
Residence Inn | 3 | 400 | |||||||||||||||
Fairfield Inn & Suites | 3 | 310 | |||||||||||||||
Home2 Suites | 3 | 304 | |||||||||||||||
SpringHill Suites | 2 | 206 | |||||||||||||||
Marriott | 1 | 310 | |||||||||||||||
51 | 6,468 | ||||||||||||||||
The following table summarizes the location, brand, manager, date acquired, number of rooms and gross purchase price for each of the 51 hotels the Company owned as of December 31, 2014. All dollar amounts are in thousands. | |||||||||||||||||
City | State | Brand | Manager | Date Acquired | Rooms | Gross Purchase Price | |||||||||||
Denver | CO | Hilton Garden Inn | Stonebridge | 3/4/11 | 221 | $ | 58,500 | ||||||||||
Winston-Salem | NC | Hampton Inn & Suites | McKibbon | 3/15/11 | 94 | 11,000 | |||||||||||
Charlotte | NC | Fairfield Inn & Suites | Newport | 3/25/11 | 94 | 10,000 | |||||||||||
Columbia | SC | TownePlace Suites | Newport | 3/25/11 | 91 | 10,500 | |||||||||||
Mobile | AL | Hampton Inn & Suites | McKibbon | 6/2/11 | 101 | 13,000 | |||||||||||
Gainesville | FL | Hilton Garden Inn | McKibbon | 6/2/11 | 104 | 12,500 | |||||||||||
Pensacola | FL | TownePlace Suites | McKibbon | 6/2/11 | 97 | 11,500 | |||||||||||
Knoxville | TN | SpringHill Suites | McKibbon | 6/2/11 | 103 | 14,500 | |||||||||||
Richmond | VA | SpringHill Suites | McKibbon | 6/2/11 | 103 | 11,000 | |||||||||||
Cedar Rapids | IA | Hampton Inn & Suites | Schulte | 6/8/11 | 103 | 13,000 | |||||||||||
Cedar Rapids | IA | Homewood Suites | Schulte | 6/8/11 | 95 | 13,000 | |||||||||||
Hoffman Estates | IL | Hilton Garden Inn | Schulte | 6/10/11 | 184 | 10,000 | |||||||||||
Davenport | IA | Hampton Inn & Suites | Schulte | 7/19/11 | 103 | 13,000 | |||||||||||
Knoxville | TN | Homewood Suites | McKibbon | 7/19/11 | 103 | 15,000 | |||||||||||
Knoxville | TN | TownePlace Suites | McKibbon | 8/9/11 | 98 | 9,000 | |||||||||||
Mason | OH | Hilton Garden Inn | Schulte | 9/1/11 | 110 | 14,825 | |||||||||||
Omaha | NE | Hilton Garden Inn | White Lodging | 9/1/11 | 178 | 30,018 | |||||||||||
Des Plaines | IL | Hilton Garden Inn | Raymond | 9/20/11 | 252 | 38,000 | |||||||||||
Merillville | IN | Hilton Garden Inn | Schulte | 9/30/11 | 124 | 14,825 | |||||||||||
Austin/Round Rock | TX | Homewood Suites | Vista Host | 10/3/11 | 115 | 15,500 | |||||||||||
Scottsdale | AZ | Hilton Garden Inn | White Lodging | 10/3/11 | 122 | 16,300 | |||||||||||
South Bend | IN | Fairfield Inn & Suites | White Lodging | 11/1/11 | 119 | 17,500 | |||||||||||
Charleston | SC | Home2 Suites | LBA | 11/10/11 | 122 | 13,908 | |||||||||||
Oceanside | CA | Courtyard | Marriott | 11/28/11 | 142 | 30,500 | |||||||||||
Skokie | IL | Hampton Inn & Suites | Raymond | 12/19/11 | 225 | 32,000 | |||||||||||
Tallahassee | FL | Fairfield Inn & Suites | LBA | 12/30/11 | 97 | 9,355 | |||||||||||
Gainesville | FL | Homewood Suites | McKibbon | 1/27/12 | 103 | 14,550 | |||||||||||
Nashville | TN | TownePlace Suites | LBA | 1/31/12 | 101 | 9,848 | |||||||||||
Jacksonville | NC | Home2 Suites | LBA | 5/4/12 | 105 | 12,000 | |||||||||||
Boca Raton | FL | Hilton Garden Inn | White Lodging | 7/16/12 | 149 | 10,900 | |||||||||||
Houston | TX | Courtyard | LBA | 7/17/12 | 124 | 14,632 | |||||||||||
Huntsville | AL | Hampton Inn & Suites | LBA | 3/14/13 | 98 | 11,466 | |||||||||||
Huntsville | AL | Home2 Suites | LBA | 3/14/13 | 77 | 9,009 | |||||||||||
Fairfax | VA | Marriott | White Lodging | 3/15/13 | 310 | 34,000 | |||||||||||
Houston | TX | Residence Inn | Western | 6/7/13 | 120 | 18,000 | |||||||||||
Denton | TX | Homewood Suites | Chartwell | 7/26/13 | 107 | 11,300 | |||||||||||
Maple Grove | MN | Hilton Garden Inn | North Central | 7/26/13 | 120 | 12,675 | |||||||||||
Oklahoma City | OK | Homewood Suites | Chartwell | 7/26/13 | 90 | 11,500 | |||||||||||
Omaha | NE | Hampton Inn & Suites | North Central | 7/26/13 | 139 | 19,775 | |||||||||||
Omaha | NE | Homewood Suites | North Central | 7/26/13 | 123 | 17,625 | |||||||||||
Phoenix | AZ | Courtyard | North Central | 7/26/13 | 127 | 10,800 | |||||||||||
Phoenix | AZ | Hampton Inn & Suites | North Central | 7/26/13 | 125 | 8,600 | |||||||||||
Phoenix | AZ | Homewood Suites | North Central | 7/26/13 | 134 | 12,025 | |||||||||||
Colorado Springs | CO | Hampton Inn & Suites | Chartwell | 11/8/13 | 101 | 11,500 | |||||||||||
Franklin | TN | Courtyard | Chartwell | 11/8/13 | 126 | 25,500 | |||||||||||
Franklin | TN | Residence Inn | Chartwell | 11/8/13 | 124 | 25,500 | |||||||||||
Dallas | TX | Homewood Suites | Western | 12/5/13 | 130 | 25,350 | |||||||||||
Oklahoma City | OK | Hilton Garden Inn | Raymond | 1/31/14 | 155 | 27,353 | |||||||||||
Oklahoma City | OK | Homewood Suites | Raymond | 1/31/14 | 100 | 17,647 | |||||||||||
Fort Lauderdale | FL | Residence Inn | LBA | 10/24/14 | 156 | 23,088 | |||||||||||
Shenandoah | TX | Courtyard | LBA | 11/6/14 | 124 | 15,872 | |||||||||||
Total | 6,468 | $ | 868,746 | ||||||||||||||
Of the Company’s 51 hotels owned at December 31, 2014, 26 were acquired in 2011, five were acquired in 2012, 16 were acquired in 2013 and four were acquired in 2014. For the four hotels acquired during 2014, the amount of revenue and operating income (excluding acquisition related costs totaling $2.0 million) included in the Company’s consolidated income statement from the acquisition date to the period ending December 31, 2014 was approximately $10.6 million and $2.1 million, respectively. For the 16 hotels acquired during 2013, the amount of revenue and operating income (excluding acquisition related costs totaling $6.8 million) included in the Company’s consolidated income statement from the acquisition date to the period ending December 31, 2013 was approximately $27.9 million and $4.4 million, respectively. For the five hotels acquired during 2012, the amount of revenue and operating income (excluding acquisition related costs totaling $1.5 million) included in the Company’s consolidated income statement from the acquisition date to the period ending December 31, 2012 was approximately $9.7 million and $2.2 million, respectively. | |||||||||||||||||
The purchase price for the properties acquired through December 31, 2014, net of debt assumed, was funded primarily by the Company’s best-efforts offering of Units and borrowings under its unsecured revolving credit facility. The Company assumed approximately $121.2 million of debt secured by nine of its hotel properties. The Company also primarily used the proceeds of its best-efforts offering and borrowings under its unsecured revolving credit facility to pay approximately $21.8 million in acquisition related costs, including $17.4 million, representing 2% of the gross purchase price for these hotels, as a brokerage commission to ASRG, 100% owned by Glade M. Knight, the Company’s Chairman and Chief Executive Officer and approximately $4.4 million in other acquisition related costs, including title, legal and other related costs. These costs totaled $2.0 million, $7.0 million and $1.6 million for the years ended December 31, 2014, 2013 and 2012, and are included in acquisition related costs in the Company’s consolidated statements of operations. | |||||||||||||||||
In connection with the acquisition of three hotels (Mobile, Alabama Hampton Inn & Suites hotel acquired in June 2011 and Phoenix, Arizona Hampton Inn & Suites and Homewood Suites hotels acquired in July 2013), the Company assumed three land leases which were valued at below market rates and as a result, the Company recorded in-place favorable lease intangibles totaling $2.2 million, which are included in other assets, net in the Company’s consolidated balance sheets. The lease intangibles are being amortized over the remaining term of the respective leases and the unamortized balance totaled $2.0 million and $2.1 million as of December 31, 2014 and 2013. | |||||||||||||||||
No goodwill was recorded in connection with any of the acquisitions. | |||||||||||||||||
Energy_Investment
Energy Investment | 12 Months Ended |
Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3 |
Energy Investment | |
On June 7, 2013, the Company became the preferred member (the “Preferred Interest”) of Cripple Creek Energy, LLC (“CCE”) pursuant to the Limited Liability Company Agreement of CCE, dated June 6, 2013, between Eastern Colorado Holdings, LLC, as common member (“Common Member”) and Apple Ten Ventures Services, Inc., an indirect wholly-owned taxable subsidiary of the Company. CCE was a newly formed entity that was formed solely for the purpose of acquiring, owning, managing, operating, developing, drilling and disposing of oil and gas leasehold acreage and producing and selling oil, gas and other minerals. The purchase price of the Preferred Interest was $100 million, of which $80 million was funded on June 7, 2013 and the remaining $20 million was funded on July 2, 2013. At the time of purchase, the purchase price approximated fair value. The terms of the Preferred Interest included a distribution to be paid monthly at an annual return of 10% of the Company’s “Energy Investment”, which included the funded purchase price plus any unpaid deferred distributions, and a deferred distribution at an annual return of 4% of the Energy Investment to be paid at CCE’s option on each monthly distribution date or upon redemption of the Preferred Interest. Under the terms of the agreement, on November 6, 2014, CCE redeemed in full the Company’s $100 million preferred interest in CCE. The Company used a portion of the proceeds to repay the outstanding borrowings on the Company’s credit facility, with the remaining to be used for hotel acquisitions and other general corporate funding purposes, including capital expenditures, distributions and redemptions. | |
In accordance with the Accounting Standards Codification Topic on “Investments – Debt and Equity Securities,” the Company’s Energy Investment was classified as a held-to-maturity debt security and accounted for under the cost method. As of December 31, 2013, the carrying value of the Company’s Energy Investment was $100.3 million. For the years ended December 31, 2014 and 2013, total distributions earned on the Energy Investment were $11.8 million and $7.8 million, respectively, which are included in investment income in the Company’s consolidated statements of operations. | |
Credit_Facility_and_Notes_Paya
Credit Facility and Notes Payable | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||
Debt Disclosure [Text Block] | Note 4 | |||||||||||||||||||||||
Credit Facility and Notes Payable | ||||||||||||||||||||||||
Revolving Credit Facility | ||||||||||||||||||||||||
On July 26, 2013, the Company entered into an unsecured revolving credit facility with a commercial bank in an initial amount of $75 million. On October 3, 2013, the credit agreement was amended to increase the amount of the facility to $100 million and to allow for future increases in the amount of the facility up to $150 million, subject to certain conditions. The amount of the facility was increased to $150 million on January 30, 2014 and reduced back to | ||||||||||||||||||||||||
$100 million on August 14, 2014. The credit facility is utilized for acquisitions, hotel renovations, working capital and other general corporate funding purposes, including the funding of redemptions and the payment of distributions. Under the terms of the credit agreement, the Company may make voluntary prepayments in whole or in part, at any time. The credit facility matures in July 2015; however, the Company has the right, upon satisfaction of certain conditions, including covenant compliance and payment of an extension fee, to extend the maturity date to July 2016. Interest payments are due monthly and the interest rate, subject to certain exceptions, is equal to the one-month LIBOR (the London Inter-Bank Offered Rate for a one-month term) plus a margin ranging from 2.25% to 2.75%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. The Company is also required to pay an unused facility fee of 0.25% or 0.35% on the unused portion of the revolving credit facility, based on the amount of borrowings outstanding during each quarter. | ||||||||||||||||||||||||
There were no outstanding borrowings on the credit facility at December 31, 2014. As of December 31, 2013, the credit facility had an outstanding principal balance of $74.0 million and an annual interest rate of approximately 2.42%. | ||||||||||||||||||||||||
The credit facility contains customary affirmative covenants, negative covenants and events of default. In addition, the credit facility contains covenants restricting the level of certain investments and the following quarterly financial covenants (capitalized terms are defined in the credit agreement): | ||||||||||||||||||||||||
· | Minimum Net Worth shall not be less than $450 million; | |||||||||||||||||||||||
· | Total Indebtedness to Total Asset Value must not exceed 50%; | |||||||||||||||||||||||
· | Total Secured Indebtedness to Total Asset Value must not exceed 30%; | |||||||||||||||||||||||
· | Ratio of Adjusted Net Operating Income to Fixed Charges for the four trailing quarters must equal or exceed two; | |||||||||||||||||||||||
· | Ratio of Adjusted Net Operating Income attributable to Unencumbered Hotels to Implied Debt Service for the four trailing quarters must equal or exceed two; | |||||||||||||||||||||||
· | Distributions cannot exceed $0.825 per share per year; | |||||||||||||||||||||||
· | Additional Unsecured Indebtedness (other than this credit facility) shall not exceed $2.5 million; and | |||||||||||||||||||||||
· | Unencumbered Leverage Ratio must be less than 45%. | |||||||||||||||||||||||
The Company was in compliance with each of these covenants at December 31, 2014. | ||||||||||||||||||||||||
Mortgage Debt | ||||||||||||||||||||||||
In conjunction with the acquisition of nine hotel properties, the Company assumed approximately $121.2 million in debt secured by first mortgage notes on the applicable hotels. The loans provide for monthly payments of principal and interest on an amortized basis. The loans are generally subject to defeasance or prepayment penalties if prepaid. The following table summarizes the hotel properties securing each loan, the stated interest rate, loan assumption date, maturity date, the principal amount assumed and the outstanding balance prior to any fair value adjustments as of December 31, 2014 and 2013 for each of the Company’s mortgage debt obligations. All dollar amounts are in thousands. | ||||||||||||||||||||||||
Location | Brand | Interest Rate (1) | Assumption Date | Maturity Date | Principal Assumed | Outstanding balance as of December 31, 2014 | Outstanding balance as of December 31, 2013 | |||||||||||||||||
Knoxville, TN | Homewood Suites | 6.3 | % | 7/19/11 | 10/8/16 | $ | 11,499 | $ | 10,849 | $ | 11,055 | |||||||||||||
Knoxville, TN | TownePlace Suites | 5.45 | % | 8/9/11 | 12/11/15 | 7,392 | 6,616 | 6,859 | ||||||||||||||||
Des Plaines, IL | Hilton Garden Inn | 5.99 | % | 9/20/11 | 8/1/16 | 20,838 | 19,582 | 19,996 | ||||||||||||||||
Scottsdale, AZ | Hilton Garden Inn | 6.07 | % | 10/3/11 | 2/1/17 | 10,585 | 10,016 | 10,208 | ||||||||||||||||
Skokie, IL | Hampton Inn & Suites | 6.15 | % | 12/19/11 | 7/1/16 | 19,092 | 18,082 | 18,441 | ||||||||||||||||
Gainesville, FL | Homewood Suites | 5.89 | % | 1/27/12 | 5/8/17 | 13,067 | 12,453 | 12,676 | ||||||||||||||||
Colorado Springs, CO | Hampton Inn & Suites | 6.25 | % | 11/8/13 | 7/6/21 | 8,231 | 8,115 | 8,222 | ||||||||||||||||
Franklin, TN | Courtyard | 6.25 | % | 11/8/13 | 8/6/21 | 15,246 | 15,033 | 15,229 | -2 | |||||||||||||||
Franklin, TN | Residence Inn | 6.25 | % | 11/8/13 | 8/6/21 | 15,246 | 15,033 | 15,229 | -2 | |||||||||||||||
$ | 121,196 | $ | 115,779 | $ | 117,915 | |||||||||||||||||||
Unamortized fair value adjustment of assumed debt | 3,929 | 4,586 | ||||||||||||||||||||||
$ | 119,708 | $ | 122,501 | |||||||||||||||||||||
(1) These rates are the rates per the loan agreement. Upon assumption, the Company adjusted the interest rates on these loans to market rates and is amortizing the adjustments to interest expense over the life of the loan. | ||||||||||||||||||||||||
(2) One loan secured by two hotels. For presentation purposes, the principal assumed and outstanding balance were allocated equally to each hotel. | ||||||||||||||||||||||||
The aggregate amounts of principal payable under the Company’s debt obligations, for the five years subsequent to December 31, 2014 and thereafter are as follows (in thousands): | ||||||||||||||||||||||||
2015 | $ | 8,630 | ||||||||||||||||||||||
2016 | 48,496 | |||||||||||||||||||||||
2017 | 22,163 | |||||||||||||||||||||||
2018 | 641 | |||||||||||||||||||||||
2019 | 683 | |||||||||||||||||||||||
Thereafter | 35,166 | |||||||||||||||||||||||
115,779 | ||||||||||||||||||||||||
Unamortized fair value adjustment of assumed debt | 3,929 | |||||||||||||||||||||||
Total | $ | 119,708 | ||||||||||||||||||||||
A fair value adjustment was recorded upon the assumption of above (premium) or below (discount) market rate loans in connection with the Company’s hotel acquisitions. The effective interest rates on the applicable debt obligations assumed ranged from 4.44% to 6.50% at the date of assumption. The total fair value, net premium adjustment, is being amortized as a reduction to interest expense over the remaining term of the related indebtedness using a method approximating the effective interest rate method, and totaled $0.7 million, $0.2 million and $0.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. The unamortized balance of the fair value, net premium adjustment, was $3.9 million and $4.6 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
The Company has incurred loan origination costs related to the assumption of the mortgage obligations on purchased hotels and the origination of its credit facility. Such costs are amortized over the period to maturity of the applicable mortgage loan or credit facility, as an addition to interest expense. Amortization of such costs totaled $0.8 million, $0.3 million and $0.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The Company’s interest expense in 2014, 2013 and 2012 is net of interest capitalized in conjunction with hotel renovations totaling $0.6 million, $0.3 million and $0.3 million, respectively. | ||||||||||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 5 |
Fair Value of Financial Instruments | |
The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. As of December 31, 2014, the carrying value and estimated fair value of the Company’s debt was $119.7 million and $122.8 million. As of December 31, 2013, the carrying value and estimated fair value of the Company’s debt was $196.5 million and $198.1 million. The carrying value of the Company’s other financial instruments approximates fair value due to the short-term nature of these financial instruments. | |
Related_Parties
Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 6 |
Related Parties | |
The Company has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Company’s operations may be different if these transactions were conducted with non-related parties. The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (including the relationships discussed in this section) and are required to approve any significant modifications to existing relationships, as well as any new significant related party transactions. The Board of Directors is not required to approve each individual transaction that falls under the related party relationships. However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction. During the past two years, there have been changes to the Company’s contracts and its relationships with related parties as a result of the Apple REIT Seven, Inc. and Apple REIT Eight, Inc. mergers with and into Apple Hospitality REIT, Inc. and related transactions completed on March 1, 2014 and the completion of Apple REIT Six, Inc.’s merger with a third party in 2013, as discussed below. No other significant related party transactions occurred during these periods. | |
The term the “Apple REIT Entities” means the Company, Apple REIT Six, Inc. (“Apple Six”), Apple REIT Seven, Inc. (“Apple Seven”), Apple REIT Eight, Inc. (“Apple Eight”) and Apple Hospitality REIT, Inc., formerly known as Apple REIT Nine, Inc. (“Apple Hospitality”). The term the “Advisors” means Apple Six Advisors, Inc., Apple Seven Advisors, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc. (“A9A”), A10A, ASRG and Apple Six Realty Group, Inc. The | |
Advisors are wholly owned by Glade M. Knight, Chairman and Chief Executive Officer of the Company. Mr. Knight is also Executive Chairman, and formerly Chairman and Chief Executive Officer, of Apple Hospitality, and a partner and Chief Executive Officer of Energy 11 GP, LLC, which is the general partner of Energy 11, L.P. Prior to January 1, 2015, one additional member of the Company’s Board of Directors was also on the Board of Directors of Apple Hospitality. Effective January 1, 2015, Justin G. Knight, the Company’s President, was appointed to the Board of Directors of Apple Hospitality. | |
On May 14, 2013, Apple Six merged with and into an entity that is not affiliated with the Apple REIT Entities or the Advisors. Pursuant to the terms and conditions of the merger agreement, dated as of November 29, 2012, upon completion of the merger, the separate corporate existence of Apple Six ceased (the “A6 Merger”). Prior to the A6 Merger, Glade M. Knight was Chairman and Chief Executive Officer of Apple Six. | |
Effective March 1, 2014, Apple Seven and Apple Eight merged with and into Apple Hospitality. Pursuant to the terms and conditions of the merger agreement, dated as of August 7, 2013, as amended (the “Merger Agreement”), upon completion of the mergers, the separate corporate existence of Apple Seven and Apple Eight ceased (the “A7 and A8 mergers”). Prior to the A7 and A8 mergers, Glade M. Knight was Chairman and Chief Executive Officer of Apple Seven and Apple Eight and another member of the Company’s Board of Directors was also on the Board of Directors of Apple Seven and Apple Eight. As contemplated in the Merger Agreement, Apple Hospitality became self-advised and Apple Hospitality, Apple Seven and Apple Eight terminated their advisory agreements with their respective Advisors, and Apple Fund Management, LLC (“AFM”) became a wholly owned subsidiary of Apple Hospitality. Effective March 1, 2014, Apple Hospitality acquired all of the membership interests in AFM from A9A, and Apple Hospitality assumed all of the obligations of the predecessor owners of AFM and relieved the predecessor owners and the other advisory companies of any liability with respect to AFM. | |
