Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 28, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | STAY | |
Entity Registrant Name | Extended Stay America, Inc. | |
Entity Central Index Key | 1,581,164 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 192,345,432 | |
ESH REIT | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ESH Hospitality, Inc. | |
Entity Central Index Key | 1,507,563 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Class A common stock | ESH REIT | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 250,493,583 | |
Class B common stock | ESH REIT | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 192,345,432 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
PROPERTY AND EQUIPMENT - Net of accumulated depreciation of $1,044,468 and $973,669 | $ 3,809,547 | $ 3,905,304 |
CASH AND CASH EQUIVALENTS | 56,232 | 84,158 |
RESTRICTED CASH | 21,325 | 21,614 |
INTANGIBLE ASSETS - Net of accumulated amortization of $9,020 and $8,350 | 27,713 | 28,383 |
GOODWILL | 48,910 | 53,531 |
ACCOUNTS RECEIVABLE - Net of allowance for doubtful accounts of $2,081 and $2,634 | 24,709 | 20,837 |
DEFERRED TAX ASSETS | 10,756 | 16,376 |
OTHER ASSETS | 71,959 | 50,101 |
TOTAL ASSETS | 4,071,151 | 4,180,304 |
LIABILITIES: | ||
Term loan facilities payable - Net of unamortized deferred financing costs and debt discount of $20,344 and $21,994 | 1,269,922 | 1,274,756 |
Senior notes payable - Net of unamortized deferred financing costs and debt discount of $32,412 and $34,482 | 1,267,588 | 1,265,518 |
Revolving credit facilities | 0 | 45,000 |
Mandatorily redeemable preferred stock - $0.01 par value, $1,000 redemption value, 8.0%, 350,000,000 shares authorized, 7,133 and 21,202 shares issued and outstanding | 7,133 | 21,202 |
Accounts payable and accrued liabilities | 201,479 | 193,303 |
Deferred tax liabilities | 0 | 3,286 |
Total liabilities | 2,746,122 | 2,803,065 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Common stock | 1,925 | 1,957 |
Additional paid in capital | 769,335 | 774,811 |
Retained earnings | 42,760 | 23,679 |
Accumulated other comprehensive income (loss) | 1,877 | (5,615) |
Total Extended Stay America, Inc. shareholders’ equity | 815,897 | 794,832 |
Noncontrolling interests | 509,132 | 582,407 |
Total equity | 1,325,029 | 1,377,239 |
TOTAL LIABILITIES AND EQUITY | 4,071,151 | 4,180,304 |
ESH REIT | ||
ASSETS | ||
PROPERTY AND EQUIPMENT - Net of accumulated depreciation of $1,044,468 and $973,669 | 3,827,269 | 3,914,569 |
CASH AND CASH EQUIVALENTS | 5,254 | 53,506 |
RESTRICTED CASH | 0 | 344 |
RENTS RECEIVABLE FROM EXTENDED STAY AMERICA, INC. (Note 9) | 28,938 | 2,609 |
DEFERRED RENTS RECEIVABLE FROM EXTENDED STAY AMERICA, INC. (Note 9) | 31,961 | 40,259 |
GOODWILL | 47,627 | 52,245 |
DEFERRED TAX ASSETS | 237 | 0 |
OTHER ASSETS | 30,680 | 13,973 |
TOTAL ASSETS | 3,971,966 | 4,077,505 |
LIABILITIES: | ||
Term loan facilities payable - Net of unamortized deferred financing costs and debt discount of $20,344 and $21,994 | 1,269,922 | 1,274,756 |
Senior notes payable - Net of unamortized deferred financing costs and debt discount of $32,412 and $34,482 | 1,267,588 | 1,265,518 |
Revolving credit facilities | 0 | 45,000 |
Loan payable to Extended Stay America, Inc. | 50,000 | 50,000 |
Unearned rental revenues from Extended Stay America, Inc. | 143,130 | 39,898 |
Due to Extended Stay America, Inc. | 16,663 | 11,608 |
Accounts payable and accrued liabilities | 63,108 | 69,520 |
Deferred tax liabilities | 0 | 3,286 |
Total liabilities | 2,810,411 | 2,759,586 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Common stock | 4,430 | 4,462 |
Additional paid in capital | 1,145,500 | 1,144,664 |
Preferred stock - no par value, $1,000 liquidation value, 125 shares authorized, issued and outstanding | 73 | 73 |
Retained earnings | 6,436 | 176,532 |
Accumulated other comprehensive income (loss) | 5,116 | (7,812) |
Total equity | 1,161,555 | 1,317,919 |
TOTAL LIABILITIES AND EQUITY | $ 3,971,966 | $ 4,077,505 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Accumulated depreciation | $ 1,044,468,000 | $ 973,669,000 |
Accumulated amortization of intangible assets | 9,020,000 | 8,350,000 |
Allowance for doubtful accounts | 2,081,000 | 2,634,000 |
Unamortized deferred financing costs | $ 39,480,000 | $ 42,408,000 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 3,500,000,000 | 3,500,000,000 |
Common stock, shares issued (shares) | 192,505,858 | 195,406,944 |
Common stock, shares outstanding (shares) | 192,505,858 | 195,406,944 |
Mandatorily Redeemable Preferred Stock | ||
Entity Information [Line Items] | ||
Preferred stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, redemption value | $ 1,000 | $ 1,000 |
Preferred stock, redemption rate (percent) | 8.00% | 8.00% |
Preferred stock, authorized (shares) | 350,000,000 | 350,000,000 |
Preferred stock, issued (shares) | 7,133 | 21,202 |
Preferred stock, outstanding (shares) | 7,133 | 21,202 |
ESH REIT | ||
Entity Information [Line Items] | ||
Accumulated depreciation | $ 1,043,512,000 | $ 959,449,000 |
Unamortized deferred financing costs | $ 39,024,000 | $ 41,897,000 |
Preferred stock, par value (dollars per share) | $ 0 | $ 0 |
Preferred stock, redemption value (dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, authorized (shares) | 125 | 125 |
Preferred stock, issued (shares) | 125 | 125 |
Preferred stock, outstanding (shares) | 125 | 125 |
ESH REIT | Class A common stock | ||
Entity Information [Line Items] | ||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 4,300,000,000 | 4,300,000,000 |
Common stock, shares issued (shares) | 250,493,583 | 250,493,583 |
Common stock, shares outstanding (shares) | 250,493,583 | 250,493,583 |
ESH REIT | Class B common stock | ||
Entity Information [Line Items] | ||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 7,800,000,000 | 7,800,000,000 |
Common stock, shares issued (shares) | 192,505,858 | 195,406,944 |
Common stock, shares outstanding (shares) | 192,505,858 | 195,406,944 |
ESH REIT 2025 Notes | ||
Entity Information [Line Items] | ||
Unamortized deferred financing costs | $ 32,412,000 | $ 34,482,000 |
Term Loan Facility | ||
Entity Information [Line Items] | ||
Unamortized deferred financing costs | 20,344,000 | 21,994,000 |
Term Loan Facility | ESH REIT | ||
Entity Information [Line Items] | ||
Unamortized deferred financing costs and debt discount | 20,344,000 | 21,994,000 |
Senior Notes Payable | ESH REIT | ||
Entity Information [Line Items] | ||
Unamortized deferred financing costs and debt discount | $ 32,412,000 | $ 34,482,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | ||||
Room revenues | $ 332,608,000 | $ 327,833,000 | $ 618,416,000 | $ 610,970,000 |
Other hotel revenues | 5,755,000 | 4,956,000 | 10,938,000 | 9,377,000 |
Total revenues | 338,363,000 | 332,789,000 | 629,354,000 | 620,347,000 |
Hotel operating expenses | 148,911,000 | 149,078,000 | 290,571,000 | 294,638,000 |
General and administrative expenses | 25,430,000 | 23,988,000 | 51,737,000 | 48,940,000 |
Depreciation and amortization | 57,804,000 | 55,011,000 | 115,475,000 | 108,319,000 |
Impairment of long-lived assets | 7,934,000 | 0 | 20,357,000 | 0 |
Total operating expenses | 240,079,000 | 228,077,000 | 478,140,000 | 451,897,000 |
LOSS ON SALE OF HOTEL PROPERTIES (Note 4) | (1,897,000) | 0 | (1,897,000) | 0 |
OTHER INCOME | 2,055,000 | 0 | 2,056,000 | 18,000 |
INCOME FROM OPERATIONS | 98,442,000 | 104,712,000 | 151,373,000 | 168,468,000 |
OTHER NON-OPERATING EXPENSE (INCOME) | 1,073,000 | 114,000 | (148,000) | (764,000) |
INTEREST EXPENSE, NET | 31,701,000 | 35,764,000 | 65,307,000 | 82,749,000 |
INCOME BEFORE INCOME TAX EXPENSE | 65,668,000 | 68,834,000 | 86,214,000 | 86,483,000 |
INCOME TAX EXPENSE | 15,943,000 | 7,448,000 | 20,426,000 | 10,344,000 |
NET INCOME | 49,725,000 | 61,386,000 | 65,788,000 | 76,139,000 |
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 2,050,000 | (657,000) | 9,088,000 | 1,636,000 |
NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS | $ 51,775,000 | $ 60,729,000 | $ 74,876,000 | $ 77,775,000 |
NET INCOME PER EXTENDED STAY AMERICA, INC. COMMON SHARE: | ||||
Basic (dollars per share) | $ 0.27 | $ 0.30 | $ 0.39 | $ 0.38 |
Diluted (dollars per share) | $ 0.27 | $ 0.30 | $ 0.39 | $ 0.38 |
WEIGHTED-AVERAGE EXTENDED STAY AMERICA, INC. COMMON SHARES OUTSTANDING: | ||||
Basic (shares) | 193,409 | 201,600 | 193,959 | 202,955 |
Diluted (shares) | 193,944 | 201,689 | 194,372 | 203,029 |
ESH REIT | ||||
Entity Information [Line Items] | ||||
REVENUES- Rental revenues from Extended Stay America, Inc. | $ 115,589,000 | $ 116,492,000 | $ 231,883,000 | $ 232,734,000 |
Hotel operating expenses | 23,056,000 | 22,231,000 | 47,011,000 | 46,602,000 |
General and administrative expenses | 4,092,000 | 4,167,000 | 8,794,000 | 7,201,000 |
Depreciation and amortization | 56,856,000 | 53,758,000 | 113,393,000 | 105,798,000 |
Impairment of long-lived assets | 0 | 0 | 15,046,000 | 0 |
Total operating expenses | 84,004,000 | 80,156,000 | 184,244,000 | 159,601,000 |
LOSS ON SALE OF HOTEL PROPERTIES (Note 4) | (3,274,000) | 0 | (3,274,000) | 0 |
OTHER INCOME | 635,000 | 0 | 635,000 | 0 |
INCOME FROM OPERATIONS | 28,946,000 | 36,336,000 | 45,000,000 | 73,133,000 |
OTHER NON-OPERATING EXPENSE (INCOME) | 1,104,000 | (1,000) | (60,000) | (774,000) |
INTEREST EXPENSE, NET | 31,911,000 | 35,075,000 | 65,663,000 | 81,365,000 |
INCOME BEFORE INCOME TAX EXPENSE | (4,069,000) | 1,262,000 | (20,603,000) | (7,458,000) |
INCOME TAX EXPENSE | 655,000 | (209,000) | 237,000 | (3,799,000) |
NET INCOME | (4,724,000) | 1,471,000 | (20,840,000) | (3,659,000) |
NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS | (4,728,000) | 1,467,000 | (20,848,000) | (3,667,000) |
ESH REIT | Class A common stock | ||||
Entity Information [Line Items] | ||||
NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS | $ (2,674,000) | $ 814,000 | $ (11,752,000) | $ (2,023,000) |
NET INCOME PER EXTENDED STAY AMERICA, INC. COMMON SHARE: | ||||
Basic (dollars per share) | $ (0.01) | $ 0 | $ (0.05) | $ (0.01) |
Diluted (dollars per share) | $ (0.01) | $ 0 | $ (0.05) | $ (0.01) |
WEIGHTED-AVERAGE EXTENDED STAY AMERICA, INC. COMMON SHARES OUTSTANDING: | ||||
Basic (shares) | 250,494 | 250,494 | 250,494 | 250,494 |
Diluted (shares) | 250,494 | 250,494 | 250,494 | 250,494 |
ESH REIT | Class B common stock | ||||
Entity Information [Line Items] | ||||
NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS | $ (2,054,000) | $ 653,000 | $ (9,096,000) | $ (1,644,000) |
NET INCOME PER EXTENDED STAY AMERICA, INC. COMMON SHARE: | ||||
Basic (dollars per share) | $ (0.01) | $ 0 | $ (0.05) | $ (0.01) |
Diluted (dollars per share) | $ (0.01) | $ 0 | $ (0.05) | $ (0.01) |
WEIGHTED-AVERAGE EXTENDED STAY AMERICA, INC. COMMON SHARES OUTSTANDING: | ||||
Basic (shares) | 193,409 | 201,600 | 193,959 | 202,955 |
Diluted (shares) | 193,944 | 201,689 | 193,959 | 202,955 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | ||||
NET INCOME | $ 49,725 | $ 61,386 | $ 65,788 | $ 76,139 |
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS: | ||||
FOREIGN CURRENCY TRANSLATION (LOSS) GAIN, NET OF TAX | 0 | (686) | 405 | 2,672 |
RECLASSIFICATION ADJUSTMENT - SALE OF CANADIAN HOTEL PROPERTIES, NET OF TAX | 10,913 | 0 | 10,913 | 0 |
TOTAL FOREIGN CURRENCY TRANSLATION ADJUSTMENTS | 10,913 | (686) | 11,318 | 2,672 |
DERIVATIVE ADJUSTMENTS: | ||||
INTEREST RATE CASH FLOW HEDGE GAIN (LOSS), NET OF TAX | (37) | 0 | (493) | 0 |
RECLASSIFICATION ADJUSTMENT - AMOUNTS RECLASSIFIED TO NET INCOME, NET OF TAX | 603 | 0 | 603 | 0 |
TOTAL DERIVATIVE ADJUSTMENTS | 566 | 0 | 110 | 0 |
COMPREHENSIVE INCOME | 61,204 | 60,700 | 77,216 | 78,811 |
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1,909) | (675) | 5,152 | 282 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS | 59,295 | 60,025 | 82,368 | 79,093 |
ESH REIT | ||||
Entity Information [Line Items] | ||||
NET INCOME | (4,724) | 1,471 | (20,840) | (3,659) |
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS: | ||||
FOREIGN CURRENCY TRANSLATION (LOSS) GAIN, NET OF TAX | 0 | 45 | 531 | 3,032 |
RECLASSIFICATION ADJUSTMENT - SALE OF CANADIAN HOTEL PROPERTIES, NET OF TAX | 12,256 | 0 | 12,256 | 0 |
TOTAL FOREIGN CURRENCY TRANSLATION ADJUSTMENTS | 12,256 | 45 | 12,787 | 3,032 |
DERIVATIVE ADJUSTMENTS: | ||||
INTEREST RATE CASH FLOW HEDGE GAIN (LOSS), NET OF TAX | 121 | 0 | (462) | 0 |
RECLASSIFICATION ADJUSTMENT - AMOUNTS RECLASSIFIED TO NET INCOME, NET OF TAX | 603 | 0 | 603 | 0 |
TOTAL DERIVATIVE ADJUSTMENTS | 724 | 0 | 141 | 0 |
COMPREHENSIVE INCOME | $ 8,256 | $ 1,516 | $ (7,912) | $ (627) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | ||||
Foreign currency translation gain (loss), Tax | $ 0 | $ 824 | $ (125) | $ 824 |
Reclassification Adjustment - Sale of Canadian Hotel Properties, Tax | (3,599) | 0 | (3,599) | 0 |
Derivatives qualifying as hedges, tax | 160 | 0 | 32 | 0 |
Reclassification Adjustment - Amounts Reclassified to Net Income, Tax | 0 | 0 | 0 | 0 |
ESH REIT | ||||
Entity Information [Line Items] | ||||
Foreign currency translation gain (loss), Tax | 0 | 0 | 0 | 0 |
Reclassification Adjustment - Sale of Canadian Hotel Properties, Tax | (264) | 0 | (264) | 0 |
Derivatives qualifying as hedges, tax | 0 | 0 | 0 | 0 |
Reclassification Adjustment - Amounts Reclassified to Net Income, Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Class B common stock | ESH REIT | ESH REITClass B common stock | Common Stock | Common StockClass B common stock | Common StockESH REIT | Common StockESH REITClass A common stock | Common StockESH REITClass B common stock | Preferred StockESH REIT | Additional Paid in Capital | Additional Paid in CapitalClass B common stock | Additional Paid in CapitalESH REIT | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Class B common stock | Retained Earnings (Accumulated Deficit)ESH REIT | Retained Earnings (Accumulated Deficit)ESH REITClass B common stock | Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) IncomeESH REIT | Total Extended Stay America, Inc. Shareholders' Equity | Total Extended Stay America, Inc. Shareholders' EquityClass B common stock | Non- controlling Interests | Non- controlling InterestsClass B common stock |
Beginning balance (shares) at Dec. 31, 2015 | 204,594,000 | 250,494,000 | 204,594,000 | ||||||||||||||||||||
Beginning balance at Dec. 31, 2015 | $ 1,488,357 | $ 1,346,466 | $ 2,049 | $ 4,554 | $ 73 | $ 784,194 | $ 1,168,903 | $ 102,184 | $ 186,306 | $ (8,754) | $ (13,370) | $ 879,673 | $ 608,684 | ||||||||||
Beginning balance, preferred shares at Dec. 31, 2015 | 125 | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income (loss) | 76,139 | (3,659) | 77,775 | (3,659) | 77,775 | (1,636) | |||||||||||||||||
Foreign currency translation, net of tax | 2,672 | 3,032 | 1,318 | 3,032 | 1,318 | 1,354 | |||||||||||||||||
Issuance of common stock (shares) | 1,000 | 199,000 | |||||||||||||||||||||
Issuance of common stock | 6 | 1,470 | 2 | 6 | 1,468 | 6 | |||||||||||||||||
Stock Repurchased and Retired During Period, Shares | (3,979,000) | (3,979,000) | |||||||||||||||||||||
Repurchase of Corporation common stock and ESH REIT Class B common stock (Paired Shares) | (60,356) | (23,436) | $ (40) | (40) | (36,880) | (23,396) | (36,920) | (23,436) | |||||||||||||||
Interest rate cash flow hedge gain, net of tax | 0 | 0 | |||||||||||||||||||||
Dividends, Common Stock, Cash | (12,249) | (136,549) | (12,249) | (136,549) | (12,249) | ||||||||||||||||||
ESH REIT common distributions | 61,401 | 61,401 | |||||||||||||||||||||
Preferred distributions | (8) | (8) | (8) | (8) | |||||||||||||||||||
Adjustment to noncontrolling interest for change in ownership of ESH REIT | (5,597) | (5,597) | 5,597 | ||||||||||||||||||||
Equity-based compensation (shares) | 199,000 | 1,000 | |||||||||||||||||||||
Equity-based compensation | 3,548 | 62 | $ 2 | 1,481 | 62 | 1,483 | 2,065 | ||||||||||||||||
Ending balance (shares) at Jun. 30, 2016 | 200,815,000 | 250,494,000 | 200,815,000 | ||||||||||||||||||||
Ending balance at Jun. 30, 2016 | 1,436,708 | 1,187,378 | $ 2,011 | 4,516 | $ 73 | 780,084 | 1,170,433 | 130,830 | 22,694 | (7,436) | (10,338) | 905,489 | 531,219 | ||||||||||
Ending balance, preferred shares at Jun. 30, 2016 | 125 | ||||||||||||||||||||||
Beginning balance (shares) at Dec. 31, 2015 | 204,594,000 | 250,494,000 | 204,594,000 | ||||||||||||||||||||
Beginning balance at Dec. 31, 2015 | 1,488,357 | 1,346,466 | $ 2,049 | 4,554 | $ 73 | 784,194 | 1,168,903 | 102,184 | 186,306 | (8,754) | (13,370) | 879,673 | 608,684 | ||||||||||
Beginning balance, preferred shares at Dec. 31, 2015 | 125 | ||||||||||||||||||||||
Ending balance (shares) at Dec. 31, 2016 | 195,407,000 | 250,494,000 | 195,407,000 | ||||||||||||||||||||
Ending balance at Dec. 31, 2016 | 1,377,239 | $ 1,317,919 | $ 1,957 | 4,462 | $ 73 | 774,811 | 1,144,664 | 23,679 | 176,532 | (5,615) | (7,812) | 794,832 | 582,407 | ||||||||||
Ending balance, preferred shares at Dec. 31, 2016 | 125 | 125 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income (loss) | 65,788 | $ (20,840) | 74,876 | (20,840) | 74,876 | (9,088) | |||||||||||||||||
Foreign currency translation, net of tax | 11,318 | $ 12,787 | 7,442 | 12,787 | 7,442 | 3,876 | |||||||||||||||||
Stock Repurchased and Retired During Period, Shares | (2,000,000) | (3,184,000) | (3,184,000) | ||||||||||||||||||||
Repurchase of Corporation common stock and ESH REIT Class B common stock (Paired Shares) | $ (53,980) | $ (12,200) | $ (19,747) | $ (35) | $ (35) | $ 0 | $ (34,198) | $ (19,712) | $ (34,233) | $ (19,747) | |||||||||||||
Interest rate cash flow hedge gain, net of tax | 110 | 141 | 50 | 141 | 50 | 60 | |||||||||||||||||
Dividends, Common Stock, Cash | (21,597) | (129,536) | (21,597) | (129,536) | (21,597) | ||||||||||||||||||
ESH REIT common distributions | 56,893 | 56,893 | |||||||||||||||||||||
Preferred distributions | (8) | (8) | (8) | (8) | |||||||||||||||||||
Adjustment to noncontrolling interest for change in ownership of ESH REIT | (6,124) | (6,124) | 6,124 | ||||||||||||||||||||
Equity-based compensation (shares) | 283,000 | 283,000 | |||||||||||||||||||||
Equity-based compensation | 3,052 | 839 | $ 3 | 3 | 648 | 836 | 651 | 2,401 | |||||||||||||||
Ending balance (shares) at Jun. 30, 2017 | 192,506,000 | 250,494,000 | 192,506,000 | ||||||||||||||||||||
Ending balance at Jun. 30, 2017 | $ 1,325,029 | $ 1,161,555 | $ 1,925 | $ 4,430 | $ 73 | $ 769,335 | $ 1,145,500 | $ 42,760 | $ 6,436 | $ 1,877 | $ 5,116 | $ 815,897 | $ 509,132 | ||||||||||
Ending balance, preferred shares at Jun. 30, 2017 | 125 | 125 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | ||
Common distributions, per common share (dollars per share) | $ 0.11 | $ 0.06 |
Class B common stock | ||
Entity Information [Line Items] | ||
Common distributions, per common share (dollars per share) | 0.29 | 0.30 |
ESH REIT | Class A common stock | ||
Entity Information [Line Items] | ||
Common distributions, per common share (dollars per share) | 0.29 | 0.30 |
ESH REIT | Class B common stock | ||
Entity Information [Line Items] | ||
Common distributions, per common share (dollars per share) | $ 0.29 | $ 0.30 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES: | ||
Net loss | $ 65,788,000 | $ 76,139,000 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 114,805,000 | 107,649,000 |
Amortization of intangible assets | 670,000 | 670,000 |
Foreign currency transaction gain | (401,000) | (764,000) |
Mark-to-market gain on interest rate swap | 606,000 | 0 |
Amortization and write-off of deferred financing costs and debt discount | 4,050,000 | 13,816,000 |
Amortization of above-market ground leases | (68,000) | (68,000) |
Loss on disposal of property and equipment | 6,017,000 | 5,001,000 |
Loss on sale of hotel properties | 1,897,000 | 0 |
Impairment of long-lived assets | 20,357,000 | 0 |
Equity-based compensation | 6,329,000 | 5,619,000 |
Deferred income tax benefit | (1,421,000) | (25,757,000) |
Changes in assets and liabilities: | ||
Accounts receivable, net | (4,046,000) | (7,233,000) |
Other assets | (8,909,000) | 269,000 |
Accounts payable and accrued liabilities | 15,130,000 | 14,879,000 |
Net cash provided by operating activities | 220,804,000 | 190,220,000 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (93,080,000) | (109,949,000) |
Proceeds from sale of hotel properties | 47,952,000 | 0 |
Decrease (increase) in restricted cash and insurance collateral | 289,000 | (105,490,000) |
Proceeds from insurance and related recoveries | 169,000 | 2,716,000 |
Net cash used in investing activities | (44,670,000) | (212,723,000) |
FINANCING ACTIVITIES: | ||
Principal payments on mortgage loan | 0 | (433,537,000) |
Principal payments on term loan facilities | (9,734,000) | (366,463,000) |
Proceeds from senior notes, net of debt discount | 0 | 788,000,000 |
Proceeds from revolving credit facilities | 105,000,000 | 0 |
Payments on revolving credit facilities | (150,000,000) | 0 |
Payments of deferred financing costs | 0 | (14,717,000) |
Tax withholdings related to restricted stock unit settlements | (3,245,000) | (2,071,000) |
Issuance of common stock | 0 | 6,000 |
Repurchase of common stock | (53,980,000) | (60,356,000) |
Repurchase of Corporation mandatorily redeemable preferred stock | (14,069,000) | 0 |
Corporation common distributions | (21,491,000) | (24,459,000) |
ESH REIT common distributions | (56,642,000) | (100,050,000) |
ESH REIT preferred distributions | (8,000) | (8,000) |
Net cash used in financing activities | (204,169,000) | (213,655,000) |
CHANGES IN CASH AND CASH EQUIVALENTS DUE TO CHANGES IN FOREIGN CURRENCY EXCHANGE RATES | 109,000 | 23,000 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (27,926,000) | (236,135,000) |
CASH AND CASH EQUIVALENTS - Beginning of period | 84,158,000 | 373,239,000 |
CASH AND CASH EQUIVALENTS - End of period | 56,232,000 | 137,104,000 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash payments for interest, excluding prepayment and other penalties | 64,877,000 | 53,664,000 |
Cash payments for income taxes, net of refunds of $33 and $665 | 22,566,000 | 42,385,000 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Capital expenditures included in accounts payable and accrued liabilities | 17,716,000 | 16,142,000 |
Deferred financing costs included in accounts payable and accrued liabilities | 0 | 524,000 |
Proceeds from sale of hotel properties included in other assets | 11,543,000 | 0 |
Capital expenditures included in due to/from Extended Stay America, Inc. and accounts payable and accrued liabilities | 662,000 | 199,000 |
ESH REIT | ||
OPERATING ACTIVITIES: | ||
Net loss | (20,840,000) | (3,659,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 113,393,000 | 105,798,000 |
Foreign currency transaction gain | (313,000) | (774,000) |
Mark-to-market gain on interest rate swap | 606,000 | 0 |
Amortization and write-off of deferred financing costs and debt discount | 3,995,000 | 13,275,000 |
Amortization of above-market ground leases | (68,000) | (68,000) |
Loss on disposal of property and equipment | 6,017,000 | 5,001,000 |
Loss on sale of hotel properties | 3,274,000 | 0 |
Impairment of long-lived assets | 15,046,000 | 0 |
Equity-based compensation | 121,000 | 62,000 |
Deferred income tax benefit | (3,693,000) | (2,247,000) |
Changes in assets and liabilities: | ||
Deferred rents receivable from Extended Stay America, Inc. | 7,624,000 | 644,000 |
Due from (to) Extended Stay America, Inc., net | 3,822,000 | (4,068,000) |
Other assets | (3,768,000) | (66,000) |
Unearned rental revenues/rents receivable from Extended Stay America, Inc., net | 76,903,000 | 79,477,000 |
Accounts payable and accrued liabilities | 995,000 | 9,914,000 |
Net cash provided by operating activities | 203,114,000 | 203,289,000 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (91,841,000) | (108,201,000) |
Proceeds from sale of hotel properties | 42,005,000 | 0 |
Decrease (increase) in restricted cash and insurance collateral | 344,000 | (104,952,000) |
Proceeds from insurance and related recoveries | 169,000 | 2,716,000 |
Net cash used in investing activities | (49,323,000) | (210,437,000) |
FINANCING ACTIVITIES: | ||
Principal payments on mortgage loan | 0 | (433,537,000) |
Principal payments on term loan facilities | (9,734,000) | (366,463,000) |
Proceeds from senior notes, net of debt discount | 0 | 788,000,000 |
Proceeds from revolving credit facilities | 105,000,000 | 0 |
Payments on revolving credit facilities | (150,000,000) | 0 |
Proceeds from loan payable to Extended Stay America, Inc. | 0 | 95,819,000 |
Payments of deferred financing costs | 0 | (14,717,000) |
Issuance of common stock | 1,731,000 | 1,134,000 |
Repurchase of common stock | (19,744,000) | (23,436,000) |
Corporation common distributions | (129,288,000) | (222,791,000) |
ESH REIT preferred distributions | (8,000) | (8,000) |
Net cash used in financing activities | (202,043,000) | (175,999,000) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (48,252,000) | (183,147,000) |
CASH AND CASH EQUIVALENTS - Beginning of period | 53,506,000 | 223,256,000 |
CASH AND CASH EQUIVALENTS - End of period | 5,254,000 | 40,109,000 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash payments for interest, excluding prepayment and other penalties | 65,176,000 | 52,694,000 |
Cash payments for income taxes, net of refunds of $33 and $665 | 2,305,000 | 1,608,000 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Capital expenditures included in accounts payable and accrued liabilities | 17,095,000 | 15,685,000 |
Deferred financing costs included in accounts payable and accrued liabilities | 0 | 524,000 |
Proceeds from sale of hotel properties included in other assets | 11,543,000 | 0 |
Capital expenditures included in due to/from Extended Stay America, Inc. and accounts payable and accrued liabilities | $ 1,511,000 | $ 1,084,000 |
Condensed Consolidated Statem10
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | ||
Net tax refunds | $ 33 | $ 665 |
ESH REIT | ||
Entity Information [Line Items] | ||
Net tax refunds | $ 3 | $ 0 |
Business, Organization and Basi
Business, Organization and Basis of Consolidation | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Business, Organization and Basis of Consolidation | BUSINESS, ORGANIZATION AND BASIS OF CONSOLIDATION Extended Stay America, Inc. (the “Corporation”) was incorporated in the state of Delaware on July 8, 2013. ESH Hospitality, Inc. (“ESH REIT”) was formed as a limited liability company in the state of Delaware on September 16, 2010 and was converted to a corporation on November 5, 2013. On November 18, 2013, the Corporation and ESH REIT completed an initial public offering of 32.5 million Paired Shares. A "Paired Share" consists of one share of common stock, par value $0.01 per share, of the Corporation, that is attached to and trades as a single unit with one share of Class B common stock, par value $0.01 per share, of ESH REIT. The Corporation owns, and is expected to continue to own, all of the issued and outstanding Class A common stock of ESH REIT, which, as of June 30, 2017, represents approximately 57% of the outstanding common stock of ESH REIT. Due to its controlling interest in ESH REIT, the Corporation consolidates the financial position, results of operations, comprehensive income and cash flows of ESH REIT. The term, “the Company,” as used herein refers to the Corporation and its consolidated subsidiaries, including ESH REIT. As of June 30, 2017 , the Company owned and operated 625 hotel properties in 44 U.S. states, consisting of approximately 68,780 rooms. As of December 31, 2016 , the Company owned and operated 626 hotel properties in 44 U.S. states, consisting of approximately 68,900 rooms, and three hotels in Canada, consisting of 500 rooms. The hotel properties are owned by wholly-owned subsidiaries of ESH REIT and are operated by wholly-owned subsidiaries of the Corporation (the “Operating Lessees”) pursuant to leases between ESH REIT and the Operating Lessees. The hotels are managed by ESA Management LLC (“ESA Management”), a wholly-owned subsidiary of the Corporation. The hotels are operated under the core brand, Extended Stay America. The Extended Stay America brand is owned by ESH Hospitality Strategies LLC (“ESH Strategies”), also a wholly-owned subsidiary of the Corporation. As of June 30, 2017 , the Corporation had approximately 192.5 million shares of common stock outstanding, approximately 98.4% of which were owned by the public, approximately 0.9% , or 1.8 million shares, of which were owned by Paulson & Co. Inc. (a Former Sponsor, as defined below) and approximately 0.7% of which were owned by senior management and certain directors. As of June 30, 2017 , ESH REIT’s common equity consisted of the following: (i) approximately 250.5 million shares of Class A common stock outstanding (approximately 57% of its common equity), all of which were owned by the Corporation, and (ii) approximately 192.5 million shares of Class B common stock outstanding (approximately 43% of its common equity), approximately 98.4% of which were owned by the public, approximately 0.9% , or 1.8 million shares, of which were owned by Paulson & Co. Inc. (a Former Sponsor, as defined below) and approximately 0.7% of which were owned by senior management and directors. As of December 31, 2016 , the Corporation had approximately 195.4 million shares of common stock outstanding, approximately 55.9% of which were owned by the public and approximately 44.1% of which were owned by Centerbridge Partners, L.P., Paulson & Co. Inc. and The Blackstone Group L.P. and their funds or affiliates (individually, each a "Former Sponsor," or collectively, the “Former Sponsors”) and senior management and certain directors. As of December 31, 2016, ESH REIT’s common equity consisted of the following: (i) approximately 250.5 million shares of Class A common stock outstanding (approximately 56% of its common equity), all of which were owned by the Corporation, and (ii) approximately 195.4 million shares of Class B common stock outstanding (approximately 44% of its common equity), approximately 55.9% of which were owned by the public and approximately 44.1% of which were owned by the Former Sponsors and senior management and directors. 2017 Secondary Offerings In March, May and June 2017, certain selling stockholders (the "Selling Stockholders") sold 25.0 million , 30.0 million and 25.0 million Paired Shares, respectively, pursuant to an automatic shelf registration statement as part of secondary offerings. In conjunction with these secondary offerings, the Corporation and ESH REIT repurchased and retired, in the aggregate, approximately 2.0 million Paired Shares for approximately $21.4 million and $12.2 million , respectively (see Note 11). The Selling Stockholders consisted solely of entities affiliated with the Former Sponsors and did not include officers or directors of the Corporation or ESH REIT. Neither the Corporation nor ESH REIT sold Paired Shares in the secondary offerings and neither received proceeds from the secondary offerings. The Corporation and ESH REIT incurred professional fees in connection with the secondary offerings totaling approximately $0.6 million and $1.0 million for the three and six months ended June 30, 2017 , respectively. After giving effect to the June 2017 secondary offering, funds or affiliates of Centerbridge Partners, L.P. and The Blackstone Group L.P. no longer own any Paired Shares. Paired Share Repurchase Program In December 2015, the Boards of Directors of the Corporation and ESH REIT authorized a combined Paired Share repurchase program for up to $100 million of Paired Shares. In February 2016, the Boards of Directors of the Corporation and ESH REIT authorized an increase of the combined Paired Share repurchase program from up to $100 million to up to $200 million of Paired Shares. In December 2016, the Boards of Directors of the Corporation and ESH REIT authorized an increase of the combined Paired Share repurchase program from up to $200 million to up to $300 million of Paired Shares and extended the maturity of the program through December 31, 2017, each effective January 1, 2017. Repurchases may be made at management's discretion from time to time in the open market, in privately negotiated transactions or by other means (including through Rule 10b5-1 trading plans). Depending on market conditions and other factors, these repurchases may be commenced or suspended without prior notice. As of June 30, 2017 , the Corporation and ESH REIT had repurchased and retired approximately 12.6 million Paired Shares for approximately $120.4 million and $73.4 million , respectively, of which 5.8 million Paired Shares were repurchased and retired from entities affiliated with the Former Sponsors. Basis of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”), and include the financial position, results of operations, comprehensive income, changes in equity and cash flows of the Corporation and its consolidated subsidiaries, including ESH REIT. Third party equity interests in the Corporation's consolidated subsidiaries are presented as noncontrolling interests. Despite the fact that each share of Corporation common stock is paired on a one-for-one basis with each share of ESH REIT Class B common stock, the Corporation does not own the ESH REIT Class B common stock; therefore, ESH REIT Class B common stock represents a third party equity interest. As such, the rights associated with the ESH REIT Class B common stock, along with other third party equity interests in ESH REIT, which include 125 shares of preferred stock, are presented as noncontrolling interests in the accompanying unaudited condensed consolidated financial statements. Changes in ownership interests in a consolidated subsidiary that do not result in a loss of control are accounted for as equity transactions. All intercompany accounts and transactions have been eliminated. |
ESH REIT | |
Entity Information [Line Items] | |
