Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Mar. 28, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Entity Registrant Name | 'BRE Select Hotels Corp | ' |
Entity Central Index Key | '0001566445 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Current Reporting Status | 'No | ' |
Entity Voluntary Filers | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 100 |
Entity Public Float | $0 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] |
7% Series A Cumulative Redeemable Preferred Shares [Member] | Preferred Stock No Par Value [Member] | Series A Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Common Stock No Par Value [Member] | Preferred Stock [Member] | Common Stock Par Value [Member] | 7% Series A Cumulative Redeemable Preferred Shares [Member] | Preferred Stock No Par Value [Member] | Series A Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Common Stock No Par Value [Member] | Preferred Stock [Member] | Common Stock Par Value [Member] | |||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in real estate, net of accumulated depreciation of $16,359 and $216,910, respectively | $959,014 | ' | ' | ' | ' | ' | ' | ' | $729,108 | ' | ' | ' | ' | ' | ' | ' |
Hotels held for sale | 9,485 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 23,902 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | 39,179 | ' | ' | ' | ' | ' | ' | ' | 1,459 | ' | ' | ' | ' | ' | ' | ' |
Due from third party managers, net | 4,841 | ' | ' | ' | ' | ' | ' | ' | 7,546 | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses | 2,352 | ' | ' | ' | ' | ' | ' | ' | 199 | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, net | 12,575 | ' | ' | ' | ' | ' | ' | ' | 298 | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 126,377 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Other assets | 3,858 | ' | ' | ' | ' | ' | ' | ' | 1,760 | ' | ' | ' | ' | ' | ' | ' |
TOTAL ASSETS | 1,181,583 | ' | ' | ' | ' | ' | ' | ' | 740,370 | ' | ' | ' | ' | ' | ' | ' |
LIABILITIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued expenses | 12,453 | ' | ' | ' | ' | ' | ' | ' | 7,306 | ' | ' | ' | ' | ' | ' | ' |
Credit facility | 0 | ' | ' | ' | ' | ' | ' | ' | 34,470 | ' | ' | ' | ' | ' | ' | ' |
Mortgages payable | 617,855 | ' | ' | ' | ' | ' | ' | ' | 23,947 | ' | ' | ' | ' | ' | ' | ' |
Mezzanine loans | 175,000 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
TOTAL LIABILITIES | 805,308 | ' | ' | ' | ' | ' | ' | ' | 65,723 | ' | ' | ' | ' | ' | ' | ' |
Commitments and contingencies (Note 8) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock | ' | 183,825 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock | ' | ' | 0 | 0 | 0 | ' | 0 | ' | ' | ' | 0 | 0 | 24 | ' | 0 | ' |
Common stock | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 899,958 | ' | 0 |
Additional paid-in capital | 192,450 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Distributions greater than net income | 0 | ' | ' | ' | ' | ' | ' | ' | -225,335 | ' | ' | ' | ' | ' | ' | ' |
TOTAL SHAREHOLDERS EQUITY | 192,450 | ' | ' | ' | ' | ' | ' | ' | 674,647 | ' | ' | ' | ' | ' | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1,181,583 | ' | ' | ' | ' | ' | ' | ' | $740,370 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Preferred stock, par value | $0.00 | ' |
Preferred stock, shares authorized | 150,000,000 | ' |
Common stock, par value | $0.01 | ' |
Common stock, shares authorized | 100,000 | ' |
Common stock, shares issued | 100 | 100 |
Common stock, shares outstanding | 100 | 100 |
Successor [Member] | ' | ' |
Accumulated depreciation of Investment in real estate | $16,359 | ' |
Successor [Member] | 7% Series A Cumulative Redeemable Preferred Shares [Member] | ' | ' |
Preferred Shares in Percentage | 7.00% | ' |
Initial liquidation preference | $1.90 | ' |
Preferred stock, shares authorized | 120,000,000 | ' |
Preferred stock, shares issued | 97,032,848 | ' |
Preferred stock, shares outstanding | 97,032,848 | ' |
Successor [Member] | Preferred Stock No Par Value [Member] | ' | ' |
Preferred stock, par value | ' | ' |
Successor [Member] | Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value | ' | ' |
Successor [Member] | Series B Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, par value | ' | ' |
Successor [Member] | Common Stock No Par Value [Member] | ' | ' |
Common stock, par value | ' | ' |
Successor [Member] | Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.00 | ' |
Preferred stock, shares authorized | 30,000,000 | ' |
Successor [Member] | Common Stock Par Value [Member] | ' | ' |
Common stock, par value | $0.01 | ' |
Common stock, shares authorized | 100,000 | ' |
Common stock, shares issued | 100 | ' |
Common stock, shares outstanding | 100 | ' |
Predecessor [Member] | ' | ' |
Accumulated depreciation of Investment in real estate | ' | 216,910 |
Predecessor [Member] | 7% Series A Cumulative Redeemable Preferred Shares [Member] | ' | ' |
Preferred Shares in Percentage | ' | 7.00% |
Initial liquidation preference | ' | 1.9 |
Preferred stock, shares authorized | ' | ' |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Predecessor [Member] | Preferred Stock No Par Value [Member] | ' | ' |
Preferred stock, shares authorized | ' | 15,000,000 |
Predecessor [Member] | Series A Preferred Stock [Member] | ' | ' |
Preferred stock, shares authorized | ' | 200,000,000 |
Preferred stock, shares issued | ' | 91,226,580 |
Preferred stock, shares outstanding | ' | 91,226,580 |
Predecessor [Member] | Series B Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, shares authorized | ' | 240,000 |
Preferred stock, shares issued | ' | 240,000 |
Preferred stock, shares outstanding | ' | 240,000 |
Predecessor [Member] | Common Stock No Par Value [Member] | ' | ' |
Common stock, par value | ' | ' |
Common stock, shares authorized | ' | 200,000,000 |
Common stock, shares issued | ' | 91,226,580 |
Common stock, shares outstanding | ' | 91,226,580 |
Predecessor [Member] | Preferred Stock [Member] | ' | ' |
Preferred stock, par value | ' | 0.0001 |
Preferred stock, shares authorized | ' | ' |
Predecessor [Member] | Common Stock Par Value [Member] | ' | ' |
Common stock, par value | ' | 0.01 |
Common stock, shares authorized | ' | 100 |
Common stock, shares issued | ' | 100 |
Common stock, shares outstanding | ' | 100 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | 4 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | 13-May-13 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | 13-May-13 | Dec. 31, 2012 | Dec. 31, 2011 |
Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | |
Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |||||
REVENUE | ' | ' | ' | ' | ' | ' | ' | ' |
Room revenue | $159,859 | $82,063 | $230,623 | $215,321 | ' | ' | ' | ' |
Other revenue | 11,151 | 6,212 | 16,771 | 16,488 | ' | ' | ' | ' |
Reimbursed expenses | 0 | 2,838 | 7,965 | 7,241 | ' | ' | ' | ' |
Total revenue | 171,010 | 91,113 | 255,359 | 239,050 | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expense | 40,909 | 23,167 | 61,933 | 59,535 | ' | ' | ' | ' |
Hotel administrative expense | 13,939 | 7,159 | 19,341 | 18,711 | ' | ' | ' | ' |
Sales and marketing | 13,096 | 7,407 | 19,935 | 18,590 | ' | ' | ' | ' |
Utilities | 6,251 | 3,188 | 9,139 | 9,416 | ' | ' | ' | ' |
Repair and maintenance | 6,700 | 4,081 | 10,846 | 10,397 | ' | ' | ' | ' |
Franchise fees | 7,971 | 3,716 | 10,400 | 9,726 | ' | ' | ' | ' |
Management fees | 5,813 | 3,010 | 8,529 | 7,808 | ' | ' | ' | ' |
Taxes, insurance and other | 8,593 | 4,457 | 12,518 | 11,575 | ' | ' | ' | ' |
General and administrative | 3,193 | 2,828 | 7,613 | 5,587 | ' | ' | ' | ' |
Merger transaction costs | 21,537 | 67,633 | 4,037 | 562 | ' | ' | ' | ' |
Reimbursed expenses | 0 | 2,838 | 7,965 | 7,241 | ' | ' | ' | ' |
Depreciation expense | 16,359 | 10,651 | 30,322 | 31,692 | ' | ' | ' | ' |
Total expenses | 144,361 | 140,135 | 202,578 | 190,840 | ' | ' | ' | ' |
Operating income (loss) | 26,649 | -49,022 | 52,781 | 48,210 | ' | ' | ' | ' |