Concurrently with the execution of the Merger Agreement, on August 7, 2013, Apple Hospitality entered into a subcontract agreement, as amended, (the “Subcontract Agreement”) with A10A. Pursuant to the Subcontract Agreement, A10A subcontracts its obligations under the advisory agreement between A10A and the Company (the “Advisory Agreement”) to Apple Hospitality. The Subcontract Agreement provides that, effective with the A7 and A8 mergers on March 1, 2014, Apple Hospitality provides to the Company the advisory services contemplated under the Advisory Agreement and Apple Hospitality receives the fees and expense reimbursements payable under the Advisory Agreement from the Company. The Company also signed the Subcontract Agreement to acknowledge the terms of the Subcontract Agreement. The Subcontract Agreement has no impact on the Company’s Advisory Agreement with A10A. | |
ASRG Agreement | |
The Company has a contract with ASRG to acquire and dispose of real estate assets for the Company. A fee of 2% of the gross purchase price or gross sale price in addition to certain reimbursable expenses is paid to ASRG for these services. As of December 31, 2014, payments to ASRG for fees under the terms of this contract have totaled approximately $17.4 million since inception. Of this amount, the Company incurred fees of $1.7 million, $5.3 million and $1.2 million for the years ended December 31, 2014, 2013 and 2012, which is included in acquisition related costs in the Company’s consolidated statements of operations. | |
A10A Agreement | |
Under the Advisory Agreement, A10A provides management services to the Company. As discussed above, effective with the A7 and A8 mergers on March 1, 2014, A10A subcontracts its obligations under this agreement to Apple Hospitality. Prior to March 1, 2014, A10A provided these management services through AFM, which prior to the A7 and A8 mergers was a wholly owned subsidiary of A9A and prior to the A6 Merger was a wholly owned subsidiary of Apple Six. An annual fee ranging from 0.1% to 0.25% of total equity proceeds received by the Company, in addition to certain reimbursable expenses as described below, are payable to A10A for these management services. | |
Total advisory fees incurred by the Company under the Advisory Agreement are included in general and administrative expenses and totaled approximately $1.4 million, $1.2 million and $0.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. Of this amount, $1.2 million was paid to Apple Hospitality in 2014, pursuant to the Subcontract Agreement. The increase in 2014 and 2013 was primarily due to the Company reaching the next fee tier under the Advisory Agreement due to improved results of operations for the Company during those periods and the increase in funds raised through the Company’s best-efforts offering. At December 31, 2013, $0.4 million of the 2013 advisory fee had not been paid and was included in accounts payable and other liabilities in the Company’s consolidated balance sheet. This amount was paid during the first quarter of 2014. No amounts were outstanding at December 31, 2014. | |
Apple REIT Entities and Advisors Cost Sharing Structure | |
In addition to the fees payable to ASRG and A10A, the Company reimbursed to ASRG or A10A, or paid directly to AFM or Apple Hospitality on behalf of ASRG or A10A, approximately $3.2 million, $2.1 million and $1.7 million for the years ended December 31, 2014, 2013 and 2012. The costs are included in general and administrative expenses and are for the Company’s allocated share of the staffing and related costs provided by AFM and Apple Hospitality through their relationships with ASRG and A10A. | |
From and after the A7 and A8 mergers, Apple Hospitality provides support services through AFM to Apple Ten, A10A and ASRG, and each company has agreed to reimburse Apple Hospitality for its share of services provided by Apple Hospitality. Under this cost sharing structure, amounts allocated to the companies include both compensation for personnel and office related costs (including office rent, utilities, office supplies, etc.) used by each company. The allocation of costs is made by management of the companies and is reviewed at least annually by the Compensation Committees of each company. In making the allocation, management of each of the entities and their Compensation Committee consider all relevant facts related to each company’s level of business activity and the extent to which each company requires the services of particular personnel of AFM. Such payments are based on the actual costs of the services and are not based on formal record keeping regarding the time these personnel devote to the company, but are based on a good faith estimate by the employee and/or his or her supervisor of the time devoted by the employee to the company. Although there is a potential conflict on time allocation of employees due to the fact that a senior manager, officer or staff member will provide services to more than one company, the Company believes that the executives and staff compensation sharing arrangement described above allows the companies to share costs yet attract and retain superior executives and staff. The cost sharing structure also allows each entity to maintain a much more cost effective structure than having separate staffing arrangements. | |
As part of the cost sharing arrangements, the day-to-day transactions may result in amounts due to or from Apple Hospitality. To efficiently manage cash disbursements, the Company, Apple Hospitality, A10A or ASRG may make payments for any or all of the related companies. Under the cash management process, each of the companies may advance or defer up to $1 million at any time. Each month, any outstanding amounts are settled among the affected companies. This process allows each Company to minimize its cash on hand, which, in turn, reduces the cost of each companies’ credit facilities. This process is not significant to any of the companies. | |
Prior to the completion of the A7 and A8 mergers, AFM was an affiliate of each of the Advisors, and each of the Advisors provided management services through the use of AFM to, respectively, the Company, Apple Six (prior to the A6 Merger), Apple Seven, Apple Eight and Apple Hospitality. Upon completion of the A6 Merger, Apple Six and its advisors, Apple Six Advisors, Inc. and Apple Six Realty Group, Inc. (collectively “A6 Advisors”), no longer participated in the cost sharing arrangement, thereby increasing the remaining companies’ share of the allocated costs. Prior to the A7 and A8 mergers, all of the office related costs and costs of AFM were allocated among the Apple REIT Entities and the Advisors, excluding Apple Six and A6 Advisors after the A6 Merger, under the same cost sharing structure as described above. Since, prior to the A7 and A8 mergers, the employees of AFM performed services for the Apple REIT Entities and Advisors at the direction of the Advisors, individuals, including executive officers, received a portion of their compensation at the direction of the Advisors and received consideration directly from the Advisors. | |
Also, in connection with the A6 Merger, on May 13, 2013, Apple Hospitality acquired from Apple Six the Apple REIT Entities’ and Advisors’ headquarters in Richmond, Virginia (“Headquarters”) and assumed the Fort Worth, Texas office lease agreement. Prior to the A6 Merger, amounts reimbursed to AFM included both compensation for personnel and any office related costs associated with the Headquarters and office lease used by the companies. Prior to completion of the A7 and A8 mergers, beginning on May 14, 2013, office related costs were allocated among the Apple REIT Entities and Advisors, excluding Apple Six and A6 Advisors after the A6 Merger. After the A7 and A8 mergers, these office related costs are allocated among Apple Hospitality, the Company, A10A and ASRG, which have agreed to reimburse Apple Hospitality for its share of these costs. | |
The Company incurs professional fees such as accounting, auditing, legal and reporting, which are included in general and administrative expense in the Company’s consolidated statements of operations. To be cost effective, these services received by the Company have been shared as applicable by the Company and the other Apple REIT Entities. The professionals cannot always specifically identify their fees for one company; therefore management allocates these costs across the companies that benefit from the services, which following the completion of the A6 merger and the A7 and A8 mergers, include only the Company and Apple Hospitality. In addition, the Company and the other Apple REIT Entities have incurred legal fees associated with the Legal Proceedings discussed in Note 13. The total costs for these legal matters for all of the Apple REIT Entities (excluding Apple Six after the A6 Merger) were approximately $0.8 million, $2.9 million and $7.3 million for the years ended December 31, 2014, 2013 and 2012, of which approximately $0.05 million, $0.3 million and $0.7 million was allocated to the Company. | |
Apple Air Holding, LLC (“Apple Air”) Membership Interest | |
Included in other assets, net on the Company’s consolidated balance sheet as of December 31, 2014 and 2013 is a 26% equity investment in Apple Air. As of December 31, 2014, the other member of Apple Air was Apple Hospitality, which owned a 74% interest. Prior to the A7 and A8 mergers, the other members were Apple Seven, Apple Eight and Apple Hospitality. In connection with the A6 Merger, on May 13, 2013, the Company acquired its membership interest in Apple Air from Apple Six for approximately $1.45 million, which approximated fair market value at the time of acquisition based on third party market comparisons. The membership interest includes all rights and obligations previously held by Apple Six under Apple Air’s operating agreement. Also as part of the purchase, the Company agreed to indemnify the buyer of Apple Six for any liabilities related to the membership interest. The Company’s equity investment was approximately $0.9 million and $1.2 million as of December 31, 2014 and 2013. The Company has recorded its share of income and losses of the entity under the equity method of accounting and adjusted its investment in Apple Air accordingly. For the year ended December 31, 2014 and 2013, the Company recorded a loss of approximately $0.3 million and $0.2 million as its share of the net loss of Apple Air, which primarily relates to the depreciation of the aircraft, and is included in general and administrative expense in the Company’s consolidated statements of operations. Through its equity investment, the Company has access to Apple Air’s aircraft for acquisition, asset management and renovation purposes. Additionally, prior to May 13, 2013, the Company, on occasion, used the Learjet owned by Apple Air for acquisition, asset management and renovation purposes. Total costs paid for the usage of the aircraft for the years ended December 31, 2014, 2013 and 2012 were $0.2 million each year. | |
Energy Investment | |
The Company’s Preferred Interest investment in CCE, which was redeemed in full in November 2014, was identified by an unaffiliated entity in which one of the Company’s Board of Directors is a partner. The entity earned a finder’s fee from the Common Member. | |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Note 7 | ||||||||||||
Shareholders’ Equity | |||||||||||||
Best-efforts Offering | |||||||||||||
The Company registered to sell, effective January 19, 2011, 182,251,082 Units. The minimum offering of 9,523,810 Units at $10.50 per Unit was sold as of January 27, 2011. After the minimum offering, the Company continued its best-efforts offering at $11 per Unit. The initial best-efforts offering expired on January 19, 2014. However, on January 17, 2014, the Company filed a new Registration Statement, which was declared effective by the SEC on April 10, 2014 to continue offering the 96,502,475 Units that remained unsold as of that date at $11.00 per Unit. The Company concluded its best-efforts offering of Units on July 31, 2014. As of the conclusion of the offering, in addition to the Units sold at $10.50 per Unit described above, the Company had sold a total of 86,550,476 Units at $11.00 per Unit. | |||||||||||||
Series A Preferred Shares | |||||||||||||
The Series A preferred shares have no voting rights and no conversion rights. In addition, the Series A preferred shares are not separately tradable from the common shares to which they relate. The Series A preferred shares do not have any distribution rights except a priority distribution upon the sale of the Company’s assets. The priority distribution (“Priority Distribution”) is equal to $11.00 per Series A preferred share, and will be paid before any distribution will be made to the holders of any other shares. Upon the Priority Distribution the Series A preferred shares will have no other distribution rights. | |||||||||||||
Series B Convertible Preferred Stock | |||||||||||||
The Company has issued 480,000 Series B convertible preferred shares to Glade M. Knight, Chairman and Chief Executive Officer of the Company, in exchange for the payment by him of $0.10 per Series B convertible preferred share, or an aggregate of $48,000. The Series B convertible preferred shares are convertible into common shares pursuant to the formula and on the terms and conditions set forth below. | |||||||||||||
There are no dividends payable on the Series B convertible preferred shares. Holders of more than two-thirds of the Series B convertible preferred shares must approve any proposed amendment to the articles of incorporation that would adversely affect the Series B convertible preferred shares. | |||||||||||||
Upon the Company’s liquidation, the holder of the Series B convertible preferred shares is entitled to a priority liquidation payment before any distribution of liquidation proceeds to the holders of the common shares. However, the priority liquidation payment of the holder of the Series B convertible preferred shares is junior to the holders of the Series A preferred shares’ distribution rights. The holder of a Series B convertible preferred share is entitled to a liquidation payment of $11.00 per number of common shares each Series B convertible preferred share would be convertible into | |||||||||||||
according to the formula described below. In the event that the liquidation of the Company’s assets results in proceeds that exceed the distribution rights of the Series A preferred shares and the Series B convertible preferred shares, the remaining proceeds will be distributed between the common shares and the Series B convertible preferred shares, on an as converted basis. | |||||||||||||
Each holder of outstanding Series B convertible preferred shares shall have the right to convert any of such shares into common shares of the Company upon and for 180 days following the occurrence of any of the following events: | |||||||||||||
(1) substantially all of the Company’s assets, stock or business is sold or transferred through exchange, merger, consolidation, lease, share exchange, sale or otherwise, other than a sale of assets in liquidation, dissolution or winding up of the Company; | |||||||||||||
(2) the termination or expiration without renewal of the advisory agreement with A10A, or if the Company ceases to use ASRG to provide property acquisition and disposition services; or | |||||||||||||
(3) the Company’s common shares are listed on any securities exchange or quotation system or in any established market. | |||||||||||||
Upon the occurrence of any conversion event, each Series B convertible preferred share may be converted into 12.11423 common shares. The conversion rate is based on the total gross proceeds raised in the Company’s best-efforts offering which concluded on July 31, 2014. If the Company were to raise additional gross proceeds in an offering up to a total of $2 billion, the conversion ratio would increase up to 24.17104. In the event that the Company raises gross proceeds in a subsequent public offering above the initial $2 billion, each Series B convertible preferred share may be converted into an additional number of common shares based on the additional gross proceeds raised through the date of conversion in a subsequent public offering according to the following formula: (X/100 million) x 1.20568, where X is the additional gross proceeds rounded down to the nearest $100 million. | |||||||||||||
No additional consideration is due upon the conversion of the Series B convertible preferred shares. The conversion into common shares of the Series B convertible preferred shares will result in dilution of the shareholders’ interests and the termination of the Series A preferred shares. | |||||||||||||
Expense related to the issuance of 480,000 Series B convertible preferred shares to Mr. Knight will be recognized at such time when the number of common shares to be issued for conversion of the Series B convertible preferred shares can be reasonably estimated and the event triggering the conversion of the Series B convertible preferred shares to common shares occurs. The expense will be measured as the difference between the fair value of the common stock for which the Series B convertible preferred shares can be converted and the amount paid for the Series B convertible preferred shares. Although the fair market value cannot be determined at this time, expense, if a triggering event occurs, would range from $0 to $64.0 million (assumes $11.00 per common share fair market value) and approximately 5.8 million common shares would be issued. | |||||||||||||
Preferred Shares | |||||||||||||
The Company’s articles of incorporation authorize issuance of up to 30 million additional preferred shares. No preferred shares other than the Series A preferred shares and the Series B convertible preferred shares (discussed above) have been issued. The Company believes that the authorization to issue additional preferred shares benefits the Company and its shareholders by permitting flexibility in financing additional growth, giving the Company additional financing options in corporate planning and in responding to developments in business, including financing of additional acquisitions and other general corporate purposes. Having authorized preferred shares available for issuance in the future gives the Company the ability to respond to future developments and allows preferred shares to be issued without the expense and delay of a special shareholders’ meeting. At present, the Company has no specific financing or acquisition plans involving the issuance of additional preferred shares and the Company does not propose to fix the characteristics of any series of preferred shares in anticipation of issuing preferred shares other than the Series A preferred shares and Series B convertible preferred shares discussed above. The Company cannot now predict whether or to what extent, if any, additional preferred shares will be used or if so used what the characteristics of a particular series may be. The voting rights and rights to distributions of the holders of common shares will be subject to the prior rights of the holders of any subsequently-issued preferred shares. Unless otherwise required by applicable law or regulation, the preferred shares would be issuable without further authorization by holders of the common shares and on such terms and for such consideration as may be determined by the Board of Directors. The preferred shares could be issued in one or more series having varying voting rights, redemption and conversion features, distribution (including liquidating distribution) rights and preferences, and other rights, including rights of approval of specified transactions. A series of preferred shares could be given rights that are superior to rights of holders of common shares and a series having preferential distribution rights could limit common share distributions and reduce the amount holders of common shares would otherwise receive on dissolution. | |||||||||||||
Unit Redemption Program | |||||||||||||
In April 2012, the Company instituted a Unit Redemption Program to provide limited interim liquidity to its shareholders who have held their Units for at least one year. Shareholders may request redemption of Units for a purchase price equal to 92.5% of the price paid per Unit if the Units have been owned for less than five years, or 100% of the price paid per Unit if the Units have been owned more than five years. The maximum number of Units that may be redeemed in any given year is three percent (3%) of the weighted average number of Units outstanding during the 12-month period immediately prior to the date of redemption. The Company reserves the right to change the purchase price of redemptions, reject any request for redemption, or otherwise amend the terms of, suspend, or terminate the Unit Redemption Program. Since the inception of the program through December 31, 2014, the Company has redeemed approximately 5.0 million Units in the amount of $51.4 million, including approximately 1.5 million Units in the amount of $15.5 million, 2.0 million Units in the amount of $20.8 million and 1.5 million Units in the amount of $15.0 million redeemed during 2014, 2013 and 2012. As contemplated in the program, beginning with the October 2012 redemption, and for certain redemptions thereafter, the Company redeemed Units on a pro-rata basis due to the 3% limitation discussed above, with approximately 8% of the requested shares redeemed in the fourth quarter of 2012, 12% in the first quarter of 2013, 60% in the second quarter of 2013 and 68% in the first quarter of 2014. For all other scheduled redemption dates through December 31, 2014, the Company redeemed 100% of the redemption requests. The following is a summary of the Unit redemptions during 2013 and 2014: | |||||||||||||
Redemption Date | Total Requested Unit Redemptions at Redemption Date | Units Redeemed | Total Redemption Requests Not Redeemed at Redemption Date | ||||||||||
First Quarter 2013 | 938,026 | 114,200 | 823,826 | ||||||||||
Second Quarter 2013 | 1,063,625 | 637,779 | 425,846 | ||||||||||
Third Quarter 2013 | 677,855 | 677,855 | 0 | ||||||||||
Fourth Quarter 2013 | 609,079 | 609,079 | 0 | ||||||||||
First Quarter 2014 | 357,013 | 242,644 | 114,369 | ||||||||||
Second Quarter 2014 | 479,078 | 479,078 | 0 | ||||||||||
Third Quarter 2014 | 496,839 | 496,839 | 0 | ||||||||||
Fourth Quarter 2014 | 296,642 | 296,642 | 0 | ||||||||||
Distributions | |||||||||||||