Business, Organization and Basis of Consolidation | BUSINESS, ORGANIZATION AND BASIS OF CONSOLIDATION ESH Hospitality, Inc. (“ESH REIT”) was formed as a limited liability company in the state of Delaware on September 16, 2010 and was converted to a corporation on November 5, 2013. Extended Stay America, Inc. (the “Corporation”), the parent of ESH REIT, was incorporated in the state of Delaware on July 8, 2013. On November 18, 2013, the Corporation and ESH REIT completed an initial public offering of 32.5 million Paired Shares. A "Paired Share" consists of one share of common stock, par value $0.01 per share, of the Corporation, that is attached to and trades as a single unit with one share of Class B common stock, par value $0.01 per share, of ESH REIT. The Corporation owns, and is expected to continue to own, all of the issued and outstanding Class A common stock of ESH REIT, which, as of June 30, 2017, represents approximately 57% of the outstanding common stock of ESH REIT. As of June 30, 2017 , ESH REIT and its subsidiaries owned and leased 625 hotel properties in 44 U.S. states, consisting of approximately 68,780 rooms. As of December 31, 2016 , ESH REIT and its subsidiaries owned and leased 626 hotel properties in 44 U.S. states, consisting of approximately 68,900 rooms, and three hotels in Canada, consisting of 500 rooms. The hotels are operated by wholly-owned subsidiaries of the Corporation (the “Operating Lessees”) pursuant to leases between ESH REIT and the Operating Lessees. The hotels are managed by ESA Management LLC (“ESA Management”), a wholly-owned subsidiary of the Corporation. The hotels are operated under the core brand, Extended Stay America. The Extended Stay America brand is owned by ESH Hospitality Strategies LLC (“ESH Strategies”), also a wholly-owned subsidiary of the Corporation. As of June 30, 2017 , ESH REIT’s common equity consisted of the following: (i) approximately 250.5 million shares of Class A common stock outstanding (approximately 57% of its common equity), all of which were owned by the Corporation, and (ii) approximately 192.5 million shares of Class B common stock outstanding (approximately 43% of its common equity), approximately 98.4% of which were owned by the public, approximately 0.9% , or 1.8 million shares, of which were owned by Paulson & Co. Inc. (a Former Sponsor, as defined below) and approximately 0.7% of which were owned by senior management and directors of the Corporation and ESH REIT. As of December 31, 2016 , ESH REIT’s common equity consisted of the following: (i) approximately 250.5 million shares of Class A common stock outstanding (approximately 56% of its common equity), all of which were owned by the Corporation, and (ii) approximately 195.4 million shares of Class B common stock outstanding (approximately 44% of its common equity), approximately 55.9% of which were owned by the public and approximately 44.1% of which were owned by Centerbridge Partners, L.P., Paulson & Co. Inc. and The Blackstone Group L.P. and their funds or affiliates (individually, each a “Former Sponsor,” or collectively, the “Former Sponsors”) and senior management and directors of the Corporation and ESH REIT. 2017 Secondary Offerings In March, May and June 2017, certain selling stockholders (the "Selling Stockholders") sold 25.0 million , 30.0 million and 25.0 million Paired Shares, respectively, pursuant to an automatic shelf registration statement as part of secondary offerings. In conjunction with these secondary offerings, ESH REIT repurchased and retired, in the aggregate, approximately 2.0 million ESH REIT Class B common shares from the Former Sponsors for approximately $12.2 million (see Note 9). The Selling Stockholders consisted solely of entities affiliated with the Former Sponsors and did not include officers or directors of the Corporation or ESH REIT. Neither the Corporation nor ESH REIT sold Paired Shares in the secondary offerings and neither received proceeds from the secondary offerings. The Corporation and ESH REIT incurred professional fees in connection with the secondary offerings. Total expenses incurred by ESH REIT were approximately $0.3 million and $0.5 million during the three and six months ended June 30, 2017 , respectively. After giving effect to the June 2017 secondary offering, funds or affiliates of Centerbridge Partners, L.P. and The Blackstone Group L.P. no longer own any Paired Shares. Paired Share Repurchase Program In December 2015, the Boards of Directors of the Corporation and ESH REIT authorized a combined Paired Share repurchase program for up to $100 million of Paired Shares. In February 2016, the Boards of Directors of the Corporation and ESH REIT authorized an increase of the combined Paired Share repurchase program from up to $100 million to up to $200 million of Paired Shares. In December 2016, the Boards of Directors of the Corporation and ESH REIT authorized an increase of the combined Paired Share repurchase program from up to $200 million to up to $300 million of Paired Shares and extended the maturity of the program through December 31, 2017, each effective January 1, 2017. Repurchases may be made at management's discretion from time to time in the open market, in privately negotiated transactions or by other means (including through Rule 10b5-1 trading plans). Depending on market conditions and other factors, these repurchases may be commenced or suspended without prior notice. As of June 30, 2017 , ESH REIT had repurchased and retired approximately 12.6 million ESH REIT Class B common shares for approximately $73.4 million , of which approximately 5.8 million Paired Shares were repurchased and retired from entities affiliated with the Former Sponsors. Basis of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”), and include the financial position, results of operations, comprehensive income, changes in equity and cash flows of ESH REIT and its consolidated subsidiaries. Changes in ownership interests in a consolidated subsidiary that do not result in a loss of control are accounted for as equity transactions. All intercompany accounts and transactions have been eliminated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Presentation— Certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP have been condensed or omitted in the accompanying unaudited condensed consolidated financial statements. The Company believes the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2016 included in the combined annual report on Form 10-K filed with the SEC on February 28, 2017. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring items) necessary to present fairly the Company’s financial position as of June 30, 2017 , the results of the Company’s operations and comprehensive income for the three and six months ended June 30, 2017 and 2016 and changes in equity and cash flows for the six months ended June 30, 2017 and 2016 . Interim results are not necessarily indicative of full year performance because of the impact of seasonal and short-term variations, including the impact of hotel renovations. Use of Estimates —The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Management used significant estimates to determine the estimated useful lives of tangible assets as well as in the assessment of tangible and intangible assets, including goodwill, for impairment, estimated liabilities for insurance reserves and the grant-date fair value of certain equity-based awards. Actual results could differ from those estimates. Property and Equipment —Property and equipment additions are recorded at cost. Major improvements that extend the life or utility of property or equipment are capitalized and depreciated over a period equal to the shorter of the estimated useful life of the improvement or the remaining estimated useful life of the asset. Ordinary repairs and maintenance are charged to expense as incurred. Depreciation and amortization are recorded on a straight-line basis over estimated useful lives which range from two to 49 years . Management assesses the performance of long-lived assets for potential impairment quarterly, as well as when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of property and equipment is measured by a comparison of the carrying amount of a hotel property to the estimated future undiscounted cash flows expected to be generated by each hotel property. Impairment is recognized when estimated future undiscounted cash flows, including proceeds from disposition, are less than the carrying value of each hotel property. To the extent that a hotel property is impaired, the excess carrying amount over its estimated fair value is recognized as an impairment charge and reduces income from operations. Fair value is determined based upon the discounted cash flows of the hotel property, quoted market prices or independent appraisals, as considered necessary. The Company recognized impairment charges related to property and equipment of approximately $7.9 million and $20.4 million for the three and six months ended June 30, 2017 , respectively, and recognized no impairment charges for the three or six months ended June 30, 2016 (see Note 5). The estimation of future undiscounted cash flows is inherently uncertain and relies upon assumptions regarding current and future economic and market conditions. If such conditions change, an impairment charge to further reduce the carrying value of a hotel property could occur in a future period in which conditions change. Segments —The Company’s hotel operations represent a single operating segment based on the way the Company manages its business. The Company’s hotels provide similar services, use similar processes to sell those services and sell those services to similar classes of customers. The amounts of long-lived assets and net revenues outside the U.S. are not significant for any period presented. Recently Issued Accounting Standards Goodwill— In January 2017, the FASB issued an accounting standards update in which the guidance on testing for goodwill was updated to eliminate Step 2 in the determination on whether goodwill should be considered impaired. Annual and/or interim assessments are still required to be completed. This update will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company does not expect the adoption of this update to have a material effect on the Company’s unaudited condensed consolidated financial statements. Statement of Cash Flows— In August and November 2016, the FASB issued accounting standards updates which provide additional clarity on the classification of specific events on the statement of cash flows. These events include debt prepayment and extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from settlement of insurance claims, distributions received from equity method investees, and beneficial interests in securitization transactions. These updates also require amounts generally described as restricted cash to be included with cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. These updates are effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods, with early adoption permitted. The adoption of these updates will require cash outflows related to debt prepayment and extinguishment costs to be classified as financing activities. For the six months ended June 30, 2017 and 2016, debt prepayment and extinguishment costs included within net cash provided by operating activities totaled approximately $1.2 million and $3.7 million , respectively. Additionally, the effect of the adoption of these updates on the Company's consolidated statements of cash flows will be to include restricted cash in the beginning and end of period balances of cash, restricted cash and cash equivalents. The change in restricted cash is currently included in investing activities in the consolidated statements of cash flows. Compensation—Stock Compensation— In March 2016, the FASB issued an accounting standards update which identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, and certain classifications on the statement of cash flows. The Company adopted this update on January 1, 2017. The adoption of this update did not have a material effect on the Company’s unaudited condensed consolidated financial statements. In May 2017, the FASB issued an accounting standards update that provides guidance about which changes to the terms or conditions of a share-based payment award requires an entity to apply modification accounting. This update will be effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this update to have a material effect on the Company’s unaudited condensed consolidated financial statements. Derivatives and Hedging— In March 2016, the FASB issued an accounting standards update to clarify the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts and to clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The Company adopted this update on January 1, 2017. The adoption of this update did not have a material effect on the Company’s unaudited condensed consolidated financial statements. Leases— In February 2016, the FASB issued an accounting standards update which introduces a lessee model that requires a right-of-use asset and lease obligation to be presented on the balance sheet for all leases, whether operating or financing. The update eliminates the requirement in current U.S. GAAP for an entity to use bright-line tests in determining lease classification. The update also requires lessors to increase the transparency of their exposure to changes in value of their residual assets and how they manage that exposure. This update will be effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted, and must be applied using a modified retrospective approach, which will require adjustment to all comparative periods presented. As of June 30, 2017 , using its incremental borrowing rate with respect to the future minimum lease payments under its operating leases (ground leases and corporate office lease), the Company has preliminarily determined that the lease liability would have been between approximately $16.0 million and $20.0 million and the right of use asset would have been between approximately $8.0 million and $12.0 million , which includes adjustments for accrued lease payments, above market lease liabilities and lease incentives. The recording of a lease obligation may increase total indebtedness for purposes of financial covenants within certain of the Company’s existing debt agreements; however, the Company currently does not expect this increase to cause instances of non-compliance with any of these covenants. The Company does not expect the adoption of this update to have a material effect on its consolidated statements of operations or cash flows. The Company expects to elect the optional practical expedients which relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. The election to apply these practical expedients will, in effect, mean the Company will continue to account for leases that commenced before the effective date in accordance with previous GAAP unless the lease is modified, except that the Company will recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. Contractual Revenue— Since May 2014, the FASB has issued several accounting standards updates which replace existing revenue recognition accounting standards. These updates are based on the principle that revenue is recognized when an entity transfers control of 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. These updates also require more detailed disclosure to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. These updates permit transition under the full retrospective method, the modified retrospective approach that utilizes certain practical expedients and the cumulative effect method. These updates are effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. The Company is currently assessing the impact the adoption of the standard will have on the amount and/or timing of revenue recognition. The assessment process includes the following; (i) review of contracts in order to determine if a portfolio approach may be acceptable for concluding on performance obligations and delivery of such obligations under the contracts; (ii) analysis on the appropriateness of bundling delivered goods and services under the contracts; (iii) the determination as to whether the Company acts as either a principal or an agent under certain distribution agreements, which may impact the timing and amount of revenue recognized; and (iv) other related matters, including the enhancement of revenue related disclosures. The Company will adopt the standard on January 1, 2018. The Company expects to complete its assessment of the impact of adoption during 2017, and expects to finalize the details of its adoption plan prior to the implementation date. The adoption plan will include an election of which transition approach the Company will take and which practical expedients provided by the standard the Company will elect. Although the Company is still evaluating the total impact of the standard, and it currently does not expect that the adoption of the standard will have a material impact on the amount and/or timing of revenue recognized, except as outlined above as it relates to acting as a principal or agent under certain distribution agreements, it does expect significantly enhanced revenue-related disclosures to be included in the notes to its consolidated financial statements. |
ESH REIT | |
Entity Information [Line Items] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Presentation —Certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP have been condensed or omitted in the accompanying unaudited condensed consolidated financial statements. ESH REIT believes the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2016 included in the combined annual report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on February 28, 2017. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring items) necessary to present fairly ESH REIT’s financial position as of June 30, 2017 , the results of ESH REIT’s operations and comprehensive income for the three and six months ended June 30, 2017 and 2016 and changes in equity and cash flows for the six months ended June 30, 2017 and 2016 . Interim results are not necessarily indicative of full year performance because of the impact of accounting for contingent rental payments under lease arrangements. Use of Estimates —The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Management used significant estimates to determine the estimated useful lives of tangible assets as well as in the assessment of tangible and intangible assets, including goodwill, for impairment, estimated liabilities for insurance reserves and the grant-date fair value of certain equity-based awards. Actual results could differ from those estimates. Property and Equipment —Property and equipment additions are recorded at cost. Major improvements that extend the life or utility of property or equipment are capitalized and depreciated over a period equal to the shorter of the estimated useful life of the improvement or the remaining estimated useful life of the asset. Ordinary repairs and maintenance are charged to expense as incurred. Depreciation and amortization are recorded on a straight-line basis over estimated useful lives which range from two to 49 years . Management assesses the performance of long-lived assets for potential impairment quarterly, as well as when events or changes in circumstances indicate the carrying amount of a group of assets may not be recoverable. Recoverability of property and equipment is measured by a comparison of the carrying amount of a group of hotel properties (groups of hotel properties align with hotels as they are grouped under ESH REIT’s leases) to the estimated future undiscounted cash flows expected to be generated by each group of hotel properties. Impairment is recognized when estimated future undiscounted cash flows, including proceeds from disposition, are less than the carrying value of each group of hotel properties. To the extent that a group of hotel properties is impaired, their excess carrying amount over their estimated fair value is recognized as an impairment charge and reduces income from operations. Fair value is determined based upon the discounted cash flows of a group of hotel properties, quoted market prices or independent appraisals, as considered necessary. No impairment charges were recognized during the three months ended June 30, 2017. ESH REIT recognized impairment charges related to property and equipment of approximately $15.0 million for the six months ended June 30, 2017 and no impairment charges for the three and six months ended June 30, 2016 (see Note 5). The estimation of future undiscounted cash flows is inherently uncertain and relies upon assumptions regarding current and future economic and market conditions. If such conditions change, an impairment charge to further reduce the carrying value of a group of hotel properties could occur in a future period in which conditions change. Revenue Recognition —ESH REIT’s sole source of revenues is rental revenue derived from leases with subsidiaries of the Corporation (the Operating Lessees). ESH REIT records rental revenues on a straight-line basis as they are earned during the lease terms. Rents receivable from Extended Stay America, Inc. on the accompanying unaudited condensed consolidated balance sheets represent monthly rental amounts contractually due. Deferred rents receivable from Extended Stay America, Inc. on the accompanying unaudited condensed consolidated balance sheets represent the cumulative difference between straight-line rental revenues recognized and rental revenues contractually due. As scheduled rent payments begin to exceed straight-line rental revenue, this amount, approximately $32.0 million as of June 30, 2017 , will gradually decrease through the remainder of the lease terms until it is zero at the end of the lease terms in October 2018. Lease rental payments received prior to rendering services are included in unearned rental revenues from Extended Stay America, Inc. on the accompanying unaudited condensed consolidated balance sheets. Contingent rental revenues, specifically percentage rental revenues related to hotel revenues of the Operating Lessees, are recognized when such amounts are fixed and determinable (i.e., only when percentage rental revenue thresholds have been achieved). Segments —ESH REIT’s business represents a single operating segment based on the way ESH REIT manages its business. ESH REIT leases the hotel properties in similar manners to similar customers. The amounts of long-lived assets and net revenues outside the U.S. are not significant for any period presented. Recently Issued Accounting Standards Goodwill— In January 2017, the Financial Accounting Standards Board ("FASB") issued an accounting standards update in which the guidance on testing for goodwill was updated to eliminate Step 2 in the determination on whether goodwill should be considered impaired. Annual and/or interim assessments are still required to be completed. This update will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. ESH REIT does not expect the adoption of this update to have a material effect on ESH REIT’s unaudited condensed consolidated financial statements. Statement of Cash Flows— In August and November 2016, the FASB issued accounting standards updates which provide additional clarity on the classification of specific events on the statement of cash flows. These events include debt prepayment and extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from settlement of insurance claims, distributions received from equity method investees, and beneficial interests in securitization transactions. These updates also require amounts generally described as restricted cash to be included with cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. These updates are effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods, with early adoption permitted. The adoption of these updates will require cash outflows related to debt prepayment and extinguishment costs to be classified as financing activities. For the six months ended June 30, 2017 and 2016, debt prepayment and extinguishment costs included within net cash provided by operating activities totaled approximately $1.2 million and $3.7 million , respectively. Additionally, the effect of the adoption of these updates on ESH REIT's consolidated statements of cash flows will be to include restricted cash in the beginning and end of period balances of cash, restricted cash and cash equivalents. The change in restricted cash is currently included in investing activities in the consolidated statements of cash flows. Compensation—Stock Compensation— In March 2016, the FASB issued an accounting standards update which identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, and certain classifications on the statement of cash flows. ESH REIT adopted this update on January 1, 2017. The adoption of this update did not have a material effect on ESH REIT’s unaudited condensed consolidated financial statements. In May 2017, the FASB issued an accounting standards update that provides guidance about which changes to the terms or conditions of a share-based payment award requires an entity to apply modification accounting. This update will be effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. ESH REIT does not expect the adoption of this update to have a material effect on ESH REIT’s unaudited condensed consolidated financial statements. Derivatives and Hedging— In March 2016, the FASB issued an accounting standards update to clarify the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts and to clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ESH REIT adopted this update on January 1, 2017. The adoption of this update did not have a material effect on ESH REIT’s unaudited condensed consolidated financial statements. Leases— In February 2016, the FASB issued an accounting standards update which introduces a lessee model that requires a right-of-use asset and lease obligation to be presented on the balance sheet for all leases, whether operating or financing. The update eliminates the requirement in current U.S. GAAP for an entity to use bright-line tests in determining lease classification. The update also requires lessors to increase the transparency of their exposure to changes in value of their residual assets and how they manage that exposure. This update will be effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted, and must be applied using a modified retrospective approach, which will require adjustment to all comparative periods presented. As of June 30, 2017 , using its incremental borrowing rate with respect to the future minimum lease payments under its operating leases (ground leases), ESH REIT has preliminarily determined that the lease liability would have been between approximately $8.0 million and $12.0 million and the right of use asset would have been between approximately $2.0 million and $6.0 million , which includes adjustments for accrued lease payments, above market lease liabilities and lease incentives. The recording of a lease obligation may increase total indebtedness for purposes of financial covenants within certain of ESH REIT’s existing debt agreements; however, ESH REIT does not expect this increase to cause instances of non-compliance with any of these covenants. ESH REIT currently does not expect the adoption of this update to have a material effect on its consolidated statements of operations or cash flows. ESH REIT expects to elect the optional practical expedients which relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. The election to apply these practical expedients will, in effect, mean ESH REIT will continue to account for leases that commenced before the effective date in accordance with previous GAAP unless the lease is modified, except that ESH REIT will recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Net (Loss) Income Per Share | NET INCOME PER SHARE Basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of the Corporation’s unrestricted common stock outstanding. Diluted net income per share is computed by dividing net income available to common shareholders, as adjusted for potentially dilutive securities, by the weighted-average number of shares of the Corporation’s unrestricted common stock outstanding plus other potentially dilutive securities. Dilutive securities include certain equity-based awards issued under long-term incentive plans (see Note 13) and are included in the calculation, provided that the inclusion of such securities is not anti-dilutive. The calculations of basic and diluted net income per share, including a reconciliation of the numerators and denominators, are as follows (in thousands, except per share data): Three Months Ended Six Months Ended 2017 2016 2017 2016 Numerator: Net income available to Extended Stay America, Inc. common shareholders - basic $ 51,775 $ 60,729 $ 74,876 $ 77,775 Loss attributable to noncontrolling interests assuming conversion 8 — 14 — Net income available to Extended Stay America, Inc. common shareholders - diluted $ 51,783 $ 60,729 $ 74,890 $ 77,775 Denominator: Weighted average number of Extended Stay America, Inc. common shares outstanding - basic 193,409 201,600 193,959 202,955 Dilutive securities 535 89 413 74 Weighted average number of Extended Stay America, Inc. common shares outstanding - diluted 193,944 201,689 194,372 203,029 Net income per Extended Stay America, Inc. common share - basic $ 0.27 $ 0.30 $ 0.39 $ 0.38 Net income per Extended Stay America, Inc. common share - diluted $ 0.27 $ 0.30 $ 0.39 $ 0.38 |
ESH REIT | |
Entity Information [Line Items] | |
Net (Loss) Income Per Share | NET (LOSS) INCOME PER SHARE Basic net (loss) income per share is computed by dividing net (loss) income available to Class A and Class B common shareholders by the weighted-average number of shares of ESH REIT’s unrestricted Class A and Class B common stock outstanding, respectively. Diluted net (loss) income per share is computed by dividing net (loss) income available to Class A and Class B common shareholders, as adjusted for potentially dilutive securities, by the weighted-average number of shares of ESH REIT’s unrestricted Class A and Class B common stock outstanding, respectively, plus other potentially dilutive securities. Dilutive securities include certain equity-based awards issued under long-term incentive plans (see Note 11) and are included in the calculation, provided that the inclusion of such securities is not anti-dilutive. The calculations of basic and diluted net (loss) income per share, including a reconciliation of the numerators and denominators, are as follows (in thousands, except per share data): Three Months Ended Six Months Ended 2017 2016 2017 2016 Numerator: Net (loss) income $ (4,724 ) $ 1,471 $ (20,840 ) $ (3,659 ) Less preferred dividends (4 ) (4 ) (8 ) (8 ) Net (loss) income available to ESH Hospitality, Inc. common shareholders $ (4,728 ) $ 1,467 $ (20,848 ) $ (3,667 ) Class A: Net (loss) income available to ESH Hospitality, Inc. common shareholders - basic $ (2,674 ) $ 814 $ (11,752 ) $ (2,023 ) Amounts attributable to ESH Hospitality, Inc. Class B shareholders assuming conversion 8 — — — Net (loss) income available to ESH Hospitality, Inc. common shareholders - diluted $ (2,666 ) $ 814 $ (11,752 ) $ (2,023 ) Class B: Net (loss) income available to ESH Hospitality, Inc. common shareholders - basic $ (2,054 ) $ 653 $ (9,096 ) $ (1,644 ) Amounts attributable to ESH Hospitality, Inc. Class B shareholders assuming conversion (8 ) — — — Net (loss) income available to ESH Hospitality, Inc. common shareholders - diluted $ (2,062 ) $ 653 $ (9,096 ) $ (1,644 ) Denominator: Class A: Weighted average number of ESH Hospitality, Inc. common shares outstanding - basic and diluted 250,494 250,494 250,494 250,494 Class B: Weighted average number of ESH Hospitality, Inc. common shares outstanding - basic 193,409 201,600 193,959 202,955 Dilutive securities 535 89 — — Weighted average number of ESH Hospitality, Inc. common shares outstanding - diluted 193,944 201,689 193,959 202,955 Net loss per ESH Hospitality, Inc. common share - Class A - basic $ (0.01 ) $ — $ (0.05 ) $ (0.01 ) Net loss per ESH Hospitality, Inc. common share - Class A - diluted $ (0.01 ) $ — $ (0.05 ) $ (0.01 ) Net loss per ESH Hospitality, Inc. common share - Class B - basic $ (0.01 ) $ — $ (0.05 ) $ (0.01 ) Net loss per ESH Hospitality, Inc. common share - Class B - diluted $ (0.01 ) $ — $ (0.05 ) $ (0.01 ) Anti-dilutive securities excluded from net loss per common share - Class B - diluted — — 413 74 |
Hotel Dispositions
Hotel Dispositions | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Line Items] | |
Hotel Dispositions | HOTEL DISPOSITIONS On May 1, 2017, the Company sold its three Extended Stay Canada-branded hotels for gross proceeds of 76.0 million Canadian dollars, or approximately $55.3 million . The carrying value of the hotels, including net working capital and allocable goodwill, net of an impairment charge recorded during the three months ended March 31, 2017, was approximately 56.7 million Canadian dollars, or approximately $41.2 million , resulting in a gain on sale of approximately 17.3 million Canadian dollars, or approximately $12.6 million , prior to the evaluation of existing accumulated foreign currency translation loss. Due to the fact that the Company's Canadian subsidiaries liquidated 100% of their assets, approximately $14.5 million of accumulated foreign currency translation loss was recognized in the unaudited condensed consolidated statement of operations during the three and six months ended June 30, 2017. This charge more than fully offset the Canadian subsidiaries' gain on sale, which resulted in a loss on sale of the Canadian hotels of approximately $1.9 million , net of closing costs and adjustments, which is reported in loss on sale of hotel properties during the three and six months ended June 30, 2017 in the accompanying unaudited condensed consolidated statement of operations. On May 16, 2017, the Company sold one U.S.-based hotel for gross proceeds of $5.4 million . The carrying value of this hotel, including net working capital and allocable goodwill, net of an impairment charge recorded during 2016, was approximately $5.1 million , resulting in no gain or loss on sale, net of closing costs and adjustments. During the three and six month periods ended June 30, 2017 and June 30, 2016, the four disposed hotel properties contributed total room and other hotel revenues, total operating expenses and income (loss) before income tax expense as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Total room and other hotel revenues $ 778 3,390 2,940 6,050 Total operating expenses 530 2,597 15,452 (1) 5,179 Income (loss) before income tax expense 639 568 (12,199 ) (1) 1,066 _________________________________ (1) Includes impairment charge recorded during the three months ended March 31, 2017 of approximately $12.4 million related to the three Canadian hotels that were sold. |
ESH REIT | |
Property, Plant and Equipment [Line Items] | |