Interest expense, net | -24,531 | -1,439 | -2,806 | -3,236 | ' | ' | ' | ' |
Unrealized gain on derivatives | 34 | 0 | 0 | 0 | ' | ' | ' | ' |
Income (loss) from continuing operations before income tax expense | 2,152 | -50,461 | 49,975 | 44,974 | ' | ' | ' | ' |
Income tax expense | -826 | -140 | -391 | -371 | ' | ' | ' | ' |
Income (loss) from continuing operations | 1,326 | -50,601 | 49,584 | 44,603 | ' | ' | ' | ' |
(Loss) income from discontinued operations, net of tax (Note 13) | -286 | 18 | -41 | 558 | ' | ' | ' | ' |
Net income (loss) | 1,040 | -50,583 | 49,543 | 45,161 | ' | ' | ' | ' |
Accrued Series A Preferred Stock dividends | ' | ' | ' | ' | -3,231 | 0 | 0 | 0 |
Net (loss) income available for common stockholders | ($2,191) | ($50,583) | $49,543 | $45,161 | ' | ' | ' | ' |
Basic and diluted net income (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' |
From continuing operations, after Series A Preferred Stock dividends | ' | ' | ' | ' | ($19,050) | ($0.55) | $0.54 | $0.48 |
From discontinued operations | ($2,860) | $0 | $0 | $0.01 | ' | ' | ' | ' |
Total basic and diluted net income (loss) per common share available to common stockholders | ($21,910) | ($0.55) | $0.54 | $0.49 | ' | ' | ' | ' |
Weighted average common shares outstanding - basic and diluted | 100 | 91,270,197 | 91,142,011 | 91,253,834 | ' | ' | ' | ' |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] |
In Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Distributions Greater than Net Income [Member] | Series B Convertible Preferred Stock [Member] | Common Stock [Member] | Distributions Greater than Net Income [Member] | Series B Convertible Preferred Stock [Member] | ||
Beginning balance at Dec. 31, 2010 | ' | ' | ' | ' | ' | $719,771 | $902,402 | ($182,655) | $24 |
Beginning balance, shares at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | 91,474 | ' | 240 |
Net proceeds from the issuance of common shares | ' | ' | ' | ' | ' | 27,069 | 27,069 | 0 | 0 |
Net proceeds from the issuance of common shares, shares | ' | ' | ' | ' | ' | ' | 2,461 | ' | ' |
Common shares redeemed | ' | ' | ' | ' | ' | -30,237 | -30,237 | 0 | 0 |
Common shares redeemed, Shares | ' | ' | ' | ' | ' | ' | -2,754 | ' | ' |
Stock options granted | ' | ' | ' | ' | ' | 111 | 111 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | 45,161 | 0 | 45,161 | 0 |
Cash distributions\dividends declared and paid to common shareholders, per share | ' | ' | ' | ' | ' | -71,247 | 0 | -71,247 | 0 |
Ending balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | 690,628 | 899,345 | -208,741 | 24 |
Ending balance, shares at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | 91,181 | ' | 240 |
Net income (loss) | ' | ' | ' | ' | ' | 9,280 | ' | ' | ' |
Ending balance at Mar. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | 690,628 | 899,345 | -208,741 | 24 |
Beginning balance, shares at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | 91,181 | ' | 240 |
Net proceeds from the issuance of common shares | ' | ' | ' | ' | ' | 18,536 | 18,536 | 0 | 0 |
Net proceeds from the issuance of common shares, shares | ' | ' | ' | ' | ' | ' | 1,686 | ' | ' |
Common shares redeemed | ' | ' | ' | ' | ' | -18,014 | -18,014 | 0 | 0 |
Common shares redeemed, Shares | ' | ' | ' | ' | ' | ' | -1,640 | ' | ' |
Stock options granted | ' | ' | ' | ' | ' | 91 | 91 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | 49,543 | 0 | 49,543 | 0 |
Cash distributions\dividends declared and paid to common shareholders, per share | ' | ' | ' | ' | ' | -66,137 | 0 | -66,137 | 0 |
Ending balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | 674,647 | 899,958 | -225,335 | 24 |
Ending balance, shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | 91,227 | ' | 240 |
Beginning balance at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | 6,388 | ' | ' | ' |
Ending balance at Dec. 31, 2012 | 0 | ' | ' | ' | ' | 674,647 | ' | ' | ' |
Net income (loss) | -14,888 | ' | ' | ' | ' | 9,903 | ' | ' | ' |
Ending balance at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | 674,647 | 899,958 | -225,335 | 24 |
Beginning balance, shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | 91,227 | ' | 240 |
Compensation expense relating to Series B convertible preferred stock | ' | ' | ' | ' | ' | 64,368 | 64,392 | 0 | -24 |
Compensation expense relating to Series B convertible preferred stock, shares | ' | ' | ' | ' | ' | ' | 5,801 | ' | -240 |
Net income (loss) | ' | ' | ' | ' | ' | -50,583 | 0 | -50,583 | 0 |
Ending balance at May. 13, 2013 | ' | ' | ' | ' | ' | 688,432 | 964,350 | -275,918 | 0 |
Ending balance, shares at May. 13, 2013 | ' | ' | ' | ' | ' | ' | 97,028 | ' | 0 |
Beginning balance at Dec. 31, 2012 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Beginning balance, shares at Dec. 31, 2012 | ' | 0 | ' | ' | 0 | ' | ' | ' | ' |
Net proceeds from the issuance of common shares | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Net proceeds from the issuance of common shares, shares | ' | 100 | ' | ' | 0 | ' | ' | ' | ' |
Net proceeds from the sale of Series B Preferred Stock | 113 | 0 | 0 | 0 | 113 | ' | ' | ' | ' |
Net proceeds from the sale of Series B Preferred Stock, Shares | ' | 0 | ' | ' | 113 | ' | ' | ' | ' |
Common shares redeemed | -113 | 0 | 0 | 0 | -113 | ' | ' | ' | ' |
Common shares redeemed, Shares | ' | 0 | ' | ' | -113 | ' | ' | ' | ' |
Net capital contribution from the Sponsor | 214,880 | 0 | 214,880 | 0 | 0 | ' | ' | ' | ' |
Net income (loss) | 1,040 | 0 | 0 | 1,040 | 0 | ' | ' | ' | ' |
Merger costs allocated to Series A Preferred Stock | -1,223 | 0 | -1,223 | 0 | 0 | ' | ' | ' | ' |
Cash distributions\dividends declared and paid to common shareholders, per share | -14,100 | 0 | -13,060 | -1,040 | 0 | ' | ' | ' | ' |
Preferred dividend earned ($0.0333 per share) | -8,147 | 0 | -8,147 | 0 | 0 | ' | ' | ' | ' |
Ending balance at Dec. 31, 2013 | 192,450 | 0 | 192,450 | 0 | 0 | ' | ' | ' | ' |
Ending balance, shares at Dec. 31, 2013 | ' | 100 | ' | ' | 0 | ' | ' | ' | ' |
Beginning balance at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | -60,486 | ' | ' | ' |
Ending balance at May. 13, 2013 | ' | ' | ' | ' | ' | 688,432 | ' | ' | ' |
Beginning balance at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 5,865 | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2013 | $192,450 | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | |
Additional Paid-In Capital [Member] | Distributions Greater than Net Income [Member] | Distributions Greater than Net Income [Member] | ||
Cash distributions\dividends declared and paid to common stock, per share | $141,000 | $141,000 | $0.73 | $0.78 |
Preferred dividend earned, per share | $0.03 | $0.03 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | 4 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | 13-May-13 | Dec. 31, 2012 | Dec. 31, 2011 |
Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Cash flows from operating activities: | ' | ' | ' | ' |
Net income (loss) | $1,040 | ($50,583) | $49,543 | $45,161 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ' | ' | ' | ' |
Depreciation | 16,401 | 10,912 | 31,054 | 32,432 |
Estimated selling costs on assets held for sale | 340 | 0 | 0 | 0 |
Fair value adjustment of interest rate cap | -34 | 0 | 0 | 0 |
Amortization of deferred financing costs | 3,309 | 93 | 219 | 314 |
Other non-cash expenses, net | -18 | 2 | 466 | 199 |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
Increase in cash restricted for operating expenses | -6,484 | 0 | 0 | 0 |
Decrease (increase) in due from third party managers, net | 2,345 | -1,001 | -948 | -663 |
Increase in prepaid expenses | -1,753 | 0 | 0 | 0 |
(Increase) decrease in other assets | -263 | -313 | 262 | -188 |
Increase (decrease) in accounts payable and accrued expenses | 4,488 | -1,301 | 580 | 883 |
Net cash provided by (used in) operating activities | 19,371 | -42,191 | 81,176 | 78,138 |
Cash flows from investing activities: | ' | ' | ' | ' |
Capital improvements, net | -4,345 | -7,735 | -12,338 | -14,148 |