The Company’s annual distribution rate as of December 31, 2014 was $0.825 per common share, payable monthly. For the years ended December 31, 2014, 2013 and 2012, the Company made distributions of $0.825 per common share for a total of $71.0 million, $59.3 million and $45.0 million. | |||||||||||||
Management_and_Franchise_Agree
Management and Franchise Agreements | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Contractors [Abstract] | |||||
Long-term Contracts or Programs Disclosure [Text Block] | Note 8 | ||||
Management and Franchise Agreements | |||||
Each of the Company’s 51 hotels owned as of December 31, 2014 is operated and managed, under separate management agreements, by affiliates of one of the following companies: | |||||
Manager | Number of Hotels | ||||
LBAM-Investor Group, L.L.C. ("LBA") | 9 | ||||
MHH Management, LLC ("McKibbon") | 9 | ||||
North Central Hospitality, LLC ("North Central") | 6 | ||||
Schulte Hospitality Group, Inc. ("Schulte") | 6 | ||||
Chartwell Hospitality, LLC ("Chartwell") | 5 | ||||
White Lodging Services Corporation ("White Lodging") | 5 | ||||
Raymond Management Company, Inc. ("Raymond") | 4 | ||||
Newport Hospitality Group, Inc. ("Newport") | 2 | ||||
Texas Western Management Partners, L.P. ("Western") | 2 | ||||
Marriott International, Inc. ("Marriott") | 1 | ||||
Stonebridge Realty Advisors, Inc. ("Stonebridge") | 1 | ||||
Vista Host, Inc. ("Vista Host") | 1 | ||||
Total | 51 | ||||
The management agreements generally provide for initial terms of one to 30 years. Fees associated with the agreements generally include the payment of base management fees, incentive management fees, accounting fees, and other fees for centralized services which are allocated among all of the hotels that receive the benefit of such services. Base management fees are calculated as a percentage of gross revenues. Incentive management fees are calculated as a percentage of operating profit in excess of a priority return to the Company, as defined in the management agreements. The Company has the option to terminate the management agreements if specified performance thresholds are not satisfied. For the years ended December 31, 2014, 2013 and 2012 the Company incurred approximately $7.0 million, $5.0 million and $3.6 million in management fees. | |||||
Chartwell, LBA, McKibbon, Newport, North Central, Raymond, Schulte, Stonebridge, Vista Host, Western, and White Lodging are not affiliated with either Marriott or Hilton, and as a result, the hotels they manage were required to obtain separate franchise agreements with each respective franchisor. The Hilton franchise agreements generally provide for initial terms of 10 to 21 years and generally provide for renewals subject to franchise requirements at the time of renewal. Fees associated with these agreements generally include the payment of royalty fees and program fees based on room revenues. The Marriott franchise agreements generally provide for initial terms of 13 to 20 years and generally provide for renewals subject to franchise requirements at the time of renewal. Fees associated with these agreements generally include the payment of royalty fees, marketing fees, reservation fees and a communications support fee based on room revenues. For the years ended December 31, 2014, 2013 and 2012 the Company incurred approximately $9.8 million, $6.7 million and $4.7 million in franchise royalty fees. | |||||
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases of Lessee Disclosure [Text Block] | Note 9 | ||||
Lease Commitments | |||||
In connection with the acquisition of three hotels, the Company assumed three land leases. One of the leases has a remaining lease term of 48 years with no renewal options and the other two leases have remaining lease terms of 86 years with no renewal options. All of the leases are subject to an annual base rental payment with defined escalations over the life of the lease. The leases are classified as operating leases and rental expense is recognized on a straight-line basis over the remaining term of the respective lease. The aggregate amounts of the estimated minimum lease payments pertaining to these leases, for the five years subsequent to December 31, 2014 and thereafter are as follows (in thousands): | |||||
2015 | $ | 74 | |||
2016 | 82 | ||||
2017 | 82 | ||||
2018 | 82 | ||||
2019 | 82 | ||||
Thereafter | 15,600 | ||||
Total | $ | 16,002 | |||
In connection with the acquisition of the South Bend, Indiana Fairfield Inn & Suites hotel in November 2011, the land on which the hotel resides was conveyed to the Company with an indefinite term (“Vesting Deed”). Under the terms of the Vesting Deed, the Company is required to pay to the University of Notre Dame (“University”) an amount equal to 2% of the room revenues generated by the hotel through June 2012, and 3.25% of the hotel’s room revenues thereafter. The Vesting Deed also grants the University various rights related to the property, including the right to approve changes to the use of the property and approve potential purchasers of the property. For the years ended December 31, 2014, 2013 and 2012, the Company paid $149,000, $155,000 and $120,000 to the University under the terms of the Vesting Deed, which is included in property taxes, insurance and other expenses in the Company’s consolidated statements of operations. | |||||
Pro_Forma_Information_Unaudite
Pro Forma Information (Unaudited) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Combination Disclosure [Text Block] | Note 10 | ||||||||
Pro Forma Information (Unaudited) | |||||||||
The following unaudited pro forma information for the years ended December 31, 2014 and 2013, is presented as if the acquisitions of the Company’s 20 hotels acquired after December 31, 2012 had occurred on the latter of January 1, 2013 or the opening date of the hotel. The pro forma information does not purport to represent what the Company’s results of operations would actually have been if such transactions, in fact, had occurred on these applicable dates, nor does it purport to represent the results of operations for future periods. Amounts are in thousands except per share data. | |||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Total revenue | $ | 219,554 | $ | 192,905 | |||||
Net income | 45,995 | 33,825 | |||||||
Net income per share - basic and diluted | $ | 0.53 | $ | 0.45 | |||||
The pro forma information reflects adjustments for actual revenues and expenses of the 20 hotels acquired during the two years ended December 31, 2014 for the respective period owned prior to acquisition by the Company. Net income has been adjusted as follows: (1) interest income has been adjusted to reflect the reduction in cash and cash equivalents required to fund the acquisitions; (2) interest expense has been adjusted to reflect additional borrowings required to fund a portion of the acquisitions; (3) interest expense related to prior owner’s debt which was not assumed has been eliminated; (4) depreciation has been adjusted based on the Company’s basis in the hotels; and (5) transaction costs have been adjusted for the acquisition of existing businesses. | |||||||||
Industry_Segments
Industry Segments | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 11 |
Industry Segments | |
The Company owns hotel properties throughout the United States that generate rental and other property related income. The Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, and each hotel is not individually significant, the properties have been aggregated into a single operating segment. All segment disclosures are included in, or can be derived from, the Company’s consolidated financial statements. | |
Hotel_Contract_Commitments
Hotel Contract Commitments | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||
Commitments Disclosure [Text Block] | Note 12 | ||||||||||||||
Hotel Contract Commitments | |||||||||||||||
As of December 31, 2014, the Company had outstanding contracts for the potential purchase of five additional hotels for a total purchase price of $153.6 million. Of these five hotels, two are under construction and are planned to be completed over the next 12 months from December 31, 2014. Closing on these two hotels is expected upon completion of construction. Of the three existing hotels, two were acquired in February 2015, and the remaining hotel is expected to close within the next six months from December 31, 2014. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on the remaining three hotels will occur under the outstanding purchase contracts. The following table summarizes the location, brand, expected number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts outstanding at December 31, 2014. All dollar amounts are in thousands. | |||||||||||||||
Location | Brand | Rooms | Deposits Paid | Gross Purchase Price | |||||||||||
Operating | |||||||||||||||
San Juan Capistrano, CA (a) | Residence Inn | 130 | $ | 100 | $ | 29,200 | |||||||||
Tustin, CA (b) | Fairfield Inn & Suites | 145 | 100 | 31,000 | |||||||||||
Tustin, CA (b) | Residence Inn | 149 | 100 | 42,800 | |||||||||||
Under Construction (c) | |||||||||||||||
Cape Canaveral, FL (d) | Homewood Suites | 153 | 3 | 25,245 | |||||||||||
Rosemont, IL | Hampton Inn & Suites | 158 | 300 | 25,400 | |||||||||||
735 | $ | 603 | $ | 153,645 | |||||||||||
(a) This hotel is currently operational and assuming all conditions to closing are met is expected to close within six months from December 31, 2014. The purchase contract for this hotel requires the Company to assume at closing approximately $16.6 million in mortgage debt. The loan provides for monthly payments of principal and interest on an amortized basis. | |||||||||||||||
(b) Hotels were acquired on February 5, 2015. | |||||||||||||||
(c) These hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise. Assuming all conditions to closing are met the purchase of these hotels is expected to close over the next 12 months from December 31, 2014. | |||||||||||||||
(d) If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing. | |||||||||||||||
As there can be no assurance that all conditions to closing will be satisfied, the Company includes deposits paid for hotels under contract in other assets, net in the Company’s consolidated balance sheets, and in deposits and other disbursements for potential acquisitions in the Company’s consolidated statements of cash flows. The Company intends to use borrowings under its credit facility, assumed secured debt and, if necessary, additional financing to purchase the remaining hotels under contract if a closing occurs. | |||||||||||||||
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | Note 13 |
Legal Proceedings | |
On December 13, 2011, the United States District Court for the Eastern District of New York ordered that three putative class actions, Kronberg, et al. v. David Lerner Associates, Inc., et al., Kowalski v. Apple REIT Ten, Inc., et al., and Leff v. Apple REIT Ten, Inc., et al., be consolidated and amended the caption of the consolidated matter to be In re Apple REITs Litigation. The District Court also appointed lead plaintiffs and lead counsel for the consolidated action and ordered lead plaintiffs to file and serve a consolidated complaint by February 17, 2012. The Company was previously named as a party in all three of the above mentioned class action lawsuits. | |
On February 17, 2012, lead plaintiffs and lead counsel in the In re Apple REITs Litigation, Civil Action No. 1:11-cv-02919-KAM-JO, filed an amended consolidated complaint in the United States District Court for the Eastern District of New York against the Company, ASRG, Apple Eight Advisors, Inc., A9A, A10A, AFM, Apple Six, Apple Seven, Apple Eight and Apple Hospitality, their directors and certain officers, and David Lerner Associates, Inc. and David Lerner. The consolidated complaint, which was dismissed in April 2013, was purportedly brought on behalf of all purchasers of Units in the Company and the other Apple REIT Entities, or those who otherwise acquired these Units that were offered and sold to them by David Lerner Associates, Inc., or its affiliates and on behalf of subclasses of shareholders in New Jersey, New York, Connecticut and Florida, and alleged that the Apple REIT Entities “misrepresented the investment objectives of the Apple REITs, the dividend payment policy of the Apple REITs, and the value of their Apple REIT investments.” The consolidated complaint asserted claims under Sections 11, 12 and 15 of the Securities Act of 1933, as well as claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, negligence, and unjust enrichment, and claims for violation of the securities laws of Connecticut and Florida. The complaint sought, among other things, certification of a putative nationwide class and the state subclasses, damages, rescission of share purchases and other costs and expenses. | |
On April 18, 2012, the Company, and the other defendants moved to dismiss the consolidated complaint in the In re Apple REITs Litigation. By Order entered on March 31, 2013 and opinion issued on April 3, 2013, the Court dismissed the consolidated complaint in its entirety with prejudice and without leave to amend. Plaintiffs filed a Notice of Appeal to the Second Circuit Court of Appeals on April 12, 2013, and filed their Brief for Plaintiffs-Appellants on July 26, 2013. Defendants-Appellees filed their Briefs on October 25, 2013. In response to the Defendants-Appellees Briefs, the Plaintiffs-Appellants filed a Reply Brief with the court on November 15, 2013. | |
On April 23, 2014, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) entered a summary order in the consolidated class action referred to in the Company’s prior filings as the In re Apple REITs Litigation matter. In the summary order, the Second Circuit affirmed the dismissal by the United States District Court for the Eastern District of New York (the “District Court”) of the plaintiffs’ state and federal securities law claims and the unjust enrichment claim. The Second Circuit also noted that the District Court dismissed the plaintiffs’ remaining state common law claims based on its finding that the complaint did not allege any losses suffered by the plaintiff class, and held that, to the extent that the District Court relied on this rationale, its dismissal of the plaintiffs’ state law breach of fiduciary duty, aiding and abetting a breach of fiduciary duty, and negligence claims is vacated and remanded for further proceedings consistent with the summary order. Following remand, on June 6, 2014, defendants moved to dismiss plaintiffs’ remaining claims. | |
The Company will defend against the claims remanded to the District Court vigorously. At this time, the Company cannot reasonably predict the outcome of these proceedings or provide a reasonable estimate of the possible loss or range of loss due to these proceedings, if any. | |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | Note 14 | ||||||||||||||||
Quarterly Financial Data (Unaudited) | |||||||||||||||||
The following is a summary of quarterly results of operations for the years ended December 31, 2014 and 2013. Income per share for the four quarters in 2014 and 2013 is non-additive in comparison to income per share for the years ended December 31, 2014 and 2013 due to the timing and size of the Company’s Unit issuances. | |||||||||||||||||
2014 (in thousands except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total revenue | $ | 50,464 | $ | 59,330 | $ | 56,791 | $ | 52,969 | |||||||||
Net income | $ | 9,408 | $ | 14,849 | $ | 13,511 | $ | 8,227 | |||||||||
Basic and diluted net income per common share | $ | 0.12 | $ | 0.18 | $ | 0.15 | $ | 0.09 | |||||||||
Distributions declared and paid per common share | $ | 0.206 | $ | 0.206 | $ | 0.206 | $ | 0.206 | |||||||||
2013 (in thousands except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total revenue | $ | 30,866 | $ | 40,942 | $ | 43,761 | $ | 43,347 | |||||||||
Net income | $ | 2,888 | $ | 9,186 | $ | 8,182 | $ | 6,082 | |||||||||
Basic and diluted net income per common share | $ | 0.04 | $ | 0.13 | $ | 0.11 | $ | 0.08 | |||||||||
Distributions declared and paid per common share | $ | 0.206 | $ | 0.206 | $ | 0.206 | $ | 0.206 | |||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 15 |
Subsequent Events | |
In January 2015, the Company declared and paid approximately $6.3 million, or $0.06875 per outstanding common share, in distributions to its common shareholders. | |
In January 2015, under the guidelines of the Company’s Unit Redemption Program, the Company redeemed approximately 0.4 million Units in the amount of $4.4 million, representing 100% of the requested Unit redemptions. | |
In February 2015, the Company declared and paid approximately $6.2 million, or $0.06875 per outstanding common share, in distributions to its common shareholders. | |
On February 5, 2015, the Company closed on the purchase of a 145-room Fairfield Inn & Suites hotel and a 149-room Residence Inn hotel in Tustin, California. The gross purchase price for the two hotels is $73.8 million. | |
SCHEDULE_III_REAL_ESTATE_AND_A
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | SCHEDULE III | |||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Initial Cost | Subsequently | |||||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||||
City | State | Description | Encumbrances | Land/Land | Bldg./ | Bldg. | Total | Acc. | Date of | Date | Depreciable | # of | ||||||||||||||||||||||||||||
Improvements | FF&E | Imp. & | Gross | Deprec. | Construction | Acquired | Life | Rooms | ||||||||||||||||||||||||||||||||
(1) | /Other | FF&E | Cost (2) | |||||||||||||||||||||||||||||||||||||
Huntsville | AL | Hampton Inn & Suites | $ | 0 | $ | 713 | $ | 10,637 | $ | 1 | $ | 11,351 | $ | (753 | ) | 2013 | 13-Mar | 3 - 39 yrs. | 98 | |||||||||||||||||||||
Huntsville | AL | Home2 Suites | 0 | 538 | 8,382 | 1 | 8,921 | (593 | ) | 2013 | 13-Mar | 3 - 39 yrs. | 77 | |||||||||||||||||||||||||||
Mobile | AL | Hampton Inn & Suites | 0 | 0 | 11,525 | 1,042 | 12,567 | (1,571 | ) | 2006 | 11-Jun | 3 - 39 yrs. | 101 | |||||||||||||||||||||||||||
Phoenix | AZ | Courtyard | 0 | 1,382 | 9,488 | 1,431 | 12,301 | (561 | ) | 2008 | 13-Jul | 3 - 39 yrs. | 127 | |||||||||||||||||||||||||||
Phoenix | AZ | Hampton Inn & Suites | 0 | 0 | 8,474 | 1,228 | 9,702 | (539 | ) | 2008 | 13-Jul | 3 - 39 yrs. | 125 | |||||||||||||||||||||||||||
Phoenix | AZ | Homewood Suites | 0 | 0 | 11,813 | 1,634 | 13,447 | (698 | ) | 2008 | 13-Jul | 3 - 39 yrs. | 134 | |||||||||||||||||||||||||||
Scottsdale | AZ | Hilton Garden Inn | 10,016 | 2,089 | 14,291 | 1,524 | 17,904 | (1,876 | ) | 2005 | 11-Oct | 3 - 39 yrs. | 122 | |||||||||||||||||||||||||||
Oceanside | CA | Courtyard | 0 | 3,198 | 27,252 | 74 | 30,524 | (2,757 | ) | 2011 | 11-Nov | 3 - 39 yrs. | 142 | |||||||||||||||||||||||||||
Colorado Springs | CO | Hampton Inn & Suites | 8,115 | 1,099 | 11,450 | 590 | 13,139 | (393 | ) | 2008 | 13-Nov | 3 - 39 yrs. | 101 | |||||||||||||||||||||||||||
Denver | CO | Hilton Garden Inn | 0 | 5,240 | 53,264 | 2,350 | 60,854 | (6,321 | ) | 2007 | 11-Mar | 3 - 39 yrs. | 221 | |||||||||||||||||||||||||||
Boca Raton | FL | Hilton Garden Inn | 0 | 2,144 | 8,836 | 2,714 | 13,694 | (1,173 | ) | 2002 | 12-Jul | 3 - 39 yrs. | 149 | |||||||||||||||||||||||||||
Fort Lauderdale | FL | Residence Inn | 0 | 2,487 | 20,611 | 0 | 23,098 | (196 | ) | 2014 | 14-Oct | 3 - 39 yrs. | 156 | |||||||||||||||||||||||||||
Gainesville | FL | Hilton Garden Inn | 0 | 860 | 11,720 | 1,288 | 13,868 | (1,737 | ) | 2007 | 11-Jun | 3 - 39 yrs. | 104 | |||||||||||||||||||||||||||
Gainesville | FL | Homewood Suites | 12,453 | 1,152 | 13,463 | 1,561 | 16,176 | (1,652 | ) | 2005 | 12-Jan | 3 - 39 yrs. | 103 | |||||||||||||||||||||||||||
Pensacola | FL | TownePlace Suites | 0 | 1,003 | 10,547 | 724 | 12,274 | (1,197 | ) | 2008 | 11-Jun | 3 - 39 yrs. | 97 | |||||||||||||||||||||||||||
Tallahassee | FL | Fairfield Inn & Suites | 0 | 1,098 | 8,116 | 20 | 9,234 | (960 | ) | 2011 | 11-Dec | 3 - 39 yrs. | 97 | |||||||||||||||||||||||||||
Cedar Rapids | IA | Hampton Inn & Suites | 0 | 784 | 12,282 | 78 | 13,144 | (1,496 | ) | 2009 | 11-Jun | 3 - 39 yrs. | 103 | |||||||||||||||||||||||||||
Cedar Rapids | IA | Homewood Suites | 0 | 868 | 12,194 | 66 | 13,128 | (1,578 | ) | 2010 | 11-Jun | 3 - 39 yrs. | 95 | |||||||||||||||||||||||||||
Davenport | IA | Hampton Inn & Suites | 0 | 1,107 | 11,964 | 283 | 13,354 | (1,302 | ) | 2007 | 11-Jul | 3 - 39 yrs. | 103 | |||||||||||||||||||||||||||
Des Plaines | IL | Hilton Garden Inn | 19,582 | 2,792 | 33,604 | 1,951 | 38,347 | (4,158 | ) | 2005 | 11-Sep | 3 - 39 yrs. | 252 | |||||||||||||||||||||||||||
Hoffman Estates | IL | Hilton Garden Inn | 0 | 1,496 | 8,507 | 2,480 | 12,483 | (1,967 | ) | 2000 | 11-Jun | 3 - 39 yrs. | 184 | |||||||||||||||||||||||||||
Skokie | IL | Hampton Inn & Suites | 18,082 | 2,176 | 29,945 | 175 | 32,296 | (2,979 | ) | 2000 | 11-Dec | 3 - 39 yrs. | 225 | |||||||||||||||||||||||||||
Merrillville | IN | Hilton Garden Inn | 0 | 1,414 | 13,438 | 1,741 | 16,593 | (2,031 | ) | 2008 | 11-Sep | 3 - 39 yrs. | 124 | |||||||||||||||||||||||||||
South Bend | IN | Fairfield Inn & Suites | 0 | 1,100 | 16,450 | 44 | 17,594 | (1,710 | ) | 2010 | 11-Nov | 3 - 39 yrs. | 119 | |||||||||||||||||||||||||||
Maple Grove | MN | Hilton Garden Inn | 0 | 1,693 | 11,105 | 348 | 13,146 | (578 | ) | 2003 | 13-Jul | 3 - 39 yrs. | 120 | |||||||||||||||||||||||||||
Charlotte | NC | Fairfield Inn & Suites | 0 | 1,377 | 8,673 | 50 | 10,100 | (1,230 | ) | 2010 | 11-Mar | 3 - 39 yrs. | 94 | |||||||||||||||||||||||||||
Jacksonville | NC | Home2 Suites | 0 | 788 | 11,217 | 17 | 12,022 | (1,166 | ) | 2012 | 12-May | 3 - 39 yrs. | 105 | |||||||||||||||||||||||||||
Winston-Salem | NC | Hampton Inn & Suites | 0 | 1,440 | 9,610 | 11 | 11,061 | (1,333 | ) | 2010 | 11-Mar | 3 - 39 yrs. | 94 | |||||||||||||||||||||||||||
Omaha | NE | Hampton Inn & Suites | 0 | 3,082 | 16,828 | 875 | 20,785 | (730 | ) | 2007 | 13-Jul | 3 - 39 yrs. | 139 | |||||||||||||||||||||||||||
Omaha | NE | Hilton Garden Inn | 0 | 1,397 | 28,655 | 2,941 | 32,993 | (3,482 | ) | 2001 | 11-Sep | 3 - 39 yrs. | 178 | |||||||||||||||||||||||||||
Omaha | NE | Homewood Suites | 0 | 3,396 | 14,364 | 266 | 18,026 | (632 | ) | 2008 | 13-Jul | 3 - 39 yrs. | 123 | |||||||||||||||||||||||||||
Mason | OH | Hilton Garden Inn | 0 | 1,183 | 13,722 | 89 | 14,994 | (1,661 | ) | 2010 | 11-Sep | 3 - 39 yrs. | 110 | |||||||||||||||||||||||||||
Oklahoma City | OK | Hilton Garden Inn | 0 | 1,324 | 25,214 | 0 | 26,538 | (921 | ) | 2014 | 14-Jan | 3 - 39 yrs. | 155 | |||||||||||||||||||||||||||
Oklahoma City | OK | Homewood Suites | 0 | 854 | 16,284 | 0 | 17,138 | (583 | ) | 2014 | 14-Jan | 3 - 39 yrs. | 100 | |||||||||||||||||||||||||||