Hotel Dispositions | HOTEL DISPOSITIONS On May 1, 2017, a subsidiary of ESH REIT, together with subsidiaries of the Corporation, sold its three Extended Stay Canada-branded hotels for 76.0 million Canadian dollars, or approximately $55.3 million , of which 67.4 million Canadian dollars, or approximately $49.0 million , related to ESH REIT assets. ESH REIT's carrying value of the hotels, including working capital and allocable goodwill, net of an impairment charge recorded during the three months ended March 31, 2017, was approximately 51.2 million Canadian dollars, or approximately $37.3 million , resulting in a gain on sale of approximately 15.1 million Canadian dollars, or approximately $11.0 million , prior to the evaluation of existing accumulated foreign currency translation loss. Due to the fact that ESH REIT's Canadian subsidiary liquidated 100% of its assets, approximately $12.5 million of accumulated foreign currency translation loss was recognized in the condensed consolidated statement of operations during the three and six months ended June 30, 2017 . This charge more than fully offset the Canadian subsidiary's gain on sale, which resulted in a loss on sale of the Canadian hotels of approximately $1.5 million , net of closing costs and adjustments, which is reported in loss on sale of hotel properties during the three and six months ended June 30, 2017 in the accompanying unaudited condensed consolidated statements of operations. On May 16, 2017, ESH REIT sold one U.S.-based hotel for gross proceeds of $5.4 million . The carrying value of this hotel, including net working capital and allocable goodwill, was approximately $6.8 million , which resulted in a loss on sale of approximately $1.8 million , net of closing costs and adjustments, which is reported in loss on sale of hotel properties during the three and six months ended June 30, 2017 in the accompanying unaudited consolidated statements of operations. During the three and six month periods ended June 30, 2017 and June 30, 2016 , the four disposed hotel properties contributed rental revenues, total operating expenses and income (loss) before income tax expense as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Rental revenues from Extended Stay America, Inc. $ 641 1,545 2,040 3,000 Total operating expenses — 666 15,527 (1) 1,261 Income (loss) before income tax expense 1,032 654 (13,173 ) (1) 1,934 _________________________________ (1) Includes impairment charge recorded during the three months ended March 31, 2017 of approximately $15.0 million related to the three Canadian hotels. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Property and Equipment | PROPERTY AND EQUIPMENT Net investment in property and equipment as of June 30, 2017 and December 31, 2016 , consists of the following (in thousands): June 30, December 31, 2016 Hotel properties: Land and site improvements $ 1,289,952 $ 1,303,752 Building and improvements 2,909,502 2,940,615 Furniture, fixtures and equipment 632,155 612,855 Total hotel properties 4,831,609 4,857,222 Corporate furniture, fixtures, equipment, software and other 20,731 20,076 Undeveloped land parcel 1,675 1,675 Total cost 4,854,015 4,878,973 Less accumulated depreciation: Hotel properties (1,031,703 ) (962,400 ) Corporate furniture, fixtures, equipment, software and other (12,765 ) (11,269 ) Total accumulated depreciation (1,044,468 ) (973,669 ) Property and equipment - net $ 3,809,547 $ 3,905,304 During the three and six months ended June 30, 2017 and 2016 , the Company, using Level 3 unobservable inputs, assessed property and equipment for potential impairment. The Company recognized impairment charges of approximately $7.9 million and $20.4 million for the three and six months ended June 30, 2017 , respectively, and recognized no impairment charges for the three or six months ended June 30, 2016 . The impairment charge recorded during the three months ended March 31, 2017, approximately $12.4 million , related to the Canadian hotels that were sold. Quantitative information with respect to unobservable inputs consists of internally developed cash flow models that include the following assumptions, among others: projections of revenues, expenses and hotel related cash flows based on assumed long-term growth rates, demand trends, expected future capital expenditures and estimated discount rates that range from 6% to 10% and terminal capitalization rates that range from 7% to 11% . These assumptions are based on the Company’s historical data and experience, the Company’s budgets, industry projections and micro and macro general economic condition projections. |
ESH REIT | |
Entity Information [Line Items] | |
Property and Equipment | PROPERTY AND EQUIPMENT Net investment in property and equipment as of June 30, 2017 and December 31, 2016 , consists of the following (in thousands): June 30, December 31, Hotel properties: Land and site improvements $ 1,290,834 $ 1,304,503 Building and improvements 2,946,335 2,960,158 Furniture, fixtures and equipment 631,937 607,682 Total hotel properties 4,869,106 4,872,343 Undeveloped land parcel 1,675 1,675 Total cost 4,870,781 4,874,018 Less accumulated depreciation (1,043,512 ) (959,449 ) Property and equipment - net $ 3,827,269 $ 3,914,569 During the three and six months ended June 30, 2017 and 2016 , ESH REIT, using Level 3 unobservable inputs, assessed property and equipment for potential impairment. No impairment charges were recognized during the three months ended June 30, 2017. ESH REIT recognized impairment charges of approximately $15.0 million for the six months ended June 30, 2017 related to the Canadian hotels that were sold. ESH REIT recognized no impairment charges during the three or six months ended June 30, 2016 . Quantitative information with respect to unobservable inputs consists of internally developed cash flow models that include the following assumptions, among others: projections of lease revenues and expenses, demand trends, expected future capital expenditures and estimated discount rates. These assumptions are based on ESH REIT’s historical data and experience, budgets, industry projections and micro and macro general economic condition projections. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | INTANGIBLE ASSETS AND GOODWILL The Company’s intangible assets and goodwill as of June 30, 2017 and December 31, 2016 , consist of the following (dollars in thousands): June 30, 2017 Estimated Gross Accumulated Net Definite-lived intangible assets—customer relationships 20 years $ 26,800 $ (9,020 ) $ 17,780 Indefinite-lived intangible assets—trademarks 9,933 — 9,933 Total intangible assets 36,733 (9,020 ) 27,713 Goodwill 48,910 — 48,910 Total intangible assets and goodwill $ 85,643 $ (9,020 ) $ 76,623 December 31, 2016 Estimated Gross Accumulated Net Definite-lived intangible assets—customer relationships 20 years $ 26,800 $ (8,350 ) $ 18,450 Indefinite-lived intangible assets—trademarks 9,933 — 9,933 Total intangible assets 36,733 (8,350 ) 28,383 Goodwill 53,531 — 53,531 Total intangible assets and goodwill $ 90,264 $ (8,350 ) $ 81,914 In conjunction with the sale of the four hotels in May 2017, the Company wrote off approximately $4.6 million of goodwill, which is included in loss on sale of hotel properties in the accompanying unaudited consolidated statement of operations. The remaining weighted-average amortization period for definite-lived intangible assets is approximately 13.3 years as of June 30, 2017 . Estimated future amortization expense for definite-lived intangible assets is as follows (in thousands): Years Ending December 31, Remainder of 2017 $ 670 2018 1,340 2019 1,340 2020 1,340 2021 1,340 Thereafter 11,750 Total $ 17,780 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Debt | DEBT Summary - The Company’s outstanding debt, net of unamortized debt discount, and unamortized deferred financing costs as of June 30, 2017 and December 31, 2016 , consists of the following (dollars in thousands): Stated (1) Carrying Amount Unamortized Deferred Financing Costs Interest Rate Loan June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Stated Interest Rate June 30, 2017 December 31, 2016 Maturity Date Term loan facilities ESH REIT 2016 Term Facility $ 1,300,000 (2) $ 1,284,540 (3) $ 1,290,560 $ 14,618 $ 15,804 LIBOR (4) + 2.50% (5) 3.71 % (5) 3.75 % 8/30/2023 (7) Senior notes ESH REIT 2025 Notes 1,300,000 1,289,699 (6) 1,289,041 22,111 23,523 5.25 % 5.25 % 5.25 % 5/1/2025 Revolving credit facilities (8) ESH REIT 2016 Revolving Credit Facility 350,000 — 45,000 2,295 (8) 2,570 (8) LIBOR + 2.75% N/A 3.33 % 8/30/2021 Corporation 2016 Revolving Credit Facility 50,000 — — 456 (8) 511 (8) LIBOR + 3.00% N/A N/A 8/30/2021 Unsecured Intercompany Facility Unsecured Intercompany Facility 75,000 (9) — — — — 5.00 % 5.00 % 5.00 % 8/30/2023 Total $ 2,574,239 $ 2,624,601 $ 39,480 $ 42,408 _________________________________ (1) Amortization is interest only, except for the 2016 Term Facility (as defined below) which amortizes in equal quarterly installments of $3.24 million . See (7) below. (2) ESH REIT is able to increase its borrowings under the 2016 ESH REIT Credit Facilities (as defined below) by an amount of up to $600.0 million , plus additional amounts, in each case subject to certain conditions. (3) The 2016 Term Facility is presented net of an unamortized debt discount of approximately $5.7 million and $6.2 million as of June 30, 2017 and December 31, 2016, respectively. (4) As of December 31, 2016, the stated interest rate of the 2016 Term Facility was LIBOR + 3.00% and included a LIBOR floor of 0.75% . (5) $450.0 million of the 2016 Term Facility is subject to an interest rate swap at a fixed rate of 1.175% (see Note 8). (6) The 2025 Notes (as defined below) are presented net of an unamortized debt discount of approximately $10.3 million and $11.0 million as of June 30, 2017 and December 31, 2016, respectively. (7) In addition to scheduled amortization noted in (1) above, subject to certain exceptions, annual mandatory prepayments of up to 50% of Excess Cash Flow, as defined, may be required under the 2016 Term Facility commencing with the year ending December 31, 2017. Annual mandatory prepayments for the year ending December 31, 2017 and each year thereafter are due during the first quarter of the following year. (8) Unamortized deferred financing costs related to the revolving credit facilities are included in other assets in the accompanying unaudited condensed consolidated balance sheets. (9) As of June 30, 2017 , the outstanding balance owed from ESH REIT to the Corporation under the Unsecured Intercompany Facility was $50.0 million . ESH REIT is able to increase its borrowings under the Unsecured Intercompany Facility to an amount of up to $300.0 million , plus additional amounts, in each case subject to certain conditions. The outstanding debt balance and interest expense owed from ESH REIT to the Corporation related to the Unsecured Intercompany Facility eliminate in consolidation. On March 1, 2017, ESH REIT entered into an amendment to the 2016 Term Facility with the lenders thereunder (such amendment, the "Repricing Amendment"). The Repricing Amendment had the following impact on the 2016 Term Facility: (i) decreased the interest rate spread on LIBOR based loans from 3.0% to 2.5% ; (ii) decreased the interest rate spread on base rate loans from 2.0% to 1.5% ; (iii) removed the floor of 0.75% on LIBOR based loans; (iv) removed the floor of 2.0% on base rate loans; (v) removed ranges on interest rate spreads for all loan types that were dependent upon ESH REIT’s credit rating; and (vi) extended the 1% prepayment penalty through September 1, 2017 (prepayments made after September 1, 2017 are not subject to a prepayment penalty, other than customary “breakage” costs). ESH REIT Credit Facilities On August 30, 2016, ESH REIT entered into a credit agreement, as may be amended and supplemented from time to time, providing for senior secured credit facilities (collectively, the "2016 ESH REIT Credit Facilities") consisting of a $1,300.0 million senior secured term loan facility (the "2016 Term Facility") and a $350.0 million senior secured revolving credit facility (the "2016 ESH REIT Revolving Credit Facility"). Subject to the satisfaction of certain criteria, borrowings under the 2016 ESH REIT Credit Facilities may be increased by an amount of up to $600.0 million , plus additional amounts, so long as, after giving effect to the incurrence of such incremental facility and the application of proceeds thereof, its pro-forma senior loan-to-value ratio is less than or equal to 45% . Obligations under the 2016 ESH REIT Credit Facilities are guaranteed by certain existing and future material domestic subsidiaries of ESH REIT, other than those owning real property, subject to customary exceptions. Obligations under the 2016 ESH REIT Credit Facilities are secured, subject to certain exceptions, including an exception for real property, by a first-priority security interest in substantially all of the assets of ESH REIT and the guarantors. The 2016 ESH REIT Credit Facilities contain a number of restrictive covenants that, among other things and subject to certain exceptions, limit ESH REIT’s ability and the ability of its subsidiaries to incur additional debt, modify existing debt, create certain liens, pay dividends and distributions, make certain investments and other restricted payments, enter into affiliate transactions, amend or modify certain material operating leases and management agreements, sell assets or merge, consolidate or transfer all or substantially all of their assets. The 2016 ESH REIT Credit Facilities contain certain customary representations and warranties, affirmative covenants and events of default, including, but not limited to, cross-defaults to certain other indebtedness and certain material operating leases and management agreements. If an event of default occurs, the administrative agent is entitled to take various actions, including the acceleration of amounts due under the 2016 ESH REIT Credit Facilities and additional actions that a secured creditor is permitted to take following a default. As of June 30, 2017 , ESH REIT was in compliance with all covenants under the 2016 ESH REIT Credit Facilities. 2016 Term Facility — The 2016 Term Facility, as amended, bears interest at a rate equal to (i) LIBOR plus 2.50% or (ii) base rate (determined by reference to the highest of (A) the prime lending rate, (B) the overnight federal funds rate plus 0.50% or (C) the one-month adjusted LIBOR rate plus 1.00% ) plus 1.50% . The 2016 Term Facility amortizes in equal quarterly installments in annual amounts of 1.0% of the principal amount outstanding as of the Repricing Amendment, or approximately $13.0 million , with the remaining balance payable at maturity. In addition to scheduled amortization, subject to certain exceptions, mandatory prepayments of up to 50% of annual Excess Cash Flow, as defined, may be required based on ESH REIT's Consolidated Leverage Ratio, each as defined. Annual mandatory prepayments are due during the first quarter of the following year. The 2016 Term Facility matures on August 30, 2023. ESH REIT has the option to voluntarily prepay outstanding loans under the 2016 Term Facility at any time upon three business days’ prior written notice for LIBOR loans or on one business day’s prior written notice for base rate loans. In addition to customary "breakage" costs with respect to LIBOR loans, amounts refinanced, substituted or replaced by indebtedness which has a lower all-in yield than the all-in yield under the 2016 Term Facility on or prior to September 1, 2017 (other than as a result of a transformative transaction) are subject to a prepayment penalty equal to 1.00% of the aggregate principal amount refinanced, substituted or replaced. Prepayments made after September 1, 2017 are not subject to a prepayment penalty. 2016 ESH REIT Revolving Credit Facility — The 2016 ESH REIT Revolving Credit Facility provides for the issuance of up to $50.0 million of letters of credit. Borrowings under the facility bear interest at a rate equal to (i) LIBOR plus a spread that ranges from 2.25% to 2.75% based on ESH REIT’s Total Net Leverage Ratio, as defined, or (ii) base rate (determined by reference to the highest of (A) the prime lending rate, (B) the overnight federal funds rate plus 0.50% , or (C) the one-month adjusted LIBOR rate plus 1.00% ) plus a spread that ranges from 1.25% to 1.75% based on ESH REIT’s Total Net Leverage Ratio, as defined. There is no scheduled amortization under the 2016 ESH REIT Revolving Credit Facility and the facility matures on August 30, 2021. In addition to paying interest on outstanding principal, ESH REIT incurs a fee of 0.35% or 0.175% on the unutilized revolver balance, based on the amount outstanding under the facility. ESH REIT is also required to pay customary letter of credit fees and agency fees. As of June 30, 2017 , ESH REIT had no letters of credit outstanding under the facility, an outstanding balance of $0 and available borrowing capacity of $350.0 million . The 2016 ESH REIT Revolving Credit Facility is subject to a springing financial covenant whereby the senior loan-to-value ratio may not exceed 45% when the aggregate principal amount of borrowings and letters of credit under the 2016 ESH REIT Revolving Credit Facility, excluding up to $30.0 million of letters of credit, is equal to or greater than 25% of the aggregate available principal amount of the 2016 ESH REIT Revolving Credit Facility on the applicable fiscal quarter end date. ESH REIT Senior Notes Due 2025 In May 2015, ESH REIT issued $500.0 million 5.25% senior notes due in 2025 (together with the $800.0 million of additional notes discussed below, the “2025 Notes”) under an indenture (the “Indenture”) with Deutsche Bank Trust Company Americas, as trustee, at 100% of par value in a private placement pursuant to Rule 144A of the Securities Act ("Rule 144A"). In March 2016, ESH REIT issued an additional $800.0 million of the 2025 Notes under the Indenture at 98.5% of par value in a private placement pursuant to Rule 144A. The 2025 Notes mature on May 1, 2025 and bear interest at a fixed rate of 5.25% per annum, payable semi-annually in arrears on May 1 and November 1 of each year. The 2025 Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis by each of ESH REIT’s subsidiaries that guarantee ESH REIT’s obligations under the 2016 ESH REIT Credit Facilities. The 2025 Notes rank equally in right of payment with ESH REIT’s existing and future senior unsecured indebtedness, and senior in right of payment to all future subordinated indebtedness, if any. The 2025 Notes are effectively junior to any of ESH REIT’s secured indebtedness to the extent of the value of the assets securing such indebtedness. ESH REIT may redeem the 2025 Notes at any time on or after May 1, 2020, in whole or in part, at a redemption price equal to 102.625% of the principal amount, declining annually to 100% of the principal amount from May 1, 2023 and thereafter, plus accrued and unpaid interest. Prior to May 1, 2020, ESH REIT may redeem the 2025 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount, plus a "make-whole" premium, as defined in the Indenture, plus accrued and unpaid interest. Prior to May 1, 2018, subject to certain conditions, ESH REIT may redeem up to 35% of the aggregate principal amount of the 2025 Notes at a redemption price equal to 105.250% of the aggregate principal amount thereof, plus accrued and unpaid interest, with the net cash proceeds from certain equity offerings, provided 65% of the original amount of the principal remains outstanding after the occurrence of each such redemption. Upon a Change of Control, as defined, holders of the 2025 Notes have the right to require ESH REIT to redeem the 2025 Notes at 101% of the principal amount, plus accrued and unpaid interest. The Indenture contains a number of customary covenants that, among other things and subject to certain exceptions, limit ESH REIT’s ability and the ability of its subsidiaries to incur additional debt, create certain liens, pay dividends or distributions, make certain investments and other restricted payments, enter into affiliate transactions, sell assets or merge, consolidate or transfer all or substantially all of their assets. The Indenture also contains certain customary events of default, including, but not limited to, cross-defaults to certain other indebtedness. If an event of default occurs, the holders of the Notes and the Trustee are entitled to take various actions, including declaring the 2025 Notes immediately due and payable. As of June 30, 2017 , ESH REIT was in compliance with all covenants set forth in the Indenture. Corporation Revolving Credit Facility On August 30, 2016, the Corporation entered into a revolving credit facility (the "2016 Corporation Revolving Credit Facility") of $50.0 million . The facility provides for the issuance of up to $50.0 million of letters of credit as well as borrowing on same day notice, referred to as swingline loans, in an amount up to $20.0 million . Borrowings under the facility bear interest at a rate equal to (i) LIBOR plus 3.00% or (ii) base rate (determined by reference to the highest of (A) the prime lending rate, (B) the overnight federal funds rate plus 0.50% or (C) the one-month adjusted LIBOR rate plus 1.00% ) plus 2.00% . There is no scheduled amortization under the 2016 Corporation Revolving Credit Facility and the facility matures on August 30, 2021. In addition to paying interest on outstanding principal, the Corporation incurs a fee of 0.35% or 0.175% on the unutilized revolver balance, based on the amount outstanding under the facility. The Corporation is also required to pay customary letter of credit fees and agency fees. As of June 30, 2017 , the Corporation had one letter of credit outstanding under this facility of $0.7 million , an outstanding balance drawn of $0 and borrowing capacity available of $49.3 million . Obligations under the 2016 Corporation Revolving Credit Facility are guaranteed by certain existing and future material domestic subsidiaries of the Corporation, excluding ESH REIT and its subsidiaries and subject to customary exceptions. The facility is secured, subject to certain exceptions, by a first-priority security interest in substantially all of the assets of the Corporation and the guarantors. If obligations are outstanding under the facility during any fiscal quarter, the 2016 Corporation Revolving Credit Facility requires that the Consolidated Leverage Ratio, as defined, calculated as of the end of such fiscal quarter, be less than or equal to 8.75 to 1.00. The facility is also subject to a springing financial covenant whereby the senior loan-to-value ratio may not exceed 45% when the aggregate principal amount of borrowings and letters of credit under the 2016 Corporation Revolving Credit Facility, excluding up to $30.0 million of letters of credit, is equal to or greater than 25% of the aggregate available principal amount of the 2016 Corporation Revolving Credit Facility on the applicable fiscal quarter end date. The 2016 Corporation Revolving Credit Facility contains a number of restrictive covenants that, among other things and subject to certain exceptions, limit the Corporation’s ability and the ability of its subsidiaries to incur additional debt, modify existing debt, create certain liens, pay dividends or distributions, make certain restricted payments, enter into affiliate transactions, amend or modify certain material operating leases and management agreements, merge, consolidate or transfer all or substantially all of its assets. The 2016 Corporation Revolving Credit Facility also contains certain customary affirmative covenants and events of default, including, but not limited to, cross-defaults to certain other indebtedness and certain material operating leases. If an event of default occurs, the administrative agent is entitled to take various actions, including the acceleration of amounts due under the facility and additional actions that a secured creditor is permitted to take following a default. As of June 30, 2017 , the Corporation was in compliance with all covenants under the 2016 Corporation Revolving Credit Facility. Unsecured Intercompany Facility On August 30, 2016, ESH REIT, as borrower, and the Corporation, as lender, entered into an unsecured intercompany credit facility (the "Unsecured Intercompany Facility"). As of June 30, 2017 , the amount outstanding under the facility totaled $50.0 million . Subject to certain conditions, the principal amount of the Unsecured Intercompany Facility may be increased up to an amount that shall not exceed the greater of (i) $300.0 million and (ii) an unlimited amount so long as the incremental loan-to-value ratio, determined on a pro-forma basis as of the last day of the most recently ended test period, as if any incremental loans available under such incremental commitments had been outstanding on the last day of such period, and, in each case, without netting the cash proceeds of any such incremental loans, does not exceed 5.0% . Loans under the facility bear interest at 5.00% per annum. There is no scheduled amortization under the facility and the facility matures on August 30, 2023. ESH REIT has the option to voluntarily prepay outstanding loans at any time upon one business day’s prior written notice. The Unsecured Intercompany Facility contains a number of restrictive covenants that, among other things and subject to certain exceptions, limit ESH REIT’s ability and the ability of its subsidiaries to incur additional debt, modify existing debt, create certain liens, pay dividends or distributions, make certain investments and other restricted payments, enter into affiliate transactions, amend or modify certain material operating leases and management agreements, sell assets or merge, consolidate or transfer all or substantially all of their assets. The facility contains certain customary representations and warranties, affirmative covenants and events of default, including, but not limited to, cross-defaults to certain other indebtedness and certain material operating leases and management agreements. If an event of default occurs, the Corporation is entitled to take various actions, including the acceleration of amounts due under the facility and all other actions that a creditor is permitted to take following a default. As of June 30, 2017 , ESH REIT was in compliance with all covenants under the Unsecured Intercompany Facility. Future Maturities of Debt —The future maturities of debt as of June 30, 2017 , are as follows (in thousands): Years Ending December 31, Remainder of 2017 $ 6,484 2018 12,968 2019 12,968 2020 12,968 2021 12,968 Thereafter 2,531,910 (1) Total $ 2,590,266 ______________________ (1) Under the 2016 Term Facility, annual mandatory prepayments of up to 50% of Excess Cash Flow, as defined, may be required commencing with the year ending December 31, 2017. Annual mandatory prepayments for the year ending December 31, 2017 and each year thereafter are due during the first quarter of the following year. Fair Value of Debt —As of June 30, 2017 and December 31, 2016 , the estimated fair value of the Company's debt was approximately $2.6 billion and $2.7 billion , respectively. Estimated fair values are determined by comparing current borrowing rates and risk spreads offered in the market to the stated interest rates and spreads on the Company's debt (Level 2 fair value measures) or quoted market prices (Level 1 fair value measures), when available. |
ESH REIT | |
Entity Information [Line Items] | |
Debt | DEBT Summary —ESH REIT’s outstanding debt, net of unamortized debt discount, and unamortized deferred financing costs as of June 30, 2017 and December 31, 2016 , consists of the following (dollars in thousands): Stated Amount (1) Carrying Amount Unamortized Deferred Financing Costs Interest Rate Loan June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Stated Interest Rate June 30, 2017 December 31, 2016 Maturity Date Term loan facility 2016 Term Facility $ 1,300,000 (2) $ 1,284,540 (3) $ 1,290,560 $ 14,618 $ 15,804 LIBOR (4) + 2.50% (5) 3.71 % (5) 3.75 % 08/30/2023 (7) Senior notes 2025 Notes 1,300,000 1,289,699 (6) 1,289,041 22,111 23,523 5.25 % 5.25 % 5.25 % 05/01/2025 Revolving credit facility 2016 Revolving Credit Facility 350,000 — 45,000 2,295 (8) 2,570 (8) LIBOR + 2.75% N/A 3.33 % 08/30/2021 Unsecured Intercompany Facility Unsecured Intercompany Facility 75,000 (9) 50,000 50,000 — — 5.00 % 5.00 % 5.00 % 08/30/2023 Total $ 2,624,239 $ 2,674,601 $ 39,024 $ 41,897 _________________________________ (1) Amortization is interest only, except for the 2016 Term Facility (as defined below) which amortizes in equal quarterly installments of $3.24 million . See (7) below. (2) ESH REIT is able to increase its borrowings under the 2016 ESH REIT Credit Facilities (as defined below) by an amount of up to $600.0 million , plus additional amounts, in each case subject to certain conditions. (3) The 2016 Term Facility is presented net of an unamortized debt discount of approximately $5.7 million and $6.2 million as of June 30, 2017 and December 31, 2016, respectively. (4) As of December 31, 2016, the stated interest rate of the 2016 Term Facility was LIBOR + 3.00% and included a LIBOR floor of 0.75% . (5) $450.0 million of the 2016 Term Facility is subject to an interest rate swap at a fixed rate of 1.175% (see Note 7). (6) The 2025 Notes (as defined below) are presented net of an unamortized debt discount of approximately $10.3 million and $11.0 million as of June 30, 2017 and December 31, 2016, respectively. (7) In addition to scheduled amortization noted in (1) above, subject to certain exceptions, annual mandatory prepayments of up to 50% of Excess Cash Flow, as defined, may be required under the 2016 Term Facility commencing with the year ending December 31, 2017. Annual mandatory prepayments for the year ending December 31, 2017 and each year thereafter are due during the first quarter of the following year. (8) Unamortized deferred financing costs related to the revolving credit facility are included in other assets in the accompanying unaudited condensed consolidated balance sheets. (9) As of June 30, 2017 , the outstanding balance owed from ESH REIT to the Corporation under the Unsecured Intercompany Facility was $50.0 million . ESH REIT is able to increase its borrowings under the Unsecured Intercompany Facility to an amount of up to $300.0 million , plus additional amounts, in each case subject to certain conditions. On March 1, 2017, ESH REIT entered into an amendment to the 2016 Term Facility with the lenders thereunder (such amendment, the "Repricing Amendment"). The Repricing Amendment had the following impact on the 2016 Term Facility: (i) decreased the interest rate spread on LIBOR based loans from 3.0% to 2.5% ; (ii) decreased the interest rate spread on base rate loans from 2.0% to 1.5% ; (iii) removed the floor of 0.75% on LIBOR based loans; (iv) removed the floor of 2.0% on base rate loans; (v) removed ranges on interest rate spreads for all loan types that were dependent upon ESH REIT’s credit rating; and (vi) extended the 1% prepayment penalty through September 1, 2017 (prepayments made after September 1, 2017 are not subject to a prepayment penalty, other than customary “breakage” costs). ESH REIT Credit Facilities On August 30, 2016, ESH REIT entered into a credit agreement, as may be amended and supplemented from time to time, providing for senior secured credit facilities (collectively, the "2016 ESH REIT Credit Facilities") consisting of a $1,300.0 million senior secured term loan facility (the "2016 Term Facility") and a $350.0 million senior secured revolving credit facility (the "2016 ESH REIT Revolving Credit Facility"). Subject to the satisfaction of certain criteria, borrowings under the 2016 ESH REIT Credit Facilities may be increased by an amount of up to $600.0 million , plus additional amounts, so long as, after giving effect to the incurrence of such incremental facility and the application of proceeds thereof, its pro-forma senior loan-to-value ratio is less than or equal to 45% . Obligations under the 2016 ESH REIT Credit Facilities are guaranteed by certain existing and future material domestic subsidiaries of ESH REIT, other than those owning real property, subject to customary exceptions. Obligations under the 2016 ESH REIT Credit Facilities are secured, subject to certain exceptions, including an exception for real property, by a first-priority security interest in substantially all of the assets of ESH REIT and the guarantors. The 2016 ESH REIT Credit Facilities contain a number of restrictive covenants that, among other things and subject to certain exceptions, limit ESH REIT’s ability and the ability of its subsidiaries to incur additional debt, modify existing debt, create certain liens, pay dividends and distributions, make certain investments and other restricted payments, enter into affiliate transactions, amend or modify certain material operating leases and management agreements, sell assets or merge, consolidate or transfer all or substantially all of their assets. The 2016 ESH REIT Credit Facilities contain certain customary representations and warranties, affirmative covenants and events of default, including, but not limited to, cross-defaults to certain other indebtedness and certain material operating leases and management agreements. If an event of default occurs, the administrative agent is entitled to take various actions, including the acceleration of amounts due under the 2016 ESH REIT Credit Facilities and additional actions that a secured creditor is permitted to take following a default. As of June 30, 2017 , ESH REIT was in compliance with all covenants under the 2016 ESH REIT Credit Facilities. 2016 Term Facility — The 2016 Term Facility, as amended, bears interest at a rate equal to (i) LIBOR plus 2.50% or (ii) base rate (determined by reference to the highest of (A) the prime lending rate, (B) the overnight federal funds rate plus 0.50% or (C) the one-month adjusted LIBOR rate plus 1.00% ) plus 1.50% . The 2016 Term Facility amortizes in equal quarterly installments in annual amounts of 1.0% of the principal amount outstanding as of the Repricing Amendment, or approximately $13.0 million , with the remaining balance payable at maturity. In addition to scheduled amortization, subject to certain exceptions, mandatory prepayments of up to 50% of annual Excess Cash Flow, as defined, may be required based on ESH REIT's Consolidated Leverage Ratio, each as defined. Annual mandatory prepayments are due during the first quarter of the following year. The 2016 Term Facility matures on August 30, 2023. ESH REIT has the option to voluntarily prepay outstanding loans under the 2016 Term Facility at any time upon three business days’ prior written notice for LIBOR loans or on one business day’s prior written notice for base rate loans. In addition to customary "breakage" costs with respect to LIBOR loans, amounts refinanced, substituted or replaced by indebtedness which has a lower all-in yield than the all-in yield under the 2016 Term Facility on or prior to September 1, 2017 (other than as a result of a transformative transaction) are subject to a prepayment penalty equal to 1.00% of the aggregate principal amount refinanced, substituted or replaced. Prepayments made after September 1, 2017 are not subject to a prepayment penalty. 