Proceeds from sale of assets, net | 0 | 5,866 | 0 | 10,755 |
Cash paid for business acquisition, net of cash acquired | -881,652 | 0 | 0 | 0 |
Net (increase) decrease in cash restricted for property improvements | -31,499 | 113 | 2,281 | 773 |
Other investing activities, net | 0 | 0 | -795 | -101 |
Net cash used in investing activities | -917,496 | -1,756 | -10,852 | -2,721 |
Cash flows from financing activities: | ' | ' | ' | ' |
Net (payment on) proceeds from credit facility | -30,970 | -3,500 | -9,220 | 4,139 |
Net proceeds from borrowings on mortgage payable and mezzanine loans | 775,000 | 0 | 18,300 | 0 |
Payments of mortgage debt | -223 | -5,869 | -13,658 | -4,692 |
Financing fees | -15,884 | 0 | -163 | -417 |
Net proceeds related to issuance of Units | 0 | 0 | 18,536 | 27,069 |
Redemptions of Units | 0 | 0 | -18,014 | -30,237 |
Conversion of Series B convertible preferred stock | 0 | 64,367 | 0 | 0 |
Net capital contribution from the Sponsor | 214,880 | 0 | 0 | 0 |
Accretion of merger costs related to issuance of Series A Preferred Stock | -1,223 | 0 | 0 | 0 |
Dividends paid to Series A Preferred shareholders | -5,453 | 0 | 0 | 0 |
Dividends paid to common shareholders | -14,100 | 0 | -66,137 | -71,247 |
Net cash provided by (used in) financing activities | 922,027 | 54,998 | -70,356 | -75,385 |
Net increase (decrease) in cash and cash equivalents | 23,902 | 11,051 | -32 | 32 |
Cash and cash equivalents, beginning of period | 0 | 0 | 32 | 0 |
Cash and cash equivalents, end of period | 23,902 | 11,051 | 0 | 32 |
Supplemental Cash Flow Information including Non-Cash Activities: | ' | ' | ' | ' |
Interest paid | 20,122 | 933 | 3,099 | 3,720 |
Taxes paid | 1,247 | 367 | 400 | 325 |
Issuance of Series A Preferred Stock | $184,362 | $0 | $0 | $0 |
Organization
Organization | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Organization | ' | ||
1 | Organization | ||
BRE Select Hotels Corp, together with its wholly-owned subsidiaries (the “Company”), is a Delaware corporation that made an election, through the filing of Form 1120-REIT for 2012, to qualify as a real estate investment trust, or REIT, for federal income tax purposes beginning with the Company’s short taxable year ended December 31, 2012. The Company was formed on November 28, 2012 to invest in income-producing real estate in the United States through the acquisition of Apple REIT Six, Inc. (“Apple Six”) on behalf of BRE Select Hotels Holdings LP (“BRE Holdings”), a Delaware limited partnership and an affiliate of the Company. 100% of the common stock of the Company is owned by BRE Holdings, which is an affiliate of Blackstone Real Estate Partners VII L.P. (the “Sponsor”). The acquisition of Apple Six was completed on May 14, 2013 (the “Acquisition Date”). As of December 31, 2013, the Company owned 66 hotels located in 18 states with an aggregate of 7,651 rooms. | |||
For purposes of this annual report on Form 10-K, references to the Company for periods prior to the Acquisition Date shall be deemed to refer to Apple Six, unless the context indicates otherwise. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
2 | Summary of Significant Accounting Policies | ||
Principles of Consolidation - The consolidated financial statements include all of the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. | |||
Basis of Presentation - The Company was determined to be the acquirer for accounting purposes and, therefore, the Merger (as defined below) was accounted for using the acquisition method of accounting. Accordingly, the purchase price of the Merger has been allocated to the Company’s assets and liabilities based upon their estimated fair values at the Acquisition Date. As used herein, the term “Predecessor” refers to the financial position and results of operations of Apple Six prior to the Acquisition Date. The term “Successor” refers to the financial position and results of operations of the Company on or after the Acquisition Date. Certain merger transaction costs incurred prior to May 14, 2013 by the Company are included in the Successor period, as that period represents the commencement of Successor operations. Prior to May 14, 2013, the Company had no revenues, and expenses were comprised solely of merger related costs. For accounting purposes, the purchase price allocation was applied on May 14, 2013. | |||
Use of Estimates - The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |||
Reclassifications - Certain amounts in the Predecessor period consolidated financial statements have been reclassified to conform to the 2013 presentation, including quarterly financial data (unaudited) presented in Note 14. These reclassifications had no effect on previously reported net income or shareholders’ equity. | |||
Cash and Cash Equivalents - Cash and cash equivalents primarily consists of cash in banks. Cash equivalents consist of investments with maturities of three months or less at acquisition. The Company has deposits in excess of $250,000 within single financial institutions that are not insured by the Federal Deposit Insurance Corporation. The Company believes it mitigates this risk by depositing with major financial institutions. | |||
Restricted Cash - Restricted cash consists of deposits held in escrow for the payment of certain required repairs, capital improvements, property taxes, insurance and ground rent pursuant to the terms of the Company’s mortgages payable and mezzanine loans, as well as a repairs and improvements reserve required by the Marriott International Inc. or its affiliates (“Marriott”) management agreements. | |||
Due from Third Party Managers, net - Due from third party managers, net, represents the current earnings and working capital advanced to the hotel management companies for operation of the hotels, net of management fees payable. | |||
Investment in Real Estate and Related Depreciation - Real estate is stated at cost, net of accumulated depreciation. Repair and maintenance costs are expensed as incurred while significant improvements, renovations, and replacements that extend the useful life of the real estate asset are capitalized and depreciated over the estimated useful life of the real estate asset. Depreciation is computed using the straight-line method over the average estimated useful lives of the assets, which are 39 years for buildings, 10 years for major improvements and three to seven years for furniture and equipment. | |||
The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended. | |||
Impairment of Investment in Real Estate - The Company records impairment losses on hotel properties used in operations if indicators of impairment are present, and the sum of the undiscounted cash flows estimated to be generated by the respective properties over their estimated remaining useful life, based on historical and industry data, is less than the properties’ carrying amount. Indicators of impairment include: (1) a property with current or potential losses from operations, (2) when it becomes more likely than not that a property will be sold before the end of its previously estimated useful life or (3) when events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and an asset’s carrying value may not be recoverable. The Company monitors its properties on an ongoing basis by analytically reviewing financial performance and considers each property individually for purposes of reviewing for indicators of impairment. As many indicators of impairment are subjective, such as general economic and market declines, the Company also prepares a quarterly recoverability analysis for each of its properties to assist with its evaluation of impairment indicators. The analysis compares each property’s net book value to each property’s estimated operating income using current operating results for each stabilized property and projected stabilized operating results based on the property’s market for properties that recently opened, were recently renovated or experienced other short-term business disruption. Since the Acquisition involved an arm’s length transaction between a willing buyer and seller and because there has been a brief passage of time between the Acquisition Date and this report date, no triggering events have occurred to indicate the asset carrying value will not be recoverable. If events or circumstances change, such as the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable and an impairment loss will be recorded. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. No impairment charges were recorded for investments in real estate, net, included in our continuing operations for 2013. | |||