Oklahoma City | OK | Homewood Suites | 0 | 878 | 10,752 | 547 | 12,177 | (547 | ) | 2008 | 13-Jul | 3 - 39 yrs. | 90 | |||||||||||||||||||||||||||
Charleston | SC | Home2 Suites | 0 | 914 | 12,994 | 84 | 13,992 | (1,623 | ) | 2011 | 11-Nov | 3 - 39 yrs. | 122 | |||||||||||||||||||||||||||
Columbia | SC | TownePlace Suites | 0 | 613 | 9,937 | 135 | 10,685 | (1,223 | ) | 2009 | 11-Mar | 3 - 39 yrs. | 91 | |||||||||||||||||||||||||||
Franklin | TN | Courtyard | 15,033 | -3 | 1,335 | 25,957 | 51 | 27,343 | (871 | ) | 2008 | 13-Nov | 3 - 39 yrs. | 126 | ||||||||||||||||||||||||||
Franklin | TN | Residence Inn | 15,033 | -3 | 1,314 | 25,977 | 29 | 27,320 | (891 | ) | 2009 | 13-Nov | 3 - 39 yrs. | 124 | ||||||||||||||||||||||||||
Knoxville | TN | Homewood Suites | 10,849 | 1,069 | 14,948 | 1,380 | 17,397 | (1,998 | ) | 2005 | 11-Jul | 3 - 39 yrs. | 103 | |||||||||||||||||||||||||||
Knoxville | TN | SpringHill Suites | 0 | 884 | 13,738 | 946 | 15,568 | (1,776 | ) | 2006 | 11-Jun | 3 - 39 yrs. | 103 | |||||||||||||||||||||||||||
Knoxville | TN | TownePlace Suites | 6,616 | 700 | 8,081 | 83 | 8,864 | (978 | ) | 2003 | 11-Aug | 3 - 39 yrs. | 98 | |||||||||||||||||||||||||||
Nashville | TN | TownePlace Suites | 0 | 705 | 9,062 | 20 | 9,787 | (1,056 | ) | 2012 | 12-Jan | 3 - 39 yrs. | 101 | |||||||||||||||||||||||||||
Austin/Round Rock | TX | Homewood Suites | 0 | 2,817 | 12,743 | 18 | 15,578 | (1,622 | ) | 2010 | 11-Oct | 3 - 39 yrs. | 115 | |||||||||||||||||||||||||||
Dallas | TX | Homewood Suites | 0 | 1,985 | 23,495 | 253 | 25,733 | (890 | ) | 2013 | 13-Dec | 3 - 39 yrs. | 130 | |||||||||||||||||||||||||||
Denton | TX | Homewood Suites | 0 | 1,091 | 10,339 | 39 | 11,469 | (573 | ) | 2009 | 13-Jul | 3 - 39 yrs. | 107 | |||||||||||||||||||||||||||
Houston | TX | Courtyard | 0 | 1,263 | 13,090 | 28 | 14,381 | (1,279 | ) | 2012 | 12-Jul | 3 - 39 yrs. | 124 | |||||||||||||||||||||||||||
Houston | TX | Residence Inn | 0 | 1,080 | 16,995 | 28 | 18,103 | (993 | ) | 2012 | 13-Jun | 3 - 39 yrs. | 120 | |||||||||||||||||||||||||||
Shenandoah | TX | Courtyard | 0 | 2,190 | 13,692 | 0 | 15,882 | (88 | ) | 2014 | 14-Nov | 3 - 39 yrs. | 124 | |||||||||||||||||||||||||||
Fairfax | VA | Marriott | 0 | 6,743 | 27,313 | 8,700 | 42,756 | (1,928 | ) | 1984 | 13-Mar | 3 - 39 yrs. | 310 | |||||||||||||||||||||||||||
Richmond | VA | SpringHill Suites | 0 | 1,088 | 9,963 | 237 | 11,288 | (1,253 | ) | 2008 | 11-Jun | 3 - 39 yrs. | 103 | |||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 19 | 19 | (3 | ) | |||||||||||||||||||||||||||||||||
$ | 115,779 | $ | 77,943 | $ | 793,001 | $ | 40,194 | $ | 911,138 | $ | (72,106 | ) | 6,468 | |||||||||||||||||||||||||||
(1) Land is owned fee simple unless cost is $0, in which case the property is subject to a ground lease. | ||||||||||||||||||||||||||||||||||||||||
(2) The aggregate cost of real estate for federal income tax purposes is approximately $933 million at December 31, 2014 (unaudited). | ||||||||||||||||||||||||||||||||||||||||
(3) Properties are encumbered by one note. For presentation purposes, the outstanding balance was allocated equally between properties. | ||||||||||||||||||||||||||||||||||||||||
Real estate owned: | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Balance as of January 1 | $ | 807,655 | $ | 528,493 | $ | 458,214 | ||||||||||||||||||||||||||||||||||
Acquisitions | 82,656 | 270,244 | 61,561 | |||||||||||||||||||||||||||||||||||||
Improvements | 20,827 | 8,918 | 8,718 | |||||||||||||||||||||||||||||||||||||
Balance at December 31 | $ | 911,138 | $ | 807,655 | $ | 528,493 | ||||||||||||||||||||||||||||||||||
Accumulated depreciation: | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Balance as of January 1 | $ | (43,076 | ) | $ | (21,804 | ) | $ | (6,009 | ) | |||||||||||||||||||||||||||||||
Depreciation expense | (29,030 | ) | (21,272 | ) | (15,795 | ) | ||||||||||||||||||||||||||||||||||
Balance at December 31 | $ | (72,106 | ) | $ | (43,076 | ) | $ | (21,804 | ) | |||||||||||||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization |
Apple REIT Ten, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011 when it purchased its first hotel. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of December 31, 2014, the Company owned 51 hotels located in 17 states with an aggregate of 6,468 rooms. All information related to the number of rooms included in these notes to the consolidated financial statements and Schedule III – Real Estate and Accumulated Depreciation listed in the Index at Item 15(2) has not been audited. | |
The Company has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The REIT Modernization Act, effective January 1, 2001, permits real estate investment trusts to establish taxable businesses to conduct certain previously disallowed business activities. The Company has a wholly-owned taxable REIT subsidiary (or subsidiary thereof) (collectively, the “Lessee”), which leases all of the Company’s hotels. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The fair market value of cash and cash equivalents approximates their carrying value. Cash balances may at times exceed federal depository insurance limits. | |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash |
Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. The fair market value of restricted cash approximates its carrying value. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Investment in Real Estate and Related Depreciation |
Real estate is stated at cost, net of depreciation. Repair and maintenance costs are expensed as incurred while significant improvements, renovations, and replacements are capitalized. Depreciation is computed using the straight-line method over estimated useful lives of the assets, which are 39 years for buildings, 10 to 21 years for franchise fees, ten years for major improvements and three to seven years for furniture and equipment. | |
The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended. | |
Upon acquisition of real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, buildings and improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities, including in-place leases, and assumed debt based on evaluation of information and estimates available at that date. Fair values for these assets are not directly observable and estimates are based on comparables and other information which is subjective in nature. Generally, the Company does not acquire hotel properties that have significant in-place leases as lease terms for hotel properties are very short term in nature other than the leases discussed in Note 2. The Company has not assigned any intangible value to management contracts and franchise agreements as such contracts | |
are generally at current market rates based on the remaining terms of the contracts, and any other value attributable to these contracts is not considered material. The Company has expensed as incurred all transaction costs associated with the acquisitions of existing businesses, including title, legal, accounting and other related costs, as well as the brokerage commission paid to Apple Suites Realty Group, Inc. (“ASRG”), a related party 100% owned by Glade M. Knight, the Chairman and Chief Executive Officer of the Company. | |
The Company records impairment losses on hotel properties used in operations if indicators of impairment are present, and the sum of the undiscounted cash flows estimated to be generated by the respective properties over their estimated remaining useful life, based on historical and industry data, is less than the properties’ carrying amount. Indicators of impairment include a property with current or potential losses from operations, when it becomes more likely than not that a property will be sold before the end of its previously estimated useful life or when events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and an asset’s carrying value may not be recoverable. The Company monitors its properties on an ongoing basis by analytically reviewing financial performance and considers each property individually for purposes of reviewing for indicators of impairment. As many indicators of impairment are subjective, such as general economic and market declines, the Company also prepares an annual recoverability analysis for each of its properties to assist with its evaluation of impairment indicators. The analysis compares each property’s net book value to each property’s estimated operating income using current operating results for each stabilized property and projected stabilized operating results based on the property’s market for properties that recently opened, were recently renovated or experienced other short-term business disruption. Since the Company’s planned initial hold period for each property is 39 years the Company’s ongoing analysis and annual recoverability analysis have not identified any impairment losses and no impairment losses have been recorded to date. If events or circumstances change such as the Company’s intended hold period for a property or if the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable and an impairment loss will be recorded. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition |
Hotel revenue is recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel’s services. | |
Offering Costs [Policy Text Block] | Offering Costs |
On July 31, 2014, the Company concluded its best-efforts offering of Units by David Lerner Associates, Inc., the managing underwriter, which received a selling commission and a marketing expense allowance based on proceeds of the Units sold. Additionally, the Company incurred other offering costs including legal, accounting and reporting services. These offering costs were recorded by the Company as a reduction of shareholders’ equity. As of the conclusion of the offering, the Company had sold 96.1 million Units for gross proceeds of approximately $1.1 billion and proceeds net of offering costs of approximately $943.0 million. Offering costs included approximately $105.2 million in selling commissions and marketing expenses and approximately $3.9 million in other offering costs. | |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income |
The Company recorded no comprehensive income other than net income for the periods reported. | |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share |
Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the year. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the year. There were no potential common shares with a dilutive effect for the years ended December 31, 2014, 2013 and 2012. As a result, basic and dilutive earnings per common share were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares. | |
Income Tax, Policy [Policy Text Block] | Income Taxes |
The Company is operated as, and has elected to be taxed as, a REIT under Sections 856 to 860 of the Internal Revenue Code. Earnings and profits, which will determine the taxability of distributions to shareholders, will differ from income reported for financial reporting purposes primarily due to the differences for federal income tax purposes in the carrying value (basis) of the investment in properties and estimated useful lives used to compute depreciation and acquisition related costs. Total distributions in 2014 of $0.825 per share for tax purposes were 73% ordinary income and | |
27% return of capital. The characterization of 2013 distributions of $0.825 per share for tax purposes was 55% ordinary income and 45% return of capital. The characterization of 2012 distributions of $0.825 per share for tax purposes was 49% ordinary income and 51% return of capital. | |
To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition, the Company’s Lessee, which leases the Company’s hotels and previously owned the Company’s energy investment prior to its redemption in November 2014, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. | |
The taxable REIT subsidiary had taxable income for the years ended December 31, 2014 and 2013 and incurred a loss for the year ended December 31, 2012. Taxable income for the year ended December 31, 2014 was in excess of its net operating loss carry forwards and resulted in estimated federal and state taxes of approximately $2.0 million, or approximately 41% of the excess taxable income. Taxable income for the year ended December 31, 2013 was offset by net operating losses carried forward from prior years. Prior to 2014, the Lessee had net operating loss carry forwards to offset taxable income, which as of December 31, 2013 and 2012 totaled $1.7 million and $5.4 million, respectively. No operating loss benefit (a valuation allowance for the entire deferred asset) was recorded in the consolidated balance sheet as of December 31, 2013 and 2012 since realization was uncertain due to the taxable REIT subsidiary’s history of operating losses. There are no material differences between the book and tax cost basis of the Company’s assets and liabilities, except for acquisition related costs which are capitalized for tax purposes. In addition to the federal and state tax expense of the Lessee as described above, the Company’s income tax expense as shown in the consolidated statements of operations also includes franchise and income taxes at the state jurisdiction level for the REIT, which do not have any associated material deferred taxes. As of December 31, 2014 the tax years that remain subject to examination by major tax jurisdictions generally include 2011-2014. | |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | Sales and Marketing Costs |
Sales and marketing costs are expensed when incurred. These costs represent the expense for franchise advertising and reservation systems under the terms of the hotel management and franchise agreements and general and administrative expenses that are directly attributable to advertising and promotion. | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation with no effect on previously reported net income, shareholders’ equity or cash flows. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standard |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. Early adoption is not permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. |
Investment_in_Real_Estate_Tabl
Investment in Real Estate (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||
Property, Plant and Equipment [Table Text Block] | The Company’s investment in real estate consisted of the following (in thousands): | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Land | $ | 77,943 | $ | 71,088 | |||||||||||||
Building and Improvements | 762,134 | 682,414 | |||||||||||||||
Furniture, Fixtures and Equipment | 67,529 | 50,778 | |||||||||||||||
Franchise Fees | 3,532 | 3,375 | |||||||||||||||
911,138 | 807,655 | ||||||||||||||||
Less Accumulated Depreciation | (72,106 | ) | (43,076 | ) | |||||||||||||
Investment in Real Estate, net | $ | 839,032 | $ | 764,579 | |||||||||||||
Schedule of Real Estate Properties [Table Text Block] | As of December 31, 2014, the Company owned 51 hotels with an aggregate of 6,468 rooms, located in 17 states. The table below shows the number of hotels and rooms by brand. | ||||||||||||||||
Number of Hotels and Guest Rooms by Brand | |||||||||||||||||
Number of | Number of | ||||||||||||||||
Brand | Hotels | Rooms | |||||||||||||||
Hilton Garden Inn | 11 | 1,719 | |||||||||||||||
Homewood Suites | 10 | 1,100 | |||||||||||||||
Hampton Inn & Suites | 9 | 1,089 | |||||||||||||||
Courtyard | 5 | 643 | |||||||||||||||
TownePlace Suites | 4 | 387 | |||||||||||||||
Residence Inn | 3 | 400 | |||||||||||||||
Fairfield Inn & Suites | 3 | 310 | |||||||||||||||
Home2 Suites | 3 | 304 | |||||||||||||||
SpringHill Suites | 2 | 206 | |||||||||||||||
Marriott | 1 | 310 | |||||||||||||||
51 | 6,468 | ||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the location, brand, manager, date acquired, number of rooms and gross purchase price for each of the 51 hotels the Company owned as of December 31, 2014. All dollar amounts are in thousands. | ||||||||||||||||
City | State | Brand | Manager | Date Acquired | Rooms | Gross Purchase Price | |||||||||||
Denver | CO | Hilton Garden Inn | Stonebridge | 3/4/11 | 221 | $ | 58,500 | ||||||||||
Winston-Salem | NC | Hampton Inn & Suites | McKibbon | 3/15/11 | 94 | 11,000 | |||||||||||
Charlotte | NC | Fairfield Inn & Suites | Newport | 3/25/11 | 94 | 10,000 | |||||||||||
Columbia | SC | TownePlace Suites | Newport | 3/25/11 | 91 | 10,500 | |||||||||||
Mobile | AL | Hampton Inn & Suites | McKibbon | 6/2/11 | 101 | 13,000 | |||||||||||
Gainesville | FL | Hilton Garden Inn | McKibbon | 6/2/11 | 104 | 12,500 | |||||||||||
Pensacola | FL | TownePlace Suites | McKibbon | 6/2/11 | 97 | 11,500 | |||||||||||
Knoxville | TN | SpringHill Suites | McKibbon | 6/2/11 | 103 | 14,500 | |||||||||||
Richmond | VA | SpringHill Suites | McKibbon | 6/2/11 | 103 | 11,000 | |||||||||||
Cedar Rapids | IA | Hampton Inn & Suites | Schulte | 6/8/11 | 103 | 13,000 | |||||||||||
Cedar Rapids | IA | Homewood Suites | Schulte | 6/8/11 | 95 | 13,000 | |||||||||||
Hoffman Estates | IL | Hilton Garden Inn | Schulte | 6/10/11 | 184 | 10,000 | |||||||||||
Davenport | IA | Hampton Inn & Suites | Schulte | 7/19/11 | 103 | 13,000 | |||||||||||
Knoxville | TN | Homewood Suites | McKibbon | 7/19/11 | 103 | 15,000 | |||||||||||
Knoxville | TN | TownePlace Suites | McKibbon | 8/9/11 | 98 | 9,000 | |||||||||||
Mason | OH | Hilton Garden Inn | Schulte | 9/1/11 | 110 | 14,825 | |||||||||||
Omaha | NE | Hilton Garden Inn | White Lodging | 9/1/11 | 178 | 30,018 | |||||||||||
Des Plaines | IL | Hilton Garden Inn | Raymond | 9/20/11 | 252 | 38,000 | |||||||||||
Merillville | IN | Hilton Garden Inn | Schulte | 9/30/11 | 124 | 14,825 | |||||||||||
Austin/Round Rock | TX | Homewood Suites | Vista Host | 10/3/11 | 115 | 15,500 | |||||||||||
Scottsdale | AZ | Hilton Garden Inn | White Lodging | 10/3/11 | 122 | 16,300 | |||||||||||
South Bend | IN | Fairfield Inn & Suites | White Lodging | 11/1/11 | 119 | 17,500 | |||||||||||
Charleston | SC | Home2 Suites | LBA | 11/10/11 | 122 | 13,908 | |||||||||||
Oceanside | CA | Courtyard | Marriott | 11/28/11 | 142 | 30,500 | |||||||||||
Skokie | IL | Hampton Inn & Suites | Raymond | 12/19/11 | 225 | 32,000 | |||||||||||
Tallahassee | FL | Fairfield Inn & Suites | LBA | 12/30/11 | 97 | 9,355 | |||||||||||
Gainesville | FL | Homewood Suites | McKibbon | 1/27/12 | 103 | 14,550 | |||||||||||
Nashville | TN | TownePlace Suites | LBA | 1/31/12 | 101 | 9,848 | |||||||||||
Jacksonville | NC | Home2 Suites | LBA | 5/4/12 | 105 | 12,000 | |||||||||||
Boca Raton | FL | Hilton Garden Inn | White Lodging | 7/16/12 | 149 | 10,900 | |||||||||||
Houston | TX | Courtyard | LBA | 7/17/12 | 124 | 14,632 | |||||||||||
Huntsville | AL | Hampton Inn & Suites | LBA | 3/14/13 | 98 | 11,466 | |||||||||||
Huntsville | AL | Home2 Suites | LBA | 3/14/13 | 77 | 9,009 | |||||||||||
Fairfax | VA | Marriott | White Lodging | 3/15/13 | 310 | 34,000 | |||||||||||
Houston | TX | Residence Inn | Western | 6/7/13 | 120 | 18,000 | |||||||||||
Denton | TX | Homewood Suites | Chartwell | 7/26/13 | 107 | 11,300 | |||||||||||
Maple Grove | MN | Hilton Garden Inn | North Central | 7/26/13 | 120 | 12,675 | |||||||||||
Oklahoma City | OK | Homewood Suites | Chartwell | 7/26/13 | 90 | 11,500 | |||||||||||
Omaha | NE | Hampton Inn & Suites | North Central | 7/26/13 | 139 | 19,775 | |||||||||||
Omaha | NE | Homewood Suites | North Central | 7/26/13 | 123 | 17,625 | |||||||||||
Phoenix | AZ | Courtyard | North Central | 7/26/13 | 127 | 10,800 | |||||||||||
Phoenix | AZ | Hampton Inn & Suites | North Central | 7/26/13 | 125 | 8,600 | |||||||||||
Phoenix | AZ | Homewood Suites | North Central | 7/26/13 | 134 | 12,025 | |||||||||||
Colorado Springs | CO | Hampton Inn & Suites | Chartwell | 11/8/13 | 101 | 11,500 | |||||||||||
Franklin | TN | Courtyard | Chartwell | 11/8/13 | 126 | 25,500 | |||||||||||
Franklin | TN | Residence Inn | Chartwell | 11/8/13 | 124 | 25,500 | |||||||||||
Dallas | TX | Homewood Suites | Western | 12/5/13 | 130 | 25,350 | |||||||||||
Oklahoma City | OK | Hilton Garden Inn | Raymond | 1/31/14 | 155 | 27,353 | |||||||||||
Oklahoma City | OK | Homewood Suites | Raymond | 1/31/14 | 100 | 17,647 | |||||||||||
Fort Lauderdale | FL | Residence Inn | LBA | 10/24/14 | 156 | 23,088 | |||||||||||
Shenandoah | TX | Courtyard | LBA | 11/6/14 | 124 | 15,872 | |||||||||||
Total | 6,468 | $ | 868,746 |
Credit_Facility_and_Notes_Paya1
Credit Facility and Notes Payable (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | In conjunction with the acquisition of nine hotel properties, the Company assumed approximately $121.2 million in debt secured by first mortgage notes on the applicable hotels. The loans provide for monthly payments of principal and interest on an amortized basis. The loans are generally subject to defeasance or prepayment penalties if prepaid. The following table summarizes the hotel properties securing each loan, the stated interest rate, loan assumption date, maturity date, the principal amount assumed and the outstanding balance prior to any fair value adjustments as of December 31, 2014 and 2013 for each of the Company’s mortgage debt obligations. All dollar amounts are in thousands. | |||||||||||||||||||||||
Location | Brand | Interest Rate (1) | Assumption Date | Maturity Date | Principal Assumed | Outstanding balance as of December 31, 2014 | Outstanding balance as of December 31, 2013 | |||||||||||||||||
Knoxville, TN | Homewood Suites | 6.3 | % | 7/19/11 | 10/8/16 | $ | 11,499 | $ | 10,849 | $ | 11,055 | |||||||||||||
Knoxville, TN | TownePlace Suites | 5.45 | % | 8/9/11 | 12/11/15 | 7,392 | 6,616 | 6,859 | ||||||||||||||||
Des Plaines, IL | Hilton Garden Inn | 5.99 | % | 9/20/11 | 8/1/16 | 20,838 | 19,582 | 19,996 | ||||||||||||||||
Scottsdale, AZ | Hilton Garden Inn | 6.07 | % | 10/3/11 | 2/1/17 | 10,585 | 10,016 | 10,208 | ||||||||||||||||
Skokie, IL | Hampton Inn & Suites | 6.15 | % | 12/19/11 | 7/1/16 | 19,092 | 18,082 | 18,441 | ||||||||||||||||
Gainesville, FL | Homewood Suites | 5.89 | % | 1/27/12 | 5/8/17 | 13,067 | 12,453 | 12,676 | ||||||||||||||||
Colorado Springs, CO | Hampton Inn & Suites | 6.25 | % | 11/8/13 | 7/6/21 | 8,231 | 8,115 | 8,222 | ||||||||||||||||
Franklin, TN | Courtyard | 6.25 | % | 11/8/13 | 8/6/21 | 15,246 | 15,033 | 15,229 | -2 | |||||||||||||||
Franklin, TN | Residence Inn | 6.25 | % | 11/8/13 | 8/6/21 | 15,246 | 15,033 | 15,229 | -2 | |||||||||||||||
$ | 121,196 | $ | 115,779 | $ | 117,915 | |||||||||||||||||||
Unamortized fair value adjustment of assumed debt | 3,929 | 4,586 | ||||||||||||||||||||||
$ | 119,708 | $ | 122,501 | |||||||||||||||||||||