2016 ESH REIT Revolving Credit Facility — The 2016 ESH REIT Revolving Credit Facility provides for the issuance of up to $50.0 million of letters of credit. Borrowings under the facility bear interest at a rate equal to (i) LIBOR plus a spread that ranges from 2.25% to 2.75% based on ESH REIT’s Total Net Leverage Ratio, as defined, or (ii) base rate (determined by reference to the highest of (A) the prime lending rate, (B) the overnight federal funds rate plus 0.50% , or (C) the one-month adjusted LIBOR rate plus 1.00% ) plus a spread that ranges from 1.25% to 1.75% based on ESH REIT’s Total Net Leverage Ratio, as defined. There is no scheduled amortization under the 2016 ESH REIT Revolving Credit Facility and the facility matures on August 30, 2021. In addition to paying interest on outstanding principal, ESH REIT incurs a fee of 0.35% or 0.175% on the unutilized revolver balance, based on the amount outstanding under the facility. ESH REIT is also required to pay customary letter of credit fees and agency fees. As of June 30, 2017 , ESH REIT had no letters of credit outstanding under the facility, an outstanding balance of $0 and available borrowing capacity of $350.0 million . The 2016 ESH REIT Revolving Credit Facility is subject to a springing financial covenant whereby the senior loan-to-value ratio may not exceed 45% when the aggregate principal amount of borrowings and letters of credit under the 2016 ESH REIT Revolving Credit Facility, excluding up to $30.0 million of letters of credit, is equal to or greater than 25% of the aggregate available principal amount of the 2016 ESH REIT Revolving Credit Facility on the applicable fiscal quarter end date. ESH REIT Senior Notes Due 2025 In May 2015, ESH REIT issued $500.0 million 5.25% senior notes due in 2025 (together with the $800.0 million of additional notes discussed below, the “2025 Notes”) under an indenture (the “Indenture”) with Deutsche Bank Trust Company Americas, as trustee, at 100% of par value in a private placement pursuant to Rule 144A of the Securities Act ("Rule 144A"). In March 2016, ESH REIT issued an additional $800.0 million of the 2025 Notes under the Indenture at 98.5% of par value in a private placement pursuant to Rule 144A. The 2025 Notes mature on May 1, 2025 and bear interest at a fixed rate of 5.25% per annum, payable semi-annually in arrears on May 1 and November 1 of each year. The 2025 Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis by each of ESH REIT’s subsidiaries that guarantee ESH REIT’s obligations under the 2016 ESH REIT Credit Facilities. The 2025 Notes rank equally in right of payment with ESH REIT’s existing and future senior unsecured indebtedness, and senior in right of payment to all future subordinated indebtedness, if any. The 2025 Notes are effectively junior to any of ESH REIT’s secured indebtedness to the extent of the value of the assets securing such indebtedness. ESH REIT may redeem the 2025 Notes at any time on or after May 1, 2020, in whole or in part, at a redemption price equal to 102.625% of the principal amount, declining annually to 100% of the principal amount from May 1, 2023 and thereafter, plus accrued and unpaid interest. Prior to May 1, 2020, ESH REIT may redeem the 2025 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount, plus a "make-whole" premium, as defined in the Indenture, plus accrued and unpaid interest. Prior to May 1, 2018, subject to certain conditions, ESH REIT may redeem up to 35% of the aggregate principal amount of the 2025 Notes at a redemption price equal to 105.250% of the aggregate principal amount thereof, plus accrued and unpaid interest, with the net cash proceeds from certain equity offerings, provided 65% of the original amount of the principal remains outstanding after the occurrence of each such redemption. Upon a Change of Control, as defined, holders of the 2025 Notes have the right to require ESH REIT to redeem the 2025 Notes at 101% of the principal amount, plus accrued and unpaid interest. The Indenture contains a number of customary covenants that, among other things and subject to certain exceptions, limit ESH REIT’s ability and the ability of its subsidiaries to incur additional debt, create certain liens, pay dividends or distributions, make certain investments and other restricted payments, enter into affiliate transactions, sell assets or merge, consolidate or transfer all or substantially all of their assets. The Indenture also contains certain customary events of default, including, but not limited to, cross-defaults to certain other indebtedness. If an event of default occurs, the holders of the Notes and the Trustee are entitled to take various actions, including declaring the 2025 Notes immediately due and payable. As of June 30, 2017 , ESH REIT was in compliance with all covenants set forth in the Indenture. Unsecured Intercompany Facility On August 30, 2016, ESH REIT, as borrower, and the Corporation, as lender, entered into an unsecured intercompany credit facility (the "Unsecured Intercompany Facility"). As of June 30, 2017 , the amount outstanding under the facility totaled $50.0 million . Subject to certain conditions, the principal amount of the Unsecured Intercompany Facility may be increased up to an amount that shall not exceed the greater of (i) $300.0 million and (ii) an unlimited amount so long as the incremental loan-to-value ratio, determined on a pro-forma basis as of the last day of the most recently ended test period, as if any incremental loans available under such incremental commitments had been outstanding on the last day of such period, and, in each case, without netting the cash proceeds of any such incremental loans, does not exceed 5.0% . Loans under the facility bear interest at 5.00% per annum. There is no scheduled amortization under the facility and the facility matures on August 30, 2023. ESH REIT has the option to voluntarily prepay outstanding loans at any time upon one business day’s prior written notice. The Unsecured Intercompany Facility contains a number of restrictive covenants that, among other things and subject to certain exceptions, limit ESH REIT’s ability and the ability of its subsidiaries to incur additional debt, modify existing debt, create certain liens, pay dividends or distributions, make certain investments and other restricted payments, enter into affiliate transactions, amend or modify certain material operating leases and management agreements, sell assets or merge, consolidate or transfer all or substantially all of their assets. The facility contains certain customary representations and warranties, affirmative covenants and events of default, including, but not limited to, cross-defaults to certain other indebtedness and certain material operating leases and management agreements. If an event of default occurs, the Corporation is entitled to take various actions, including the acceleration of amounts due under the facility and all other actions that a creditor is permitted to take following a default. As of June 30, 2017 , ESH REIT was in compliance with all covenants under the Unsecured Intercompany Facility. Future Maturities of Debt —The future maturities of debt as of June 30, 2017 , are as follows (in thousands): Years Ending December 31, Remainder of 2017 $ 6,484 2018 12,968 2019 12,968 2020 12,968 2021 12,968 Thereafter 2,581,910 (1) Total $ 2,640,266 ______________________ (1) Under the 2016 Term Facility, annual mandatory prepayments of up to 50% of Excess Cash Flow, as defined, may be required commencing with the year ending December 31, 2017. Annual mandatory prepayments for the year ending December 31, 2017 and each year thereafter are due during the first quarter of the following year. Fair Value of Debt —As of June 30, 2017 and December 31, 2016 , the estimated fair value of ESH REIT’s debt was approximately $2.7 billion . Estimated fair values are determined by comparing current borrowing rates and risk spreads offered in the market to the stated interest rates and spreads on ESH REIT’s debt (Level 2 fair value measures) or quoted market prices (Level 1 fair value measures), when available. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS The Company from time to time uses derivative instruments to manage its exposure to interest rate, foreign currency exchange rate and commodity price risks. The Company’s primary objective in holding derivatives is to reduce the volatility of cash flows and earnings associated with changes in interest rates, foreign currency exchange rates and commodity prices. The Company’s derivatives expose it to credit risk to the extent that counterparties may be unable to meet the terms of the agreement. The Company seeks to mitigate such risks by limiting its counterparties to major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored. Management does not expect material losses as a result of defaults by counterparties. In September 2016, ESH REIT entered into a floating-to-fixed interest rate swap at a fixed rate of 1.175% and a floating rate of one-month LIBOR, subject to a LIBOR floor of 0.75% , to manage its exposure to interest rate risk on a portion of its variable rate debt. In February 2017, ESH REIT executed an amendment to its swap agreement, the impact of which was to remove the LIBOR floor on floating rate cash flows. The notional amount of the interest rate swap as of June 30, 2017 was $450.0 million . On October 1, 2017, the notional amount decreases to $400.0 million , and the notional amount continues to decrease by an additional $50.0 million every six months until the swap's maturity in September 2021. From September 2016 through the February 2017 amendment to ESH REIT's swap agreement, the swap was designated as an effective cash flow hedge and changes in fair value were recognized through accumulated other comprehensive income. Concurrent with the February 2017 swap amendment and through April 2017, the swap's designation as a cash flow hedge was reversed and changes in fair value were recognized in earnings and are included in the line item other non-operating income (expense) on the accompanying unaudited condensed consolidated statements of operations. In April 2017, ESH REIT re-designated the swap as an effective cash flow hedge. Subsequent to April 2017, the effective portion of changes in fair value are recognized through accumulated other comprehensive income and the ineffective portion is recognized in other non-operating income (expense) on the accompanying unaudited condensed consolidated statements of operations. Prior changes recognized through accumulated other comprehensive income are amortized over the remaining life of the swap through earnings and are included in the line item other non-operating income (expense) on the accompanying unaudited condensed consolidated statements of operations. As of June 30, 2017, approximately $1.1 million is expected to be recognized through earnings over the following twelve months. The table below presents the amounts and classification on the Company's financial statements related to the interest rate swap (in thousands): Other Assets Accumulated other comprehensive income, net of tax Other non-operating expense (income) Interest Expense As of June 30, 2017 $ 4,525 $ 3,992 (1) As of December 31, 2016 $ 4,990 $ 3,898 For the three months ended June 30, 2017 $ 1,494 (2) $ 192 For the three months ended June 30, 2016 $ — $ — For the six months ended June 30, 2017 $ 252 (3) $ 873 For the six months ended June 30, 2016 $ — $ — _______________________________ (1) Change during the six months ended June 30, 2017 consisted of change in fair value of $(0.5) million (effective portion) and amortization of accumulated other comprehensive income prior to de-designation of $0.6 million . (2) Consists of changes in fair value of $0.9 million (ineffective portion) and amortization of accumulated other comprehensive income prior to de-designation of $0.6 million . (3) Consists of amortization of accumulated other comprehensive income prior to de-designation of $0.6 million partially offset by removal of the LIBOR floor of approximately $(0.3) million . |
ESH REIT | |
Entity Information [Line Items] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS ESH REIT from time to time uses derivative instruments to manage its exposure to interest rate and foreign currency exchange rate risks. ESH REIT’s primary objective in holding derivatives is to reduce the volatility of cash flows and earnings associated with changes in interest rates and foreign currency exchange rates. ESH REIT’s derivatives expose it to credit risk to the extent that the counterparties may be unable to meet the terms of the agreement. ESH REIT seeks to mitigate such risks by limiting its counterparties to major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored. Management does not expect material losses as a result of defaults by counterparties. In September 2016, ESH REIT entered into a floating-to-fixed interest rate swap at a fixed rate of 1.175% and a floating rate of one-month LIBOR, subject to a LIBOR floor of 0.75% , to manage its exposure to interest rate risk on a portion of its variable rate debt. In February 2017, ESH REIT executed an amendment to its swap agreement, the impact of which was to remove the LIBOR floor on floating rate cash flows. The notional amount of the interest rate swap as of June 30, 2017 was $450.0 million . On October 1, 2017, the notional amounts decreases to $400.0 million , and the notional amounts continues to decrease by an additional $50.0 million every six months until the swap's maturity in September 2021. From September 2016 through the February 2017 amendment to ESH REIT's swap agreement, the swap was designated as an effective cash flow hedge and changes in fair value were recognized through accumulated other comprehensive income. Concurrent with the February 2017 swap amendment and through April 2017, the swap's designation as a cash flow hedge was reversed and changes in fair value were recognized in earnings and are included in the line item other non-operating income (expense) on the accompanying unaudited condensed consolidated statements of operations. In April 2017, ESH REIT re-designated the swap as an effective cash flow hedge. Subsequent to April 2017, the effective portion of changes in fair value are recognized through accumulated other comprehensive income and the ineffective portion is recognized in other non-operating income (expense) on the accompanying unaudited condensed consolidated statements of operations. Prior changes recognized through accumulated other comprehensive income are amortized over the remaining life of the swap through earnings and are included in the line item other non-operating income (expense) on the accompanying unaudited condensed consolidated statements of operations. As of June 30, 2017, approximately $1.1 million is expected to be recognized through earnings over the following twelve months. The table below presents the amounts and classification on ESH REIT's financial statements related to the interest rate swap (in thousands): Other Assets Accumulated other comprehensive income, net of tax Other non-operating expense (income) Interest Expense As of June 30, 2017 $ 4,525 $ 5,115 (1) As of December 31, 2016 $ 4,990 $ 4,975 For the three months ended June 30, 2017 $ 1,494 (2) $ 192 For the three months ended June 30, 2016 $ — $ — For the six months ended June 30, 2017 $ 252 (3) $ 873 For the six months ended June 30, 2016 $ — $ — _______________________________ (1) Change during the six months ended June 30, 2017 consisted of change in fair value of $(0.5) million (effective portion) and amortization of accumulated other comprehensive income prior to de-designation of $0.6 million . (2) Consists of changes in fair value of $0.9 million (ineffective portion) and amortization of accumulated other comprehensive income prior to de-designation of $0.6 million . (3) Consists of amortization of accumulated other comprehensive income prior to de-designation of $0.6 million partially offset by removal of the LIBOR floor of approximately $(0.3) million . |
Mandatorily Redeemable Preferre
Mandatorily Redeemable Preferred Stock | 6 Months Ended |
Jun. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Mandatorily Redeemable Preferred Stock | MANDATORILY REDEEMABLE PREFERRED STOCK The Corporation has authorized 350.0 million shares of preferred stock, par value $0.01 per share, of which 7,133 and 21,202 shares of mandatorily redeemable voting preferred stock were issued and outstanding as of June 30, 2017 and December 31, 2016 , respectively. Dividends on these preferred shares are payable quarterly in arrears at a rate of 8.0% per year. With respect to dividend, distribution and liquidation rights, the 8.0% voting preferred stock ranks senior to the Corporation’s common stock. Holders of the 8.0% voting preferred stock are generally entitled to one vote for each share and will vote together with the Corporation common stock as a single class on all matters that the Corporation’s common shareholders are entitled to vote upon. On or after November 15, 2018, a holder of the 8.0% voting preferred stock has the right to require the Corporation to redeem in cash the 8.0% voting preferred stock at $1,000 per share plus any accumulated unpaid dividends. On November 15, 2020, the Corporation shall mandatorily redeem all of the 8.0% voting preferred stock at $1,000 per share plus any accumulated unpaid dividends. Due to the fact that the outstanding 8.0% voting preferred stock is mandatorily redeemable by the Corporation, it is classified as a liability on the accompanying unaudited condensed consolidated balance sheets. Dividends on these preferred shares are classified as net interest expense on the accompanying unaudited condensed consolidated statements of operations. Fair Value of Mandatorily Redeemable Preferred Stock —As of June 30, 2017 and December 31, 2016 , the estimated fair value of the 8.0% voting preferred stock was approximately $7.1 million and $21.3 million , respectively. The estimated fair value of the 8.0% voting preferred stock is determined by comparing current borrowing rates and risk spreads offered in the market to the stated interest rates and spreads (Level 2 fair value measures). |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Income Taxes | INCOME TAXES The Corporation’s taxable income includes the taxable income of its wholly-owned subsidiaries and distribution income related to its ownership of approximately 57% of ESH REIT. ESH REIT has elected to be taxed and expects to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). A REIT is a legal entity that holds real estate assets and is generally not subject to federal and state income taxes. In order to maintain qualification as a REIT, ESH REIT is required to distribute at least 90% of its taxable income, excluding net capital gain, to its shareholders each year. In addition, ESH REIT must meet a number of complex organizational and operational requirements. If ESH REIT were to fail to qualify as a REIT in any taxable year, it would be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and generally would be precluded from qualifying as a REIT for the subsequent four taxable years following the year during which it lost its REIT qualification. Even in qualifying as a REIT, ESH REIT may be subject to state and local taxes in certain jurisdictions, and is subject to federal income and excise taxes on undistributed income. ESH REIT intends to distribute its taxable income to the extent necessary to optimize its tax efficiency including, but not limited to, maintaining its REIT status, while retaining sufficient capital for its ongoing needs. Accordingly, ESH REIT expects to distribute approximately 100% of its taxable income for the foreseeable future. The Company recorded a provision for federal, state and foreign income taxes of approximately $15.9 million for the three months ended June 30, 2017 , an effective rate of approximately 24.3% , as compared with a provision of approximately $7.4 million for the three months ended June 30, 2016 , an effective rate of approximately 10.8% . The Company recorded a provision for federal, state and foreign income taxes of approximately $20.4 million for the six months ended June 30, 2017 , an effective rate of approximately 23.7% , as compared with a provision of approximately $10.3 million for the six months ended June 30, 2016 , an effective rate of approximately 12.0% . The Company’s effective rate differs from the federal statutory rate of 35% primarily due to ESH REIT’s status as a REIT under the provisions of the Code. During the three months ended June 30, 2016 , the Company recognized a benefit of approximately $7.7 million for the reversal of a net deferred tax liability to reflect the Corporation's anticipated receipt of future ESH REIT nontaxable distributions. During the six months ended June 30, 2016 the Company's effective tax rate was further impacted by a benefit of approximately $1.8 million with respect to the reversal of net deferred tax liabilities which related to the previously estimated 5% of taxable income expected to be retained under ESH REIT's prior 95% distribution policy, which was changed during the three months ended March 31, 2016. The Company’s income tax returns for the years 2013 to present are subject to examination by the Internal Revenue Service and other taxing authorities. |
ESH REIT | |
Entity Information [Line Items] | |
Income Taxes | INCOME TAXES ESH REIT has elected to be taxed and expects to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). A REIT is a legal entity that holds real estate assets and is generally not subject to federal and state income taxes. In order to maintain qualification as a REIT, ESH REIT is required to distribute at least 90% of its taxable income, excluding net capital gain, to its shareholders each year. In addition, ESH REIT must meet a number of complex organizational and operational requirements. If ESH REIT were to fail to qualify as a REIT in any taxable year, it would be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and generally would be precluded from qualifying as a REIT for the subsequent four taxable years following the year during which it lost its REIT qualification. Even in qualifying as a REIT, ESH REIT may be subject to state and local taxes in certain jurisdictions, and is subject to federal income and excise taxes on undistributed income. ESH REIT intends to distribute its taxable income to the extent necessary to optimize its tax efficiency including, but not limited to, maintaining its REIT status, while retaining sufficient capital for its ongoing needs. Accordingly, ESH REIT expects to distribute approximately 100% of its taxable income for the foreseeable future. ESH REIT recorded a provision for state and foreign income taxes of approximately $0.7 million for the three months ended June 30, 2017 , an effective rate of approximately (16.1)% , as compared with a benefit of approximately $0.2 million for the three months ended June 30, 2016 , an effective rate of approximately (16.6)% . ESH REIT recorded a provision for state and foreign incomes taxes of approximately $0.2 million for the six months ended June 30, 2017 , an effective rate of approximately (1.2)% , as compared with a benefit of approximately $3.8 million for the six months ended June 30, 2016 , an effective rate of approximately 50.9% . ESH REIT’s effective rate differs from the federal statutory rate of 35% primarily due to ESH REIT’s status as a REIT under the provisions of the Code. During the three months ended June 30, 2017 , ESH REIT recognized a provision of approximately $0.7 million related to a change in tax rate for its Canadian subsidiary. During the six months ended June 30, 2016 , ESH REIT recognized a benefit of approximately $1.3 million related to current state and foreign payable adjustments and a benefit of approximately $2.3 million with respect to the reversal of net deferred tax liabilities which related to the previously estimated 5% of taxable income expected to be retained by ESH REIT under its prior 95% distribution policy, which was changed during the three months ended March 31, 2016. ESH REIT’s income tax returns for the years 2013 to present are subject to examination by the Internal Revenue Service and other taxing authorities. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Investment funds and affiliates of Paulson & Co. Inc., a Former Sponsor, held 7,036 shares of the Corporation's outstanding mandatorily redeemable preferred stock as of June 30, 2017 . Investment funds and affiliates of the Former Sponsors held 21,105 shares of the Corporation's outstanding mandatorily redeemable preferred stock as of December 31, 2016 . During the three and six months ended June 30, 2017 , the Corporation repurchased 14,069 preferred shares from funds or affiliates of Centerbridge Partners, L.P. and The Blackstone Group L.P. at par value, or approximately $14.1 million . As of June 30, 2017 and December 31, 2016 , the outstanding balance owed by ESH REIT to the Corporation under the Unsecured Intercompany Facility was $50.0 million . ESH REIT is able to increase its borrowings under the Unsecured Intercompany Facility to an amount of up to $300.0 million , plus additional amounts, in each case, subject to certain conditions. The outstanding debt balance and interest expense owed by ESH REIT to the Corporation related to this facility eliminate in consolidation (see Note 7). During the three months ended June 30, 2017 , the Corporation and ESH REIT repurchased and retired approximately 1.3 million Paired Shares from the Former Sponsors for approximately $14.7 million and $8.4 million , respectively. During the six months ended June 30, 2017 , the Corporation and ESH REIT repurchased and retired approximately 2.0 million Paired Shares from the Former Sponsors for approximately $21.4 million and $12.2 million , respectively. These Paired Shares were purchased in connection with the secondary offerings consummated in March, May and June of 2017 and pursuant to, and counted toward, the combined Paired Share repurchase program (see Note 1). In March 2016, in connection with ESH REIT's $800.0 million issuance of its 2025 Notes di scussed in Note 7, an affiliate of one of the Former Sponsors acted as an initial purchaser and purchased $24.0 million of the 2025 Notes. As such, the affiliate of one of the Former Sponsors earned approximately $0.4 million in fees related to the transaction during the six months ended June 30, 2016 . |
ESH REIT | |
Entity Information [Line Items] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Revenues and Overhead Expenses Leases and Rental Revenues— For the period from May 1, 2017 through June 30, 2017, ESH REIT’s revenues were derived from three leases. Prior to the sale of its Canadian hotels in May 2017, ESH REIT's revenues were derived from four leases. The counterparty to each lease agreement is a subsidiary of the Corporation. Fixed rental revenues are recognized on a straight-line basis. For the three months ended June 30, 2017 and 2016 , ESH REIT recognized fixed rental revenues of approximately $115.4 million and $116.3 million , respectively. For the six months ended June 30, 2017 and 2016 , ESH REIT recognized fixed rental revenues of approximately $231.7 million and $232.5 million , respectively. Due to the fact that percentage rental revenue thresholds specified in the leases were achieved during the second quarters of 2017 and 2016, ESH REIT recognized approximately $0.2 million of percentage rental revenues for each of the three and six months ended June 30, 2017 and 2016 , respectively. Overhead Expenses— ESA Management incurs costs under a services agreement with the Corporation and ESH REIT for certain overhead services performed on the entities' behalf. The services relate to executive management, accounting, financial analysis, training and technology. For each of the three months ended June 30, 2017 and 2016 , ESH REIT incurred approximately $2.6 million related to this agreement and for the six months ended June 30, 2017 and 2016 , ESH REIT incurred approximately $5.0 million and $4.6 million , respectively, related to this agreement, which is included in general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. The expenses ESH REIT incurred under this services agreement include expenses related to applicable employees that participate in the Corporation’s long-term incentive plan (as described in Note 11). Such charges were approximately $0.6 million and $0.1 million for the three months ended June 30, 2017 and 2016 , respectively, and $1.0 million and $0.1 million for the six months ended June 30, 2017 and 2016 , respectively. Debt and Equity Transactions Share Repurchases —During the three and six months ended June 30, 2017 , ESH REIT repurchased and retired 1.3 million and 2.0 million Class B common shares, respectively, from the Selling Stockholders for approximately $8.4 million and $12.2 million , respectively. These shares were purchased in connection with the secondary offerings consummated in the first and second quarters of 2017 and pursuant to, and counted toward, the combined Paired Share repurchase program. Senior Notes Due 2025 — In March 2016, in connection with ESH REIT's $800.0 million issuance of its 2025 Notes discussed in Note 6, an affiliate of one of the Former Sponsors acted as an initial purchaser and purchased $24.0 million of the 2025 Notes. As such, the affiliate of one of the Former Sponsors earned approximately $0.4 million in fees related to the transaction during the three months ended March 31, 2016. Unsecured Intercompany Facility — As of June 30, 2017 , the outstanding balance owed by ESH REIT to the Corporation under the Unsecured Intercompany Facility was $50.0 million . ESH REIT is able to increase its borrowings under the Unsecured Intercompany Facility to an amount of up to $300.0 million , plus additional amounts, in each case, subject to certain conditions (see Note 6). During the three and six months ended June 30, 2017 , ESH REIT incurred approximately $0.6 million and $1.3 million , respectively, in interest expense related to the Unsecured Intercompany Facility. Distributions— The Corporation owns all of the Class A common stock of ESH REIT, which represents approximately 57% of the outstanding shares of common stock of ESH REIT. During the three and six months ended June 30, 2017 , ESH REIT paid distributions of approximately $35.1 million and $72.6 million , respectively, to the Corporation in respect of the Class A common stock of ESH REIT. During the three and six months ended June 30, 2016 , ESH REIT paid distributions of approximately $37.6 million and $122.7 million (of which approximately $47.6 million had been declared as of December 31, 2015), respectively, to the Corporation in respect of the Class A common stock of ESH REIT. Issuance of Common Stock— In March 2017, ESH REIT issued, and was compensated approximately $1.7 million for, approximately 283,000 shares of Class B common stock, each of which was attached to a share of Corporation common stock to form a Paired Share, used to settle vested restricted stock units. In March 2016, ESH REIT issued, and was compensated approximately $1.1 million for, approximately 199,000 shares of Class B common stock, each of which was attached to a share of Corporation common stock to form a Paired Share, used to settle vested restricted stock units. Related Party Balances Related party transaction balances as of June 30, 2017 and December 31, 2016 , include the following (in thousands): June 30, December 31, Leases: Rents receivable (1) $ 28,938 $ 2,609 Deferred rents receivable (2) $ 31,961 $ 40,259 Unearned rental revenues (1) $ (143,130 ) $ (39,898 ) Debt: Loan payable (Unsecured Intercompany Facility) (3) $ (50,000 ) $ (50,000 ) Working capital and other: Ordinary working capital (4) $ (16,605 ) $ (12,566 ) Equity awards receivable (payable) (5) (58 ) 958 Total working capital and other (6) $ (16,663 ) $ (11,608 ) ______________________ (1) Fixed minimum rents are due one-month in advance. Percentage rents are due one-month in arrears. Rents receivable relate to June 2017 and December 2016 percentage rent, respectively. As of June 30, 2017, unearned rental revenues consisted of percentage rents of approximately $103.8 million and fixed minimum rents of approximately $39.3 million . As of December 31, 2016, unearned rental revenues consisted of fixed minimum rents of approximately $39.9 million . (2) Represents rental revenues recognized in excess of cash rents received. Amount will decrease over lease terms to zero. (3) The Unsecured Intercompany Facility bears interest at 5.0% per annum. ESH REIT is able to increase its borrowings under the Unsecured Intercompany Facility to an amount up to $300 million , plus additional amounts, in each case subject to certain conditions (see Note 6). (4) Represents disbursements and/or receipts made by the Corporation or ESH REIT on the other entity's behalf. Includes overhead expenses incurred by the Corporation on ESH REIT's behalf. (5) Represents amounts related to restricted stock units not yet settled or issued. (6) Outstanding balances are typically repaid within 30 days. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Lease Commitments —The Company is a tenant under long-term ground leases at four of its hotel properties. The initial terms of the ground lease agreements terminate at various dates between 2021 and 2096, and three leases include multiple renewal options for generally five or 10 year periods. The Company is a tenant under an office lease for its corporate office. The initial term of the office lease terminates in August 2021 and includes renewal options for two additional terms of five years each. Rent expense on ground and office leases is recognized on a straight-line basis and was approximately $0.8 million for each of the three months ended June 30, 2017 and 2016 , and approximately $1.6 million for each of the six months ended June 30, 2017 and 2016 . Ground lease expense is included in hotel operating expenses and office lease expense is included in general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. Other Commitments —The Company has a commitment to make quarterly payments in lieu of taxes to the owner of the land on which one of its properties is located. The initial term of the agreement terminates in 2031. The cost related to this commitment was approximately $0.1 million for each of the three months ended June 30, 2017 and 2016 , and approximately $0.1 million for each of the six months ended June 30, 2017 and 2016 , and is included in hotel operating expenses in the accompanying unaudited condensed consolidated statements of operations. Letters of Credit —As of June 30, 2017 , the Company had one outstanding letter of credit, issued by the Corporation, for $0.7 million , which is collateralized by the 2016 Corporation Revolving Credit Facility. Paired Share Repurchase Commitment —As of June 30, 2017 , the Corporation and ESH REIT agreed to repurchase approximately 0.1 million Paired Shares for approximately $0.2 million and $0.1 million , respectively, for which settlement had not yet occurred as of such date. Legal Contingencies —The Company is not a party to any litigation or claims, other than routine matters arising in the ordinary course of business that are incidental to the operation of the business of the Company. The Company believes that the results of all claims and litigation, individually or in the aggregate, will not have a material adverse effect on its business or unaudited condensed consolidated financial statements. |