Hotels Held for Sale - The Company classifies assets as held for sale when the criteria specified under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, Impairment or Disposal of Long-Lived Assets, are met. Specifically, the criteria followed by the Company includes (a) management commits to a plan to sell, (b) the asset is available for immediate sale in its present condition, (c) the Company initiates an active program to locate a buyer, (d) the sale is probable to be completed within one year, and (e) the Company is actively marketing the asset at a reasonable price in relation to its current fair value. The Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the net sales price of the assets that have been identified for sale is less than the net book value of the assets, an impairment charge is recorded. In connection with the decision to sell the four hotels currently classified as held for sale in the consolidated financial statements, the Company recorded an impairment charge of $0.3 million in 2013, which represented the difference between the net book value and the fair value less cost to sell. | |||
Goodwill - Goodwill represents the excess of purchase price over fair value of assets acquired and liabilities assumed in business combinations, and is characterized by the intangible assets that do not qualify for separate recognition. In accordance with accounting guidance related to goodwill and other intangible assets, the Company performs its annual testing for impairment of goodwill during the fourth quarter of each year and in certain situations between those annual dates if indicators of impairment are present. There is no goodwill impairment as of December 31, 2013. | |||
Revenue Recognition - Revenue is recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel’s services. | |||
Sales and Marketing Costs - Sales and marketing costs are expensed when incurred. These costs represent the expense for franchise advertising and reservations systems under the terms of the hotel management and franchise agreements and general and administrative expenses that are directly attributable to advertising and promotion. | |||
Income Taxes - The Company made an election, through the filing of Form 1120-REIT for 2012, to qualify as a REIT under the Internal Revenue Code of 1986, as amended, beginning with the Company’s short taxable year ended December 31, 2012. In order to qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distributes at least 90% of its adjusted taxable income to its shareholders, subject to certain adjustments and excluding any net capital gain. The Company intends to adhere to these requirements to qualify for REIT status, and assuming it does qualify for taxation as a REIT, it will generally not be subject to federal income taxes to the extent it distributes substantially all of its taxable income to the Company’s shareholders. However, the Company’s taxable REIT subsidiaries (“TRS”) will generally be subject to federal, state, and local income taxes and the consolidated income tax provision includes those taxes. | |||
Valuation of Deferred Tax Assets – The Company has approximately $0.5 million of deferred tax assets as of December 31, 2013. Management considered various factors, including tax planning strategies, future reversals of existing taxable temporary differences and future projected taxable income in determining that a valuation allowance for the deferred tax assets is not required, and the Company believes that it is more likely than not that it will be able to realize the $0.5 million of deferred tax assets in the future. When a determination is made that all, or a portion, of the deferred tax assets may not be realized, an increase in income tax expense will be recorded in that period. | |||
Income (loss) from Discontinued Operations - Income (loss) from discontinued operations is computed in accordance with ASC 205-20, Discontinued Operations, which requires, among other things, that the primary assets and liabilities and the results of operations of the Company’s real property that has been sold, or otherwise qualifies as held for sale, be classified as discontinued operations and segregated in the Company’s consolidated financial statements. | |||
Income (loss) per Common Share (Predecessor) - Basic income (loss) per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted income (loss) per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. Series B convertible preferred shares were converted on May 13, 2013 in connection with the Merger (as defined below) and included in the weighted average common shares calculation for the applicable periods. There were no potential dilutive shares during the applicable periods, and as a result, basic and dilutive outstanding shares were the same. | |||
Income (loss) per Common Share (Successor) - Basic income (loss) per common share is computed based upon the weighted average number of shares outstanding during the period. There are no potential common shares with a dilutive effect for the period from the Acquisition Date through December 31, 2013. Therefore, basic and dilutive outstanding shares are the same. | |||
Segment Information - The principal business of the Company is the ownership of hotels. The Company separately evaluates the performance of each of its hotels. Since each of the Company’s hotels is located within the United States, and has similar facilities, economic characteristics, and services, all of the properties have been aggregated into a single operating segment. | |||
Recently Issued Accounting Standards - In July 2012, the FASB issued Accounting Standards Updates (“ASU”) No. 2012-02, Intangibles-Goodwill and Other (ASC Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. ASU No. 2012-02 amends the impairment test for indefinite-lived intangible assets by allowing companies to first assess qualitative factors to determine if it is more likely than not that an indefinite-lived intangible asset might be impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. The changes to the ASC as a result of this update are effective prospectively for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The Company has adopted this guidance and it did not have any material impact on its consolidated financial statements. |
Merger
Merger | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Merger | ' | ||||
3 | Merger | ||||
On May 14, 2013, the Company completed the acquisition of Apple Six, pursuant to the Agreement and Plan of Merger, dated as of November 29, 2012 (the “Merger Agreement”), by and between the Company, BRE Holdings and Apple Six, pursuant to which Apple Six merged with and into the Company (the “Merger”). As a result of the Merger, the Company acquired 100% of the controlling interest of Apple Six. Each issued and outstanding common share and related Series A preferred share of Apple Six were exchanged for (i) $9.20 in cash and (ii) one share of 7% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) of the Company with an initial liquidation preference of $1.90 per share. The Merger was funded by a net cash contribution of $214.9 million indirectly made by the Sponsor and its affiliates, Series A Preferred Stock with an aggregate initial liquidation preference of $184.4 million, and $775.0 million of debt. In connection with these activities, the Company incurred $21.5 million in Merger transaction costs (excluding $1.2 million of equity issuance costs recognized as a reduction to the carrying value of the Series A Preferred Stock at the Acquisition Date) for the year ended December 31, 2013, and the Predecessor incurred Merger transaction costs of $67.6 million for the period from January 1, 2013 through May 13, 2013. The Predecessor incurred Merger transaction costs of $4.0 million in 2012, of which $3.2 million related to the Merger. All costs related to the Merger were expensed in the period in which they were incurred and are reflected in Merger transaction costs in the consolidated statements of operations. | |||||