(1) These rates are the rates per the loan agreement. Upon assumption, the Company adjusted the interest rates on these loans to market rates and is amortizing the adjustments to interest expense over the life of the loan. | ||||||||||||||||||||||||
(2) One loan secured by two hotels. For presentation purposes, the principal assumed and outstanding balance were allocated equally to each hotel. | ||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The aggregate amounts of principal payable under the Company’s debt obligations, for the five years subsequent to December 31, 2014 and thereafter are as follows (in thousands): | |||||||||||||||||||||||
2015 | $ | 8,630 | ||||||||||||||||||||||
2016 | 48,496 | |||||||||||||||||||||||
2017 | 22,163 | |||||||||||||||||||||||
2018 | 641 | |||||||||||||||||||||||
2019 | 683 | |||||||||||||||||||||||
Thereafter | 35,166 | |||||||||||||||||||||||
115,779 | ||||||||||||||||||||||||
Unamortized fair value adjustment of assumed debt | 3,929 | |||||||||||||||||||||||
Total | $ | 119,708 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Summary of Unit Redemptions [Table Text Block] | The following is a summary of the Unit redemptions during 2013 and 2014: | ||||||||||||
Redemption Date | Total Requested Unit Redemptions at Redemption Date | Units Redeemed | Total Redemption Requests Not Redeemed at Redemption Date | ||||||||||
First Quarter 2013 | 938,026 | 114,200 | 823,826 | ||||||||||
Second Quarter 2013 | 1,063,625 | 637,779 | 425,846 | ||||||||||
Third Quarter 2013 | 677,855 | 677,855 | 0 | ||||||||||
Fourth Quarter 2013 | 609,079 | 609,079 | 0 | ||||||||||
First Quarter 2014 | 357,013 | 242,644 | 114,369 | ||||||||||
Second Quarter 2014 | 479,078 | 479,078 | 0 | ||||||||||
Third Quarter 2014 | 496,839 | 496,839 | 0 | ||||||||||
Fourth Quarter 2014 | 296,642 | 296,642 | 0 |
Management_and_Franchise_Agree1
Management and Franchise Agreements (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Contractors [Abstract] | |||||
Schedule of Hotel Properties Managed by Third Parties [Table Text Block] | Each of the Company’s 51 hotels owned as of December 31, 2014 is operated and managed, under separate management agreements, by affiliates of one of the following companies: | ||||
Manager | Number of Hotels | ||||
LBAM-Investor Group, L.L.C. ("LBA") | 9 | ||||
MHH Management, LLC ("McKibbon") | 9 | ||||
North Central Hospitality, LLC ("North Central") | 6 | ||||
Schulte Hospitality Group, Inc. ("Schulte") | 6 | ||||
Chartwell Hospitality, LLC ("Chartwell") | 5 | ||||
White Lodging Services Corporation ("White Lodging") | 5 | ||||
Raymond Management Company, Inc. ("Raymond") | 4 | ||||
Newport Hospitality Group, Inc. ("Newport") | 2 | ||||
Texas Western Management Partners, L.P. ("Western") | 2 | ||||
Marriott International, Inc. ("Marriott") | 1 | ||||
Stonebridge Realty Advisors, Inc. ("Stonebridge") | 1 | ||||
Vista Host, Inc. ("Vista Host") | 1 | ||||
Total | 51 |
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | In connection with the acquisition of three hotels, the Company assumed three land leases. One of the leases has a remaining lease term of 48 years with no renewal options and the other two leases have remaining lease terms of 86 years with no renewal options. All of the leases are subject to an annual base rental payment with defined escalations over the life of the lease. The leases are classified as operating leases and rental expense is recognized on a straight-line basis over the remaining term of the respective lease. The aggregate amounts of the estimated minimum lease payments pertaining to these leases, for the five years subsequent to December 31, 2014 and thereafter are as follows (in thousands): | ||||
2015 | $ | 74 | |||
2016 | 82 | ||||
2017 | 82 | ||||
2018 | 82 | ||||
2019 | 82 | ||||
Thereafter | 15,600 | ||||
Total | $ | 16,002 |
Pro_Forma_Information_Unaudite1
Pro Forma Information (Unaudited) (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma information for the years ended December 31, 2014 and 2013, is presented as if the acquisitions of the Company’s 20 hotels acquired after December 31, 2012 had occurred on the latter of January 1, 2013 or the opening date of the hotel. The pro forma information does not purport to represent what the Company’s results of operations would actually have been if such transactions, in fact, had occurred on these applicable dates, nor does it purport to represent the results of operations for future periods. Amounts are in thousands except per share data. | ||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Total revenue | $ | 219,554 | $ | 192,905 | |||||
Net income | 45,995 | 33,825 | |||||||
Net income per share - basic and diluted | $ | 0.53 | $ | 0.45 |
Hotel_Contract_Commitments_Tab
Hotel Contract Commitments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||
Schedule of Outstanding Contracts for Potential Purchase of Hotels [Table Text Block] | As of December 31, 2014, the Company had outstanding contracts for the potential purchase of five additional hotels for a total purchase price of $153.6 million. Of these five hotels, two are under construction and are planned to be completed over the next 12 months from December 31, 2014. Closing on these two hotels is expected upon completion of construction. Of the three existing hotels, two were acquired in February 2015, and the remaining hotel is expected to close within the next six months from December 31, 2014. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on the remaining three hotels will occur under the outstanding purchase contracts. The following table summarizes the location, brand, expected number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts outstanding at December 31, 2014. All dollar amounts are in thousands. | ||||||||||||||
Location | Brand | Rooms | Deposits Paid | Gross Purchase Price | |||||||||||
Operating | |||||||||||||||
San Juan Capistrano, CA (a) | Residence Inn | 130 | $ | 100 | $ | 29,200 | |||||||||
Tustin, CA (b) | Fairfield Inn & Suites | 145 | 100 | 31,000 | |||||||||||
Tustin, CA (b) | Residence Inn | 149 | 100 | 42,800 | |||||||||||
Under Construction (c) | |||||||||||||||
Cape Canaveral, FL (d) | Homewood Suites | 153 | 3 | 25,245 | |||||||||||
Rosemont, IL | Hampton Inn & Suites | 158 | 300 | 25,400 | |||||||||||
735 | $ | 603 | $ | 153,645 | |||||||||||
(a) This hotel is currently operational and assuming all conditions to closing are met is expected to close within six months from December 31, 2014. The purchase contract for this hotel requires the Company to assume at closing approximately $16.6 million in mortgage debt. The loan provides for monthly payments of principal and interest on an amortized basis. | |||||||||||||||
(b) Hotels were acquired on February 5, 2015. | |||||||||||||||
(c) These hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise. Assuming all conditions to closing are met the purchase of these hotels is expected to close over the next 12 months from December 31, 2014. | |||||||||||||||
(d) If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing. |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The following is a summary of quarterly results of operations for the years ended December 31, 2014 and 2013. Income per share for the four quarters in 2014 and 2013 is non-additive in comparison to income per share for the years ended December 31, 2014 and 2013 due to the timing and size of the Company’s Unit issuances. | ||||||||||||||||
2014 (in thousands except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total revenue | $ | 50,464 | $ | 59,330 | $ | 56,791 | $ | 52,969 | |||||||||
Net income | $ | 9,408 | $ | 14,849 | $ | 13,511 | $ | 8,227 | |||||||||
Basic and diluted net income per common share | $ | 0.12 | $ | 0.18 | $ | 0.15 | $ | 0.09 | |||||||||
Distributions declared and paid per common share | $ | 0.206 | $ | 0.206 | $ | 0.206 | $ | 0.206 | |||||||||
2013 (in thousands except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total revenue | $ | 30,866 | $ | 40,942 | $ | 43,761 | $ | 43,347 | |||||||||
Net income | $ | 2,888 | $ | 9,186 | $ | 8,182 | $ | 6,082 | |||||||||
Basic and diluted net income per common share | $ | 0.04 | $ | 0.13 | $ | 0.11 | $ | 0.08 | |||||||||
Distributions declared and paid per common share | $ | 0.206 | $ | 0.206 | $ | 0.206 | $ | 0.206 |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 48 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Unit Description | one common share and one Series A preferred share | |||
Preferred Stock, Shares Issued (in Shares) | 0 | 0 | 0 | |
Number of Reportable Segments | 1 | |||
Percentage of Revenue Reserved for Replacements | up to 5% | |||
Property, Plant and Equipment, Cost Capitalization | (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended. | |||
Hotel Property, Initial Hold Period | 39 years | |||
Proceeds from Issuance or Sale of Equity (in Dollars) | $134,818,000 | $156,957,000 | $226,555,000 | |
Other Comprehensive Income (Loss), Net of Tax (in Dollars) | 0 | 0 | 0 | |
Weighted Average Number Diluted Shares Outstanding Adjustment (in Shares) | 0 | 0 | 0 | |
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.83 | $0.83 | $0.83 | |
Chairman and CEO of Company [Member] | Apple Suites Realty Group (ASRG) [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Related person ownership of related parties | 100.00% | |||
Series B Convertible Preferred Stock [Member] | Issued on August 13, 2010 (Initial Capitalization) [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Units sold at inception (in Shares) | 10 | 10 | ||
Preferred Stock, Shares Issued (in Shares) | 480,000 | 480,000 | ||
Series B Convertible Preferred Stock [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Preferred Stock, Shares Issued (in Shares) | 480,000 | 480,000 | 480,000 | |
Building [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 39 years | |||
Major Improvements [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Furniture and Equipment [Member] | Minimum [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Furniture and Equipment [Member] | Maximum [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Hotels [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Number of Real Estate Properties | 51 | 51 | ||
Number of States in which Entity Operates | 17 | 17 | ||
Aggregate Hotel Rooms [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Number of Units in Real Estate Property | 6,468 | 6,468 | ||
Capital Raised Through Best-Efforts Offering [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Units Sold (in Shares) | 96,100,000 | |||
Proceeds from issuance or sale of equity, gross (in Dollars) | 1,100,000,000 | |||
Proceeds from Issuance or Sale of Equity (in Dollars) | 943,000,000 | |||
Offering costs, selling commissions and marketing expenses (in Dollars) | 105,200,000 | |||
Offering costs, other (in Dollars) | 3,900,000 | |||
Franchise Fees [Member] | Minimum [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Franchise Fees [Member] | Maximum [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 21 years | |||
Federal Income Taxes And Taxability Of Shareholder Distributions [Member] | ||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.83 | $0.83 | $0.83 | |
Percentage of distribution paid characterized as ordinary income | 73.00% | 55.00% | 49.00% | |
Percentage of distribution paid characterized as return of capital | 27.00% | 45.00% | 51.00% | |
Minimum Percentage of Adjusted Taxable Income Currently Distributed to Qualify as a REIT | 90.00% | |||
Estimated Federal and State Income Tax (in Dollars) | 2,000,000 | |||
Estimated Tax Rate on Taxable Income | 41.00% | |||
Operating Loss Carryforwards (in Dollars) | 1,700,000 | 5,400,000 | ||
Operating Loss Benefit Realized (in Dollars) | $0 | $0 | ||
Open Tax Years | 2011-2014 |
Investment_in_Real_Estate_Deta
Investment in Real Estate (Details) (USD $) | 12 Months Ended | 53 Months Ended | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2013 | |
Investment in Real Estate (Details) [Line Items] | |||||||
Business Combination, Acquisition Related Costs | $2,018,000 | $6,960,000 | $1,582,000 | ||||
Revenues | 219,554,000 | 158,916,000 | 117,666,000 | ||||
Operating Income (Loss) | 44,597,000 | 24,484,000 | 21,866,000 | ||||
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 38,723,000 | 13,067,000 | ||||
Goodwill | 0 | 0 | 0 | ||||
Apple Suites Realty Group (ASRG) [Member] | Real Estate Acquisition and Disposal Fees Incurred [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Costs and Expenses, Related Party | 1,700,000 | 5,300,000 | 1,200,000 | 17,400,000 | |||
Real estate acquisition and disposal fee, Related Party, Percent | 2.00% | ||||||
Apple Suites Realty Group (ASRG) [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Real estate acquisition and disposal fee, Related Party, Percent | 2.00% | ||||||
Chairman and CEO of Company [Member] | Apple Suites Realty Group (ASRG) [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Related person ownership of related parties | 100.00% | ||||||
Hotels [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Number of Real Estate Properties | 51 | 51 | 51 | ||||
Number of States in which Entity Operates | 17 | 17 | 17 | ||||
Aggregate Hotel Rooms [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Number of Units in Real Estate Property | 6,468 | 6,468 | 6,468 | ||||
Acquisition-related Costs [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Business Combination, Acquisition Related Costs | 21,800,000 | ||||||
Business Combination, Other Acquisition Related Costs | 4,400,000 | ||||||
Hotel Acquisitions [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Number of Businesses Acquired | 4 | 16 | 5 | 26 | |||
Business Combination, Acquisition Related Costs | 2,000,000 | 6,800,000 | 1,500,000 | ||||
Revenues | 10,600,000 | 27,900,000 | 9,700,000 | ||||
Operating Income (Loss) | 2,100,000 | 4,400,000 | 2,200,000 | ||||
Debt Assumed in Business Acquisition [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 121,200,000 | 121,200,000 | |||||
Number of properties acquired in connection with debt | 9 | ||||||
Mobile, AL Hampton Inn & Suites and Phoenix, AZ Hampton Inn & Suites and Homewood Suites Land Leases [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Number of Businesses Acquired | 3 | ||||||
Number of Land Leases Assumed | 3 | 3 | 3 | ||||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 2,200,000 | 2,200,000 | |||||
Finite-Lived Intangible Assets, Net | $2,000,000 | $2,100,000 | $2,000,000 | $2,000,000 | $2,100,000 |
Investment_in_Real_Estate_Deta1
Investment in Real Estate (Details) - Investment in Real Estate (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in Real Estate [Abstract] | ||
Land | $77,943 | $71,088 |
Building and Improvements | 762,134 | 682,414 |
Furniture, Fixtures and Equipment | 67,529 | 50,778 |
Franchise Fees | 3,532 | 3,375 |
911,138 | 807,655 | |
Less Accumulated Depreciation | -72,106 | -43,076 |
Investment in Real Estate, net | $839,032 | $764,579 |
Investment_in_Real_Estate_Deta2
Investment in Real Estate (Details) - Hotels | Dec. 31, 2014 |
Hilton Garden Inn [Member] | |
Real Estate Properties [Line Items] | |
Total by Brand | 11 |
Number of Rooms | 1,719 |
Homewood Suites [Member] | |
Real Estate Properties [Line Items] | |
Total by Brand | 10 |
Number of Rooms | 1,100 |
Hampton Inn & Suites [Member] | |
Real Estate Properties [Line Items] | |
Total by Brand | 9 |
Number of Rooms | 1,089 |
Courtyard [Member] | |
Real Estate Properties [Line Items] | |
Total by Brand | 5 |
Number of Rooms | 643 |
TownePlace Suites [Member] | |
Real Estate Properties [Line Items] | |
Total by Brand | 4 |
Number of Rooms | 387 |
Residence Inn [Member] | |
Real Estate Properties [Line Items] | |
Total by Brand | 3 |
Number of Rooms | 400 |
Fairfield Inn & Suites [Member] | |
Real Estate Properties [Line Items] | |
Total by Brand | 3 |
Number of Rooms | 310 |
Home2 Suites [Member] | |
Real Estate Properties [Line Items] | |
Total by Brand | 3 |
Number of Rooms | 304 |
SpringHill Suites [Member] | |
Real Estate Properties [Line Items] | |
Total by Brand | 2 |
Number of Rooms | 206 |
Marriott [Member] | |
Real Estate Properties [Line Items] | |
Total by Brand | 1 |
Number of Rooms | 310 |
Total [Member] | |
Real Estate Properties [Line Items] | |
Total by Brand | 51 |
Number of Rooms | 6,468 |
Investment_in_Real_Estate_Deta3
Investment in Real Estate (Details) - Hotel Acquisitions (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Hilton Garden Inn Denver, CO [Member] | |
Business Acquisition [Line Items] | |
State | CO |
Brand | Hilton Garden Inn |
Manager | Stonebridge |
Date Acquired | 4-Mar-11 |
Rooms | 221 |
Gross Purchase Price | $58,500 |
Hampton Inn & Suites Winston-Salem, NC [Member] | |
Business Acquisition [Line Items] | |
State | NC |
Brand | Hampton Inn & Suites |
Manager | McKibbon |
Date Acquired | 15-Mar-11 |
Rooms | 94 |
Gross Purchase Price | 11,000 |
Fairfield Inn & Suites Charlotte, NC [Member] | |
Business Acquisition [Line Items] | |
State | NC |
Brand | Fairfield Inn & Suites |
Manager | Newport |
Date Acquired | 25-Mar-11 |
Rooms | 94 |
Gross Purchase Price | 10,000 |
TownePlace Suites Columbia, SC [Member] | |
Business Acquisition [Line Items] | |
State | SC |
Brand | TownePlace Suites |
Manager | Newport |
Date Acquired | 25-Mar-11 |
Rooms | 91 |
Gross Purchase Price | 10,500 |
Hampton Inn & Suites Mobile, AL [Member] | |
Business Acquisition [Line Items] | |
State | AL |
Brand | Hampton Inn & Suites |
Manager | McKibbon |
Date Acquired | 2-Jun-11 |
Rooms | 101 |
Gross Purchase Price | 13,000 |
Hilton Garden Inn Gainesville, FL [Member] | |
Business Acquisition [Line Items] | |
State | FL |
Brand | Hilton Garden Inn |
Manager | McKibbon |
Date Acquired | 2-Jun-11 |
Rooms | 104 |
Gross Purchase Price | 12,500 |
TownePlace Suites Pensacola, FL [Member] | |
Business Acquisition [Line Items] | |
State | FL |
Brand | TownePlace Suites |
Manager | McKibbon |
Date Acquired | 2-Jun-11 |
Rooms | 97 |
Gross Purchase Price | 11,500 |
SpringHill Suites Knoxville, TN [Member] | |
Business Acquisition [Line Items] | |
State | TN |
Brand | SpringHill Suites |
Manager | McKibbon |
Date Acquired | 2-Jun-11 |
Rooms | 103 |
Gross Purchase Price | 14,500 |
SpringHill Suites Richmond, VA [Member] | |
Business Acquisition [Line Items] | |
State | VA |
Brand | SpringHill Suites |
Manager | McKibbon |
Date Acquired | 2-Jun-11 |
Rooms | 103 |
Gross Purchase Price | 11,000 |
Hampton Inn & Suites Cedar Rapids, IA [Member] | |
Business Acquisition [Line Items] | |
State | IA |
Brand | Hampton Inn & Suites |
Manager | Schulte |
Date Acquired | 8-Jun-11 |
Rooms | 103 |
Gross Purchase Price | 13,000 |
Homewood Suites Cedar Rapids, IA [Member] | |
Business Acquisition [Line Items] | |
State | IA |
Brand | Homewood Suites |
Manager | Schulte |
Date Acquired | 8-Jun-11 |
Rooms | 95 |
Gross Purchase Price | 13,000 |
Hilton Garden Inn Hoffman Estates, IL [Member] | |
Business Acquisition [Line Items] | |
State | IL |
Brand | Hilton Garden Inn |
Manager | Schulte |
Date Acquired | 10-Jun-11 |
Rooms | 184 |
Gross Purchase Price | 10,000 |
Hampton Inn & Suites Davenport, IA [Member] | |
Business Acquisition [Line Items] | |
State | IA |
Brand | Hampton Inn & Suites |
Manager | Schulte |
Date Acquired | 19-Jul-11 |
Rooms | 103 |
Gross Purchase Price | 13,000 |
Homewood Suites Knoxville, TN [Member] | |
Business Acquisition [Line Items] | |
State | TN |
Brand | Homewood Suites |
Manager | McKibbon |
Date Acquired | 19-Jul-11 |
Rooms | 103 |
Gross Purchase Price | 15,000 |
TownePlace Suites Knoxville, TN [Member] | |
Business Acquisition [Line Items] | |
State | TN |
Brand | TownePlace Suites |
Manager | McKibbon |
Date Acquired | 9-Aug-11 |
Rooms | 98 |
Gross Purchase Price | 9,000 |
Hilton Garden Inn Mason, OH [Member] | |
Business Acquisition [Line Items] | |
State | OH |
Brand | Hilton Garden Inn |
Manager | Schulte |
Date Acquired | 1-Sep-11 |
Rooms | 110 |
Gross Purchase Price | 14,825 |
Hilton Garden Inn Omaha, NE [Member] | |
Business Acquisition [Line Items] | |
State | NE |
Brand | Hilton Garden Inn |
Manager | White Lodging |
Date Acquired | 1-Sep-11 |
Rooms | 178 |
Gross Purchase Price | 30,018 |
Hilton Garden Inn Des Plaines, IL [Member] | |
Business Acquisition [Line Items] | |
State | IL |
Brand | Hilton Garden Inn |
Manager | Raymond |
Date Acquired | 20-Sep-11 |
Rooms | 252 |
Gross Purchase Price | 38,000 |
Hilton Garden Inn Merrillville, IN [Member] | |
Business Acquisition [Line Items] | |
State | IN |
Brand | Hilton Garden Inn |
Manager | Schulte |
Date Acquired | 30-Sep-11 |
Rooms | 124 |
Gross Purchase Price | 14,825 |
Homewood Suites Austin/Round Rock, TX [Member] | |
Business Acquisition [Line Items] | |
State | TX |
Brand | Homewood Suites |
Manager | Vista Host |
Date Acquired | 3-Oct-11 |
Rooms | 115 |
Gross Purchase Price | 15,500 |
Hilton Garden Inn Scottsdale, AZ [Member] | |
Business Acquisition [Line Items] | |
State | AZ |
Brand | Hilton Garden Inn |
Manager | White Lodging |
Date Acquired | 3-Oct-11 |
Rooms | 122 |
Gross Purchase Price | 16,300 |
Fairfield Inn & Suites South Bend, IN [Member] | |
Business Acquisition [Line Items] | |
State | IN |
Brand | Fairfield Inn & Suites |
Manager | White Lodging |
Date Acquired | 1-Nov-11 |
Rooms | 119 |
Gross Purchase Price | 17,500 |
Home2 Suites Charleston, SC [Member] | |
Business Acquisition [Line Items] | |
State | SC |
Brand | Home2 Suites |
Manager | LBA |
Date Acquired | 10-Nov-11 |
Rooms | 122 |
Gross Purchase Price | 13,908 |
Courtyard Oceanside, CA [Member] | |
Business Acquisition [Line Items] | |
State | CA |
Brand | Courtyard |
Manager | Marriott |
Date Acquired | 28-Nov-11 |
Rooms | 142 |
Gross Purchase Price | 30,500 |
Hampton Inn & Suites Skokie, IL [Member] | |
Business Acquisition [Line Items] | |
State | IL |
Brand | Hampton Inn & Suites |
Manager | Raymond |
Date Acquired | 19-Dec-11 |
Rooms | 225 |
Gross Purchase Price | 32,000 |
Fairfield Inn & Suites Tallahassee, FL [Member] | |
Business Acquisition [Line Items] | |
State | FL |
Brand | Fairfield Inn & Suites |
Manager | LBA |
Date Acquired | 30-Dec-11 |
Rooms | 97 |
Gross Purchase Price | 9,355 |
Homewood Suites Gainesville, FL [Member] | |
Business Acquisition [Line Items] | |
State | FL |
Brand | Homewood Suites |
Manager | McKibbon |
Date Acquired | 27-Jan-12 |
Rooms | 103 |
Gross Purchase Price | 14,550 |
TownePlace Suites Nashville, TN [Member] | |
Business Acquisition [Line Items] | |
State | TN |
Brand | TownePlace Suites |
Manager | LBA |
Date Acquired | 31-Jan-12 |
Rooms | 101 |
Gross Purchase Price | 9,848 |
Home2 Suites Jacksonville, NC [Member] | |
Business Acquisition [Line Items] | |
State | NC |