ESH REIT | |
Entity Information [Line Items] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Lease Commitments —ESH REIT is a tenant under long-term ground leases at four of its hotel properties. The initial terms of the ground lease agreements terminate at various dates between 2021 and 2096, and three leases include multiple renewal options for generally five or 10 year periods. Rent expense on ground leases is recognized on a straight-line basis and was approximately $0.2 million and $0.4 million for the three months ended June 30, 2017 and 2016 , respectively, and approximately $0.6 million and $0.7 million for the six months ended June 30, 2017 and 2016 , respectively. Ground lease expense is included in hotel operating expenses in the accompanying unaudited condensed consolidated statements of operations. Other Commitments —ESH REIT has a commitment to make quarterly payments in lieu of taxes to the owner of the land on which one of its properties is located. The initial term of the agreement terminates in 2031. The cost related to this commitment was approximately $0.1 million for each of the three months ended June 30, 2017 and 2016 , respectively, and approximately $0.1 million for each of the six months ended June 30, 2017 and 2016 , respectively, and is included in hotel operating expenses in the accompanying unaudited condensed consolidated statements of operations. Paired Share Repurchase Commitment —As of June 30, 2017 , ESH REIT agreed to repurchase approximately 0.1 million Class B common shares for approximately $0.1 million , for which settlement had not yet occurred as of such date. Legal Contingencies —ESH REIT is not a party to any litigation or claims, other than routine matters arising in the ordinary course of business that are incidental to the operation of the business of ESH REIT. ESH REIT believes that the results of all claims and litigation, individually or in the aggregate, will not have a material adverse effect on its business or unaudited condensed consolidated financial statements. |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Equity-Based Compensation | EQUITY-BASED COMPENSATION The Corporation and ESH REIT each maintain a long-term incentive plan (“LTIP”), as amended and restated in 2015, approved by their shareholders. Under the LTIPs, the Corporation and ESH REIT may issue to eligible employees or directors restricted stock awards (“RSAs”), restricted stock units (“RSUs”) or other equity-based awards, in respect of Paired Shares, with service, performance or market vesting conditions. The aggregate number of Paired Shares that may be the subject of awards under the LTIPs shall not exceed 8.0 million , of which no more than 4.0 million may be granted as incentive stock options. Each of the Corporation’s and ESH REIT’s LTIP has a share reserve of an equivalent number of shares of Corporation common stock and ESH REIT Class B common stock. As of June 30, 2017 , approximately 3.7 million Paired Shares were available for future issuance under the LTIPs. Equity-based compensation expense is recognized by amortizing the grant-date fair value of the equity-based awards, less estimated forfeitures, on a straight-line basis over the requisite service period of each award. A portion of the grant-date fair value of all equity-based awards is allocated to a share of Corporation common stock and a portion is allocated to a share of ESH REIT Class B common stock. Equity-based compensation expense was approximately $3.6 million and $2.9 million for the three months ended June 30, 2017 and 2016 , respectively, and approximately $6.3 million and $5.6 million for the six months ended June 30, 2017 and 2016 , respectively, and is included in general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. As of June 30, 2017 , unrecognized compensation expense related to outstanding equity-based awards and the related weighted-average period over which it is expected to be recognized subsequent to June 30, 2017 , is presented in the following table. Total unrecognized compensation expense will be adjusted for actual forfeitures. Unrecognized Compensation Expense Related to Outstanding RSAs/RSUs (in thousands) Remaining Weighted-Average Amortization Period (in years) RSAs/RSUs with service vesting conditions $ 9,973 1.7 RSUs with performance vesting conditions 1,959 0.5 RSUs with market vesting conditions 5,594 1.4 Total unrecognized compensation expense $ 17,526 RSA/RSU activity during the six months ended June 30, 2017 , was as follows: Performance-Based Awards Service-Based Awards Performance Vesting Market Vesting Number of RSAs/RSUs (in thousands) Weighted- Average Grant- Date Fair Value Number of RSUs (in thousands) Weighted- Average Grant- Date Fair Value Number of RSUs (in thousands) Weighted- Average Grant- Date Fair Value (1) Outstanding at January 1, 2017 892 $ 16.93 119 $ 14.07 972 $ 9.01 Granted 263 $ 17.48 192 $ 17.45 104 $ 18.58 Settled (368 ) $ 17.78 (119 ) $ 14.07 — $ — Forfeited (1 ) $ 25.21 — $ — — $ — Outstanding at June 30, 2017 786 $ 16.71 192 $ 17.45 1,076 $ 9.94 Vested at June 30, 2017 17 $ 16.68 — $ — — $ — Nonvested at June 30, 2017 769 $ 17.08 192 $ 17.45 1,076 $ 9.94 _________________________________ (1) An independent third-party valuation was performed contemporaneously with the issuance of grants. Service-Based Awards The Corporation and ESH REIT granted approximately 237,000 and 26,000 service-based awards, respectively, during the six months ended June 30, 2017 , with a weighted-average grant-date fair value per award of $17.47 and $17.56 , respectively. The grant-date fair value of awards with service vesting conditions is based on the closing price of a Paired Share on the date of grant. Service-based awards vest over a period of one to four years , subject to the grantee’s continued employment or service. Performance-Based Awards The Corporation granted approximately 192,000 awards with performance vesting conditions during the six months ended June 30, 2017 , with a grant-date fair value per award of $17.45 . The grant-date fair value of awards with performance vesting conditions is based on the closing price of a Paired Share on the date of grant. Equity-based compensation expense with respect to these awards is adjusted over the remainder of the fiscal year to reflect the probability of achievement of performance targets defined in the award agreements. These awards vest over the remainder of the fiscal year, subject to the grantee’s continued employment, with the ability to earn Paired Shares in a range of 0% to 200% of the awarded number of RSUs based on the achievement of defined performance targets. As of June 30, 2017 , all awards with performance vesting conditions are expected to be satisfied at approximately 100% of their target level. The Corporation granted approximately 104,000 awards with market vesting conditions during the six months ended June 30, 2017 , with a grant-date fair value per award of $18.58 . The grant-date fair value of awards with market vesting conditions is based on an independent third-party valuation. These awards vest at the end of a three -year period, subject to the grantee’s continued employment, with the ability to earn Paired Shares in a range of 0% to 150% of the awarded number of RSUs based on the total shareholder return of a Paired Share relative to the total shareholder return of other publicly traded lodging companies identified in the award agreements. During the six months ended June 30, 2017 , the grant-date fair value of awards with market vesting conditions was calculated using a Monte Carlo simulation model with the following key assumptions: Expected holding period 2.86 years Risk-free rate of return 1.46 % Expected dividend yield 4.72 % |
ESH REIT | |
Entity Information [Line Items] | |
Equity-Based Compensation | EQUITY-BASED COMPENSATION The Corporation and ESH REIT each maintain a long-term incentive plan (“LTIP”), as amended and restated in 2015, approved by their shareholders. Under the LTIPs, the Corporation and ESH REIT may issue to eligible employees or directors restricted stock awards ("RSAs"), restricted stock units ("RSUs") or other equity-based awards, in respect of Paired Shares, with service, performance or market vesting conditions. The aggregate number of Paired Shares that may be the subject of awards under the LTIPs shall not exceed 8.0 million , of which no more than 4.0 million may be granted as incentive stock options. Each of the Corporation’s and ESH REIT’s LTIP has a share reserve of an equivalent number of shares of Corporation common stock and ESH REIT Class B common stock. As of June 30, 2017 , approximately 3.7 million Paired Shares were available for future issuance under the LTIPs. Equity-based compensation expense is recognized by amortizing the grant-date fair value of the equity-based awards, less estimated forfeitures, on a straight-line basis over the requisite service period of each award. The grant-date fair value of equity-based awards is based on the closing price of a Paired Share on the date of grant. A portion of the grant-date fair value of all equity-based awards is allocated to a share of Corporation common stock and a portion is allocated to a share of ESH REIT Class B common stock. Expense related to the portion of the grant-date fair value with respect to a share of Corporation common stock is recorded as a payable due to the Corporation. Expense related to the portion of the grant-date fair value with respect to a share of ESH REIT Class B common stock is recorded as an increase to additional paid in capital. ESH REIT incurred approximately $0.1 million of equity-based compensation expense related to its equity-based awards during each of the three and six months ended June 30, 2017 and 2016 . As of June 30, 2017 , there was approximately $0.6 million of unrecognized compensation expense related to outstanding equity-based awards, which is expected to be recognized subsequent to June 30, 2017 over a weighted-average period of approximately 1.2 years. Total unrecognized compensation expense will be adjusted for actual forfeitures. ESH REIT will have to pay more or less for a share of the Corporation common stock than it would have otherwise paid at the time of grant as the result of regular market changes in the value of a Paired Share between the time of grant and the time of settlement. An increase in the value allocated to a share of Corporation common stock due to market changes in the value of a Paired Share between the time of grant and the time of settlement is recorded as a distribution to the Corporation. A decrease in the value allocated to a share of Corporation common stock due to market changes in the value of a Paired Share between the time of grant and the time of settlement is recorded as additional paid in capital from the Corporation. The Corporation accounts for awards issued under its LTIP in a manner similar to ESH REIT. For all LTIP awards granted by the Corporation, ESH REIT will receive compensation for the fair value of the Class B shares on the date of settlement of such Class B shares by ESH REIT. As of June 30, 2017 , the Corporation has granted a total of approximately 3.2 million service-based, performance-based and market-based RSUs, of which approximately 1.2 million RSUs were either forfeited or settled. As a counterparty to these outstanding RSUs, ESH REIT is expected to issue and be compensated in cash for approximately 2.0 million shares of Class B common stock of ESH REIT in future periods, assuming performance-based and market-based awards vest at 100% and no forfeitures. RSA/RSU activity during the six months ended June 30, 2017 , was as follows: Number of RSAs/RSUs (in thousands) Weighted- Average Grant-Date Fair Value Outstanding at January 1, 2017 28 $ 14.57 Granted 26 $ 17.56 Settled (7 ) $ 10.32 Forfeited — $ — Outstanding at June 30, 2017 47 $ 16.85 Vested at June 30, 2017 7 $ 16.00 Nonvested at June 30, 2017 40 $ 20.05 |
Defined Contribution Plans
Defined Contribution Plans | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Defined Contribution Plans | DEFINED CONTRIBUTION PLANS ESA Management has a savings plan that qualifies under Section 401(k) of the Code for all employees meeting the eligibility requirements of the plan. For the period from January 1, 2016 through September 9, 2016, the plan had an employer-matching contribution of 100% of the first 3% of an employee's contribution and 50% of the next 2% of an employee's contribution, which vested immediately. Beginning January 1, 2017, the plan has an employer-matching contribution of 50% of the first 6% of an employee's contribution, which vests over an employee's initial three -year service period. The plan also provides for contributions up to 100% of eligible employee pretax salary, subject to the Code’s annual deferral limit of $18,000 during 2017 and 2016 . Employer contributions, net of forfeitures, totaled approximately $0.5 million and $0.8 million for the three months ended June 30, 2017 and 2016 , respectively, and approximately $0.8 million and $1.9 million for the six months ended June 30, 2017 and 2016 , respectively. In June 2016, ESA Management established a non-qualified deferred compensation plan to allow certain eligible employees an option to defer a portion of their compensation on a tax-deferred basis. Beginning January 2017, the plan had an employer-matching contribution of 50% of the first 6% of an employee's contribution, which vests over a three -year service period. The plan is fully funded in a Rabbi Trust, which is subject to creditor claims in the event of insolvency, but the assets held in the Rabbi Trust are not available for general corporate purposes. As of June 30, 2017 , approximately $0.5 million is included in other assets and accounts payable and accrued liabilities related to this plan. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Subsequent Events | SUBSEQUENT EVENTS Subsequent to June 30, 2017 , the Corporation and ESH REIT repurchased and retired their respective portion of approximately 0.2 million Paired Shares for approximately $2.0 million and $1.1 million , respectively. On August 1, 2017 , the Board of Directors of the Corporation declared a cash distribution of $0.07 per share for the second quarter of 2017 on its common stock. The distribution is payable on August 29, 2017 to shareholders of record as of August 15, 2017 . Also on August 1, 2017 , the Board of Directors of ESH REIT declared a cash distribution of $0.14 per share for the second quarter of 2017 on its Class A and Class B common stock. This distribution is also payable on August 29, 2017 to shareholders of record as of August 15, 2017 . |
ESH REIT | |
Entity Information [Line Items] | |
Subsequent Events | SUBSEQUENT EVENTS Subsequent to June 30, 2017 , ESH REIT repurchased and retired its respective portion of approximately 0.2 million ESH REIT Class B common shares for approximately $1.1 million . On August 1, 2017 , the Board of Directors of ESH REIT declared a cash distribution of $0.14 per share for the second quarter of 2017 on its Class A and Class B common stock. The distribution is payable on August 29, 2017 to shareholders of record as of August 15, 2017 . |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Interim Presentation | Interim Presentation— Certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP have been condensed or omitted in the accompanying unaudited condensed consolidated financial statements. The Company believes the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2016 included in the combined annual report on Form 10-K filed with the SEC on February 28, 2017. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring items) necessary to present fairly the Company’s financial position as of June 30, 2017 , the results of the Company’s operations and comprehensive income for the three and six months ended June 30, 2017 and 2016 and changes in equity and cash flows for the six months ended June 30, 2017 and 2016 . Interim results are not necessarily indicative of full year performance because of the impact of seasonal and short-term variations, including the impact of hotel renovations. |
Use of Estimates | Use of Estimates —The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Management used significant estimates to determine the estimated useful lives of tangible assets as well as in the assessment of tangible and intangible assets, including goodwill, for impairment, estimated liabilities for insurance reserves and the grant-date fair value of certain equity-based awards. Actual results could differ from those estimates. |
Property and Equipment | Property and Equipment —Property and equipment additions are recorded at cost. Major improvements that extend the life or utility of property or equipment are capitalized and depreciated over a period equal to the shorter of the estimated useful life of the improvement or the remaining estimated useful life of the asset. Ordinary repairs and maintenance are charged to expense as incurred. Depreciation and amortization are recorded on a straight-line basis over estimated useful lives which range from two to 49 years . Management assesses the performance of long-lived assets for potential impairment quarterly, as well as when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of property and equipment is measured by a comparison of the carrying amount of a hotel property to the estimated future undiscounted cash flows expected to be generated by each hotel property. Impairment is recognized when estimated future undiscounted cash flows, including proceeds from disposition, are less than the carrying value of each hotel property. To the extent that a hotel property is impaired, the excess carrying amount over its estimated fair value is recognized as an impairment charge and reduces income from operations. Fair value is determined based upon the discounted cash flows of the hotel property, quoted market prices or independent appraisals, as considered necessary. The Company recognized impairment charges related to property and equipment of approximately $7.9 million and $20.4 million for the three and six months ended June 30, 2017 , respectively, and recognized no impairment charges for the three or six months ended June 30, 2016 (see Note 5). The estimation of future undiscounted cash flows is inherently uncertain and relies upon assumptions regarding current and future economic and market conditions. If such conditions change, an impairment charge to further reduce the carrying value of a hotel property could occur in a future period in which conditions change. |
Segments | Segments —The Company’s hotel operations represent a single operating segment based on the way the Company manages its business. The Company’s hotels provide similar services, use similar processes to sell those services and sell those services to similar classes of customers. The amounts of long-lived assets and net revenues outside the U.S. are not significant for any period presented. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Goodwill— In January 2017, the FASB issued an accounting standards update in which the guidance on testing for goodwill was updated to eliminate Step 2 in the determination on whether goodwill should be considered impaired. Annual and/or interim assessments are still required to be completed. This update will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company does not expect the adoption of this update to have a material effect on the Company’s unaudited condensed consolidated financial statements. Statement of Cash Flows— In August and November 2016, the FASB issued accounting standards updates which provide additional clarity on the classification of specific events on the statement of cash flows. These events include debt prepayment and extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from settlement of insurance claims, distributions received from equity method investees, and beneficial interests in securitization transactions. These updates also require amounts generally described as restricted cash to be included with cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. These updates are effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods, with early adoption permitted. The adoption of these updates will require cash outflows related to debt prepayment and extinguishment costs to be classified as financing activities. For the six months ended June 30, 2017 and 2016, debt prepayment and extinguishment costs included within net cash provided by operating activities totaled approximately $1.2 million and $3.7 million , respectively. Additionally, the effect of the adoption of these updates on the Company's consolidated statements of cash flows will be to include restricted cash in the beginning and end of period balances of cash, restricted cash and cash equivalents. The change in restricted cash is currently included in investing activities in the consolidated statements of cash flows. Compensation—Stock Compensation— In March 2016, the FASB issued an accounting standards update which identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, and certain classifications on the statement of cash flows. The Company adopted this update on January 1, 2017. The adoption of this update did not have a material effect on the Company’s unaudited condensed consolidated financial statements. In May 2017, the FASB issued an accounting standards update that provides guidance about which changes to the terms or conditions of a share-based payment award requires an entity to apply modification accounting. This update will be effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this update to have a material effect on the Company’s unaudited condensed consolidated financial statements. Derivatives and Hedging— In March 2016, the FASB issued an accounting standards update to clarify the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts and to clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The Company adopted this update on January 1, 2017. The adoption of this update did not have a material effect on the Company’s unaudited condensed consolidated financial statements. Leases— In February 2016, the FASB issued an accounting standards update which introduces a lessee model that requires a right-of-use asset and lease obligation to be presented on the balance sheet for all leases, whether operating or financing. The update eliminates the requirement in current U.S. GAAP for an entity to use bright-line tests in determining lease classification. The update also requires lessors to increase the transparency of their exposure to changes in value of their residual assets and how they manage that exposure. This update will be effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted, and must be applied using a modified retrospective approach, which will require adjustment to all comparative periods presented. As of June 30, 2017 , using its incremental borrowing rate with respect to the future minimum lease payments under its operating leases (ground leases and corporate office lease), the Company has preliminarily determined that the lease liability would have been between approximately $16.0 million and $20.0 million and the right of use asset would have been between approximately $8.0 million and $12.0 million , which includes adjustments for accrued lease payments, above market lease liabilities and lease incentives. The recording of a lease obligation may increase total indebtedness for purposes of financial covenants within certain of the Company’s existing debt agreements; however, the Company currently does not expect this increase to cause instances of non-compliance with any of these covenants. The Company does not expect the adoption of this update to have a material effect on its consolidated statements of operations or cash flows. The Company expects to elect the optional practical expedients which relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. The election to apply these practical expedients will, in effect, mean the Company will continue to account for leases that commenced before the effective date in accordance with previous GAAP unless the lease is modified, except that the Company will recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. Contractual Revenue— Since May 2014, the FASB has issued several accounting standards updates which replace existing revenue recognition accounting standards. These updates are based on the principle that revenue is recognized when an entity transfers control of 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. These updates also require more detailed disclosure to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. These updates permit transition under the full retrospective method, the modified retrospective approach that utilizes certain practical expedients and the cumulative effect method. These updates are effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. The Company is currently assessing the impact the adoption of the standard will have on the amount and/or timing of revenue recognition. The assessment process includes the following; (i) review of contracts in order to determine if a portfolio approach may be acceptable for concluding on performance obligations and delivery of such obligations under the contracts; (ii) analysis on the appropriateness of bundling delivered goods and services under the contracts; (iii) the determination as to whether the Company acts as either a principal or an agent under certain distribution agreements, which may impact the timing and amount of revenue recognized; and (iv) other related matters, including the enhancement of revenue related disclosures. |
ESH REIT | |
Entity Information [Line Items] | |
Interim Presentation | Interim Presentation —Certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP have been condensed or omitted in the accompanying unaudited condensed consolidated financial statements. ESH REIT believes the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2016 included in the combined annual report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on February 28, 2017. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring items) necessary to present fairly ESH REIT’s financial position as of June 30, 2017 , the results of ESH REIT’s operations and comprehensive income for the three and six months ended June 30, 2017 and 2016 and changes in equity and cash flows for the six months ended June 30, 2017 and 2016 . Interim results are not necessarily indicative of full year performance because of the impact of accounting for contingent rental payments under lease arrangements. |
Use of Estimates | Use of Estimates —The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Management used significant estimates to determine the estimated useful lives of tangible assets as well as in the assessment of tangible and intangible assets, including goodwill, for impairment, estimated liabilities for insurance reserves and the grant-date fair value of certain equity-based awards. Actual results could differ from those estimates. |
Property and Equipment | Property and Equipment —Property and equipment additions are recorded at cost. Major improvements that extend the life or utility of property or equipment are capitalized and depreciated over a period equal to the shorter of the estimated useful life of the improvement or the remaining estimated useful life of the asset. Ordinary repairs and maintenance are charged to expense as incurred. Depreciation and amortization are recorded on a straight-line basis over estimated useful lives which range from two to 49 years . Management assesses the performance of long-lived assets for potential impairment quarterly, as well as when events or changes in circumstances indicate the carrying amount of a group of assets may not be recoverable. Recoverability of property and equipment is measured by a comparison of the carrying amount of a group of hotel properties (groups of hotel properties align with hotels as they are grouped under ESH REIT’s leases) to the estimated future undiscounted cash flows expected to be generated by each group of hotel properties. Impairment is recognized when estimated future undiscounted cash flows, including proceeds from disposition, are less than the carrying value of each group of hotel properties. To the extent that a group of hotel properties is impaired, their excess carrying amount over their estimated fair value is recognized as an impairment charge and reduces income from operations. Fair value is determined based upon the discounted cash flows of a group of hotel properties, quoted market prices or independent appraisals, as considered necessary. No impairment charges were recognized during the three months ended June 30, 2017. ESH REIT recognized impairment charges related to property and equipment of approximately $15.0 million for the six months ended June 30, 2017 and no impairment charges for the three and six months ended June 30, 2016 (see Note 5). The estimation of future undiscounted cash flows is inherently uncertain and relies upon assumptions regarding current and future economic and market conditions. If such conditions change, an impairment charge to further reduce the carrying value of a group of hotel properties could occur in a future period in which conditions change. |
Revenue Recognition | Revenue Recognition —ESH REIT’s sole source of revenues is rental revenue derived from leases with subsidiaries of the Corporation (the Operating Lessees). ESH REIT records rental revenues on a straight-line basis as they are earned during the lease terms. Rents receivable from Extended Stay America, Inc. on the accompanying unaudited condensed consolidated balance sheets represent monthly rental amounts contractually due. Deferred rents receivable from Extended Stay America, Inc. on the accompanying unaudited condensed consolidated balance sheets represent the cumulative difference between straight-line rental revenues recognized and rental revenues contractually due. As scheduled rent payments begin to exceed straight-line rental revenue, this amount, approximately $32.0 million as of June 30, 2017 , will gradually decrease through the remainder of the lease terms until it is zero at the end of the lease terms in October 2018. Lease rental payments received prior to rendering services are included in unearned rental revenues from Extended Stay America, Inc. on the accompanying unaudited condensed consolidated balance sheets. Contingent rental revenues, specifically percentage rental revenues related to hotel revenues of the Operating Lessees, are recognized when such amounts are fixed and determinable (i.e., only when percentage rental revenue thresholds have been achieved). |