The Merger was accounted for using the purchase method of accounting in accordance with ASC 805, Business Combinations, and accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values at the Acquisition Date. The Company engaged a third party valuation firm to assist in the determination of the fair values of tangible and intangible assets acquired. | |||||
The following is a summary of the amounts (in thousands) assigned to the assets acquired and liabilities assumed by the Company in connection with the Merger: | |||||
Investment in real estate (including real estate held for sale) | $ | 980,895 | |||
Goodwill | 126,377 | ||||
Cash | 11,051 | ||||
Restricted cash-furniture, fixtures and other escrows | 1,196 | ||||
Due from third party managers, net | 7,186 | ||||
Prepaid expenses and other assets | 4,160 | ||||
Credit facility | (30,970 | ) | |||
Mortgage debt | (18,078 | ) | |||
Accounts payable and accrued expenses | (4,452 | ) | |||
Ground lease | (300 | ) | |||
$ | 1,077,065 | ||||
Goodwill recognized is deductible for tax purposes. Prepaid expenses and other assets includes $2.2 million related to the ultimate resolution of insurance claim settlement proceeds received pertaining to pre-acquisition matters. | |||||
We have not supplemented our disclosures relating to the business acquisition with unaudited pro forma financial information as the disclosure is impracticable and not relevant to the users of the financial statements. The Company is a non-traded REIT which was formed for the sole purpose of acquiring Apple Six, and whose common stock is wholly-owned by one stockholder, as discussed above. Additionally, our Series A Preferred stockholders do not participate in earnings and receive a cumulative dividend as discussed in Note 9. The consolidated financial statements and related footnote disclosures contain sufficient information regarding the Predecessor and Successor operating results for the periods presented. As such, management does not believe the omission of unaudited pro forma financial information is material to the consolidated financial statements as a whole. |
Investment_in_Real_Estate_Net
Investment in Real Estate, Net | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Real Estate [Abstract] | ' | ||||||||||
Investment in Real Estate, Net | ' | ||||||||||
4 | Investment in Real Estate, net | ||||||||||
Investment in real estate, net as of December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||||
Successor | Predecessor | ||||||||||
2013 | 2012 | ||||||||||
Land | $ | 153,968 | $ | 107,736 | |||||||
Building and Improvements | 793,900 | 752,736 | |||||||||
Furniture, Fixtures and Equipment | 25,408 | 82,503 | |||||||||
Construction in Progress | 2,097 | 0 | |||||||||
Franchise Fees | 0 | 3,043 | |||||||||
975,373 | 946,018 | ||||||||||
Less: Accumulated Depreciation | (16,359 | ) | (216,910 | ) | |||||||
Investment in Real Estate, net | $ | 959,014 | $ | 729,108 | |||||||
As of December 31, 2013, the Company owned 66 hotels located in 18 states with an aggregate of 7,651 rooms consisting of the following: | |||||||||||
Brand | Total by | Number of | |||||||||
Brand | Rooms | ||||||||||
Hilton Garden Inn | 14 | 1,793 | |||||||||
Residence Inn | 10 | 1,247 | |||||||||
Courtyard | 10 | 990 | |||||||||
SpringHill Suites | 7 | 737 | |||||||||
Homewood Suites | 6 | 712 | |||||||||
TownePlace Suites | 5 | 645 | |||||||||
Fairfield Inn | 5 | 351 | |||||||||
Hampton Inn | 4 | 454 | |||||||||
Hampton Inn & Suites | 3 | 303 | |||||||||
Marriott | 2 | 419 | |||||||||
Total | 66 | 7,651 | |||||||||
Deferred_Financing_Costs
Deferred Financing Costs | 12 Months Ended | ||
Dec. 31, 2013 | |||
Text Block [Abstract] | ' | ||
Deferred Financing Costs | ' | ||
5 | Deferred Financing Costs | ||
Deferred financing costs consist of amounts paid for direct and indirect costs associated with the origination of the mortgage and mezzanine loan agreements entered into at the time of the Merger and further discussed in Note 6. Such costs are amortized on a straight-line basis (which approximates the effective interest method) over the term of the related debt. Amortization of deferred financing costs totaled $3.3 million for the year ended December 31, 2013 and is included in interest expense in the consolidated statements of operations. |
Mortgages_Payable_and_Mezzanin
Mortgages Payable and Mezzanine Loans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Mortgage Loans On Real Estate [Abstract] | ' | ||||||||||||
Mortgages Payable and Mezzanine Loans | ' | ||||||||||||
6 | Mortgages Payable and Mezzanine Loans | ||||||||||||
Long-term debt as of December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||
Successor | Predecessor | ||||||||||||
2013 | 2012 | ||||||||||||
Mortgages payable | $ | 617,855 | $ | 23,947 | |||||||||
Mezzanine loans | 175,000 | 0 | |||||||||||
Credit facility | 0 | 34,470 | |||||||||||
Total | $ | 792,855 | $ | 58,417 | |||||||||
On May 14, 2013, in connection with the acquisition of Apple Six pursuant to the Merger Agreement, certain indirect, wholly-owned subsidiaries of the Company (the “Mortgage Borrowers”) obtained a $600.0 million mortgage loan (the “Mortgage Loan”) from Citigroup Global Markets Realty Corp. and Bank of America, N.A. (collectively, the “Lenders”). The Mortgage Loan is secured by first-priority, cross-collateralized mortgage liens on 65 of the 66 properties owned or ground-leased by certain subsidiaries of the Company, all related personal property, reserves, a pledge of all income received by the Mortgage Borrowers with respect to the properties and a security interest in a cash management account. | |||||||||||||
Certain indirect, wholly-owned subsidiaries of the Company that own direct ownership interests in the Mortgage Borrowers (the “Mezzanine A Borrowers”) obtained a $100.0 million loan (the “Mezzanine A Loan”) from the Lenders. Certain other indirect, wholly-owned subsidiaries of the Company that own direct or indirect ownership interests in the Mortgage Borrowers (the “Mezzanine B Borrowers” and, together with the Mezzanine A Borrowers, the “Mezzanine Borrowers” and, together with the Mortgage Borrowers, the “Borrowers”) obtained a $75.0 million loan (the “Mezzanine B Loan” and, together with the Mezzanine A Loan, the “Mezzanine Loans” and, together with the Mortgage Loan, the “Loans”) from the Lenders. Each of the Mezzanine Loans is secured by first-priority, cross-collateralized pledges of the direct or indirect ownership interests of each of the Mezzanine Borrowers in the Mortgage Borrowers, all related personal property, reserves, a pledge of all income received by each of the Mezzanine Borrowers with respect to its direct or indirect ownership interests in the Mortgage Borrowers and a security interest in a cash management account. | |||||||||||||
Each portion of the collateral security of the Mezzanine Loans is cross-defaulted with the Mortgage Loan and each portion of the collateral security of the Mezzanine B Loan is cross-defaulted with the Mezzanine A Loan. In addition to the payment of the cash consideration in the Merger, the proceeds from the Loans were used to repay Apple Six’s credit facility with Wells Fargo Bank, N.A., to repay or defease certain of Apple Six’s mortgage debt, for other costs and expenses relating to the transactions in connection with the Merger Agreement and to establish reserves, including certain reserves required to be established under the terms of the Loans. | |||||||||||||