Brand | Home2 Suites |
Manager | LBA |
Date Acquired | 4-May-12 |
Rooms | 105 |
Gross Purchase Price | 12,000 |
Hilton Garden Inn Boca Raton, FL [Member] | |
Business Acquisition [Line Items] | |
State | FL |
Brand | Hilton Garden Inn |
Manager | White Lodging |
Date Acquired | 16-Jul-12 |
Rooms | 149 |
Gross Purchase Price | 10,900 |
Courtyard Houston, TX [Member] | |
Business Acquisition [Line Items] | |
State | TX |
Brand | Courtyard |
Manager | LBA |
Date Acquired | 17-Jul-12 |
Rooms | 124 |
Gross Purchase Price | 14,632 |
Hampton Inn & Suites Huntsville, AL [Member] | |
Business Acquisition [Line Items] | |
State | AL |
Brand | Hampton Inn & Suites |
Manager | LBA |
Date Acquired | 14-Mar-13 |
Rooms | 98 |
Gross Purchase Price | 11,466 |
Home2 Suites Huntsville, AL [Member] | |
Business Acquisition [Line Items] | |
State | AL |
Brand | Home2 Suites |
Manager | LBA |
Date Acquired | 14-Mar-13 |
Rooms | 77 |
Gross Purchase Price | 9,009 |
Marriott Fairfax, VA [Member] | |
Business Acquisition [Line Items] | |
State | VA |
Brand | Marriott |
Manager | White Lodging |
Date Acquired | 15-Mar-13 |
Rooms | 310 |
Gross Purchase Price | 34,000 |
Residence Inn Houston, TX [Member] | |
Business Acquisition [Line Items] | |
State | TX |
Brand | Residence Inn |
Manager | Western |
Date Acquired | 7-Jun-13 |
Rooms | 120 |
Gross Purchase Price | 18,000 |
Homewood Suites Denton, TX [Member] | |
Business Acquisition [Line Items] | |
State | TX |
Brand | Homewood Suites |
Manager | Chartwell |
Date Acquired | 26-Jul-13 |
Rooms | 107 |
Gross Purchase Price | 11,300 |
Hilton Garden Inn Maple Grove, MN [Member] | |
Business Acquisition [Line Items] | |
State | MN |
Brand | Hilton Garden Inn |
Manager | North Central |
Date Acquired | 26-Jul-13 |
Rooms | 120 |
Gross Purchase Price | 12,675 |
Homewood Suites Oklahoma City (West), OK [Member] | |
Business Acquisition [Line Items] | |
State | OK |
Brand | Homewood Suites |
Manager | Chartwell |
Date Acquired | 26-Jul-13 |
Rooms | 90 |
Gross Purchase Price | 11,500 |
Hampton Inn & Suites Omaha, NE [Member] | |
Business Acquisition [Line Items] | |
State | NE |
Brand | Hampton Inn & Suites |
Manager | North Central |
Date Acquired | 26-Jul-13 |
Rooms | 139 |
Gross Purchase Price | 19,775 |
Homewood Suites Omaha, NE [Member] | |
Business Acquisition [Line Items] | |
State | NE |
Brand | Homewood Suites |
Manager | North Central |
Date Acquired | 26-Jul-13 |
Rooms | 123 |
Gross Purchase Price | 17,625 |
Courtyard Phoenix, AZ [Member] | |
Business Acquisition [Line Items] | |
State | AZ |
Brand | Courtyard |
Manager | North Central |
Date Acquired | 26-Jul-13 |
Rooms | 127 |
Gross Purchase Price | 10,800 |
Hampton Inn & Suites Phoenix, AZ [Member] | |
Business Acquisition [Line Items] | |
State | AZ |
Brand | Hampton Inn & Suites |
Manager | North Central |
Date Acquired | 26-Jul-13 |
Rooms | 125 |
Gross Purchase Price | 8,600 |
Homewood Suites Phoenix, AZ [Member] | |
Business Acquisition [Line Items] | |
State | AZ |
Brand | Homewood Suites |
Manager | North Central |
Date Acquired | 26-Jul-13 |
Rooms | 134 |
Gross Purchase Price | 12,025 |
Hampton Inn & Suites Colorado Springs, CO [Member] | |
Business Acquisition [Line Items] | |
State | CO |
Brand | Hampton Inn & Suites |
Manager | Chartwell |
Date Acquired | 8-Nov-13 |
Rooms | 101 |
Gross Purchase Price | 11,500 |
Courtyard Franklin, TN [Member] | |
Business Acquisition [Line Items] | |
State | TN |
Brand | Courtyard |
Manager | Chartwell |
Date Acquired | 8-Nov-13 |
Rooms | 126 |
Gross Purchase Price | 25,500 |
Residence Inn Franklin, TN [Member] | |
Business Acquisition [Line Items] | |
State | TN |
Brand | Residence Inn |
Manager | Chartwell |
Date Acquired | 8-Nov-13 |
Rooms | 124 |
Gross Purchase Price | 25,500 |
Homewood Suites Dallas, TX [Member] | |
Business Acquisition [Line Items] | |
State | TX |
Brand | Homewood Suites |
Manager | Western |
Date Acquired | 5-Dec-13 |
Rooms | 130 |
Gross Purchase Price | 25,350 |
Hilton Garden Inn Oklahoma City, OK [Member] | |
Business Acquisition [Line Items] | |
State | OK |
Brand | Hilton Garden Inn |
Manager | Raymond |
Date Acquired | 31-Jan-14 |
Rooms | 155 |
Gross Purchase Price | 27,353 |
Homewood Suites Oklahoma City, OK [Member] | |
Business Acquisition [Line Items] | |
State | OK |
Brand | Homewood Suites |
Manager | Raymond |
Date Acquired | 31-Jan-14 |
Rooms | 100 |
Gross Purchase Price | 17,647 |
Residence Inn Fort Lauderdale, FL [Member] | |
Business Acquisition [Line Items] | |
State | FL |
Brand | Residence Inn |
Manager | LBA |
Date Acquired | 24-Oct-14 |
Rooms | 156 |
Gross Purchase Price | 23,088 |
Courtyard Shenandoah, TX [Member] | |
Business Acquisition [Line Items] | |
State | TX |
Brand | Courtyard |
Manager | LBA |
Date Acquired | 6-Nov-14 |
Rooms | 124 |
Gross Purchase Price | 15,872 |
Total [Member] | |
Business Acquisition [Line Items] | |
Rooms | 6,468 |
Gross Purchase Price | $868,746 |
Energy_Investment_Details
Energy Investment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Energy Investment (Details) [Line Items] | |||
Investment Income, Interest | $11,863,000 | $7,999,000 | $247,000 |
Energy Investment [Member] | Investment Funded on June 7, 2013 [Member] | |||
Energy Investment (Details) [Line Items] | |||
Payments to Acquire Investments | 80,000,000 | ||
Energy Investment [Member] | Investment Funded on July 2, 2013 [Member] | |||
Energy Investment (Details) [Line Items] | |||
Payments to Acquire Investments | 20,000,000 | ||
Energy Investment [Member] | |||
Energy Investment (Details) [Line Items] | |||
Payments to Acquire Investments | 100,000,000 | ||
Investment, Additional Information | The terms of the Preferred Interest included a distribution to be paid monthly at an annual return of 10% of the Company’s “Energy Investment”, which included the funded purchase price plus any unpaid deferred distributions, and a deferred distribution at an annual return of 4% of the Energy Investment to be paid at CCE’s option on each monthly distribution date or upon redemption of the Preferred Interest. | ||
Monthly Distribution, Annual Return | 10.00% | ||
Deferred Distribution, Annual Return | 4.00% | ||
Proceeds from Sale, Maturity and Collection of Investments | 100,000,000 | ||
Investment Owned, Face Amount | 100,300,000 | ||
Investment Income, Interest | $11,800,000 | $7,800,000 |
Credit_Facility_and_Notes_Paya2
Credit Facility and Notes Payable (Details) (USD $) | 12 Months Ended | 53 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 30, 2014 | Aug. 14, 2014 | |
Credit Facility and Notes Payable (Details) [Line Items] | |||||||
Long-term Line of Credit | $0 | $74,039,000 | $0 | $0 | |||
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 38,723,000 | 13,067,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 4.44% | ||||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 6.50% | ||||||
Amortization of Debt Discount (Premium) | -700,000 | -200,000 | -100,000 | ||||
Debt Instrument, Unamortized Discount (Premium), Net | -3,929,000 | -4,600,000 | -3,929,000 | -3,929,000 | |||
Amortization of Financing Costs | 800,000 | 300,000 | 200,000 | ||||
Interest Costs Capitalized | 600,000 | 300,000 | 300,000 | ||||
Revolving Credit Facility $75 Million [Member] | |||||||
Credit Facility and Notes Payable (Details) [Line Items] | |||||||
Debt Instrument, Issuance Date | 26-Jul-13 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | ||||||
Amended Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Credit Facility and Notes Payable (Details) [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||
Amended Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||
Credit Facility and Notes Payable (Details) [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||
Amended Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Credit Facility and Notes Payable (Details) [Line Items] | |||||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | ||||||
Amended Credit Agreement [Member] | Minimum [Member] | |||||||
Credit Facility and Notes Payable (Details) [Line Items] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||
Amended Credit Agreement [Member] | Maximum [Member] | |||||||
Credit Facility and Notes Payable (Details) [Line Items] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | ||||||
Amended Credit Agreement [Member] | |||||||
Credit Facility and Notes Payable (Details) [Line Items] | |||||||
Debt Instrument, Issuance Date | 3-Oct-13 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | ||||||
Line of Credit Facility, Borrowing Capacity, Description | allow for future increases in the amount of the facility up to $150 million, subject to certain conditions | ||||||
Debt Instrument, Maturity Date, Description | matures in July 2015; however, the Company has the right, upon satisfaction of certain conditions, including covenant compliance and payment of an extension fee, to extend the maturity date to July 2016 | ||||||
Long-term Line of Credit | 0 | 74,000,000 | 0 | 0 | |||
Line of Credit Facility, Interest Rate at Period End | 2.42% | ||||||
Line of Credit Facility, Covenant Terms | The credit facility contains customary affirmative covenants, negative covenants and events of default. In addition, the credit facility contains covenants restricting the level of certain investments and the following quarterly financial covenants (capitalized terms are defined in the credit agreement):· Minimum Net Worth shall not be less than $450 million;· Total Indebtedness to Total Asset Value must not exceed 50%;· Total Secured Indebtedness to Total Asset Value must not exceed 30%;· Ratio of Adjusted Net Operating Income to Fixed Charges for the four trailing quarters must equal or exceed two;· Ratio of Adjusted Net Operating Income attributable to Unencumbered Hotels to Implied Debt Service for the four trailing quarters must equal or exceed two;· Distributions cannot exceed $0.825 per share per year;· Additional Unsecured Indebtedness (other than this credit facility) shall not exceed $2.5 million; and· Unencumbered Leverage Ratio must be less than 45%.The Company was in compliance with each of these covenants at December 31, 2014. | ||||||
Increase in Revolving Credit Facility $150 Million [Member] | |||||||
Credit Facility and Notes Payable (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 | ||||||
Decrease in Revolving Credit Facility $100 Million [Member] | |||||||
Credit Facility and Notes Payable (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | ||||||
Debt Assumed in Business Acquisition [Member] | |||||||
Credit Facility and Notes Payable (Details) [Line Items] | |||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $121,200,000 | $121,200,000 |
Credit_Facility_and_Notes_Paya3
Credit Facility and Notes Payable (Details) - Mortgage Note Debt (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Credit Facility and Notes Payable (Details) - Mortgage Note Debt [Line Items] | |||||
Principal Assumed | $0 | $38,723 | $13,067 | ||
Outstanding Balance | 115,779 | ||||
119,708 | 122,501 | ||||
Homewood Suites Knoxville, TN [Member] | |||||
Credit Facility and Notes Payable (Details) - Mortgage Note Debt [Line Items] | |||||
Brand | Homewood Suites | ||||
Interest Rate | 6.30% | [1] | |||
Assumption Date | 19-Jul-11 | ||||
Maturity Date | 8-Oct-16 | ||||
Principal Assumed | 11,499 | ||||
Outstanding Balance | 10,849 | 11,055 | |||
TownePlace Suites Knoxville, TN [Member] | |||||
Credit Facility and Notes Payable (Details) - Mortgage Note Debt [Line Items] | |||||
Brand | TownePlace Suites | ||||
Interest Rate | 5.45% | [1] | |||
Assumption Date | 9-Aug-11 | ||||
Maturity Date | 11-Dec-15 | ||||
Principal Assumed | 7,392 | ||||
Outstanding Balance | 6,616 | 6,859 | |||
Hilton Garden Inn Des Plaines, IL [Member] | |||||
Credit Facility and Notes Payable (Details) - Mortgage Note Debt [Line Items] | |||||
Brand | Hilton Garden Inn | ||||
Interest Rate | 5.99% | [1] | |||
Assumption Date | 20-Sep-11 | ||||
Maturity Date | 1-Aug-16 | ||||
Principal Assumed | 20,838 | ||||
Outstanding Balance | 19,582 | 19,996 | |||
Hilton Garden Inn Scottsdale, AZ [Member] | |||||
Credit Facility and Notes Payable (Details) - Mortgage Note Debt [Line Items] | |||||
Brand | Hilton Garden Inn | ||||
Interest Rate | 6.07% | [1] | |||
Assumption Date | 3-Oct-11 | ||||
Maturity Date | 1-Feb-17 | ||||
Principal Assumed | 10,585 | ||||
Outstanding Balance | 10,016 | 10,208 | |||
Hampton Inn & Suites Skokie, IL [Member] | |||||
Credit Facility and Notes Payable (Details) - Mortgage Note Debt [Line Items] | |||||
Brand | Hampton Inn & Suites | ||||
Interest Rate | 6.15% | [1] | |||
Assumption Date | 19-Dec-11 | ||||
Maturity Date | 1-Jul-16 | ||||
Principal Assumed | 19,092 | ||||
Outstanding Balance | 18,082 | 18,441 | |||
Homewood Suites Gainesville, FL [Member] | |||||
Credit Facility and Notes Payable (Details) - Mortgage Note Debt [Line Items] | |||||
Brand | Homewood Suites | ||||
Interest Rate | 5.89% | [1] | |||
Assumption Date | 27-Jan-12 | ||||
Maturity Date | 8-May-17 | ||||
Principal Assumed | 13,067 | ||||
Outstanding Balance | 12,453 | 12,676 | |||
Hampton Inn & Suites Colorado Springs, CO [Member] | |||||
Credit Facility and Notes Payable (Details) - Mortgage Note Debt [Line Items] | |||||
Brand | Hampton Inn & Suites | ||||
Interest Rate | 6.25% | [1] | |||
Assumption Date | 8-Nov-13 | ||||
Maturity Date | 6-Jul-21 | ||||
Principal Assumed | 8,231 | ||||
Outstanding Balance | 8,115 | 8,222 | |||
Courtyard Franklin, TN [Member] | |||||
Credit Facility and Notes Payable (Details) - Mortgage Note Debt [Line Items] | |||||
Brand | Courtyard | ||||
Interest Rate | 6.25% | [1] | |||
Assumption Date | 8-Nov-13 | ||||
Maturity Date | 6-Aug-21 | ||||
Principal Assumed | 15,246 | ||||
Outstanding Balance | 15,033 | [2] | 15,229 | [2] | |
Residence Inn Franklin, TN [Member] | |||||
Credit Facility and Notes Payable (Details) - Mortgage Note Debt [Line Items] | |||||
Brand | Residence Inn | ||||
Interest Rate | 6.25% | [1] | |||
Assumption Date | 8-Nov-13 | ||||
Maturity Date | 6-Aug-21 | ||||
Principal Assumed | 15,246 | ||||
Outstanding Balance | 15,033 | [2] | 15,229 | [2] | |
Total [Member] | |||||
Credit Facility and Notes Payable (Details) - Mortgage Note Debt [Line Items] | |||||
Principal Assumed | 121,196 | ||||
Outstanding Balance | 115,779 | 117,915 | |||
Unamortized fair value adjustment of assumed debt | 3,929 | 4,586 | |||
$119,708 | $122,501 | ||||
[1] | These rates are the rates per the loan agreement. Upon assumption, the Company adjusted the interest rates on these loans to market rates and is amortizing the adjustments to interest expense over the life of the loan. | ||||
[2] | One loan secured by two hotels. For presentation purposes, the principal assumed and outstanding balance were allocated equally to each hotel. |
Credit_Facility_and_Notes_Paya4
Credit Facility and Notes Payable (Details) - Future Minimum Debt Payments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Future Minimum Debt Payments [Abstract] | ||
2015 | $8,630 | |
2016 | 48,496 | |
2017 | 22,163 | |
2018 | 641 | |
2019 | 683 | |
Thereafter | 35,166 | |
115,779 | ||
Unamortized fair value adjustment of assumed debt | 3,929 | 4,600 |
Total | $119,708 | $196,500 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||
Long-term Debt | $119,708,000 | $196,500,000 |
Long-term Debt, Fair Value | $122,800,000 | $198,100,000 |
Related_Parties_Details
Related Parties (Details) (USD $) | 12 Months Ended | 53 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Related Parties (Details) [Line Items] | ||||
Related Party Transaction, Description of Transaction | To efficiently manage cash disbursements, the Company, Apple Hospitality, A10A or ASRG may make payments for any or all of the related companies. Under the cash management process, each of the companies may advance or defer up to $1 million at any time. Each month, any outstanding amounts are settled among the affected companies. | |||
Acquisition of Membership Interest in Apple Air Holding, LLC from Apple REIT Six, Inc. [Member] | ||||
Related Parties (Details) [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $1.45 | |||
Apple Suites Realty Group (ASRG) [Member] | Real Estate Acquisition and Disposal Fees Incurred [Member] | ||||
Related Parties (Details) [Line Items] | ||||
Real estate acquisition and disposal fee, Related Party, Percent | 2.00% | |||
Costs and Expenses, Related Party | 1.7 | 5.3 | 1.2 | 17.4 |
Apple Suites Realty Group (ASRG) [Member] | ||||
Related Parties (Details) [Line Items] | ||||
Real estate acquisition and disposal fee, Related Party, Percent | 2.00% | |||
Apple Ten Advisors (A10A) [Member] | Advisory Fees Incurred [Member] | ||||
Related Parties (Details) [Line Items] | ||||
Costs and Expenses, Related Party | 1.4 | 1.2 | 0.6 | |
Accounts Payable, Related Parties | 0 | 0.4 | 0 | |
Apple Ten Advisors (A10A) [Member] | ||||
Related Parties (Details) [Line Items] | ||||
Management Advisory Fee, Related Party, Percent | 0.1% to 0.25% | |||
ASRG and A10A [Member] | Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member] | ||||
Related Parties (Details) [Line Items] | ||||
Costs and Expenses, Related Party | 3.2 | 2.1 | 1.7 | |
All Apple REIT Entities [Member] | Legal Proceedings [Member] | ||||
Related Parties (Details) [Line Items] | ||||
Legal Fees | 0.8 | 2.9 | 7.3 | |
Apple Air Holding, LLC [Member] | Aircraft Usage Fees [Member] | ||||
Related Parties (Details) [Line Items] | ||||
Costs and Expenses, Related Party | 0.2 | 0.2 | 0.2 | |
Apple Air Holding, LLC [Member] | ||||
Related Parties (Details) [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 26.00% | 26.00% | 26.00% | |
Equity Method Investments | 0.9 | 1.2 | 0.9 | |
Income (Loss) from Equity Method Investments | -0.3 | -0.2 | ||
Paid to Apple Hospitality [Member] | Advisory Fees Incurred [Member] | ||||
Related Parties (Details) [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | 1.2 | |||
Apple Hospitality's Interest in Apple Air Holding, LLC [Member] | ||||
Related Parties (Details) [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 74.00% | 74.00% | ||
Legal Proceedings [Member] | Apple REIT Ten, Inc. [Member] | ||||
Related Parties (Details) [Line Items] | ||||
Legal Fees | $0.05 | $0.30 | $0.70 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | 0 Months Ended | 36 Months Ended | 42 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 33 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 10, 2014 | Jan. 27, 2011 | Jan. 19, 2014 | Jul. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2014 | |
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||
Preferred Stock, Value, Issued (in Dollars) | $0 | $0 | 0 | 0 | $0 | |||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | 0 | 0 | |||||||||||
Preferred Stock, Shares Authorized | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | |||||||||||
Payments for Repurchase of Equity (in Dollars) | 15,547,000 | 20,810,000 | 15,042,000 | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.83 | $0.83 | $0.83 | |||||||||||||
Payments of Ordinary Dividends, Common Stock (in Dollars) | 71,014,000 | 59,288,000 | 45,034,000 | |||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||
Preferred Stock Priority Distribution (in Dollars per share) | $11 | |||||||||||||||
Preferred Stock, Value, Issued (in Dollars) | 0 | 0 | 0 | 0 | 0 | |||||||||||
Preferred Stock, Shares Issued | 91,037,588 | 78,868,484 | 78,868,484 | 91,037,588 | 91,037,588 | |||||||||||
Preferred Stock, Shares Authorized | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||
Series B Convertible Preferred Stock [Member] | Number of common shares through conversion if gross proceeds are $2 billion [Member] | ||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 24.17104 | 24.17104 | 24.17104 | |||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||
Preferred Stock, Value, Issued (in Dollars) | 48,000 | 48,000 | 48,000 | 48,000 | 48,000 | |||||||||||
Preferred Stock, Shares Issued | 480,000 | 480,000 | 480,000 | 480,000 | 480,000 | |||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $0.10 | 0.1 | $0.10 | |||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 12.11423 | 12.11423 | 12.11423 | |||||||||||||
Preferred Stock, Shares Authorized | 480,000 | 480,000 | 480,000 | 480,000 | 480,000 | |||||||||||
Best-Efforts Offering [Member] | ||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||
Number of Units Registered to Sell | 182,251,082 | |||||||||||||||
Minimum Unit Offering | 9,523,810 Units at $10.50 per Unit | |||||||||||||||
Unit Offering Price (in Dollars per share) | $11 | $11 | ||||||||||||||
Units Remaining Unsold | 96,502,475 | |||||||||||||||
Conclusion of Best-Efforts Offering [Member] | ||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||
Unit Offering Price (in Dollars per share) | $11 | |||||||||||||||
Units Sold | 86,550,476 | |||||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||
Proportion of ownership required to approve amendments to articles of incorporation | Holders of more than two-thirds of the Series B convertible preferred shares | |||||||||||||||
Preferred Stock, Liquidation Payment Per Share (in Dollars per share) | $11 | |||||||||||||||
Conversion Formula Used In Subsequent Public Offering | (X/100 million) x 1.20568, where X is the additional gross proceeds rounded down to the nearest $100 million | |||||||||||||||
Triggering Event on Conversion of Series B Convertible Preferred Shares based on equity raised through end of reporting period [Member] | ||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||
Expense Related to the Conversion of Series B Convertible Preferred Shares, minimum (in Dollars) | 0 | 0 | 0 | |||||||||||||
Expense Related to the Conversion of Series B Convertible Preferred Shares, maximum amount (in Dollars) | 64,000,000 | 64,000,000 | 64,000,000 | |||||||||||||
Per Common Share Fair Market Value Assumption (in Dollars per share) | $11 | 11 | $11 | |||||||||||||
Common shares issued | 5,800,000 | 5,800,000 | 5,800,000 | |||||||||||||
Unit Redemption Program [Member] | ||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||
Unit redemption eligibility period | 1 year | |||||||||||||||
Redemption rate, Units owned less than 5 years | 92.50% | |||||||||||||||
Redemption rate, Units owned more than 5 years | 100.00% | |||||||||||||||
Weighted average number of Units outstanding, percentage redeemable | 3.00% | |||||||||||||||
Units Redeemed | 1,500,000 | 2,000,000 | 1,500,000 | 5,000,000 | ||||||||||||
Payments for Repurchase of Equity (in Dollars) | 15,500,000 | 20,800,000 | 15,000,000 | 51,400,000 | ||||||||||||
Redemption requests redeemed, description | pro-rata basis | pro-rata basis | ||||||||||||||