Segments | Segments —ESH REIT’s business represents a single operating segment based on the way ESH REIT manages its business. ESH REIT leases the hotel properties in similar manners to similar customers. The amounts of long-lived assets and net revenues outside the U.S. are not significant for any period presented. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Goodwill— In January 2017, the Financial Accounting Standards Board ("FASB") issued an accounting standards update in which the guidance on testing for goodwill was updated to eliminate Step 2 in the determination on whether goodwill should be considered impaired. Annual and/or interim assessments are still required to be completed. This update will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. ESH REIT does not expect the adoption of this update to have a material effect on ESH REIT’s unaudited condensed consolidated financial statements. Statement of Cash Flows— In August and November 2016, the FASB issued accounting standards updates which provide additional clarity on the classification of specific events on the statement of cash flows. These events include debt prepayment and extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from settlement of insurance claims, distributions received from equity method investees, and beneficial interests in securitization transactions. These updates also require amounts generally described as restricted cash to be included with cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. These updates are effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods, with early adoption permitted. The adoption of these updates will require cash outflows related to debt prepayment and extinguishment costs to be classified as financing activities. For the six months ended June 30, 2017 and 2016, debt prepayment and extinguishment costs included within net cash provided by operating activities totaled approximately $1.2 million and $3.7 million , respectively. Additionally, the effect of the adoption of these updates on ESH REIT's consolidated statements of cash flows will be to include restricted cash in the beginning and end of period balances of cash, restricted cash and cash equivalents. The change in restricted cash is currently included in investing activities in the consolidated statements of cash flows. Compensation—Stock Compensation— In March 2016, the FASB issued an accounting standards update which identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, and certain classifications on the statement of cash flows. ESH REIT adopted this update on January 1, 2017. The adoption of this update did not have a material effect on ESH REIT’s unaudited condensed consolidated financial statements. In May 2017, the FASB issued an accounting standards update that provides guidance about which changes to the terms or conditions of a share-based payment award requires an entity to apply modification accounting. This update will be effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. ESH REIT does not expect the adoption of this update to have a material effect on ESH REIT’s unaudited condensed consolidated financial statements. Derivatives and Hedging— In March 2016, the FASB issued an accounting standards update to clarify the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts and to clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ESH REIT adopted this update on January 1, 2017. The adoption of this update did not have a material effect on ESH REIT’s unaudited condensed consolidated financial statements. Leases— In February 2016, the FASB issued an accounting standards update which introduces a lessee model that requires a right-of-use asset and lease obligation to be presented on the balance sheet for all leases, whether operating or financing. The update eliminates the requirement in current U.S. GAAP for an entity to use bright-line tests in determining lease classification. The update also requires lessors to increase the transparency of their exposure to changes in value of their residual assets and how they manage that exposure. This update will be effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted, and must be applied using a modified retrospective approach, which will require adjustment to all comparative periods presented. As of June 30, 2017 , using its incremental borrowing rate with respect to the future minimum lease payments under its operating leases (ground leases), ESH REIT has preliminarily determined that the lease liability would have been between approximately $8.0 million and $12.0 million and the right of use asset would have been between approximately $2.0 million and $6.0 million , which includes adjustments for accrued lease payments, above market lease liabilities and lease incentives. The recording of a lease obligation may increase total indebtedness for purposes of financial covenants within certain of ESH REIT’s existing debt agreements; however, ESH REIT does not expect this increase to cause instances of non-compliance with any of these covenants. ESH REIT currently does not expect the adoption of this update to have a material effect on its consolidated statements of operations or cash flows. ESH REIT expects to elect the optional practical expedients which relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. The election to apply these practical expedients will, in effect, mean ESH REIT will continue to account for leases that commenced before the effective date in accordance with previous GAAP unless the lease is modified, except that ESH REIT will recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Calculations of Basic and Diluted Net Income per Share, Including a Reconciliation of Numerators and Denominators | The calculations of basic and diluted net income per share, including a reconciliation of the numerators and denominators, are as follows (in thousands, except per share data): Three Months Ended Six Months Ended 2017 2016 2017 2016 Numerator: Net income available to Extended Stay America, Inc. common shareholders - basic $ 51,775 $ 60,729 $ 74,876 $ 77,775 Loss attributable to noncontrolling interests assuming conversion 8 — 14 — Net income available to Extended Stay America, Inc. common shareholders - diluted $ 51,783 $ 60,729 $ 74,890 $ 77,775 Denominator: Weighted average number of Extended Stay America, Inc. common shares outstanding - basic 193,409 201,600 193,959 202,955 Dilutive securities 535 89 413 74 Weighted average number of Extended Stay America, Inc. common shares outstanding - diluted 193,944 201,689 194,372 203,029 Net income per Extended Stay America, Inc. common share - basic $ 0.27 $ 0.30 $ 0.39 $ 0.38 Net income per Extended Stay America, Inc. common share - diluted $ 0.27 $ 0.30 $ 0.39 $ 0.38 |
ESH REIT | |
Entity Information [Line Items] | |
Calculations of Basic and Diluted Net Income per Share, Including a Reconciliation of Numerators and Denominators | The calculations of basic and diluted net (loss) income per share, including a reconciliation of the numerators and denominators, are as follows (in thousands, except per share data): Three Months Ended Six Months Ended 2017 2016 2017 2016 Numerator: Net (loss) income $ (4,724 ) $ 1,471 $ (20,840 ) $ (3,659 ) Less preferred dividends (4 ) (4 ) (8 ) (8 ) Net (loss) income available to ESH Hospitality, Inc. common shareholders $ (4,728 ) $ 1,467 $ (20,848 ) $ (3,667 ) Class A: Net (loss) income available to ESH Hospitality, Inc. common shareholders - basic $ (2,674 ) $ 814 $ (11,752 ) $ (2,023 ) Amounts attributable to ESH Hospitality, Inc. Class B shareholders assuming conversion 8 — — — Net (loss) income available to ESH Hospitality, Inc. common shareholders - diluted $ (2,666 ) $ 814 $ (11,752 ) $ (2,023 ) Class B: Net (loss) income available to ESH Hospitality, Inc. common shareholders - basic $ (2,054 ) $ 653 $ (9,096 ) $ (1,644 ) Amounts attributable to ESH Hospitality, Inc. Class B shareholders assuming conversion (8 ) — — — Net (loss) income available to ESH Hospitality, Inc. common shareholders - diluted $ (2,062 ) $ 653 $ (9,096 ) $ (1,644 ) Denominator: Class A: Weighted average number of ESH Hospitality, Inc. common shares outstanding - basic and diluted 250,494 250,494 250,494 250,494 Class B: Weighted average number of ESH Hospitality, Inc. common shares outstanding - basic 193,409 201,600 193,959 202,955 Dilutive securities 535 89 — — Weighted average number of ESH Hospitality, Inc. common shares outstanding - diluted 193,944 201,689 193,959 202,955 Net loss per ESH Hospitality, Inc. common share - Class A - basic $ (0.01 ) $ — $ (0.05 ) $ (0.01 ) Net loss per ESH Hospitality, Inc. common share - Class A - diluted $ (0.01 ) $ — $ (0.05 ) $ (0.01 ) Net loss per ESH Hospitality, Inc. common share - Class B - basic $ (0.01 ) $ — $ (0.05 ) $ (0.01 ) Net loss per ESH Hospitality, Inc. common share - Class B - diluted $ (0.01 ) $ — $ (0.05 ) $ (0.01 ) Anti-dilutive securities excluded from net loss per common share - Class B - diluted — — 413 74 |
Hotel Dispositions (Tables)
Hotel Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Line Items] | |
Summary of Total Revenues and Expenses | During the three and six month periods ended June 30, 2017 and June 30, 2016, the four disposed hotel properties contributed total room and other hotel revenues, total operating expenses and income (loss) before income tax expense as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Total room and other hotel revenues $ 778 3,390 2,940 6,050 Total operating expenses 530 2,597 15,452 (1) 5,179 Income (loss) before income tax expense 639 568 (12,199 ) (1) 1,066 |
ESH REIT | |
Property, Plant and Equipment [Line Items] | |
Summary of Total Revenues and Expenses | Three Months Ended Six Months Ended 2017 2016 2017 2016 Rental revenues from Extended Stay America, Inc. $ 641 1,545 2,040 3,000 Total operating expenses — 666 15,527 (1) 1,261 Income (loss) before income tax expense 1,032 654 (13,173 ) (1) 1,934 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Property and Equipment | Net investment in property and equipment as of June 30, 2017 and December 31, 2016 , consists of the following (in thousands): June 30, December 31, 2016 Hotel properties: Land and site improvements $ 1,289,952 $ 1,303,752 Building and improvements 2,909,502 2,940,615 Furniture, fixtures and equipment 632,155 612,855 Total hotel properties 4,831,609 4,857,222 Corporate furniture, fixtures, equipment, software and other 20,731 20,076 Undeveloped land parcel 1,675 1,675 Total cost 4,854,015 4,878,973 Less accumulated depreciation: Hotel properties (1,031,703 ) (962,400 ) Corporate furniture, fixtures, equipment, software and other (12,765 ) (11,269 ) Total accumulated depreciation (1,044,468 ) (973,669 ) Property and equipment - net $ 3,809,547 $ 3,905,304 |
ESH REIT | |
Entity Information [Line Items] | |
Property and Equipment | Net investment in property and equipment as of June 30, 2017 and December 31, 2016 , consists of the following (in thousands): June 30, December 31, Hotel properties: Land and site improvements $ 1,290,834 $ 1,304,503 Building and improvements 2,946,335 2,960,158 Furniture, fixtures and equipment 631,937 607,682 Total hotel properties 4,869,106 4,872,343 Undeveloped land parcel 1,675 1,675 Total cost 4,870,781 4,874,018 Less accumulated depreciation (1,043,512 ) (959,449 ) Property and equipment - net $ 3,827,269 $ 3,914,569 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | The Company’s intangible assets and goodwill as of June 30, 2017 and December 31, 2016 , consist of the following (dollars in thousands): June 30, 2017 Estimated Gross Accumulated Net Definite-lived intangible assets—customer relationships 20 years $ 26,800 $ (9,020 ) $ 17,780 Indefinite-lived intangible assets—trademarks 9,933 — 9,933 Total intangible assets 36,733 (9,020 ) 27,713 Goodwill 48,910 — 48,910 Total intangible assets and goodwill $ 85,643 $ (9,020 ) $ 76,623 December 31, 2016 Estimated Gross Accumulated Net Definite-lived intangible assets—customer relationships 20 years $ 26,800 $ (8,350 ) $ 18,450 Indefinite-lived intangible assets—trademarks 9,933 — 9,933 Total intangible assets 36,733 (8,350 ) 28,383 Goodwill 53,531 — 53,531 Total intangible assets and goodwill $ 90,264 $ (8,350 ) $ 81,914 |
Estimated Future Amortization Expense for Intangible Assets | Estimated future amortization expense for definite-lived intangible assets is as follows (in thousands): Years Ending December 31, Remainder of 2017 $ 670 2018 1,340 2019 1,340 2020 1,340 2021 1,340 Thereafter 11,750 Total $ 17,780 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Company's Outstanding Debt | Summary - The Company’s outstanding debt, net of unamortized debt discount, and unamortized deferred financing costs as of June 30, 2017 and December 31, 2016 , consists of the following (dollars in thousands): Stated (1) Carrying Amount Unamortized Deferred Financing Costs Interest Rate Loan June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Stated Interest Rate June 30, 2017 December 31, 2016 Maturity Date Term loan facilities ESH REIT 2016 Term Facility $ 1,300,000 (2) $ 1,284,540 (3) $ 1,290,560 $ 14,618 $ 15,804 LIBOR (4) + 2.50% (5) 3.71 % (5) 3.75 % 8/30/2023 (7) Senior notes ESH REIT 2025 Notes 1,300,000 1,289,699 (6) 1,289,041 22,111 23,523 5.25 % 5.25 % 5.25 % 5/1/2025 Revolving credit facilities (8) ESH REIT 2016 Revolving Credit Facility 350,000 — 45,000 2,295 (8) 2,570 (8) LIBOR + 2.75% N/A 3.33 % 8/30/2021 Corporation 2016 Revolving Credit Facility 50,000 — — 456 (8) 511 (8) LIBOR + 3.00% N/A N/A 8/30/2021 Unsecured Intercompany Facility Unsecured Intercompany Facility 75,000 (9) — — — — 5.00 % 5.00 % 5.00 % 8/30/2023 Total $ 2,574,239 $ 2,624,601 $ 39,480 $ 42,408 _________________________________ (1) Amortization is interest only, except for the 2016 Term Facility (as defined below) which amortizes in equal quarterly installments of $3.24 million . See (7) below. (2) ESH REIT is able to increase its borrowings under the 2016 ESH REIT Credit Facilities (as defined below) by an amount of up to $600.0 million , plus additional amounts, in each case subject to certain conditions. (3) The 2016 Term Facility is presented net of an unamortized debt discount of approximately $5.7 million and $6.2 million as of June 30, 2017 and December 31, 2016, respectively. (4) As of December 31, 2016, the stated interest rate of the 2016 Term Facility was LIBOR + 3.00% and included a LIBOR floor of 0.75% . (5) $450.0 million of the 2016 Term Facility is subject to an interest rate swap at a fixed rate of 1.175% (see Note 8). (6) The 2025 Notes (as defined below) are presented net of an unamortized debt discount of approximately $10.3 million and $11.0 million as of June 30, 2017 and December 31, 2016, respectively. (7) In addition to scheduled amortization noted in (1) above, subject to certain exceptions, annual mandatory prepayments of up to 50% of Excess Cash Flow, as defined, may be required under the 2016 Term Facility commencing with the year ending December 31, 2017. Annual mandatory prepayments for the year ending December 31, 2017 and each year thereafter are due during the first quarter of the following year. (8) Unamortized deferred financing costs related to the revolving credit facilities are included in other assets in the accompanying unaudited condensed consolidated balance sheets. (9) As of June 30, 2017 , the outstanding balance owed from ESH REIT to the Corporation under the Unsecured Intercompany Facility was $50.0 million . ESH REIT is able to increase its borrowings under the Unsecured Intercompany Facility to an amount of up to $300.0 million , plus additional amounts, in each case subject to certain conditions. The outstanding debt balance and interest expense owed from ESH REIT to the Corporation related to the Unsecured Intercompany Facility eliminate in consolidation. |
Future Maturities of Debt | Future Maturities of Debt —The future maturities of debt as of June 30, 2017 , are as follows (in thousands): Years Ending December 31, Remainder of 2017 $ 6,484 2018 12,968 2019 12,968 2020 12,968 2021 12,968 Thereafter 2,531,910 (1) Total $ 2,590,266 ______________________ (1) Under the 2016 Term Facility, annual mandatory prepayments of up to 50% of Excess Cash Flow, as defined, may be required commencing with the year ending December 31, 2017. Annual mandatory prepayments for the year ending December 31, 2017 and each year thereafter are due during the first quarter of the following year. |
ESH REIT | |
Entity Information [Line Items] | |
Company's Outstanding Debt | Summary —ESH REIT’s outstanding debt, net of unamortized debt discount, and unamortized deferred financing costs as of June 30, 2017 and December 31, 2016 , consists of the following (dollars in thousands): Stated Amount (1) Carrying Amount Unamortized Deferred Financing Costs Interest Rate Loan June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Stated Interest Rate June 30, 2017 December 31, 2016 Maturity Date Term loan facility 2016 Term Facility $ 1,300,000 (2) $ 1,284,540 (3) $ 1,290,560 $ 14,618 $ 15,804 LIBOR (4) + 2.50% (5) 3.71 % (5) 3.75 % 08/30/2023 (7) Senior notes 2025 Notes 1,300,000 1,289,699 (6) 1,289,041 22,111 23,523 5.25 % 5.25 % 5.25 % 05/01/2025 Revolving credit facility 2016 Revolving Credit Facility 350,000 — 45,000 2,295 (8) 2,570 (8) LIBOR + 2.75% N/A 3.33 % 08/30/2021 Unsecured Intercompany Facility Unsecured Intercompany Facility 75,000 (9) 50,000 50,000 — — 5.00 % 5.00 % 5.00 % 08/30/2023 Total $ 2,624,239 $ 2,674,601 $ 39,024 $ 41,897 _________________________________ (1) Amortization is interest only, except for the 2016 Term Facility (as defined below) which amortizes in equal quarterly installments of $3.24 million . See (7) below. (2) ESH REIT is able to increase its borrowings under the 2016 ESH REIT Credit Facilities (as defined below) by an amount of up to $600.0 million , plus additional amounts, in each case subject to certain conditions. (3) The 2016 Term Facility is presented net of an unamortized debt discount of approximately $5.7 million and $6.2 million as of June 30, 2017 and December 31, 2016, respectively. (4) As of December 31, 2016, the stated interest rate of the 2016 Term Facility was LIBOR + 3.00% and included a LIBOR floor of 0.75% . (5) $450.0 million of the 2016 Term Facility is subject to an interest rate swap at a fixed rate of 1.175% (see Note 7). (6) The 2025 Notes (as defined below) are presented net of an unamortized debt discount of approximately $10.3 million and $11.0 million as of June 30, 2017 and December 31, 2016, respectively. (7) In addition to scheduled amortization noted in (1) above, subject to certain exceptions, annual mandatory prepayments of up to 50% of Excess Cash Flow, as defined, may be required under the 2016 Term Facility commencing with the year ending December 31, 2017. Annual mandatory prepayments for the year ending December 31, 2017 and each year thereafter are due during the first quarter of the following year. (8) Unamortized deferred financing costs related to the revolving credit facility are included in other assets in the accompanying unaudited condensed consolidated balance sheets. (9) As of June 30, 2017 , the outstanding balance owed from ESH REIT to the Corporation under the Unsecured Intercompany Facility was $50.0 million . ESH REIT is able to increase its borrowings under the Unsecured Intercompany Facility to an amount of up to $300.0 million , plus additional amounts, in each case subject to certain conditions. |
Future Maturities of Debt | Future Maturities of Debt —The future maturities of debt as of June 30, 2017 , are as follows (in thousands): Years Ending December 31, Remainder of 2017 $ 6,484 2018 12,968 2019 12,968 2020 12,968 2021 12,968 Thereafter 2,581,910 (1) Total $ 2,640,266 ______________________ (1) Under the 2016 Term Facility, annual mandatory prepayments of up to 50% of Excess Cash Flow, as defined, may be required commencing with the year ending December 31, 2017. Annual mandatory prepayments for the year ending December 31, 2017 and each year thereafter are due during the first quarter of the following year. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Schedule of Derivative Instruments | The table below presents the amounts and classification on the Company's financial statements related to the interest rate swap (in thousands): Other Assets Accumulated other comprehensive income, net of tax Other non-operating expense (income) Interest Expense As of June 30, 2017 $ 4,525 $ 3,992 (1) As of December 31, 2016 $ 4,990 $ 3,898 For the three months ended June 30, 2017 $ 1,494 (2) $ 192 For the three months ended June 30, 2016 $ — $ — For the six months ended June 30, 2017 $ 252 (3) $ 873 For the six months ended June 30, 2016 $ — $ — _______________________________ (1) Change during the six months ended June 30, 2017 consisted of change in fair value of $(0.5) million (effective portion) and amortization of accumulated other comprehensive income prior to de-designation of $0.6 million . (2) Consists of changes in fair value of $0.9 million (ineffective portion) and amortization of accumulated other comprehensive income prior to de-designation of $0.6 million . (3) Consists of amortization of accumulated other comprehensive income prior to de-designation of $0.6 million partially offset by removal of the LIBOR floor of approximately $(0.3) million . |
ESH REIT | |
Entity Information [Line Items] | |
Schedule of Derivative Instruments | The table below presents the amounts and classification on ESH REIT's financial statements related to the interest rate swap (in thousands): Other Assets Accumulated other comprehensive income, net of tax Other non-operating expense (income) Interest Expense As of June 30, 2017 $ 4,525 $ 5,115 (1) As of December 31, 2016 $ 4,990 $ 4,975 For the three months ended June 30, 2017 $ 1,494 (2) $ 192 For the three months ended June 30, 2016 $ — $ — For the six months ended June 30, 2017 $ 252 (3) $ 873 For the six months ended June 30, 2016 $ — $ — _______________________________ (1) Change during the six months ended June 30, 2017 consisted of change in fair value of $(0.5) million (effective portion) and amortization of accumulated other comprehensive income prior to de-designation of $0.6 million . (2) Consists of changes in fair value of $0.9 million (ineffective portion) and amortization of accumulated other comprehensive income prior to de-designation of $0.6 million . (3) Consists of amortization of accumulated other comprehensive income prior to de-designation of $0.6 million partially offset by removal of the LIBOR floor of approximately $(0.3) million . |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
ESH REIT | |
Entity Information [Line Items] | |
Schedule of Related Party Transaction Balances | Related party transaction balances as of June 30, 2017 and December 31, 2016 , include the following (in thousands): June 30, December 31, Leases: Rents receivable (1) $ 28,938 $ 2,609 Deferred rents receivable (2) $ 31,961 $ 40,259 Unearned rental revenues (1) $ (143,130 ) $ (39,898 ) Debt: Loan payable (Unsecured Intercompany Facility) (3) $ (50,000 ) $ (50,000 ) Working capital and other: Ordinary working capital (4) $ (16,605 ) $ (12,566 ) Equity awards receivable (payable) (5) (58 ) 958 Total working capital and other (6) $ (16,663 ) $ (11,608 ) ______________________ (1) Fixed minimum rents are due one-month in advance. Percentage rents are due one-month in arrears. Rents receivable relate to June 2017 and December 2016 percentage rent, respectively. As of June 30, 2017, unearned rental revenues consisted of percentage rents of approximately $103.8 million and fixed minimum rents of approximately $39.3 million . As of December 31, 2016, unearned rental revenues consisted of fixed minimum rents of approximately $39.9 million . (2) Represents rental revenues recognized in excess of cash rents received. Amount will decrease over lease terms to zero. (3) The Unsecured Intercompany Facility bears interest at 5.0% per annum. ESH REIT is able to increase its borrowings under the Unsecured Intercompany Facility to an amount up to $300 million , plus additional amounts, in each case subject to certain conditions (see Note 6). (4) Represents disbursements and/or receipts made by the Corporation or ESH REIT on the other entity's behalf. Includes overhead expenses incurred by the Corporation on ESH REIT's behalf. (5) Represents amounts related to restricted stock units not yet settled or issued. (6) Outstanding balances are typically repaid within 30 days. |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Entity Information [Line Items] | |
Schedule of Unrecognized Compensation Cost | Total unrecognized compensation expense will be adjusted for actual forfeitures. Unrecognized Compensation Expense Related to Outstanding RSAs/RSUs (in thousands) Remaining Weighted-Average Amortization Period (in years) RSAs/RSUs with service vesting conditions $ 9,973 1.7 RSUs with performance vesting conditions 1,959 0.5 RSUs with market vesting conditions 5,594 1.4 Total unrecognized compensation expense $ 17,526 |
Summary of Restricted Stock Award and Restricted Stock Unit Activity | RSA/RSU activity during the six months ended June 30, 2017 , was as follows: Performance-Based Awards Service-Based Awards Performance Vesting Market Vesting Number of RSAs/RSUs (in thousands) Weighted- Average Grant- Date Fair Value Number of RSUs (in thousands) Weighted- Average Grant- Date Fair Value Number of RSUs (in thousands) Weighted- Average Grant- Date Fair Value (1) Outstanding at January 1, 2017 892 $ 16.93 119 $ 14.07 972 $ 9.01 Granted 263 $ 17.48 192 $ 17.45 104 $ 18.58 Settled (368 ) $ 17.78 (119 ) $ 14.07 — $ — Forfeited (1 ) $ 25.21 — $ — — $ — Outstanding at June 30, 2017 786 $ 16.71 192 $ 17.45 1,076 $ 9.94 Vested at June 30, 2017 17 $ 16.68 — $ — — $ — Nonvested at June 30, 2017 769 $ 17.08 192 $ 17.45 1,076 $ 9.94 _________________________________ (1) An independent third-party valuation was performed contemporaneously with the issuance of grants. |
Summary of Key Assumptions Used for Fair Value Computation | During the six months ended June 30, 2017 , the grant-date fair value of awards with market vesting conditions was calculated using a Monte Carlo simulation model with the following key assumptions: Expected holding period 2.86 years Risk-free rate of return 1.46 % Expected dividend yield 4.72 % |
ESH REIT | |
Entity Information [Line Items] | |
Summary of Restricted Stock Award and Restricted Stock Unit Activity | RSA/RSU activity during the six months ended June 30, 2017 , was as follows: Number of RSAs/RSUs (in thousands) Weighted- Average Grant-Date Fair Value Outstanding at January 1, 2017 28 $ 14.57 Granted 26 $ 17.56 Settled (7 ) $ 10.32 Forfeited — $ — Outstanding at June 30, 2017 47 $ 16.85 Vested at June 30, 2017 7 $ 16.00 Nonvested at June 30, 2017 40 $ 20.05 |
Business, Organization and Ba35
Business, Organization and Basis of Consolidation - Additional Information (Detail) | Nov. 18, 2013$ / sharesshares | May 31, 2017shares | Apr. 30, 2017shares | Mar. 31, 2017shares | Mar. 31, 2016shares | Jun. 30, 2017USD ($)RoomStateHotel$ / sharesshares | Jun. 30, 2017USD ($)RoomStateHotel$ / sharesshares | Jun. 30, 2016USD ($) | May 15, 2017Hotel | Dec. 31, 2016USD ($)RoomStateHotel$ / sharesshares | Feb. 29, 2016USD ($) | Dec. 31, 2015USD ($) |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Offering of paired shares (shares) | 32,500,000 | |||||||||||
Common stock, shares issued (shares) | 1 | 192,505,858 | 192,505,858 | 195,406,944 | ||||||||
Common stock, par value (dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Approximate percentage of ownership of common stock (as a percent) | 57.00% | 57.00% | ||||||||||
Paired shares repurchased and retired, amount | $ | $ 60,356,000 | |||||||||||
Common stock, shares outstanding (shares) | 192,505,858 | 192,505,858 | 195,406,944 | |||||||||
Preferred shares of ESH REIT (shares) | 125 | |||||||||||
Paired Share Repurchase Program | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Amount of stock repurchase plan authorized (up to) | $ | $ 300,000,000 | $ 200,000,000 | $ 100,000,000 | |||||||||
Secondary Offering | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Paired shares repurchased and retired, amount | $ | $ 14,700,000 | $ 21,400,000 | ||||||||||
Costs incurred | $ | $ 600,000 | $ 1,000,000 | ||||||||||
Public | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Percentage of outstanding paired shares, owned (as a percent) | 55.90% | |||||||||||
Sponsors and Management | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Percentage of outstanding paired shares, owned (as a percent) | 44.10% | |||||||||||
Parent Company | Paired Share Repurchase Program | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Paired shares repurchased and retired (shares) | 12,600,000 | |||||||||||
Paired shares repurchased and retired, amount | $ | $ 120,400,000 | |||||||||||
ESH REIT | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Offering of paired shares (shares) | 32,500,000 | |||||||||||
Common stock, shares issued (shares) | 1 | |||||||||||
Common stock, par value (dollars per share) | $ / shares | $ 0.01 | |||||||||||
Approximate percentage of ownership of common stock (as a percent) | 57.00% | 57.00% | ||||||||||
Paired shares repurchased and retired (shares) | 1,300,000 | 2,000,000 | ||||||||||
Paired shares repurchased and retired, amount | $ | $ 8,400,000 | $ 12,200,000 | $ 23,436,000 | |||||||||
Costs incurred | $ | $ 300,000 | 500,000 | ||||||||||
ESH REIT | Paired Share Repurchase Program | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Amount of stock repurchase plan authorized (up to) | $ | $ 300,000,000 | $ 200,000,000 | $ 100,000,000 | |||||||||
Paired shares repurchased and retired, amount | $ | $ 73,400,000 | |||||||||||
Treasury stock acquired (in shares) | 5,800,000 | |||||||||||
ESH REIT | Secondary Offering | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Paired shares repurchased and retired (shares) | 1,300,000 | 2,000,000 | ||||||||||
Paired shares repurchased and retired, amount | $ | $ 8,400,000 | $ 12,200,000 | ||||||||||
Paired shares sold (in shares) | 25,000,000 | 30,000,000 | 25,000,000 | |||||||||
ESH REIT | Public | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Percentage of outstanding paired shares, owned (as a percent) | 98.40% | 98.40% | 55.90% | |||||||||
ESH REIT | Sponsors | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Common stock, shares outstanding (shares) | 1,800,000 | 1,800,000 | ||||||||||
Percentage of outstanding paired shares, owned (as a percent) | 0.90% | 0.90% | ||||||||||
ESH REIT | Sponsors and Management | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Percentage of outstanding paired shares, owned (as a percent) | 0.70% | 0.70% | 44.10% | |||||||||
U.S. | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Number of states in which the company owns hotels | State | 44 | 44 | 44 | |||||||||
U.S. | ESH REIT | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Number of states in which the company owns hotels | State | 44 | 44 | 44 | |||||||||
Hotel properties | ESH REIT | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Number of hotel properties | Hotel | 4 | 4 | ||||||||||
Hotel properties | U.S. | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Number of hotel properties | Hotel | 625 | 625 | 626 | |||||||||
Number of rooms | Room | 68,780 | 68,780 | 68,900 | |||||||||
Hotel properties | U.S. | ESH REIT | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Number of hotel properties | Hotel | 625 | 625 | 1 | 626 | ||||||||
Number of rooms | Room | 68,780 | 68,780 | 68,900 | |||||||||
Hotel properties | Canada | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Number of rooms | Room | 500 | 500 | 500 | |||||||||
Hotel properties | Canada | ESH REIT | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Number of rooms | Room | 500 | |||||||||||
Hotel properties | Extended Stay Canada | Canada | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Number of hotel properties | Hotel | 3 | 3 | 3 | |||||||||
Hotel properties | Extended Stay Canada | Canada | ESH REIT | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Number of hotel properties | Hotel | 3 | |||||||||||
Class A common stock | ESH REIT | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Common stock, shares issued (shares) | 250,493,583 | 250,493,583 | 250,493,583 | |||||||||
Common stock, par value (dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Approximate percentage of ownership of common stock (as a percent) | 57.00% | 57.00% | 56.00% | |||||||||
Common stock, shares outstanding (shares) | 250,493,583 | 250,493,583 | 250,493,583 | |||||||||
Class B common stock | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Common stock, shares issued (shares) | 1 | |||||||||||
Common stock, par value (dollars per share) | $ / shares | $ 0.01 | |||||||||||
Paired shares repurchased and retired, amount | $ | $ 53,980,000 | |||||||||||
Class B common stock | ESH REIT | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Offering of paired shares (shares) | 199,000 | |||||||||||
Common stock, shares issued (shares) | 1 | 192,505,858 | 192,505,858 | 195,406,944 | ||||||||
Common stock, par value (dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Paired shares repurchased and retired, amount | $ | $ 19,747,000 | |||||||||||
Common stock, shares outstanding (shares) | 192,505,858 | 192,505,858 | 195,406,944 | |||||||||
Percentage of common equity (as a percent) | 43.00% | 43.00% | 44.00% | |||||||||
Class B common stock | ESH REIT | Paired Share Repurchase Program | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||||
Paired shares repurchased and retired (shares) | 12,600,000 | |||||||||||
Paired shares repurchased and retired, amount | $ | $ 73,400,000 | |||||||||||
Treasury stock acquired (in shares) | 5,800,000 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)segment | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Impairment of long-lived assets | $ 7,934,000 | $ 0 | $ 20,357,000 | $ 0 | |
Number of operating segments | segment | 1 | ||||
Debt extinguishment costs | $ 1,200,000 | 3,700,000 | |||
Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of asset (years) | 2 years | ||||
Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of asset (years) | 49 years | ||||
ESH REIT | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Impairment of long-lived assets | 0 | $ 0 | $ 15,046,000 | 0 | |
Number of operating segments | segment | 1 | ||||
Debt extinguishment costs | $ 1,200,000 | $ 3,700,000 | |||
Deferred rent receivable, net | 31,961,000 | $ 31,961,000 | $ 40,259,000 | ||
ESH REIT | Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of asset (years) | 2 years | ||||
ESH REIT | Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of asset (years) | 49 years | ||||
Adjustments for New Accounting Principle, Early Adoption | Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating lease liability | 16,000,000 | $ 16,000,000 | |||
Right of use asset | 8,000,000 | 8,000,000 | |||
Adjustments for New Accounting Principle, Early Adoption | Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating lease liability | 20,000,000 | 20,000,000 | |||
Right of use asset | 12,000,000 | 12,000,000 | |||
Adjustments for New Accounting Principle, Early Adoption | ESH REIT | Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating lease liability | 8,000,000 | 8,000,000 | |||
Right of use asset | 2,000,000 | 2,000,000 | |||
Adjustments for New Accounting Principle, Early Adoption | ESH REIT | Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating lease liability | 12,000,000 | 12,000,000 | |||
Right of use asset | $ 6,000,000 | $ 6,000,000 |
Net (Loss) Income Per Share - C
Net (Loss) Income Per Share - Calculations of Basic and Diluted Net Income Per Share, Including a Reconciliation of Numerators and Denominators (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Line Items] | ||||
Net income (loss) | $ 49,725 | $ 61,386 | $ 65,788 | $ 76,139 |
NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS | 51,775 | 60,729 | 74,876 | 77,775 |
Net (loss) income available to ESH Hospitality, Inc. common shareholders - basic | 51,775 | 60,729 | 74,876 | 77,775 |
Loss attributable to noncontrolling interests assuming conversion | 8 | 0 | 14 | 0 |
Net (loss) income available to ESH Hospitality, Inc. common shareholders - diluted | $ 51,783 | $ 60,729 | $ 74,890 | $ 77,775 |
Basic (shares) | 193,409 | 201,600 | 193,959 | 202,955 |
Dilutive securities (shares) | 535 | 89 | 413 | 74 |
Diluted (shares) | 193,944 | 201,689 | 194,372 | 203,029 |
Basic (dollars per share) | $ 0.27 | $ 0.30 | $ 0.39 | $ 0.38 |
Diluted (dollars per share) | $ 0.27 | $ 0.30 | $ 0.39 | $ 0.38 |
ESH REIT | ||||
Earnings Per Share [Line Items] | ||||
Net income (loss) | $ (4,724) | $ 1,471 | $ (20,840) | $ (3,659) |
Less preferred dividends | (4) | (4) | (8) | (8) |
NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS | (4,728) | 1,467 | (20,848) | (3,667) |
Net (loss) income available to ESH Hospitality, Inc. common shareholders - basic | (4,728) | 1,467 | (20,848) | (3,667) |
ESH REIT | Class A common stock | ||||
Earnings Per Share [Line Items] | ||||
NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS | (2,674) | 814 | (11,752) | (2,023) |
Net (loss) income available to ESH Hospitality, Inc. common shareholders - basic | (2,674) | 814 | (11,752) | (2,023) |
Loss attributable to noncontrolling interests assuming conversion | 8 | 0 | 0 | 0 |
Net (loss) income available to ESH Hospitality, Inc. common shareholders - diluted | $ (2,666) | $ 814 | $ (11,752) | $ (2,023) |
Weighted-average number of common shares outstanding - basic and diluted (shares) | 250,494 | 250,494 | 250,494 | 250,494 |
Basic (shares) | 250,494 | 250,494 | 250,494 | 250,494 |
Diluted (shares) | 250,494 | 250,494 | 250,494 | 250,494 |
Basic (dollars per share) | $ (0.01) | $ 0 | $ (0.05) | $ (0.01) |
Diluted (dollars per share) | $ (0.01) | $ 0 | $ (0.05) | $ (0.01) |
ESH REIT | Class B common stock | ||||
Earnings Per Share [Line Items] | ||||
NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS | $ (2,054) | $ 653 | $ (9,096) | $ (1,644) |
Net (loss) income available to ESH Hospitality, Inc. common shareholders - basic | (2,054) | 653 | (9,096) | (1,644) |
Loss attributable to noncontrolling interests assuming conversion | (8) | 0 | 0 | 0 |
Net (loss) income available to ESH Hospitality, Inc. common shareholders - diluted | $ (2,062) | $ 653 | $ (9,096) | $ (1,644) |
Basic (shares) | 193,409 | 201,600 | 193,959 | 202,955 |
Dilutive securities (shares) | 535 | 89 | 0 | 0 |
Diluted (shares) | 193,944 | 201,689 | 193,959 | 202,955 |
Basic (dollars per share) | $ (0.01) | $ 0 | $ (0.05) | $ (0.01) |
Diluted (dollars per share) | $ (0.01) | $ 0 | $ (0.05) | $ (0.01) |
Anti-dilutive securities excluded from net income per common share (shares) | 0 | 0 | 413 | 74 |
Hotel Dispositions - Narrative
Hotel Dispositions - Narrative (Details) $ in Thousands, CAD in Millions | May 15, 2017USD ($)Hotel | May 01, 2017CADHotel | May 01, 2017USD ($) | Jun. 30, 2017USD ($)Hotel | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Hotel | Jun. 30, 2016USD ($) | May 16, 2017Hotel | May 01, 2017USD ($)Hotel | Dec. 31, 2016USD ($)Hotel |
Property, Plant and Equipment [Line Items] | ||||||||||
Hotel properties, carrying value | $ | $ 3,809,547 | $ 3,809,547 | $ 3,905,304 | |||||||
LOSS ON SALE OF HOTEL PROPERTIES (Note 4) | $ | (1,897) | $ 0 | (1,897) | $ 0 | ||||||
ESH REIT | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Hotel properties, carrying value | $ | 3,827,269 | 3,827,269 | $ 3,914,569 | |||||||
LOSS ON SALE OF HOTEL PROPERTIES (Note 4) | $ | $ (3,274) | $ 0 | $ (3,274) | $ 0 | ||||||
Hotel properties | ESH REIT | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of hotel properties | 4 | 4 | ||||||||
U.S. | Hotel properties | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of hotel properties | 625 | 625 | 626 | |||||||
U.S. | Hotel properties | ESH REIT | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of hotel properties | 1 | 625 | 625 | 626 | ||||||
Extended Stay Canada | Canada | Hotel properties | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of hotel properties | 3 | 3 | 3 | |||||||
Extended Stay Canada | Canada | Hotel properties | ESH REIT | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of hotel properties | 3 | |||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Sale consideration | $ 5,400 | CAD 76 | $ 55,300 | |||||||
Hotel properties, carrying value | 5,100 | 56.7 | $ 41,200 | |||||||
Gain (loss) on sale of property | CAD 17.3 | $ 12,600 | ||||||||
Percentage of business disposed of (as a percent) | 0.00% | 0.00% | ||||||||
Foreign currency translation loss on disposal | $ | $ 14,500 | |||||||||
LOSS ON SALE OF HOTEL PROPERTIES (Note 4) | 0 | CAD (1.9) | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ESH REIT | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Sale consideration | 5,400 | 67.4 | $ 49,000 | |||||||
Hotel properties, carrying value | 6,800 | 51.2 | $ 37,300 | |||||||
Gain (loss) on sale of property | CAD 15.1 | $ 11,000 | ||||||||
Percentage of business disposed of (as a percent) | 100.00% | 100.00% | ||||||||
Foreign currency translation loss on disposal | $ | $ 12,500 | $ 12,500 | ||||||||
LOSS ON SALE OF HOTEL PROPERTIES (Note 4) | $ (1,800) | CAD (1.5) | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hotel properties | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of hotel properties | 4 | 3 | 3 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | U.S. | Hotel properties | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of hotel properties | 1 | |||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Extended Stay Canada | Hotel properties | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of hotel properties | 4 | 4 | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Extended Stay Canada | Canada | Hotel properties | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of hotel properties | 3 | 3 |
Hotel Dispositions - Summary of
Hotel Dispositions - Summary of Total Revenues and Expenses (Details) CAD in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Mar. 31, 2017CAD | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total room and other hotel revenues | $ 338,363,000 | $ 332,789,000 | $ 629,354,000 | $ 620,347,000 | |
Total room and other hotel revenues | 240,079,000 | 228,077,000 | 478,140,000 | 451,897,000 | |
Income before income tax expense | 65,668,000 | 68,834,000 | 86,214,000 | 86,483,000 | |
Impairment of long-lived assets | 7,934,000 | 0 | 20,357,000 | 0 | |
ESH REIT | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total room and other hotel revenues | 84,004,000 | 80,156,000 | 184,244,000 | 159,601,000 | |
Income before income tax expense | (4,069,000) | 1,262,000 | (20,603,000) | (7,458,000) | |
Impairment of long-lived assets | 0 | 0 | 15,046,000 | 0 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total room and other hotel revenues | 778,000 | 3,390,000 | 2,940,000 | 6,050,000 | |
Total room and other hotel revenues | 530,000 | 2,597,000 | 15,452,000 | 5,179,000 | |
Income before income tax expense | 639,000 | 568,000 | (12,199,000) | 1,066,000 | |
Impairment of long-lived assets | CAD | CAD 12.4 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ESH REIT | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total room and other hotel revenues | 641,000 | 1,545,000 | 2,040,000 | 3,000,000 | |
Total room and other hotel revenues | 0 | 666,000 | 15,527,000 | 1,261,000 | |
Income before income tax expense | $ 1,032,000 | $ 654,000 | $ (13,173,000) | $ 1,934,000 | |
Impairment of long-lived assets | CAD | CAD 15 |
Property and Equipment - Net In
Property and Equipment - Net Investment in Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 4,854,015 | $ 4,878,973 |
Less accumulated depreciation | (1,044,468) | (973,669) |
Property and equipment - net | 3,809,547 | 3,905,304 |
ESH REIT | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 4,870,781 | 4,874,018 |
Less accumulated depreciation | (1,043,512) | (959,449) |
Property and equipment - net | 3,827,269 | 3,914,569 |
Land and site improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 1,289,952 | 1,303,752 |
Land and site improvements | ESH REIT | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 1,290,834 | 1,304,503 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 2,909,502 | 2,940,615 |
Building and improvements | ESH REIT | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 2,946,335 | 2,960,158 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 632,155 | 612,855 |
Furniture, fixtures and equipment | ESH REIT | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 631,937 | 607,682 |
Hotel properties | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 4,831,609 | 4,857,222 |
Less accumulated depreciation | (1,031,703) | (962,400) |
Hotel properties | ESH REIT | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 4,869,106 | 4,872,343 |
Corporate furniture, fixtures, equipment, software and other | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 20,731 | 20,076 |
Less accumulated depreciation | (12,765) | (11,269) |
Undeveloped land parcel | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 1,675 | 1,675 |
Undeveloped land parcel | ESH REIT | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 1,675 | $ 1,675 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017USD ($)Hotel | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Hotel | Jun. 30, 2016USD ($) | Dec. 31, 2016Hotel | |
Property, Plant and Equipment [Line Items] | ||||||
Impairment charges | $ | $ 7,934,000 | $ 0 | $ 20,357,000 | $ 0 | ||
ESH REIT | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Impairment charges | $ | $ 0 | $ 0 | $ 15,046,000 | $ 0 | ||
ESH REIT | Hotel properties | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of hotel properties | Hotel | 4 | 4 | ||||
Minimum | Fair Value, Inputs, Level 3 | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Fair value inputs, discount rate (as a percent) | 6.00% | |||||
Fair value inputs, terminal capitalization rate (as a percent) | 7.00% | |||||
Maximum | Fair Value, Inputs, Level 3 | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Fair value inputs, discount rate (as a percent) | 10.00% | |||||
Fair value inputs, terminal capitalization rate (as a percent) | 11.00% | |||||
Canada | Extended Stay Canada | Hotel properties | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Impairment charges | $ | $ 12,400,000 | |||||
Number of hotel properties | Hotel | 3 | 3 | 3 | |||
Canada | Extended Stay Canada | ESH REIT | Hotel properties | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of hotel properties | Hotel | 3 |
Intangible Assets and Goodwil42
Intangible Assets and Goodwill - Company's Intangible Assets and Goodwill (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (9,020) | $ (8,350) |
Definite-lived intangible assets, Net Book Value | 17,780 | |
Total intangible assets, Gross Carrying Amount | 36,733 | 36,733 |
Accumulated Amortization | (9,020) | (8,350) |
Total intangible assets, Net Book Value | 27,713 | 28,383 |
Goodwill | 48,910 | 53,531 |
Total intangible assets and goodwill, Gross Carrying Amount | 85,643 | 90,264 |
Accumulated Amortization | (9,020) | (8,350) |
Total intangible assets and goodwill, Net Book Value | 76,623 | 81,914 |
Trademarks | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 9,933 | $ 9,933 |
Customer Relationships | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Estimated Useful Life (years) | 20 years | 20 years |
Definite-lived intangible assets, Gross Carrying Amount | $ 26,800 | $ 26,800 |
Accumulated Amortization | (9,020) | (8,350) |
Definite-lived intangible assets, Net Book Value | 17,780 | 18,450 |
Accumulated Amortization | (9,020) | (8,350) |
Accumulated Amortization | $ (9,020) | $ (8,350) |
Intangible Assets and Goodwil43
Intangible Assets and Goodwill - Additional Information (Detail) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2017USD ($)Hotel | May 16, 2017Hotel | May 15, 2017Hotel | May 01, 2017Hotel | Dec. 31, 2016Hotel | |
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted-average amortization period remaining for definite-lived intangible assets (years) | 13 years 3 months 15 days | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Write off of goodwill | $ | $ 4.6 | ||||
Hotel properties | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Number of hotel properties | 4 | 3 | |||
Hotel properties | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Extended Stay Canada | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Number of hotel properties | 4 | ||||
Canada | Hotel properties | Extended Stay Canada | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Number of hotel properties | 3 | 3 | |||
Canada | Hotel properties | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Extended Stay Canada | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Number of hotel properties | 3 | ||||
U.S. | Hotel properties | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Number of hotel properties | 625 | 626 | |||
U.S. | Hotel properties | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Number of hotel properties | 1 |
Intangible Assets and Goodwil44
Intangible Assets and Goodwill - Estimated Future Amortization Expense for Intangible Assets (Detail) $ in Thousands | Jun. 30, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2017 | $ 670 |
2,018 | 1,340 |
2,019 | 1,340 |
2,020 | 1,340 |
2,021 | 1,340 |
Thereafter | 11,750 |
Definite-lived intangible assets, Net Book Value | $ 17,780 |
Debt (Company's Outstanding Deb
Debt (Company's Outstanding Debt) (Detail) - USD ($) | Feb. 28, 2017 | Aug. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | Apr. 01, 2017 | Jun. 30, 2016 |
Debt Instrument [Line Items] | |||||||
Outstanding Principal, Term loan facility | $ 1,269,922,000 | $ 1,274,756,000 | |||||
Outstanding Principal, Senior notes | 1,267,588,000 | 1,265,518,000 | |||||
Outstanding Principal, Revolving credit facilities | 0 | 45,000,000 | |||||
Outstanding principal total | 2,574,239,000 | 2,624,601,000 | |||||
Unamortized deferred financing costs | 39,480,000 | 42,408,000 | |||||
Notional amount | $ 450,000,000 | $ 400,000,000 | |||||
Mandatory prepayments are required up to a certain amount of excess cash flow (percent) | 50.00% | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility, capacity | $ 600,000,000 | ||||||
ESH REIT | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding Principal, Term loan facility | 1,269,922,000 | 1,274,756,000 | |||||
Outstanding Principal, Senior notes | 1,267,588,000 | 1,265,518,000 | |||||
Outstanding Principal, Revolving credit facilities | 0 | 45,000,000 | |||||
Outstanding principal total | 2,624,239,000 | 2,674,601,000 | |||||
Unamortized deferred financing costs | $ 39,024,000 | 41,897,000 | |||||
Mandatory prepayments are required up to a certain amount of excess cash flow (percent) | 50.00% | ||||||
ESH REIT | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility, capacity | $ 600,000,000 | ||||||
ESH REIT 2016 Term Facility | Term Loan Facility | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated amount | $ 1,300,000,000 | ||||||
Outstanding Principal, Term loan facility | 1,284,540,000 | 1,290,560,000 | |||||
Unamortized deferred financing costs | $ 14,618,000 | $ 15,804,000 | |||||
Interest Rate (as a percent) | 3.71% | 3.75% | |||||
Quarterly installment | $ 3,240,000 | ||||||
Unamortized discount on debt | 5,700,000 | $ 6,200,000 | |||||
Notional amount | $ 450,000,000 | ||||||
Mandatory prepayments are required up to a certain amount of excess cash flow (percent) | 50.00% | ||||||
Proceeds from issuance of debt | 1,300,000,000 | ||||||
ESH REIT 2016 Term Facility | ESH REIT | Term Loan Facility | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate (as a percent) | 1.175% | ||||||
Quarterly installment | $ 3,240,000 | ||||||
Unamortized discount on debt | 5,700,000 | 6,200,000 | |||||
Notional amount | 450,000,000 | ||||||
Proceeds from issuance of debt | $ 1,300,000,000 | ||||||
ESH REIT 2025 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized deferred financing costs | 32,412,000 | 34,482,000 | |||||
ESH REIT 2025 Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated amount | 1,300,000,000 | $ 800,000,000 | |||||
Outstanding Principal, Senior notes | 1,289,699,000 | 1,289,041,000 | |||||
Unamortized deferred financing costs | $ 22,111,000 | $ 23,523,000 | |||||
Stated interest rate (as a percent) | 5.25% | ||||||
Interest Rate (as a percent) | 5.25% | 5.25% | |||||
Unamortized discount on debt | $ 10,300,000 | $ 11,000,000 | |||||
ESH REIT 2025 Notes | ESH REIT | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated amount | 1,300,000,000 | ||||||
Outstanding Principal, Senior notes | 1,289,699,000 | 1,289,041,000 | |||||
Unamortized deferred financing costs | $ 22,111,000 | $ 23,523,000 | |||||
Stated interest rate (as a percent) | 5.25% | ||||||
Interest Rate (as a percent) | 5.25% | 5.25% | |||||
Unamortized discount on debt | $ 10,300,000 | $ 11,000,000 | |||||
Proceeds from issuance of debt | $ 800,000,000 | ||||||
ESH REIT 2016 Term Facility | ESH REIT | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated amount | 1,300,000,000 | ||||||
Outstanding Principal, Term loan facility | 1,284,540,000 | 1,290,560,000 | |||||
Unamortized deferred financing costs | $ 14,618,000 | $ 15,804,000 | |||||
Interest Rate (as a percent) | 3.71% | 3.75% | |||||
ESH REIT 2016 Revolving Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Stated amount | $ 350,000,000 | ||||||
Outstanding Principal, Revolving credit facilities | 0 | $ 45,000,000 | |||||
Unamortized deferred financing costs | 2,295,000 | $ 2,570,000 | |||||
Spread on base rate (as a percent) | 1.00% | ||||||
Interest Rate (as a percent) | 3.33% | ||||||
ESH REIT 2016 Revolving Credit Facility | ESH REIT | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Stated amount | 350,000,000 | ||||||
Outstanding Principal, Revolving credit facilities | 0 | $ 45,000,000 | |||||
Unamortized deferred financing costs | 2,295,000 | $ 2,570,000 | |||||
Interest Rate (as a percent) | 3.33% | ||||||
ESH REIT 2016 Revolving Credit Facility | ESH REIT | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, increase limit | 600,000,000 | ||||||
Revolving credit facility, capacity | $ 350,000,000 | ||||||
Corporation 2016 Revolving Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Stated amount | 50,000,000 | ||||||
Outstanding Principal, Revolving credit facilities | 0 | $ 0 | |||||
Unamortized deferred financing costs | 456,000 | 511,000 | |||||
Spread on base rate (as a percent) | 1.00% | ||||||
Revolving credit facility, capacity | $ 50,000,000 | ||||||
Unsecured Intercompany Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Stated amount | 75,000,000 | ||||||
Outstanding Principal, Revolving credit facilities | 50,000,000 | 50,000,000 | |||||
Unamortized deferred financing costs | $ 0 | $ 0 | |||||
Stated interest rate (as a percent) | 5.00% | ||||||
Interest Rate (as a percent) | 5.00% | 5.00% | |||||
Unsecured Intercompany Facility | Line of Credit | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Stated amount | $ 75,000,000 | ||||||
Outstanding Principal, Revolving credit facilities | 0 | $ 0 | |||||
Unamortized deferred financing costs | $ 0 | $ 0 | |||||
Stated interest rate (as a percent) | 5.00% | ||||||
Interest Rate (as a percent) | 5.00% | 5.00% | |||||
Revolving credit facility, capacity | $ 50,000,000 | $ 50,000,000 | |||||
Maximum unsecured intercompany credit facility amount | 300,000,000 | $ 300,000,000 | |||||
Unsecured Intercompany Facility | ESH REIT | Line of Credit | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding Principal, Revolving credit facilities | $ 50,000,000 | ||||||
Stated interest rate (as a percent) | 5.00% | 5.00% | |||||
Revolving credit facility, capacity | $ 50,000,000 | ||||||
Maximum unsecured intercompany credit facility amount | $ 300,000,000 | ||||||
LIBOR | ESH REIT | ESH REIT 2016 Term Facility | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Spread on base rate (as a percent) | 2.50% | 3.00% | |||||
LIBOR | ESH REIT 2016 Term Facility | Term Loan Facility | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Spread on base rate (as a percent) | 3.00% | 2.50% | 3.00% | ||||
LIBOR | ESH REIT 2016 Term Facility | ESH REIT | Term Loan Facility | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Spread on base rate (as a percent) | 3.00% | 2.50% | |||||
LIBOR | ESH REIT 2016 Revolving Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Spread on base rate (as a percent) | 2.75% | ||||||
LIBOR | ESH REIT 2016 Revolving Credit Facility | Revolving Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Spread on base rate (as a percent) | 2.75% | ||||||
LIBOR | ESH REIT 2016 Revolving Credit Facility | ESH REIT | |||||||
Debt Instrument [Line Items] | |||||||
Spread on base rate (as a percent) | 1.00% | ||||||
LIBOR | Corporation 2016 Revolving Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Spread on base rate (as a percent) | 3.00% | ||||||
LIBOR | Corporation 2016 Revolving Credit Facility | Corporation Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Spread on base rate (as a percent) | 3.00% | ||||||
Minimum | LIBOR | Term Loan Facility | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Spread on base rate (as a percent) | 0.75% | 0.75% | |||||
Minimum | LIBOR | ESH REIT | Term Loan Facility | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Spread on base rate (as a percent) | 0.75% | 0.75% | |||||
Minimum | LIBOR | ESH REIT 2016 Revolving Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Spread on base rate (as a percent) | 2.25% | ||||||
Minimum | LIBOR | ESH REIT 2016 Revolving Credit Facility | ESH REIT | |||||||
Debt Instrument [Line Items] | |||||||
Spread on base rate (as a percent) | 2.25% |
Debt (Summary) - Additional Inf
Debt (Summary) - Additional Information (Detail) - USD ($) | Feb. 28, 2017 | Aug. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | May 31, 2015 |
ESH REIT 2025 Notes | ESH REIT | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of par value of senior notes | 100.00% | |||||
ESH REIT 2025 Notes | Senior Notes | ESH REIT | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of debt | $ 800,000,000 | |||||
Percentage of par value of senior notes | 98.50% | |||||
Term Loan Facility | ESH REIT 2016 Term Facility | Medium-term Notes | ||||||
Debt Instrument [Line Items] | ||||||
Prepayment penalty (as a percent) | 1.00% | |||||
Proceeds from issuance of debt | $ 1,300,000,000 | |||||
Term Loan Facility | ESH REIT 2016 Term Facility | Medium-term Notes | ESH REIT | ||||||
Debt Instrument [Line Items] | ||||||
Prepayment penalty (as a percent) | 1.00% | |||||
Proceeds from issuance of debt | 1,300,000,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility, capacity | $ 600,000,000 | |||||
Revolving Credit Facility | ESH REIT | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility, capacity | $ 600,000,000 | |||||
Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 1.00% | |||||
Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | ESH REIT | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility, capacity | $ 350,000,000 | |||||
Line of Credit | Unsecured Intercompany Facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility, capacity | 50,000,000 | $ 50,000,000 | ||||
Line of Credit | Unsecured Intercompany Facility | Unsecured Debt | ESH REIT | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility, capacity | $ 50,000,000 | |||||
LIBOR | ESH REIT 2016 Revolving Credit Facility | ESH REIT | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 1.00% | |||||
LIBOR | Term Loan Facility | ESH REIT 2016 Term Facility | Medium-term Notes | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 3.00% | 2.50% | 3.00% | |||
LIBOR | Term Loan Facility | ESH REIT 2016 Term Facility | Medium-term Notes | ESH REIT | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 3.00% | 2.50% | ||||
LIBOR | Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 2.75% | |||||
Base Rate | Term Loan Facility | ESH REIT 2016 Term Facility | Medium-term Notes | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 2.00% | 1.50% | ||||
Base Rate | Term Loan Facility | ESH REIT 2016 Term Facility | Medium-term Notes | ESH REIT | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 2.00% | 1.50% | ||||
Minimum | LIBOR | ESH REIT 2016 Revolving Credit Facility | ESH REIT | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 2.25% | |||||
Minimum | LIBOR | Term Loan Facility | Medium-term Notes | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 0.75% | 0.75% | ||||
Minimum | LIBOR | Term Loan Facility | Medium-term Notes | ESH REIT | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 0.75% | 0.75% | ||||
Minimum | LIBOR | Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 2.25% | |||||
Minimum | Base Rate | Term Loan Facility | Medium-term Notes | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 2.00% | |||||
Minimum | Base Rate | Term Loan Facility | Medium-term Notes | ESH REIT | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 2.00% | |||||
Minimum | Base Rate | Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Spread on base rate (as a percent) | 1.25% |
Debt (ESH REIT Credit Facilitie
Debt (ESH REIT Credit Facilities) (Details) | Feb. 28, 2017 | Aug. 30, 2016USD ($) | Jun. 30, 2017USD ($)LetterOfCredit | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||
Revolving credit facilities | $ 0 | $ 45,000,000 | ||
Mandatory prepayments are required up to a certain amount of excess cash flow (percent) | 50.00% | |||
Term Loan Facility | Medium-term Notes | ESH REIT 2016 Term Facility | ||||
Debt Instrument [Line Items] | ||||
Proceeds from issuance of debt | $ 1,300,000,000 | |||
Amortization of financing costs (percent) | 1.00% | |||
Amortization | $ 13,000,000 | |||
Mandatory prepayments are required up to a certain amount of excess cash flow (percent) | 50.00% | |||
Term Loan Facility | Medium-term Notes | ESH REIT 2016 Term Facility | Federal Funds Rate | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 0.50% | |||
Interest rate during period (as a percent) | 1.50% | |||
Term Loan Facility | Medium-term Notes | ESH REIT 2016 Term Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 3.00% | 2.50% | 3.00% | |
Early redemption period | 3 days | 3 days | ||
Term Loan Facility | Medium-term Notes | ESH REIT 2016 Term Facility | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 2.00% | 1.50% | ||
Early redemption period | 1 day | 1 day | ||
Term Loan Facility | Medium-term Notes | ESH REIT 2016 Term Facility | LIBOR Plus Rate | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 1.00% | |||
Interest rate during period (as a percent) | 1.50% | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, capacity | $ 600,000,000 | |||
Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 1.00% | |||
Number of letters of credit | LetterOfCredit | 0 | |||
Revolving credit facilities | $ 0 | $ 45,000,000 | ||
Amount of borrowing capacity remaining | $ 350,000,000 | |||
Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | Federal Funds Rate | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 0.50% | |||
Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 2.75% | |||
Revolving Credit Facility | Corporation 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, capacity | $ 50,000,000 | |||
Loan to value ratio (as a percent) | 45.00% | |||
Spread on base rate (as a percent) | 1.00% | |||
Number of letters of credit | LetterOfCredit | 1 | |||
Revolving credit facilities | $ 0 | $ 0 | ||
Amount of borrowing capacity remaining | 49,300,000 | |||
Amount drawn on credit facility | $ 0 | |||
Revolving Credit Facility | Corporation 2016 Revolving Credit Facility | Federal Funds Rate | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 0.50% | |||
Revolving Credit Facility | Corporation 2016 Revolving Credit Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 3.00% | |||
Revolving Credit Facility | Corporation 2016 Revolving Credit Facility | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 2.00% | |||
Revolving Credit Facility | Medium-term Notes | ESH REIT 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Prepayment premium | 1.00% | |||
Revolving Credit Facility | Line of Credit | ESH REIT 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Loan to value ratio (as a percent) | 45.00% | |||
Aggregate principal amount (as a percent) | 25.00% | |||
Revolving Credit Facility | Line of Credit | ESH REIT 2016 Revolving Credit Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 2.75% | |||
Letter of Credit | ESH REIT 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, capacity | $ 50,000,000 | |||
Letter of Credit | Corporation 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, capacity | $ 50,000,000 | |||
Amount drawn on credit facility | $ 700,000 | |||
Letter of Credit | Line of Credit | Corporation 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, capacity | $ 30,000,000 | |||
Minimum | Term Loan Facility | Medium-term Notes | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 0.75% | 0.75% | ||
Minimum | Term Loan Facility | Medium-term Notes | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 2.00% | |||
Minimum | Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Fee on unutilized revolving credit facility (percent) | 0.175% | |||
Minimum | Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 2.25% | |||
Minimum | Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 1.25% | |||
Minimum | Revolving Credit Facility | Corporation 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Fee on unutilized revolving credit facility (percent) | 0.175% | |||
Maximum | Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Fee on unutilized revolving credit facility (percent) | 0.35% | |||
Maximum | Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 2.75% | |||
Maximum | Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 1.75% | |||
Maximum | Revolving Credit Facility | Corporation 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Fee on unutilized revolving credit facility (percent) | 0.35% | |||
ESH REIT | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facilities | $ 0 | $ 45,000,000 | ||
Mandatory prepayments are required up to a certain amount of excess cash flow (percent) | 50.00% | |||
ESH REIT | ESH REIT 2016 Revolving Credit Facility | Federal Funds Rate | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 0.50% | |||
ESH REIT | ESH REIT 2016 Revolving Credit Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 1.00% | |||
ESH REIT | Line of Credit | ESH REIT 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facilities | $ 0 | $ 45,000,000 | ||
ESH REIT | Term Loan Facility | Medium-term Notes | ESH REIT 2016 Term Facility | ||||
Debt Instrument [Line Items] | ||||
Proceeds from issuance of debt | $ 1,300,000,000 | |||
ESH REIT | Term Loan Facility | Medium-term Notes | ESH REIT 2016 Term Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 3.00% | 2.50% | ||
ESH REIT | Term Loan Facility | Medium-term Notes | ESH REIT 2016 Term Facility | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 2.00% | 1.50% | ||
ESH REIT | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, capacity | 600,000,000 | |||
ESH REIT | Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, capacity | $ 350,000,000 | |||
Amount of borrowing capacity remaining | $ 350,000,000 | |||
ESH REIT | Revolving Credit Facility | Medium-term Notes | ESH REIT 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Prepayment premium | 1.00% | |||
ESH REIT | Revolving Credit Facility | Line of Credit | ESH REIT 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Loan to value ratio (as a percent) | 45.00% | |||
ESH REIT | Letter of Credit | ESH REIT 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, capacity | $ 50,000,000 | |||
ESH REIT | Minimum | ESH REIT 2016 Revolving Credit Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 2.25% | |||
ESH REIT | Minimum | Term Loan Facility | Medium-term Notes | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 0.75% | 0.75% | ||
ESH REIT | Minimum | Term Loan Facility | Medium-term Notes | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 2.00% | |||
ESH REIT | Minimum | Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Fee on unutilized revolving credit facility (percent) | 0.175% | |||
ESH REIT | Maximum | ESH REIT 2016 Revolving Credit Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on base rate (as a percent) | 2.75% | |||
ESH REIT | Maximum | Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Fee on unutilized revolving credit facility (percent) | 0.35% |
Debt (ESH REIT Senior Notes due
Debt (ESH REIT Senior Notes due 2025) - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | May 31, 2015 | |
ESH REIT 2025 Notes | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated amount | $ 1,300,000,000 | $ 800,000,000 | ||
Stated interest rate (as a percent) | 5.25% | |||
ESH REIT | ESH REIT 2025 Notes | ||||
Debt Instrument [Line Items] | ||||
Stated amount | $ 500,000,000 | |||
Stated interest rate (as a percent) | 5.25% | |||
Percentage of par value of senior notes | 100.00% | |||
ESH REIT | ESH REIT 2025 Notes | Debt Instrument, Redemption, Period Three | Minimum | ||||
Debt Instrument [Line Items] | ||||
Redemption price as a percentage of principal repayment | 100.00% | |||
ESH REIT | ESH REIT 2025 Notes | Debt Instrument, Redemption, Period Three | Maximum | ||||
Debt Instrument [Line Items] | ||||
Redemption price as a percentage of principal repayment | 102.625% | |||
ESH REIT | ESH REIT 2025 Notes | Debt Instrument, Redemption, Period Two | ||||
Debt Instrument [Line Items] | ||||
Redemption price as a percentage of principal repayment | 100.00% | |||
ESH REIT | ESH REIT 2025 Notes | Debt Instrument, Redemption, Period One | ||||
Debt Instrument [Line Items] | ||||
Redemption price as a percentage of principal repayment | 105.25% | |||
Prepayment penalties, rate of the principal amount repaid (percent) | 35.00% | |||
Outstanding percentage of principal amount (percent) | 65.00% | |||
ESH REIT | ESH REIT 2025 Notes | Change of Control | ||||
Debt Instrument [Line Items] | ||||
Redemption price as a percentage of principal repayment | 101.00% | |||
ESH REIT | ESH REIT 2025 Notes | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated amount | $ 1,300,000,000 | |||
Stated interest rate (as a percent) | 5.25% | |||
Proceeds from issuance of debt | $ 800,000,000 | |||
Percentage of par value of senior notes | 98.50% |
Debt (Corporation Revolving Cre
Debt (Corporation Revolving Credit Facility) - Additional Information (Detail) | Aug. 30, 2016USD ($) | Jun. 30, 2017USD ($)LetterOfCredit | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||
Revolving credit facilities | $ 0 | $ 45,000,000 | |
ESH REIT | |||
Debt Instrument [Line Items] | |||
Revolving credit facilities | 0 | 45,000,000 | |
ESH REIT 2016 Revolving Credit Facility | ESH REIT | Federal Funds Rate | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 0.50% | ||
ESH REIT 2016 Revolving Credit Facility | ESH REIT | LIBOR | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 1.00% | ||
Maximum | ESH REIT 2016 Revolving Credit Facility | ESH REIT | LIBOR | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 2.75% | ||
Maximum | ESH REIT 2016 Revolving Credit Facility | ESH REIT | Total Net Leverage Ratio | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 1.75% | ||