The initial interest rate of the Mortgage Loan is equal to the one-month London interbank offered rate for deposits, or LIBOR, plus a margin rate of approximately 3.34%. By amendments executed on July 8, 2013 and July 22, 2013, respectively, the Mortgage Borrowers and the Lenders assigned the principal balance of the Mortgage Loan among each of the six components of the Mortgage Loan and the Mortgage Borrowers and the Lenders assigned each of the six components of the Mortgage Loan with varying floating interest rates with an initial collective weighted average interest rate equal to LIBOR plus a margin of approximately 3.34%. The initial interest rate of the Mezzanine A Loan is equal to the one-month LIBOR plus a margin rate of 5.75%. The initial interest rate of the Mezzanine B Loan is equal to the one-month LIBOR plus a margin rate of 6.95%. The Loans are scheduled to mature on May 9, 2016, with an option for the Borrowers to extend the initial term for two one-year extension terms, subject to certain conditions. In the event the Borrowers exercise the second one-year extension option, there will be a one-time increase in the applicable interest rate by 25 basis points for the last one-year extension period. The Loans are not subject to any mandatory amortization. | |||||||||||||
The Loans contain various representations and warranties, as well as certain financial, operating and other covenants that will among other things, limit the Company’s ability to: | |||||||||||||
• | incur additional secured or unsecured indebtedness; | ||||||||||||
• | make cash distributions at any time that the debt yield, representing the quotient (expressed as a percentage) calculated by dividing the annualized net operating income of the properties subject to the Loans by the outstanding principal amount of the indebtedness under the Loans, is less than 8.75% or if there is a default continuing under any Mezzanine Loan (including the failure to make regularly scheduled debt service payments thereunder) until such time as the debt yield is equal to or greater than 9.00% or the Mezzanine Loan default has been cured; | ||||||||||||
• | make investments or acquisitions; | ||||||||||||
• | use assets as security in other transactions; | ||||||||||||
• | sell assets (except that the Borrowers are permitted to sell assets so long as the debt yield is not reduced, subject to payment of applicable prepayment premiums and other property release requirements); | ||||||||||||
• | guarantee other indebtedness; and | ||||||||||||
• | consolidate, merge or transfer all or substantially all of the Company’s assets. | ||||||||||||
Defaults under the Loans include, among other things, the failure to pay interest or principal when due, material misrepresentations, transfers of the underlying security for the Loans without any required consent from the applicable Lender, defaults under material agreements relating to the properties, including franchise and management agreements, bankruptcy of a Borrower or the Company, failure to maintain required insurance and a failure to observe other covenants under the Loans, in each case subject to any applicable cure rights. | |||||||||||||
The Loans are not prepayable during the first twelve months of the initial term of the Loans, except that each Borrower may prepay up to 15% of the Loan to which it is a party during such twelve month period and at any time thereafter without prepayment penalty or fee. The Borrowers may prepay the Loans, in whole or in part, at any time after the twelfth month of the initial term of the Loans, except that, if a prepayment is made at any time during the period from the thirteenth month through the eighteenth month of the initial term of the Loans and such prepayment, when aggregated with all other prepayments made by a Borrower of the applicable Loan, exceeds 15% of the amount of the Loans funded to such Borrower, then such Borrower will pay to the Lenders an amount equal to the present value of the interest payable on the principal being prepaid for the period from the date of the prepayment through the eighteenth month of the initial term of the Loans. Any prepayment made after the eighteenth month of the initial term of the Loans may be made without any prepayment penalty or fee. Notwithstanding the foregoing, any prepayment of the Loans with casualty or condemnation proceeds or any prepayment to enable the Borrowers to remove a ground leased property as collateral security due to a default by a Borrower under the applicable ground lease will not be subject to any limitation on prepayment or any prepayment fee or penalty. | |||||||||||||
In addition, the applicable Borrowers for each Loan and the Company will have recourse liability under the Loans for certain matters typical of a transaction of this type, including, without limitation, relating to losses arising out of actions by the Borrowers, the Company, the Sponsor or their respective affiliates which constitute fraud, intentional misrepresentation, misappropriation of funds (including insurance proceeds), removal or disposal of any property after an event of default under the Loans, a material violation of the due on sale/encumbrance covenants set forth in the loan agreements, willful misconduct that results in waste to any property and any material modification or voluntary termination of a ground lease without the Lenders’ prior written consent if required under the loan agreements. The applicable Borrowers for each Loan and the Company will also have recourse liability for the Loans in the event any security instrument or loan agreement is deemed a fraudulent conveyance or a preference, in the event of a voluntary or collusive involuntary bankruptcy of any Borrower or any operating lessee of the properties, in the event Borrower, the Company, the Sponsor or their respective affiliates consent to or join in the application for the appointment of a custodian, receiver, trustee or examiner of any Borrower, or the operating lessee of any of the properties or any property or any Borrower or any operating lessee of the properties making an assignment for the benefit of creditors. | |||||||||||||
As part of the Merger, the Company assumed an existing loan with a commercial lender secured by the Company’s Fort Worth, Texas Residence Inn property. The loan matures on October 6, 2022 and carries a fixed interest rate of 4.73%. The outstanding principal balance as of December 31, 2013 was $17.9 million and included in mortgages payable in the consolidated balance sheets. In addition, in conjunction with the Merger, Apple Six’s unsecured credit facility of $31.0 million was paid in full and extinguished and the mortgage loan of $5.6 million on the Hillsboro, Oregon Courtyard property was defeased. Interest expense, excluding deferred financing costs discussed in Note 5, was $21.2 million for the year ended December 31, 2013 and is included in Interest expense, net in the consolidated statements of operations. | |||||||||||||
As of December 31, 2013, the Company’s weighted average interest rate on its long-term debt was 4.18%. Future scheduled principal payments of debt obligations (assuming no exercise of extension options) as of December 31, 2013 are as follows (in thousands): | |||||||||||||
Mortgages | Mezzanine Loans | Total | |||||||||||
Payable | |||||||||||||
2014 | $ | 402 | $ | 0 | $ | 402 | |||||||
2015 | 421 | 0 | 421 | ||||||||||
2016 | 600,440 | 175,000 | 775,440 | ||||||||||
2017 | 464 | 0 | 464 | ||||||||||
2018 | 487 | 0 | 487 | ||||||||||
Thereafter | 15,641 | 0 | 15,641 | ||||||||||
Total | $ | 617,855 | $ | 175,000 | $ | 792,855 | |||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||
7 | Fair Value of Financial Instruments | ||||||||||||||||||