Redemption requests redeemed, percentage | 68.00% | 60.00% | 12.00% | 8.00% | 100.00% | 100.00% | 100.00% | |||||||||
Distributions [Member] | ||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||
Annual Distribution rate (in Dollars per share) | $0.83 | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.83 | $0.83 | $0.83 | |||||||||||||
Payments of Ordinary Dividends, Common Stock (in Dollars) | $71,000,000 | $59,300,000 | $45,000,000 |
Shareholders_Equity_Details_Sc
Shareholders' Equity (Details) - Schedule of Unit Redemption (Redemptions [Member]) | 3 Months Ended | |||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Redemptions [Member] | ||||||||
Shareholders' Equity (Details) - Schedule of Unit Redemption [Line Items] | ||||||||
Total Requested Unit Redemptions at Redemption Date | 296,642 | 496,839 | 479,078 | 357,013 | 609,079 | 677,855 | 1,063,625 | 938,026 |
Units Redeemed | 296,642 | 496,839 | 479,078 | 242,644 | 609,079 | 677,855 | 637,779 | 114,200 |
Total Redemption Requests Not Redeemed at Redemption Date | 0 | 0 | 0 | 114,369 | 0 | 0 | 425,846 | 823,826 |
Management_and_Franchise_Agree2
Management and Franchise Agreements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Management and Franchise Agreements (Details) [Line Items] | |||
Owned Property Management Costs | $6,950 | $5,007 | $3,647 |
Direct Operating Cost, Royalty Expense | $9,792 | $6,708 | $4,692 |
Hilton Franchise Agreements [Member] | Minimum [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Franchise Agreement, Initial Term | 10 years | ||
Hilton Franchise Agreements [Member] | Maximum [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Franchise Agreement, Initial Term | 21 years | ||
Marriott Franchise Agreements [Member] | Minimum [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Franchise Agreement, Initial Term | 13 years | ||
Marriott Franchise Agreements [Member] | Maximum [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Franchise Agreement, Initial Term | 20 years | ||
Hotels [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Number of Real Estate Properties | 51 | ||
Minimum [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Management Agreement Initial Term | 1 year | ||
Maximum [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Management Agreement Initial Term | 30 years |
Management_and_Franchise_Agree3
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties | 12 Months Ended |
Dec. 31, 2014 | |
LBA [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Management Company | 9 |
McKibbon [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Management Company | 9 |
North Central [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Management Company | 6 |
Schulte [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Management Company | 6 |
Chartwell [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Management Company | 5 |
White Lodging [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Management Company | 5 |
Raymond [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Management Company | 4 |
Newport [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Management Company | 2 |
Western [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Management Company | 2 |
Marriott [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Management Company | 1 |
Stonebridge [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Management Company | 1 |
Vista Host [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Management Company | 1 |
Total [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Management Company | 51 |
Lease_Commitments_Details
Lease Commitments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Acquisition of Three Hotels [Member] | |||
Lease Commitments (Details) [Line Items] | |||
Number of Businesses Acquired | 3 | ||
Number of Land Leases Assumed | 3 | ||
Description of Lessee Leasing Arrangements, Operating Leases | One of the leases has a remaining lease term of 48 years with no renewal options and the other two leases have remaining lease terms of 86 years with no renewal options. | ||
Fairfield Inn & Suites South Bend, IN [Member] | Land Conveyed In Acquisition [Member] | |||
Lease Commitments (Details) [Line Items] | |||
Description of Lessee Leasing Arrangements, Operating Leases | the land on which the hotel resides was conveyed to the Company with an indefinite term (“Vesting Deed”). Under the terms of the Vesting Deed, the Company is required to pay to the University of Notre Dame (“University”) an amount equal to 2% of the room revenues generated by the hotel through June 2012, and 3.25% of the hotel’s room revenues thereafter. The Vesting Deed also grants the University various rights related to the property, including the right to approve changes to the use of the property and approve potential purchasers of the property. | ||
Other Cost and Expense, Operating | $149,000 | $155,000 | $120,000 |
Lease_Commitments_Details_Futu
Lease Commitments (Details) - Future Minimum Lease Payments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments [Abstract] | |
2015 | $74 |
2016 | 82 |
2017 | 82 |
2018 | 82 |
2019 | 82 |
Thereafter | 15,600 |
Total | $16,002 |
Pro_Forma_Information_Unaudite2
Pro Forma Information (Unaudited) (Details) (Hotels Acquired After December 31, 2012 [Member]) | 24 Months Ended |
Dec. 31, 2014 | |
Hotels Acquired After December 31, 2012 [Member] | |
Pro Forma Information (Unaudited) (Details) [Line Items] | |
Number of Businesses Acquired | 20 |
Pro_Forma_Information_Unaudite3
Pro Forma Information (Unaudited) (Details) - Pro Forma (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pro Forma [Abstract] | ||
Total revenue | $219,554 | $192,905 |
Net income | $45,995 | $33,825 |
Net income per share - basic and diluted (in Dollars per share) | $0.53 | $0.45 |
Hotel_Contract_Commitments_Det
Hotel Contract Commitments (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 05, 2015 |
Hotel Contract Commitments (Details) [Line Items] | ||||
Noncash or Part Noncash Acquisition, Debt Assumed (in Dollars) | $0 | $38,723 | $13,067 | |
Potential Purchase of Additional Hotels [Member] | ||||
Hotel Contract Commitments (Details) [Line Items] | ||||
Potential Number of Hotel Properties | 5 | |||
Business Acquisition, Gross Purchase Price (in Dollars) | 153,600 | |||
Potential Purchase of Additional Hotels Under Construction [Member] | ||||
Hotel Contract Commitments (Details) [Line Items] | ||||
Potential Number of Hotel Properties | 2 | |||
Hotel Construction, Time to Completion | 12 months | |||
Potential Purchase of Additional Hotels Operating [Member] | Subsequent Event [Member] | ||||
Hotel Contract Commitments (Details) [Line Items] | ||||
Number of Businesses Acquired | 2 | |||
Potential Purchase of Additional Hotels Operating [Member] | ||||
Hotel Contract Commitments (Details) [Line Items] | ||||
Potential Number of Hotel Properties | 3 | |||
Existing Hotels, Time to Acquisition | 6 months | |||
Potential Residence Inn San Juan Capistrano, CA [Member] | ||||
Hotel Contract Commitments (Details) [Line Items] | ||||
Business Acquisition, Gross Purchase Price (in Dollars) | 29,200 | |||
Existing Hotels, Time to Acquisition | 6 months | |||
Noncash or Part Noncash Acquisition, Debt Assumed (in Dollars) | $16,600 |
Hotel_Contract_Commitments_Det1
Hotel Contract Commitments (Details) - Outstanding Contracts (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Hotel Contract Commitments (Details) - Outstanding Contracts [Line Items] | ||||
Deposits Paid | $602 | $3,591 | $22 | |
Potential Residence Inn San Juan Capistrano, CA [Member] | ||||
Hotel Contract Commitments (Details) - Outstanding Contracts [Line Items] | ||||
Brand | Residence Inn | [1] | ||
Rooms | 130 | |||
Deposits Paid | 100 | |||
Gross Purchase Price | 29,200 | |||
Potential Fairfield Inn & Suites Tustin, CA [Member] | ||||
Hotel Contract Commitments (Details) - Outstanding Contracts [Line Items] | ||||
Brand | Fairfield Inn & Suites | [2] | ||
Rooms | 145 | |||
Deposits Paid | 100 | |||
Gross Purchase Price | 31,000 | |||
Potential Residence Inn Tustin, CA [Member] | ||||
Hotel Contract Commitments (Details) - Outstanding Contracts [Line Items] | ||||
Brand | Residence Inn | [2] | ||
Rooms | 149 | |||
Deposits Paid | 100 | |||
Gross Purchase Price | 42,800 | |||
Potential Homewood Suites Cape Canaveral, FL [Member] | ||||
Hotel Contract Commitments (Details) - Outstanding Contracts [Line Items] | ||||
Brand | Homewood Suites | [3],[4] | ||
Rooms | 153 | |||
Deposits Paid | 3 | |||
Gross Purchase Price | 25,245 | |||
Potential Hampton Inn & Suites Rosemont, IL [Member] | ||||
Hotel Contract Commitments (Details) - Outstanding Contracts [Line Items] | ||||
Brand | Hampton Inn & Suites | [3] | ||
Rooms | 158 | |||
Deposits Paid | 300 | |||
Gross Purchase Price | 25,400 | |||
Total Potential Acquisitions [Member] | ||||
Hotel Contract Commitments (Details) - Outstanding Contracts [Line Items] | ||||
Rooms | 735 | |||
Deposits Paid | 603 | |||
Gross Purchase Price | $153,645 | |||
[1] | This hotel is currently operational and assuming all conditions to closing are met is expected to close within six months from December 31, 2014. The purchase contract for this hotel requires the Company to assume at closing approximately $16.6 million in mortgage debt. The loan provides for monthly payments of principal and interest on an amortized basis. | |||
[2] | Hotels were acquired on February 5, 2015. | |||
[3] | These hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise. Assuming all conditions to closing are met the purchase of these hotels is expected to close over the next 12 months from December 31, 2014. | |||
[4] | If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing. |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) - Schedule of Quarterly Financial Information (USD $) | 12 Months Ended | 3 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Quarterly Financial Data (Unaudited) (Details) - Schedule of Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | $219,554 | $158,916 | $117,666 | ||||||||
Net income | 45,995 | 26,338 | 17,079 | ||||||||
Basic and diluted net income per common share | $0.53 | $0.37 | $0.31 | ||||||||
Distributions declared and paid per common share | $0.83 | $0.83 | $0.83 | ||||||||
First Quarter [Member] | |||||||||||
Quarterly Financial Data (Unaudited) (Details) - Schedule of Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | 50,464 | 30,866 | |||||||||
Net income | 9,408 | 2,888 | |||||||||
Basic and diluted net income per common share | $0.12 | $0.04 | |||||||||
Distributions declared and paid per common share | $0.21 | $0.21 | |||||||||
Second Quarter [Member] | |||||||||||
Quarterly Financial Data (Unaudited) (Details) - Schedule of Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | 59,330 | 40,942 | |||||||||
Net income | 14,849 | 9,186 | |||||||||
Basic and diluted net income per common share | $0.18 | $0.13 | |||||||||
Distributions declared and paid per common share | $0.21 | $0.21 | |||||||||
Third Quarter [Member] | |||||||||||
Quarterly Financial Data (Unaudited) (Details) - Schedule of Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | 56,791 | 43,761 | |||||||||
Net income | 13,511 | 8,182 | |||||||||
Basic and diluted net income per common share | $0.15 | $0.11 | |||||||||
Distributions declared and paid per common share | $0.21 | $0.21 | |||||||||
Fourth Quarter [Member] | |||||||||||
Quarterly Financial Data (Unaudited) (Details) - Schedule of Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | 52,969 | 43,347 | |||||||||
Net income | $8,227 | $6,082 | |||||||||
Basic and diluted net income per common share | $0.09 | $0.08 | |||||||||
Distributions declared and paid per common share | $0.21 | $0.21 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 | Jan. 31, 2015 | Feb. 05, 2015 |
Subsequent Events (Details) [Line Items] | ||||||
Payments of Ordinary Dividends, Common Stock | $71,014 | $59,288 | $45,034 | |||
Common Stock, Dividends, Per Share, Cash Paid | $0.83 | $0.83 | $0.83 | |||
Payments for Repurchase of Equity | 15,547 | 20,810 | 15,042 | |||
Subsequent Event [Member] | Fairfield Inn & Suites Tustin, CA [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Number of Units in Real Estate Property | 145 | |||||
Subsequent Event [Member] | Residence Inn Tustin, CA [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Number of Units in Real Estate Property | 149 | |||||
Subsequent Event [Member] | Fairfield Inn & Suites and Residence Inn Tustin, CA [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Number of Real Estate Properties | 2 | |||||
Business Acquisition, Gross Purchase Price | 73,800 | |||||
Subsequent Event [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Payments of Ordinary Dividends, Common Stock | 6,200 | 6,300 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $0.07 | $0.07 | ||||
Units Redeemed | 400,000 | |||||
Payments for Repurchase of Equity | $4,400 | |||||
Redemption requests redeemed, percentage | 100.00% |
SCHEDULE_III_REAL_ESTATE_AND_A1
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Land Ownership Description | Land is owned fee simple unless cost is $0, in which case the property is subject to a ground lease. |
SEC Schedule III, Real Estate, Federal Income Tax Basis | $933 |
SCHEDULE_III_REAL_ESTATE_AND_A2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Total Gross Cost | 911,138 | $807,655 | $528,493 | $458,214 | |
Accumulated Depreciation | -72,106 | -43,076 | -21,804 | -6,009 | |
Hampton Inn & Suites Huntsville, AL [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Huntsville, AL [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Huntsville, AL [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AL | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 713 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,637 | ||||
Subsequently Capitalized Building Improvements and FF&E | 1 | ||||
Total Gross Cost | 11,351 | [2] | |||
Accumulated Depreciation | -753 | ||||
Date of Construction | 2013 | ||||
Date Acquired | 13-Mar | ||||
Number of Rooms | 98 | ||||
Home2 Suites Huntsville, AL [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Huntsville, AL [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Huntsville, AL [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AL | ||||
Description | Home2 Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 538 | [1] | |||
Initial Cost, Building, FF&E and Other | 8,382 | ||||
Subsequently Capitalized Building Improvements and FF&E | 1 | ||||
Total Gross Cost | 8,921 | [2] | |||
Accumulated Depreciation | -593 | ||||
Date of Construction | 2013 | ||||
Date Acquired | 13-Mar | ||||
Number of Rooms | 77 | ||||
Hampton Inn & Suites Mobile, AL [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Mobile, AL [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Mobile, AL [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AL | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 0 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,525 | ||||
Subsequently Capitalized Building Improvements and FF&E | 1,042 | ||||
Total Gross Cost | 12,567 | [2] | |||
Accumulated Depreciation | -1,571 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 11-Jun | ||||
Number of Rooms | 101 | ||||
Courtyard Phoenix, AZ [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Phoenix, AZ [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Phoenix, AZ [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AZ | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,382 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,488 | ||||
Subsequently Capitalized Building Improvements and FF&E | 1,431 | ||||
Total Gross Cost | 12,301 | [2] | |||
Accumulated Depreciation | -561 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 13-Jul | ||||
Number of Rooms | 127 | ||||
Hampton Inn & Suites Phoenix, AZ [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Phoenix, AZ [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Phoenix, AZ [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AZ | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 0 | [1] | |||
Initial Cost, Building, FF&E and Other | 8,474 | ||||
Subsequently Capitalized Building Improvements and FF&E | 1,228 | ||||
Total Gross Cost | 9,702 | [2] | |||
Accumulated Depreciation | -539 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 13-Jul | ||||
Number of Rooms | 125 | ||||
Homewood Suites Phoenix, AZ [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Phoenix, AZ [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Phoenix, AZ [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AZ | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 0 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,813 | ||||
Subsequently Capitalized Building Improvements and FF&E | 1,634 | ||||
Total Gross Cost | 13,447 | [2] | |||
Accumulated Depreciation | -698 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 13-Jul | ||||
Number of Rooms | 134 | ||||
Hilton Garden Inn Scottsdale, AZ [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Scottsdale, AZ [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Scottsdale, AZ [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AZ | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 10,016 | ||||
Initial Cost, Land and Land Improvements | 2,089 | [1] | |||
Initial Cost, Building, FF&E and Other | 14,291 | ||||
Subsequently Capitalized Building Improvements and FF&E | 1,524 | ||||
Total Gross Cost | 17,904 | [2] | |||
Accumulated Depreciation | -1,876 | ||||
Date of Construction | 2005 | ||||
Date Acquired | 11-Oct | ||||
Number of Rooms | 122 | ||||
Courtyard Oceanside, CA [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Oceanside, CA [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Oceanside, CA [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 3,198 | [1] | |||
Initial Cost, Building, FF&E and Other | 27,252 | ||||
Subsequently Capitalized Building Improvements and FF&E | 74 | ||||
Total Gross Cost | 30,524 | [2] | |||
Accumulated Depreciation | -2,757 | ||||
Date of Construction | 2011 | ||||
Date Acquired | 11-Nov | ||||
Number of Rooms | 142 | ||||
Hampton Inn & Suites Colorado Springs, CO [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Colorado Springs, CO [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Colorado Springs, CO [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CO | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 8,115 | ||||
Initial Cost, Land and Land Improvements | 1,099 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,450 | ||||
Subsequently Capitalized Building Improvements and FF&E | 590 | ||||
Total Gross Cost | 13,139 | [2] | |||
Accumulated Depreciation | -393 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 13-Nov | ||||
Number of Rooms | 101 | ||||
Hilton Garden Inn Denver, CO [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Denver, CO [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Denver, CO [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CO | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 5,240 | [1] | |||
Initial Cost, Building, FF&E and Other | 53,264 | ||||
Subsequently Capitalized Building Improvements and FF&E | 2,350 | ||||
Total Gross Cost | 60,854 | [2] | |||
Accumulated Depreciation | -6,321 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 11-Mar | ||||
Number of Rooms | 221 | ||||
Hilton Garden Inn Boca Raton, FL [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Boca Raton, FL [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Boca Raton, FL [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 2,144 | [1] | |||
Initial Cost, Building, FF&E and Other | 8,836 | ||||
Subsequently Capitalized Building Improvements and FF&E | 2,714 | ||||
Total Gross Cost | 13,694 | [2] | |||
Accumulated Depreciation | -1,173 | ||||
Date of Construction | 2002 | ||||
Date Acquired | 12-Jul | ||||
Number of Rooms | 149 | ||||
Residence Inn Fort Lauderdale, FL [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Fort Lauderdale, FL [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Fort Lauderdale, FL [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 2,487 | [1] | |||
Initial Cost, Building, FF&E and Other | 20,611 | ||||
Subsequently Capitalized Building Improvements and FF&E | 0 | ||||
Total Gross Cost | 23,098 | [2] | |||
Accumulated Depreciation | -196 | ||||
Date of Construction | 2014 | ||||
Date Acquired | 14-Oct | ||||
Number of Rooms | 156 | ||||
Hilton Garden Inn Gainesville, FL [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Gainesville, FL [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Gainesville, FL [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 860 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,720 | ||||
Subsequently Capitalized Building Improvements and FF&E | 1,288 | ||||
Total Gross Cost | 13,868 | [2] | |||
Accumulated Depreciation | -1,737 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 11-Jun | ||||
Number of Rooms | 104 | ||||
Homewood Suites Gainesville, FL [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Gainesville, FL [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Gainesville, FL [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Homewood Suites | ||||
Encumbrances | 12,453 | ||||
Initial Cost, Land and Land Improvements | 1,152 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,463 | ||||
Subsequently Capitalized Building Improvements and FF&E | 1,561 | ||||
Total Gross Cost | 16,176 | [2] | |||
Accumulated Depreciation | -1,652 | ||||
Date of Construction | 2005 | ||||
Date Acquired | 12-Jan | ||||
Number of Rooms | 103 | ||||
TownePlace Suites Pensacola, FL [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Pensacola, FL [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Pensacola, FL [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | TownePlace Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,003 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,547 | ||||
Subsequently Capitalized Building Improvements and FF&E | 724 | ||||
Total Gross Cost | 12,274 | [2] | |||
Accumulated Depreciation | -1,197 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 11-Jun | ||||
Number of Rooms | 97 | ||||
Fairfield Inn & Suites Tallahassee, FL [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Inn & Suites Tallahassee, FL [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Inn & Suites Tallahassee, FL [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Fairfield Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,098 | [1] | |||
Initial Cost, Building, FF&E and Other | 8,116 | ||||
Subsequently Capitalized Building Improvements and FF&E | 20 | ||||