Minimum | ESH REIT 2016 Revolving Credit Facility | ESH REIT | LIBOR | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 2.25% | ||
Minimum | ESH REIT 2016 Revolving Credit Facility | ESH REIT | Total Net Leverage Ratio | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 1.25% | ||
ESH REIT Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, capacity | 600,000,000 | ||
ESH REIT Revolving Credit Facility | ESH REIT | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, capacity | $ 600,000,000 | ||
ESH REIT Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 1.00% | ||
Amount of borrowing capacity remaining | $ 350,000,000 | ||
Number of letters of credit | LetterOfCredit | 0 | ||
Revolving credit facilities | $ 0 | 45,000,000 | |
ESH REIT Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | Federal Funds Rate | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 0.50% | ||
ESH REIT Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 2.75% | ||
ESH REIT Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | ESH REIT | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, capacity | $ 350,000,000 | ||
Amount of borrowing capacity remaining | $ 350,000,000 | ||
ESH REIT Revolving Credit Facility | Corporation 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, capacity | $ 50,000,000 | ||
Spread on base rate (as a percent) | 1.00% | ||
Amount of borrowing capacity remaining | $ 49,300,000 | ||
Loan to value ratio (as a percent) | 45.00% | ||
Number of letters of credit | LetterOfCredit | 1 | ||
Revolving credit facilities | $ 0 | 0 | |
Consolidated leverage ratio (up to) | 8.75 | ||
ESH REIT Revolving Credit Facility | Corporation 2016 Revolving Credit Facility | Federal Funds Rate | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 0.50% | ||
ESH REIT Revolving Credit Facility | Corporation 2016 Revolving Credit Facility | Base Rate | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 2.00% | ||
ESH REIT Revolving Credit Facility | Corporation 2016 Revolving Credit Facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 3.00% | ||
ESH REIT Revolving Credit Facility | Maximum | ESH REIT 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Fee on unutilized revolving credit facility (percent) | 0.35% | ||
ESH REIT Revolving Credit Facility | Maximum | ESH REIT 2016 Revolving Credit Facility | Base Rate | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 1.75% | ||
ESH REIT Revolving Credit Facility | Maximum | ESH REIT 2016 Revolving Credit Facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 2.75% | ||
ESH REIT Revolving Credit Facility | Maximum | ESH REIT 2016 Revolving Credit Facility | ESH REIT | |||
Debt Instrument [Line Items] | |||
Fee on unutilized revolving credit facility (percent) | 0.35% | ||
ESH REIT Revolving Credit Facility | Maximum | Corporation 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Fee on unutilized revolving credit facility (percent) | 0.35% | ||
ESH REIT Revolving Credit Facility | Minimum | ESH REIT 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Fee on unutilized revolving credit facility (percent) | 0.175% | ||
ESH REIT Revolving Credit Facility | Minimum | ESH REIT 2016 Revolving Credit Facility | Base Rate | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 1.25% | ||
ESH REIT Revolving Credit Facility | Minimum | ESH REIT 2016 Revolving Credit Facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 2.25% | ||
ESH REIT Revolving Credit Facility | Minimum | ESH REIT 2016 Revolving Credit Facility | ESH REIT | |||
Debt Instrument [Line Items] | |||
Fee on unutilized revolving credit facility (percent) | 0.175% | ||
ESH REIT Revolving Credit Facility | Minimum | Corporation 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Fee on unutilized revolving credit facility (percent) | 0.175% | ||
Letter of Credit | ESH REIT 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, capacity | $ 50,000,000 | ||
Letter of Credit | ESH REIT 2016 Revolving Credit Facility | ESH REIT | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, capacity | $ 50,000,000 | ||
Letter of Credit | Corporation 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, capacity | $ 50,000,000 | ||
Line of Credit | Corporation 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Amount of swingline loans (up to) | 20,000,000 | ||
Corporation Revolving Credit Facility | Corporation 2016 Revolving Credit Facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 3.00% | ||
Unsecured Debt | Line of Credit | Unsecured Intercompany Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, capacity | $ 50,000,000 | 50,000,000 | |
Revolving credit facilities | $ 0 | 0 | |
Stated interest rate (as a percent) | 5.00% | ||
Unsecured Debt | Line of Credit | Unsecured Intercompany Facility | ESH REIT | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, capacity | $ 50,000,000 | ||
Revolving credit facilities | 50,000,000 | ||
Increase in principal available | $ 300,000,000 | $ 300,000,000 | |
Incremental cash available (as a percent) | 5.00% | ||
Stated interest rate (as a percent) | 5.00% | 5.00% | |
Line of Credit | ESH REIT 2016 Revolving Credit Facility | ESH REIT | |||
Debt Instrument [Line Items] | |||
Revolving credit facilities | $ 0 | 45,000,000 | |
Line of Credit | Unsecured Intercompany Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facilities | $ 50,000,000 | $ 50,000,000 | |
Stated interest rate (as a percent) | 5.00% | ||
Line of Credit | ESH REIT Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Loan to value ratio (as a percent) | 45.00% | ||
Aggregate principal amount (as a percent) | 25.00% | ||
Line of Credit | ESH REIT Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Spread on base rate (as a percent) | 2.75% | ||
Line of Credit | ESH REIT Revolving Credit Facility | ESH REIT 2016 Revolving Credit Facility | ESH REIT | |||
Debt Instrument [Line Items] | |||
Loan to value ratio (as a percent) | 45.00% | ||
Line of Credit | Letter of Credit | Corporation 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, capacity | $ 30,000,000 |
Debt (Unsecured Intercompany Cr
Debt (Unsecured Intercompany Credit Facility) (Details) - USD ($) | Aug. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Revolving credit facilities | $ 0 | $ 45,000,000 | |
ESH REIT | |||
Debt Instrument [Line Items] | |||
Revolving credit facilities | 0 | 45,000,000 | |
Line of Credit | Unsecured Debt | Unsecured Intercompany Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facilities | 0 | 0 | |
Revolving credit facility, capacity | $ 50,000,000 | $ 50,000,000 | |
Stated interest rate (as a percent) | 5.00% | ||
Line of Credit | ESH REIT | Unsecured Debt | Unsecured Intercompany Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facilities | $ 50,000,000 | ||
Revolving credit facility, capacity | 50,000,000 | ||
Increase in principal available | $ 300,000,000 | $ 300,000,000 | |
Incremental cash available (as a percent) | 5.00% | ||
Stated interest rate (as a percent) | 5.00% | 5.00% | |
Term Loan Facility | ESH REIT | Medium-term Notes | ESH REIT 2016 Term Facility | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 1.175% | ||
Base Rate | Term Loan Facility | Medium-term Notes | ESH REIT 2016 Term Facility | |||
Debt Instrument [Line Items] | |||
Early redemption period | 1 day | 1 day |
Debt (Future Maturities of Debt
Debt (Future Maturities of Debt) (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Debt Instrument [Line Items] | |
Remainder of 2017 | $ 6,484 |
2,018 | 12,968 |
2,019 | 12,968 |
2,020 | 12,968 |
2,021 | 12,968 |
Thereafter | 2,531,910 |
Total | $ 2,590,266 |
Mandatory prepayments are required up to a certain amount of excess cash flow (percent) | 50.00% |
ESH REIT | |
Debt Instrument [Line Items] | |
Remainder of 2017 | $ 6,484 |
2,018 | 12,968 |
2,019 | 12,968 |
2,020 | 12,968 |
2,021 | 12,968 |
Thereafter | 2,581,910 |
Total | $ 2,640,266 |
Mandatory prepayments are required up to a certain amount of excess cash flow (percent) | 50.00% |
Debt (Fair Value of Debt) - Add
Debt (Fair Value of Debt) - Additional Information (Detail) - USD ($) $ in Billions | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Estimated fair value | $ 2.6 | $ 2.7 |
ESH REIT | ||
Debt Instrument [Line Items] | ||
Estimated fair value | $ 2.7 | $ 2.7 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Apr. 01, 2017USD ($) | Sep. 30, 2016 | |
Derivative [Line Items] | |||||||
Notional amount | $ 450,000,000 | $ 450,000,000 | $ 400,000,000 | ||||
Reduction of outstanding derivative amount | 50,000,000 | ||||||
Interest rate cash flow hedge gain, net of tax | 566,000 | $ 0 | 110,000 | $ 0 | |||
Designated as Hedging Instrument | Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Derivative rate (as a percent) | 1.175% | ||||||
Reduction of outstanding derivative amount | 50,000,000 | ||||||
Gain to be reclassified to earnings in next twelve months | 1,100,000 | ||||||
Fair value of interest rate swap | 4,525,000 | 4,525,000 | $ 4,990,000 | ||||
Interest rate cash flow hedge gain, net of tax | 3,992,000 | 3,898,000 | |||||
Designated as Hedging Instrument | Interest Rate Swap | Other Nonoperating Income (Expense) | |||||||
Derivative [Line Items] | |||||||
Interest rate cash flow hedge gain, net of tax | 1,494,000 | 0 | 252,000 | 0 | |||
ESH REIT | |||||||
Derivative [Line Items] | |||||||
Interest rate cash flow hedge gain, net of tax | 724,000 | 0 | 141,000 | 0 | |||
ESH REIT | Designated as Hedging Instrument | Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Notional amount | 450,000,000 | 450,000,000 | |||||
Gain to be reclassified to earnings in next twelve months | 1,100,000 | ||||||
Fair value of interest rate swap | 4,525,000 | 4,525,000 | 4,990,000 | ||||
Interest rate cash flow hedge gain, net of tax | 5,115,000 | $ 4,975,000 | |||||
ESH REIT | Designated as Hedging Instrument | Interest Rate Swap | Other Nonoperating Income (Expense) | |||||||
Derivative [Line Items] | |||||||
Interest rate cash flow hedge gain, net of tax | 1,494,000 | $ 0 | 252,000 | $ 0 | |||
Term Loan Facility | Medium-term Notes | ESH REIT 2016 Term Facility | |||||||
Derivative [Line Items] | |||||||
Notional amount | 450,000,000 | 450,000,000 | |||||
Term Loan Facility | Medium-term Notes | ESH REIT 2016 Term Facility | ESH REIT | |||||||
Derivative [Line Items] | |||||||
Derivative rate (as a percent) | 1.175% | ||||||
Notional amount | $ 450,000,000 | $ 450,000,000 | |||||
Term Loan Facility | LIBOR | Medium-term Notes | ESH REIT 2016 Term Facility | ESH REIT | |||||||
Derivative [Line Items] | |||||||
LIBOR floor | 0.0075 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule of Derivative Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||
Interest rate cash flow hedge gain, net of tax | $ 566 | $ 0 | $ 110 | $ 0 | |
Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Fair value of interest rate swap | 4,525 | 4,525 | $ 4,990 | ||
Interest rate cash flow hedge gain, net of tax | 3,992 | 3,898 | |||
Change in fair value effective portion | (500) | ||||
Amortization of other comprehensive income | 600 | ||||
Designated as Hedging Instrument | Interest Rate Swap | Other Nonoperating Income (Expense) | |||||
Derivative [Line Items] | |||||
Interest rate cash flow hedge gain, net of tax | 1,494 | 0 | 252 | 0 | |
Amortization of other comprehensive income | 600 | ||||
Change in fair value ineffective portion | 900 | ||||
Removal of LIBOR floor derivatives | (300) | ||||
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense | |||||
Derivative [Line Items] | |||||
Interest rate cash flow hedge gain, net of tax | 192 | 0 | 873 | 0 | |
ESH REIT | |||||
Derivative [Line Items] | |||||
Interest rate cash flow hedge gain, net of tax | 724 | 0 | 141 | 0 | |
ESH REIT | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Fair value of interest rate swap | 4,525 | 4,525 | 4,990 | ||
Interest rate cash flow hedge gain, net of tax | 5,115 | $ 4,975 | |||
Change in fair value effective portion | (500) | ||||
Amortization of other comprehensive income | 600 | ||||
ESH REIT | Designated as Hedging Instrument | Interest Rate Swap | Other Nonoperating Income (Expense) | |||||
Derivative [Line Items] | |||||
Interest rate cash flow hedge gain, net of tax | 1,494 | 0 | 252 | 0 | |
Amortization of other comprehensive income | 600 | ||||
Change in fair value ineffective portion | 900 | ||||
Removal of LIBOR floor derivatives | (300) | ||||
ESH REIT | Designated as Hedging Instrument | Interest Rate Swap | Interest Expense | |||||
Derivative [Line Items] | |||||
Interest rate cash flow hedge gain, net of tax | $ 192 | $ 0 | $ 873 | $ 0 |
Mandatorily Redeemable Prefer55
Mandatorily Redeemable Preferred Stock - Additional Information (Detail) - Mandatorily Redeemable Preferred Stock | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($)vote / shares$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Preferred stock, authorized (shares) | 350,000,000 | 350,000,000 |
Preferred stock, par value (dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Preferred stock, issued (shares) | 7,133 | 21,202 |
Preferred stock, outstanding (shares) | 7,133 | 21,202 |
Preferred stock, redemption rate (percent) | 8.00% | 8.00% |
Stock repurchased (in shares) | 14,069 | |
Number of votes per share | vote / shares | 1 | |
Preferred stock, redemption value | $ | $ 1,000 | $ 1,000 |
Estimated fair value | $ | $ 7,100,000 | $ 21,300,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||||
Distributed portion of taxable income, percent | 95.00% | ||||
Provision (benefit) for income taxes | $ (15,943) | $ (7,448) | $ (20,426) | $ (10,344) | |
Effective tax rate, percent | 24.30% | 10.80% | 23.70% | 12.00% | |
Effective tax rate differs from federal statutory rate, percent | 35.00% | ||||
Deferred income tax benefit, reversal of net deferred tax liabilities | $ (7,700) | $ 1,800 | |||
ESH REIT | |||||
Income Taxes [Line Items] | |||||
Dividend subject to corporate income tax, percent | 57.00% | ||||
Distributed portion of taxable income, percent | 100.00% | 95.00% | |||
Provision (benefit) for income taxes | $ (655) | $ 209 | $ (237) | $ 3,799 | |
Effective tax rate, percent | (16.10%) | (16.60%) | (1.20%) | 50.90% | |
Effective tax rate differs from federal statutory rate, percent | 35.00% | ||||
Deferred income tax benefit, reversal of net deferred tax liabilities | $ (2,300) | ||||
Payable adjustment | $ 1,300 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Nov. 18, 2013shares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($)shares | Jun. 30, 2017USD ($)shares | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)leaseshares | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) |
Related Party Transaction [Line Items] | |||||||||
Approximate percentage of ownership of common stock (as a percent) | 57.00% | 57.00% | |||||||
Common distributions | $ 21,491,000 | $ 24,459,000 | |||||||
Common stock, shares issued (shares) | shares | 1 | 192,505,858 | 192,505,858 | 195,406,944 | |||||
Common stock, value | 6,000 | ||||||||
Common stock, shares issued | shares | 32,500,000 | ||||||||
Paired shares repurchased and retired, amount | 60,356,000 | ||||||||
Sponsors | |||||||||
Related Party Transaction [Line Items] | |||||||||
Outstanding redeemable preferred stock (shares) | shares | 7,036 | 7,036 | 21,105 | ||||||
Class B common stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Common stock, shares issued (shares) | shares | 1 | ||||||||
Paired shares repurchased and retired, amount | $ 53,980,000 | ||||||||
ESH REIT | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of leases | lease | 3 | ||||||||
Fixed rental revenues | $ 115,400,000 | $ 116,300,000 | $ 231,700,000 | 232,500,000 | |||||
Percentage rental revenues | $ 200,000 | 200,000 | $ 200,000 | 200,000 | |||||
Approximate percentage of ownership of common stock (as a percent) | 57.00% | 57.00% | |||||||
Common distributions | $ 129,288,000 | 222,791,000 | |||||||
Due to Extended Stay America, Inc. | $ 16,663,000 | 16,663,000 | $ 11,608,000 | ||||||
Common stock, shares issued (shares) | shares | 1 | ||||||||
Common stock, value | 1,470,000 | ||||||||
Common stock, shares issued | shares | 32,500,000 | ||||||||
Proceeds from related party debt | 0 | 95,819,000 | |||||||
Expenses from related party | $ 2,600,000 | 2,600,000 | $ 5,000,000 | 4,600,000 | |||||
Paired shares repurchased and retired (shares) | shares | 1,300,000 | 2,000,000 | |||||||
Paired shares repurchased and retired, amount | $ 8,400,000 | $ 12,200,000 | 23,436,000 | ||||||
ESH REIT | Class A common stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Approximate percentage of ownership of common stock (as a percent) | 57.00% | 57.00% | 56.00% | ||||||
Common distributions | $ 35,100,000 | 37,600,000 | $ 72,600,000 | 122,700,000 | |||||
Due to Extended Stay America, Inc. | $ 47,600,000 | ||||||||
Common stock, shares issued (shares) | shares | 250,493,583 | 250,493,583 | 250,493,583 | ||||||
ESH REIT | Class B common stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Common stock, shares issued (shares) | shares | 1 | 192,505,858 | 192,505,858 | 195,406,944 | |||||
Common stock, value | $ 1,700,000 | $ 1,100,000 | |||||||
Common stock, shares issued | shares | 199,000 | ||||||||
Paired shares repurchased and retired, amount | $ 19,747,000 | ||||||||
Secondary Offering | |||||||||
Related Party Transaction [Line Items] | |||||||||
Paired shares repurchased and retired, amount | $ 14,700,000 | $ 21,400,000 | |||||||
Secondary Offering | ESH REIT | |||||||||
Related Party Transaction [Line Items] | |||||||||
Paired shares repurchased and retired (shares) | shares | 1,300,000 | 2,000,000 | |||||||
Paired shares repurchased and retired, amount | $ 8,400,000 | $ 12,200,000 | |||||||
Senior Notes | ESH REIT 2025 Notes | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stated amount | 1,300,000,000 | 800,000,000 | 1,300,000,000 | 800,000,000 | |||||
Senior Notes | ESH REIT 2025 Notes | ESH REIT | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stated amount | 1,300,000,000 | 1,300,000,000 | |||||||
Proceeds from issuance of debt | $ 800,000,000 | ||||||||
Senior Notes | ESH REIT 2025 Notes | ESH REIT | Sponsors | |||||||||
Related Party Transaction [Line Items] | |||||||||
Proceeds from related party debt | 24,000,000 | ||||||||
Senior Notes | ESH REIT 2025 Notes | ESH REIT | Affiliated Entity of Sponsors | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt instrument fee | 400,000 | ||||||||
September 2016 Restricted Stock Unit Settlement | ESH REIT | Class B common stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Common stock, shares issued (shares) | shares | 283,000 | ||||||||
Equity Based Awards | ESH REIT | Corporation | |||||||||
Related Party Transaction [Line Items] | |||||||||
Total equity-based compensation | 600,000 | 100,000 | 1,000,000 | $ 100,000 | |||||
Line of Credit | Unsecured Debt | Unsecured Intercompany Facility | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stated amount | 75,000,000 | 75,000,000 | |||||||
Revolving credit facility, capacity | 50,000,000 | 50,000,000 | $ 50,000,000 | ||||||
Maximum unsecured intercompany credit facility amount | 300,000,000 | 300,000,000 | $ 300,000,000 | ||||||
Line of Credit | Unsecured Debt | Unsecured Intercompany Facility | ESH REIT | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revolving credit facility, capacity | 50,000,000 | 50,000,000 | |||||||
Maximum unsecured intercompany credit facility amount | 300,000,000 | 300,000,000 | |||||||
Interest expense | $ 600,000 | $ 1,300,000 | |||||||
Sponsors | Fees Earned | Senior Notes | ESH REIT 2025 Notes | Affiliated Entity of Sponsors | |||||||||
Related Party Transaction [Line Items] | |||||||||
Repayments of debt | $ 24,000,000 | ||||||||
Related party revenue | $ 400,000 | ||||||||
Mandatorily Redeemable Preferred Stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stock repurchased (in shares) | shares | 14,069 | ||||||||
Stock repurchase value | $ 14,100,000 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transaction Balances (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Aug. 30, 2016 | |
ESH REIT | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage rental revenues | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | ||
Fixed rental revenues | 115,400,000 | $ 116,300,000 | 231,700,000 | $ 232,500,000 | ||
Rents receivable | 28,938,000 | 28,938,000 | $ 2,609,000 | |||
Deferred rents receivable | 31,961,000 | 31,961,000 | 40,259,000 | |||
Unearned rental revenues | (143,130,000) | (143,130,000) | (39,898,000) | |||
Loan payable (Unsecured Intercompany Facility) | (50,000,000) | (50,000,000) | (50,000,000) | |||
Ordinary working capital | (16,605,000) | (16,605,000) | (12,566,000) | |||
Equity awards receivable (payable) | (58,000) | (58,000) | 958,000 | |||
Total working capital and other | (16,663,000) | (16,663,000) | (11,608,000) | |||
Unearned rental revenue | $ 103,800,000 | 103,800,000 | ||||
Fixed minimum rent | $ 39,300,000 | $ 39,900,000 | ||||
Unsecured Debt | Line of Credit | Unsecured Intercompany Facility | ||||||
Related Party Transaction [Line Items] | ||||||
Stated interest rate (as a percent) | 5.00% | 5.00% | ||||
Unsecured Debt | Line of Credit | Unsecured Intercompany Facility | ESH REIT | ||||||
Related Party Transaction [Line Items] | ||||||
Stated interest rate (as a percent) | 5.00% | 5.00% | 5.00% | |||
Increase in principal available | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)LetterOfCreditHotel | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)LetterOfCreditHotelrenewal_optionleasepropertyshares | Jun. 30, 2016USD ($) | |
Commitment And Contingencies [Line Items] | ||||
Rent expense on office and ground leases | $ 0.8 | $ 0.8 | $ 1.6 | $ 1.6 |
Cost related to other commitments, number of properties | property | 1 | |||
Cost related to other commitments | $ 0.1 | 0.1 | $ 0.1 | 0.1 |
Number of outstanding letters of credit | LetterOfCredit | 1 | 1 | ||
Letters of credit outstanding | $ 0.7 | $ 0.7 | ||
Stock repurchased but not yet settled during period (shares) | shares | 0.1 | |||
Common Stock | ||||
Commitment And Contingencies [Line Items] | ||||
Stock repurchased but not yet settled during period | $ 0.2 | |||
Corporate Office Lease | ||||
Commitment And Contingencies [Line Items] | ||||
Renewal term (years) | 5 years | |||
Number of renewal options | renewal_option | 2 | |||
ESH REIT | ||||
Commitment And Contingencies [Line Items] | ||||
Number of properties subject to ground leases | Hotel | 4 | 4 | ||
Leases with multiple renewal options | lease | 3 | |||
Rent expense on office and ground leases | $ 0.2 | 0.4 | $ 0.6 | 0.7 |
Cost related to other commitments | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
ESH REIT | Class B common stock | ||||
Commitment And Contingencies [Line Items] | ||||
Stock repurchased but not yet settled during period (shares) | shares | 0.1 | |||
Stock repurchased but not yet settled during period | $ 0.1 | |||
ESH REIT | Minimum | ||||
Commitment And Contingencies [Line Items] | ||||
Renewal term (years) | 5 years | |||
ESH REIT | Maximum | ||||
Commitment And Contingencies [Line Items] | ||||
Renewal term (years) | 10 years |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of Paired Shares (shares) | 8,000,000 | |||
Granted incentive stock options (no more than) (shares) | 4,000,000 | |||
Shares available for future issuance | 3,700,000 | 3,700,000 | ||
Unrecognized compensation cost | $ 17,526 | $ 17,526 | ||
ESH REIT | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of Paired Shares (shares) | 8,000,000 | |||
Granted incentive stock options (no more than) (shares) | 4,000,000 | |||
Shares available for future issuance | 3,700,000 | 3,700,000 | ||
Unrecognized compensation cost | $ 600 | $ 600 | ||
Remaining Weighted-Average Amortization Period (in years) | 1 year 2 months | |||
ESH REIT | Class B common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock, granted (shares) | 3,200,000 | |||
Shares forfeited (shares) | 1,200,000 | |||
Shares expected to be issued (shares) | 2,000,000 | 2,000,000 | ||
General and Administrative Expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total equity-based compensation | $ 3,600 | $ 2,900 | $ 6,300 | $ 5,600 |
General and Administrative Expenses | ESH REIT | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total equity-based compensation | $ 100 | $ 100 | $ 100 | $ 100 |
Service-Based Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted for the period (shares) | 263,000 | |||
Granted fair value per award (dollars per share) | $ 17.48 | |||
Service-Based Awards | Parent Company | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted for the period (shares) | 237,000 | |||
Granted fair value per award (dollars per share) | $ 17.47 | |||
Service-Based Awards | ESH REIT | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted for the period (shares) | 26,000 | |||
Granted fair value per award (dollars per share) | $ 17.56 | |||
Performance Based Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted for the period (shares) | 192,000 | |||
Granted fair value per award (dollars per share) | $ 17.45 | |||
Percentage of award vest | 100.00% | |||
Performance Based Awards | ESH REIT | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of award vest | 100.00% | |||
Minimum | Service-Based Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period (years) | 1 year | |||
Minimum | Performance Based Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of award vest | 0.00% | |||
Maximum | Service-Based Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period (years) | 4 years | |||
Maximum | Performance Based Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of award vest | 200.00% |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Unrecognized Compensation Cost (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense Related to Outstanding RSAs/RSUs | $ 17,526 |
RSAs/RSUs with service vesting conditions | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense Related to Outstanding RSAs/RSUs | $ 9,973 |
Remaining Weighted-Average Amortization Period (in years) | 1 year 8 months 15 days |
RSUs with performance vesting conditions | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense Related to Outstanding RSAs/RSUs | $ 1,959 |
Remaining Weighted-Average Amortization Period (in years) | 6 months |
RSUs with market vesting conditions | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense Related to Outstanding RSAs/RSUs | $ 5,594 |
Remaining Weighted-Average Amortization Period (in years) | 1 year 4 months 15 days |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Restricted Stock Award and Restricted Stock Unit Activity (Detail) shares in Thousands | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Service-Based Awards | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding RSAs/RSUs-Beginning Balance (shares) | shares | 892 |
RSAs/RSUs granted (shares) | shares | 263 |
RSAs/RSUs settled (shares) | shares | (368) |
RSAs/RSUs forfeited (shares) | shares | (1) |
Outstanding RSAs/RSUs-Ending Balance (shares) | shares | 786 |
Vested RSAs/RSUs (shares) | shares | 17 |
Nonvested RSAs/RSUs (shares) | shares | 769 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted-Average Grant-Date Fair Value per RSA/RSU, Outstanding Beginning Balance (dollars per share) | $ / shares | $ 16.93 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, granted (dollars per share) | $ / shares | 17.48 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, settled (dollars per share) | $ / shares | 17.78 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, forfeited (dollars per share) | $ / shares | 25.21 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, Outstanding Ending Balance (dollars per share) | $ / shares | 16.71 |
Vested RSAs/RSUs (dollars per share) | $ / shares | 16.68 |
Nonvested RSAs/RSUs (dollars per share) | $ / shares | $ 17.08 |
Service-Based Awards | ESH REIT | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding RSAs/RSUs-Beginning Balance (shares) | shares | 28 |
RSAs/RSUs granted (shares) | shares | 26 |
RSAs/RSUs settled (shares) | shares | (7) |
RSAs/RSUs forfeited (shares) | shares | 0 |
Outstanding RSAs/RSUs-Ending Balance (shares) | shares | 47 |
Vested RSAs/RSUs (shares) | shares | 7 |
Nonvested RSAs/RSUs (shares) | shares | 40 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted-Average Grant-Date Fair Value per RSA/RSU, Outstanding Beginning Balance (dollars per share) | $ / shares | $ 14.57 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, granted (dollars per share) | $ / shares | 17.56 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, settled (dollars per share) | $ / shares | 10.32 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, forfeited (dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, Outstanding Ending Balance (dollars per share) | $ / shares | 16.85 |
Vested RSAs/RSUs (dollars per share) | $ / shares | 16 |
Nonvested RSAs/RSUs (dollars per share) | $ / shares | $ 20.05 |
Performance Vesting | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding RSAs/RSUs-Beginning Balance (shares) | shares | 119 |
RSAs/RSUs granted (shares) | shares | 192 |
RSAs/RSUs settled (shares) | shares | (119) |
RSAs/RSUs forfeited (shares) | shares | 0 |
Outstanding RSAs/RSUs-Ending Balance (shares) | shares | 192 |
Vested RSAs/RSUs (shares) | shares | 0 |
Nonvested RSAs/RSUs (shares) | shares | 192 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted-Average Grant-Date Fair Value per RSA/RSU, Outstanding Beginning Balance (dollars per share) | $ / shares | $ 14.07 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, granted (dollars per share) | $ / shares | 17.45 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, settled (dollars per share) | $ / shares | 14.07 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, forfeited (dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, Outstanding Ending Balance (dollars per share) | $ / shares | 17.45 |
Vested RSAs/RSUs (dollars per share) | $ / shares | 0 |
Nonvested RSAs/RSUs (dollars per share) | $ / shares | $ 17.45 |
Market Vesting | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding RSAs/RSUs-Beginning Balance (shares) | shares | 972 |
RSAs/RSUs granted (shares) | shares | 104 |
RSAs/RSUs settled (shares) | shares | 0 |
RSAs/RSUs forfeited (shares) | shares | 0 |
Outstanding RSAs/RSUs-Ending Balance (shares) | shares | 1,076 |
Vested RSAs/RSUs (shares) | shares | 0 |
Nonvested RSAs/RSUs (shares) | shares | 1,076 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted-Average Grant-Date Fair Value per RSA/RSU, Outstanding Beginning Balance (dollars per share) | $ / shares | $ 9.01 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, granted (dollars per share) | $ / shares | 18.58 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, settled (dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, forfeited (dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value per RSA/RSU, Outstanding Ending Balance (dollars per share) | $ / shares | 9.94 |
Vested RSAs/RSUs (dollars per share) | $ / shares | 0 |
Nonvested RSAs/RSUs (dollars per share) | $ / shares | $ 9.94 |
Equity-Based Compensation (Perf
Equity-Based Compensation (Performance-Based Awards) - Additional Information (Detail) shares in Thousands | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Performance Based Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted for the period (shares) | shares | 192 |
Granted fair value per award (dollars per share) | $ / shares | $ 17.45 |
Percentage of award vest | 100.00% |
Performance Based Awards | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of award vest | 0.00% |
Performance Based Awards | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of award vest | 200.00% |
Market Based Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted fair value per award (dollars per share) | $ / shares | $ 18.58 |
Awards vesting period (years) | 3 years |
Market Based Awards | Share-based Compensation Award, Tranche One | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted for the period (shares) | shares | 104 |
Market Based Awards | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of award vest | 0.00% |
Market Based Awards | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of award vest | 150.00% |
Equity-Based Compensation - S64
Equity-Based Compensation - Summary of Key Assumptions Used for Fair Value (Details) - Performance Based Awards | 6 Months Ended |
Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected holding period (years) | 2 years 10 months 8 days |
Risk-free rate of return (percent) | 1.46% |
Expected dividend yield (percent) | 4.72% |
Defined Contribution Plans - Ad
Defined Contribution Plans - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 8 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Sep. 09, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | ||||||
Annual deferral limit | $ 18,000 | |||||
Savings 401(k) Plan | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
401(k) Employer matching contribution, percent match, first 3% | 100.00% | |||||
401(k) Employer matching contribution, percent match, remaining 2% | 50.00% | |||||
Employer-matching contribution (percent) | 50.00% | |||||
Employer matching contribution, percent of employee's gross pay | 6.00% | |||||
Service period (in years) | 3 years | |||||
Contributions of eligible employee pretax salary (percent) (up to) | 100.00% | |||||
Annual deferral limit | $ 18,000 | |||||
Amount of employer contributions during period | $ 500,000 | $ 800,000 | 800,000 | $ 1,900,000 | ||
Non-Qualified Deferred Compensation Plan | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Employer-matching contribution (percent) | 50.00% | |||||
Employer matching contribution, percent of employee's gross pay | 6.00% | |||||
Plan vesting period (in years) | 3 years | |||||
Rabbi trust assets | $ 500,000 | $ 500,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Aug. 01, 2017 | Aug. 01, 2017 | Jun. 30, 2017 | Jun. 30, 2016 |
Subsequent Event [Line Items] | ||||
Common distributions, per common share (dollars per share) | $ 0.11 | $ 0.06 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common distributions, per common share (dollars per share) | $ 0.07 | |||
Subsequent Event | ESH REIT | ||||
Subsequent Event [Line Items] | ||||
Common distributions, per common share (dollars per share) | $ 0.14 | |||
Subsequent Event | Common Stock | ||||
Subsequent Event [Line Items] | ||||
Stock repurchase value | $ 2 | |||
Subsequent Event | Common Stock | ESH REIT | ||||
Subsequent Event [Line Items] | ||||
Stock repurchased (in shares) | 0.2 | |||
Stock repurchase value | $ 1.1 |