In accordance with the authoritative guidance on fair value measurements and disclosures, the Company measures nonfinancial assets and liabilities subject to nonrecurring measurement and financial assets and liabilities subject to recurring measurement based on a hierarchy that prioritizes inputs to valuation techniques used to measure the fair value. Inputs used in determining fair value should be from the highest level available in the following hierarchy: | |||||||||||||||||||
Level 1 — Inputs based on quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access. | |||||||||||||||||||
Level 2 — Inputs based on quoted prices for similar assets or liabilities, quoted market prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. | |||||||||||||||||||
Level 3 — Inputs are unobservable for the asset or liability and typically based on an entity’s own assumptions as there is little, if any, related market activity. | |||||||||||||||||||
Determining estimated fair values of the Company’s financial instruments such as mortgages payable requires considerable judgment to interpret market data. The market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts by which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||
Interest rate caps | $ | 465 | $ | 465 | $ | 0 | $ | 0 | |||||||||||
Financial assets not measured at fair value: | |||||||||||||||||||
Cash and cash equivalents | $ | 23,902 | $ | 23,902 | $ | 0 | $ | 0 | |||||||||||
Restricted cash | $ | 39,179 | $ | 39,179 | $ | 1,459 | $ | 1,459 | |||||||||||
Due from third party managers, net | $ | 4,841 | $ | 4,841 | $ | 7,546 | $ | 7,546 | |||||||||||
Financial liabilities not measured at fair value: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 12,453 | $ | 12,453 | $ | 7,306 | $ | 7,306 | |||||||||||
Credit facility | $ | 0 | $ | 0 | $ | 34,470 | $ | 34,716 | |||||||||||
Mortgages payable | $ | 617,855 | $ | 616,425 | $ | 23,947 | $ | 24,837 | |||||||||||
Mezzanine loans | $ | 175,000 | $ | 175,000 | $ | 0 | $ | 0 | |||||||||||
Interest rate caps - The Company acquired three interest rate cap agreements, as required by the terms of its Loans, considered to be derivative instruments. Each agreement caps the interest rate on its mortgages payable and mezzanine loans obtained in connection with the Merger. The Company did not designate the derivative as hedges for accounting purposes and, accordingly, accounts for the interest rate caps at fair value in the accompanying consolidated balance sheet in other assets with adjustments to fair value recorded in unrealized gain (loss) on derivatives in the consolidated statements of operations. The interest rate caps were acquired at a cost of $431,210. Fair value is determined by using prevailing market data and incorporating proprietary models based on well recognized financial principals and reasonable estimates where applicable from a third party source. This is considered a Level 2 valuation technique. | |||||||||||||||||||
Cash, cash equivalents and restricted cash - These financial assets bear interest at market rates and have maturities of less than 90 days. The carrying value approximates fair value due to the short-term nature of these assets. This is considered a Level 1 valuation technique. | |||||||||||||||||||
Due from third party managers, accounts payable and accrued expenses - The carrying value of these financial instruments approximates their fair value due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. | |||||||||||||||||||
Credit facility, mortgages payable and mezzanine loans - For credit facility and fixed rate mortgage payable, fair value is calculated by discounting the future cash flows of each instrument at estimated market rates of debt obligations with similar maturities and credit profiles or quality. This is considered a Level 3 valuation technique. The fair value of the variable rate mortgage payable and mezzanine loans cannot be reasonably estimated because it is not readily determinable without undue cost. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
8 | Commitments and Contingencies | ||||
Legal Fees – In connection with the Merger, on November 29, 2012 Apple Six entered into a litigation cost sharing agreement with Apple REIT Seven, Inc., Apple REIT Eight, Inc., Apple REIT Nine, Inc. and Apple REIT Ten, Inc. (the “other Apple REIT companies”). Pursuant to the litigation cost sharing agreement: | |||||
• | The Company, as successor to Apple Six, will pay 20%, and the other parties to the litigation cost sharing agreement will pay 80%, of the fees and expenses of specified counsel or any other counsel, consultant or service provider jointly retained in connection with the Apple REIT class action litigation, incurred after November 29, 2012 in connection with the Apple REIT class action litigation. A description of this litigation is provided in Part I, Item 3 Legal Proceedings. | ||||
• | The Company, as successor to Apple Six, will pay 25%, and the other parties to the litigation cost sharing agreement will pay 75%, of the fees and expenses of specified counsel or any other counsel, consultant or service provider jointly retained in connection with the SEC investigation, incurred after November 29, 2012 in connection with the SEC investigation discussed in Note 15. See Note 15, Subsequent Events. | ||||
Franchise Agreements - As of December 31, 2013, the Company’s hotel properties, other than the Courtyard in Myrtle Beach, South Carolina, the SpringHill Suites in Fort Worth, Texas and the Marriott in Redmond, Washington, (the “Marriott Managed Properties”) are operated under franchise agreements between the Company’s TRS and Marriott International, Inc. (“Marriott”) or Hilton Hotels Corporation (“Hilton”) or one of their respective affiliates. The franchise agreements for these hotels allow the properties to operate under the brand identified in the applicable franchise agreements. The management agreements for each of the Marriott Managed Properties allow the Marriott Managed Properties to operate under the brand identified therein. Pursuant to the franchise agreements, the Company pays a royalty fee, generally between 4.5% and 6.0% of room revenue, which is included in Franchise fees in the consolidated statements of operations. Program fees, which include additional fees for marketing, are included in Sales and marketing expense, and central reservation system and other franchisor costs are included in Operating expense in the consolidated statements of operations. | |||||
Management Agreements – As of December 31, 2013, each of the Company’s 66 hotels are operated and managed, under separate management agreements, by affiliates of the following companies: Marriott, Stonebridge Realty Advisors, Inc. (“Stonebridge”), Western International (“Western”), Larry Blumberg & Associates (“LBA”), White Lodging Services Corporation (“White”), Inn Ventures, Inc. (“Inn Ventures”), or Interstate Hotels & Resorts, Inc. (“Interstate”). In connection with the Merger, the five hotels previously managed by affiliates of Hilton Worldwide, Inc. and the one hotel previously managed by Newport Hospitality Group, Inc. were converted to management by Interstate on May 14, 2013. The management agreements require the Company to pay a monthly fee calculated as a percentage of revenues, generally between 2.5% - 7.0%, as well as annual incentive fees, if applicable, and are included in Management fees in the consolidated statements of operations. If the Company terminates a management agreement prior to its expiration, it may be liable for estimated management fees through the remaining term and liquidated damages. Additionally, the Company, from time to time, enters into management agreements to manage retail premises ancillary to its hotels. | |||||
TRS Lease Agreements - Our lease agreements are intercompany agreements between the TRS lessees and our property-owning subsidiaries. These agreements generally contain terms which are customary for third-party lease agreements, including terms for rent payments and other expenses. All related rental income and expense related to the TRS lease agreements net to zero and have no impact on the consolidated financial statements. | |||||