Total Gross Cost | 9,234 | [2] | |||
Accumulated Depreciation | -960 | ||||
Date of Construction | 2011 | ||||
Date Acquired | 11-Dec | ||||
Number of Rooms | 97 | ||||
Hampton Inn & Suites Cedar Rapids, IA [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Cedar Rapids, IA [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Cedar Rapids, IA [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IA | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 784 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,282 | ||||
Subsequently Capitalized Building Improvements and FF&E | 78 | ||||
Total Gross Cost | 13,144 | [2] | |||
Accumulated Depreciation | -1,496 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 11-Jun | ||||
Number of Rooms | 103 | ||||
Homewood Suites Cedar Rapids, IA [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Cedar Rapids, IA [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Cedar Rapids, IA [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IA | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 868 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,194 | ||||
Subsequently Capitalized Building Improvements and FF&E | 66 | ||||
Total Gross Cost | 13,128 | [2] | |||
Accumulated Depreciation | -1,578 | ||||
Date of Construction | 2010 | ||||
Date Acquired | 11-Jun | ||||
Number of Rooms | 95 | ||||
Hampton Inn & Suites Davenport, IA [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Davenport, IA [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Davenport, IA [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IA | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,107 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,964 | ||||
Subsequently Capitalized Building Improvements and FF&E | 283 | ||||
Total Gross Cost | 13,354 | [2] | |||
Accumulated Depreciation | -1,302 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 11-Jul | ||||
Number of Rooms | 103 | ||||
Hilton Garden Inn Des Plaines, IL [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Des Plaines, IL [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Des Plaines, IL [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IL | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 19,582 | ||||
Initial Cost, Land and Land Improvements | 2,792 | [1] | |||
Initial Cost, Building, FF&E and Other | 33,604 | ||||
Subsequently Capitalized Building Improvements and FF&E | 1,951 | ||||
Total Gross Cost | 38,347 | [2] | |||
Accumulated Depreciation | -4,158 | ||||
Date of Construction | 2005 | ||||
Date Acquired | 11-Sep | ||||
Number of Rooms | 252 | ||||
Hilton Garden Inn Hoffman Estates, IL [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Hoffman Estates, IL [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Hoffman Estates, IL [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IL | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,496 | [1] | |||
Initial Cost, Building, FF&E and Other | 8,507 | ||||
Subsequently Capitalized Building Improvements and FF&E | 2,480 | ||||
Total Gross Cost | 12,483 | [2] | |||
Accumulated Depreciation | -1,967 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 11-Jun | ||||
Number of Rooms | 184 | ||||
Hampton Inn & Suites Skokie, IL [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Skokie, IL [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Skokie, IL [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IL | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 18,082 | ||||
Initial Cost, Land and Land Improvements | 2,176 | [1] | |||
Initial Cost, Building, FF&E and Other | 29,945 | ||||
Subsequently Capitalized Building Improvements and FF&E | 175 | ||||
Total Gross Cost | 32,296 | [2] | |||
Accumulated Depreciation | -2,979 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 11-Dec | ||||
Number of Rooms | 225 | ||||
Hilton Garden Inn Merrillville, IN [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Merrillville, IN [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Merrillville, IN [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IN | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,414 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,438 | ||||
Subsequently Capitalized Building Improvements and FF&E | 1,741 | ||||
Total Gross Cost | 16,593 | [2] | |||
Accumulated Depreciation | -2,031 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 11-Sep | ||||
Number of Rooms | 124 | ||||
Fairfield Inn & Suites South Bend, IN [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Inn & Suites South Bend, IN [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Inn & Suites South Bend, IN [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IN | ||||
Description | Fairfield Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,100 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,450 | ||||
Subsequently Capitalized Building Improvements and FF&E | 44 | ||||
Total Gross Cost | 17,594 | [2] | |||
Accumulated Depreciation | -1,710 | ||||
Date of Construction | 2010 | ||||
Date Acquired | 11-Nov | ||||
Number of Rooms | 119 | ||||
Hilton Garden Inn Maple Grove, MN [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Maple Grove, MN [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Maple Grove, MN [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MN | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,693 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,105 | ||||
Subsequently Capitalized Building Improvements and FF&E | 348 | ||||
Total Gross Cost | 13,146 | [2] | |||
Accumulated Depreciation | -578 | ||||
Date of Construction | 2003 | ||||
Date Acquired | 13-Jul | ||||
Number of Rooms | 120 | ||||
Fairfield Inn & Suites Charlotte, NC [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Inn & Suites Charlotte, NC [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Inn & Suites Charlotte, NC [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NC | ||||
Description | Fairfield Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,377 | [1] | |||
Initial Cost, Building, FF&E and Other | 8,673 | ||||
Subsequently Capitalized Building Improvements and FF&E | 50 | ||||
Total Gross Cost | 10,100 | [2] | |||
Accumulated Depreciation | -1,230 | ||||
Date of Construction | 2010 | ||||
Date Acquired | 11-Mar | ||||
Number of Rooms | 94 | ||||
Home2 Suites Jacksonville, NC [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Jacksonville, NC [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Jacksonville, NC [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NC | ||||
Description | Home2 Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 788 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,217 | ||||
Subsequently Capitalized Building Improvements and FF&E | 17 | ||||
Total Gross Cost | 12,022 | [2] | |||
Accumulated Depreciation | -1,166 | ||||
Date of Construction | 2012 | ||||
Date Acquired | 12-May | ||||
Number of Rooms | 105 | ||||
Hampton Inn & Suites Winston-Salem, NC [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Winston-Salem, NC [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Winston-Salem, NC [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NC | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,440 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,610 | ||||
Subsequently Capitalized Building Improvements and FF&E | 11 | ||||
Total Gross Cost | 11,061 | [2] | |||
Accumulated Depreciation | -1,333 | ||||
Date of Construction | 2010 | ||||
Date Acquired | 11-Mar | ||||
Number of Rooms | 94 | ||||
Hampton Inn & Suites Omaha, NE [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Omaha, NE [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Omaha, NE [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NE | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 3,082 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,828 | ||||
Subsequently Capitalized Building Improvements and FF&E | 875 | ||||
Total Gross Cost | 20,785 | [2] | |||
Accumulated Depreciation | -730 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 13-Jul | ||||
Number of Rooms | 139 | ||||
Hilton Garden Inn Omaha, NE [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Omaha, NE [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Omaha, NE [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NE | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,397 | [1] | |||
Initial Cost, Building, FF&E and Other | 28,655 | ||||
Subsequently Capitalized Building Improvements and FF&E | 2,941 | ||||
Total Gross Cost | 32,993 | [2] | |||
Accumulated Depreciation | -3,482 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 11-Sep | ||||
Number of Rooms | 178 | ||||
Homewood Suites Omaha, NE [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Omaha, NE [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Omaha, NE [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NE | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 3,396 | [1] | |||
Initial Cost, Building, FF&E and Other | 14,364 | ||||
Subsequently Capitalized Building Improvements and FF&E | 266 | ||||
Total Gross Cost | 18,026 | [2] | |||
Accumulated Depreciation | -632 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 13-Jul | ||||
Number of Rooms | 123 | ||||
Hilton Garden Inn Mason, OH [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Mason, OH [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Mason, OH [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | OH | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,183 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,722 | ||||
Subsequently Capitalized Building Improvements and FF&E | 89 | ||||
Total Gross Cost | 14,994 | [2] | |||
Accumulated Depreciation | -1,661 | ||||
Date of Construction | 2010 | ||||
Date Acquired | 11-Sep | ||||
Number of Rooms | 110 | ||||
Hilton Garden Inn Oklahoma City, OK [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Oklahoma City, OK [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Oklahoma City, OK [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | OK | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,324 | [1] | |||
Initial Cost, Building, FF&E and Other | 25,214 | ||||
Subsequently Capitalized Building Improvements and FF&E | 0 | ||||
Total Gross Cost | 26,538 | [2] | |||
Accumulated Depreciation | -921 | ||||
Date of Construction | 2014 | ||||
Date Acquired | 14-Jan | ||||
Number of Rooms | 155 | ||||
Homewood Suites Oklahoma City, OK [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Oklahoma City, OK [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Oklahoma City, OK [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | OK | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 854 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,284 | ||||
Subsequently Capitalized Building Improvements and FF&E | 0 | ||||
Total Gross Cost | 17,138 | [2] | |||
Accumulated Depreciation | -583 | ||||
Date of Construction | 2014 | ||||
Date Acquired | 14-Jan | ||||
Number of Rooms | 100 | ||||
Homewood Suites Oklahoma City (West), OK [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Oklahoma City (West), OK [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Oklahoma City (West), OK [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | OK | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 878 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,752 | ||||
Subsequently Capitalized Building Improvements and FF&E | 547 | ||||
Total Gross Cost | 12,177 | [2] | |||
Accumulated Depreciation | -547 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 13-Jul | ||||
Number of Rooms | 90 | ||||
Home2 Suites Charleston, SC [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Charleston, SC [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Charleston, SC [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | SC | ||||
Description | Home2 Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 914 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,994 | ||||
Subsequently Capitalized Building Improvements and FF&E | 84 | ||||
Total Gross Cost | 13,992 | [2] | |||
Accumulated Depreciation | -1,623 | ||||
Date of Construction | 2011 | ||||
Date Acquired | 11-Nov | ||||
Number of Rooms | 122 | ||||
TownePlace Suites Columbia, SC [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Columbia, SC [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Columbia, SC [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | SC | ||||
Description | TownePlace Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 613 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,937 | ||||
Subsequently Capitalized Building Improvements and FF&E | 135 | ||||
Total Gross Cost | 10,685 | [2] | |||
Accumulated Depreciation | -1,223 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 11-Mar | ||||
Number of Rooms | 91 | ||||
Courtyard Franklin, TN [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Franklin, TN [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Franklin, TN [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TN | ||||
Description | Courtyard | ||||
Encumbrances | 15,033 | [3] | |||
Initial Cost, Land and Land Improvements | 1,335 | [1] | |||
Initial Cost, Building, FF&E and Other | 25,957 | ||||
Subsequently Capitalized Building Improvements and FF&E | 51 | ||||
Total Gross Cost | 27,343 | [2] | |||
Accumulated Depreciation | -871 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 13-Nov | ||||
Number of Rooms | 126 | ||||
Residence Inn Franklin, TN [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Franklin, TN [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Franklin, TN [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TN | ||||
Description | Residence Inn | ||||
Encumbrances | 15,033 | [3] | |||
Initial Cost, Land and Land Improvements | 1,314 | [1] | |||
Initial Cost, Building, FF&E and Other | 25,977 | ||||
Subsequently Capitalized Building Improvements and FF&E | 29 | ||||
Total Gross Cost | 27,320 | [2] | |||
Accumulated Depreciation | -891 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 13-Nov | ||||
Number of Rooms | 124 | ||||
Homewood Suites Knoxville, TN [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Knoxville, TN [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Knoxville, TN [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TN | ||||
Description | Homewood Suites | ||||
Encumbrances | 10,849 | ||||
Initial Cost, Land and Land Improvements | 1,069 | [1] | |||
Initial Cost, Building, FF&E and Other | 14,948 | ||||
Subsequently Capitalized Building Improvements and FF&E | 1,380 | ||||
Total Gross Cost | 17,397 | [2] | |||
Accumulated Depreciation | -1,998 | ||||
Date of Construction | 2005 | ||||
Date Acquired | 11-Jul | ||||
Number of Rooms | 103 | ||||
SpringHill Suites Knoxville, TN [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Knoxville, TN [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Knoxville, TN [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TN | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 884 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,738 | ||||
Subsequently Capitalized Building Improvements and FF&E | 946 | ||||
Total Gross Cost | 15,568 | [2] | |||
Accumulated Depreciation | -1,776 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 11-Jun | ||||
Number of Rooms | 103 | ||||
TownePlace Suites Knoxville, TN [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Knoxville, TN [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Knoxville, TN [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TN | ||||
Description | TownePlace Suites | ||||
Encumbrances | 6,616 | ||||
Initial Cost, Land and Land Improvements | 700 | [1] | |||
Initial Cost, Building, FF&E and Other | 8,081 | ||||
Subsequently Capitalized Building Improvements and FF&E | 83 | ||||
Total Gross Cost | 8,864 | [2] | |||
Accumulated Depreciation | -978 | ||||
Date of Construction | 2003 | ||||
Date Acquired | 11-Aug | ||||
Number of Rooms | 98 | ||||
TownePlace Suites Nashville, TN [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Nashville, TN [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Nashville, TN [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TN | ||||
Description | TownePlace Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 705 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,062 | ||||
Subsequently Capitalized Building Improvements and FF&E | 20 | ||||
Total Gross Cost | 9,787 | [2] | |||
Accumulated Depreciation | -1,056 | ||||
Date of Construction | 2012 | ||||
Date Acquired | 12-Jan | ||||
Number of Rooms | 101 | ||||
Homewood Suites Austin/Round Rock, TX [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Austin/Round Rock, TX [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Austin/Round Rock, TX [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 2,817 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,743 | ||||
Subsequently Capitalized Building Improvements and FF&E | 18 | ||||
Total Gross Cost | 15,578 | [2] | |||
Accumulated Depreciation | -1,622 | ||||
Date of Construction | 2010 | ||||
Date Acquired | 11-Oct | ||||
Number of Rooms | 115 | ||||
Homewood Suites Dallas, TX [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Dallas, TX [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Dallas, TX [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,985 | [1] | |||
Initial Cost, Building, FF&E and Other | 23,495 | ||||
Subsequently Capitalized Building Improvements and FF&E | 253 | ||||
Total Gross Cost | 25,733 | [2] | |||
Accumulated Depreciation | -890 | ||||
Date of Construction | 2013 | ||||
Date Acquired | 13-Dec | ||||
Number of Rooms | 130 | ||||
Homewood Suites Denton, TX [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Denton, TX [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Denton, TX [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,091 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,339 | ||||
Subsequently Capitalized Building Improvements and FF&E | 39 | ||||
Total Gross Cost | 11,469 | [2] | |||
Accumulated Depreciation | -573 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 13-Jul | ||||
Number of Rooms | 107 | ||||
Courtyard Houston, TX [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Houston, TX [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Houston, TX [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,263 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,090 | ||||
Subsequently Capitalized Building Improvements and FF&E | 28 | ||||
Total Gross Cost | 14,381 | [2] | |||
Accumulated Depreciation | -1,279 | ||||
Date of Construction | 2012 | ||||
Date Acquired | 12-Jul | ||||
Number of Rooms | 124 | ||||
Residence Inn Houston, TX [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Houston, TX [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Houston, TX [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,080 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,995 | ||||
Subsequently Capitalized Building Improvements and FF&E | 28 | ||||
Total Gross Cost | 18,103 | [2] | |||
Accumulated Depreciation | -993 | ||||
Date of Construction | 2012 | ||||
Date Acquired | 13-Jun | ||||
Number of Rooms | 120 | ||||
Courtyard Shenandoah, TX [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Shenandoah, TX [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Shenandoah, TX [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 2,190 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,692 | ||||
Subsequently Capitalized Building Improvements and FF&E | 0 | ||||
Total Gross Cost | 15,882 | [2] | |||
Accumulated Depreciation | -88 | ||||
Date of Construction | 2014 | ||||
Date Acquired | 14-Nov | ||||
Number of Rooms | 124 | ||||
Marriott Fairfax, VA [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Marriott Fairfax, VA [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Marriott Fairfax, VA [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Marriott | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 6,743 | [1] | |||
Initial Cost, Building, FF&E and Other | 27,313 | ||||
Subsequently Capitalized Building Improvements and FF&E | 8,700 | ||||
Total Gross Cost | 42,756 | [2] | |||
Accumulated Depreciation | -1,928 | ||||
Date of Construction | 1984 | ||||
Date Acquired | 13-Mar | ||||
Number of Rooms | 310 | ||||
SpringHill Suites Richmond, VA [Member] | Minimum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Richmond, VA [Member] | Maximum [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Richmond, VA [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 1,088 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,963 | ||||
Subsequently Capitalized Building Improvements and FF&E | 237 | ||||
Total Gross Cost | 11,288 | [2] | |||
Accumulated Depreciation | -1,253 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 11-Jun | ||||
Number of Rooms | 103 | ||||
Other Property [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Cost, Land and Land Improvements | 0 | [1] | |||
Initial Cost, Building, FF&E and Other | 0 | ||||
Subsequently Capitalized Building Improvements and FF&E | 19 | ||||
Total Gross Cost | 19 | [2] | |||
Accumulated Depreciation | -3 | ||||
Total [Member] | |||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 115,779 | ||||
Initial Cost, Land and Land Improvements | 77,943 | [1] | |||
Initial Cost, Building, FF&E and Other | 793,001 | ||||
Subsequently Capitalized Building Improvements and FF&E | 40,194 | ||||
Total Gross Cost | 911,138 | [2] | |||
Accumulated Depreciation | -72,106 | ||||
Number of Rooms | 6,468 | ||||
[1] | Land is owned fee simple unless cost is $0, in which case the property is subject to a ground lease. | ||||
[2] | The aggregate cost of real estate for federal income tax purposes is approximately $933 million at December 31, 2014 (unaudited). | ||||
[3] | Properties are encumbered by one note. For presentation purposes, the outstanding balance was allocated equally between properties. |
SCHEDULE_III_REAL_ESTATE_AND_A3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - Rollforward of Real Estate Owned and Accumulated Depreciation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Rollforward of Real Estate Owned and Accumulated Depreciation [Abstract] | |||
Balance as of January 1 | $807,655 | $528,493 | $458,214 |
Acquisitions | 82,656 | 270,244 | 61,561 |
Improvements | 20,827 | 8,918 | 8,718 |
Balance at December 31 | 911,138 | 807,655 | 528,493 |
Balance as of January 1 | -43,076 | -21,804 | -6,009 |
Depreciation expense | -29,030 | -21,272 | -15,795 |
Balance at December 31 | ($72,106) | ($43,076) | ($21,804) |