Ground Leases – As of December 31, 2013, four of the Company’s hotel properties had ground leases with remaining terms ranging from two to 20 years. Two properties, the Courtyard in Tuscaloosa, Alabama and the Fairfield Inn in Tuscaloosa, Alabama, are leased to the Company pursuant to a single ground lease. The ground lease for the Residence Inn in Pittsburgh, Pennsylvania originated at the time of the Merger and has a term of 20 years. Payments under this lease are payable to a subsidiary of the Company and, therefore eliminated in consolidation and excluded from the table below. Each of the remaining three leases has the option for the Company to extend the lease. The Residence Inn in Portland, Oregon has a lease for parking space which is included in the table below. Ground lease expenses totaled $0.2 million for the year ended December 31, 2013 and are included in Taxes, insurance and other in the consolidated statements of operations. The aggregate amounts of minimum lease payments under these lease agreements for the five years subsequent to December 31, 2013 and thereafter are as follows (in thousands): | |||||
Amount | |||||
2014 | $ | 261 | |||
2015 | 267 | ||||
2016 | 209 | ||||
2017 | 132 | ||||
2018 | 99 | ||||
Thereafter | 479 | ||||
Total | $ | 1,447 | |||
7_Series_A_Cumulative_Redeemab
7% Series A Cumulative Redeemable Preferred Stock | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Equity [Abstract] | ' | ||||
7% Series A Cumulative Redeemable Preferred Stock | ' | ||||
9. 7% Series A Cumulative Redeemable Preferred Stock | |||||
In connection with the Merger, the Company issued 97,032,848 shares of Series A Preferred Stock. The terms of these shares provide the Company with the right to redeem such shares at any time for an amount equal to the liquidation preference, plus any accumulated and unpaid dividends. In addition, the terms of these shares include an option for a holder of such shares to require the Company to redeem all or a portion of such holder’s shares on or after November 14, 2020 for an amount equal to the liquidation preference, plus any accumulated and unpaid dividends. The initial dividend rate on these shares is 7% per annum. The dividend rate will increase to 9% per annum if dividends are not paid in cash for more than six quarters, and to 11% per annum if they are not redeemed after the earlier of certain change of control events and May 14, 2018. Due to the option provided to the holders of these shares, such shares have been classified outside permanent shareholders’ equity. | |||||
On September 30, 2013, BRE Holdings purchased approximately 2.0 million shares of the Series A Preferred Stock for $1.30 per share as part of a tender offer extended to all shareholders. The shares are currently held by BRE Holdings. | |||||
The initial liquidation preference of $1.90 per share will be subject to downward adjustment should net costs and payments relating to certain legacy litigation and regulatory matters exceed $3.5 million from the date of the Merger Agreement (November 29, 2012). The Company recognizes changes in the redemption value immediately as they occur and adjusts the carrying amount of the Series A Preferred Stock to equal the redemption value at the end of each reporting period. As of December 31, 2013, the initial liquidation preference has not been adjusted. | |||||
On May 14, 2013, the Series A Preferred Stock was recorded on the balance sheet at the initial liquidation preference of $1.90 per share less $1.2 million of Merger transaction costs attributed to the issuance of the shares. | |||||
On December 31, 2013, the Board of Directors of the Company declared a dividend for the Series A Preferred Stock of $0.0333 per share, payable on January 15, 2014 to shareholders of record on January 1, 2014. | |||||
The table below reconciles the Series A Preferred Stock for the year ended December 31, 2013 (amounts in thousands except per share data): | |||||
Shares issued | 97,033 | ||||
Liquidation preference (per share) | $ | 1.9 | |||
Beginning balance as of May 14, 2013 | $ | 184,363 | |||
Issuance costs | (1,223 | ) | |||
Accretion of issuance costs | 1,223 | ||||
Dividends declared | (8,685 | ) | |||
Dividends earned | 8,147 | ||||
Ending balance as of December 31, 2013 | $ | 183,825 | |||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||
Dec. 31, 2013 | |||
Equity [Abstract] | ' | ||
Shareholders' Equity | ' | ||
10 | Shareholders’ Equity | ||
The Company is authorized to issue 150,100,000 shares of capital stock pursuant to its Amended and Restated Certificate of Incorporation, consisting of (i) 100,000 shares of common stock, par value $0.01 per share, and (ii) 150,000,000 shares of preferred stock, par value $0.0001 per share. | |||
Holders of the Company’s common stock are entitled to one vote for each share of common stock held. At December 31, 2013 and 2012, there were 100 shares of common stock issued and outstanding. BRE Holdings owns 100% of the Company’s issued and outstanding common stock. | |||
Under the prior Amended and Restated Certificate of Incorporation, the authorized preferred stock of the Company included a series designated Series B Redeemable Preferred Stock (“Series B Preferred Stock”), of which 125 shares were authorized. The Company, at its option, was able to redeem shares of the Series B Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $1,000 per share plus an amount equal to all accrued and unpaid dividends thereon to and including the date fixed for redemption. Dividends on the Series B Preferred Stock were payable at the rate of 12% per annum of the total $1,000 per share. 113 shares of Series B Preferred Stock were issued on January 18, 2013 and were redeemed on May 10, 2013. | |||
On February 14, 2014, the Board of Directors of the Company declared a dividend for the common stock of $50,000 per share, payable on February 19, 2014. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
11 | Income Taxes | ||||||||
The Company accounts for TRS income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The analysis utilized by the Company in determining the deferred tax valuation allowance involves considerable management judgment and assumptions. | |||||||||
The provision for income taxes differs from the amounts of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following differences (in thousands): | |||||||||
Year Ended | |||||||||
December 31, 2013 | |||||||||
Statutory federal income tax provision | $ | 738 | 34 | % | |||||
Adjustment for nontaxable income | (160 | ) | (7.3 | ) | |||||
State income taxes, net of federal income tax benefit | 242 | 11.3 | |||||||
Other | 6 | 0.4 | |||||||
Total income tax expense | $ | 826 | 38.4 | % | |||||
The components of the Company’s income tax expense from continuing operations for the year ended December 31, 2013 were as follows (in thousands): | |||||||||
Year Ended | |||||||||
December 31, 2013 | |||||||||
Income tax expense (benefit): | |||||||||
Current: | |||||||||
Federal | $ | 950 | |||||||
State | 366 | ||||||||
Deferred: | |||||||||
Federal | (449 | ) | |||||||
State | (41 | ) | |||||||
Total | $ | 826 | |||||||
The components of the consolidated TRS’s net deferred tax assets as of December 31, 2013 were as follows (in thousands): | |||||||||
Year Ended | |||||||||
December 31, 2013 | |||||||||
Deferred tax balances: | |||||||||
Accrued expenses and other | $ | 533 | |||||||
Prepaid expenses and other | (43 | ) | |||||||
Net deferred tax assets | $ | 490 | |||||||
In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. Based on tax planning strategies and projections for future taxable income over the periods in which the deferred tax assets are deductible, the Company believes it is more likely than not that the remaining tax assets will be realized. | |||||||||
The Company’s policy for interest and penalties, if any, on material uncertain tax positions recognized in the consolidated financial statements is to classify these as Interest expense and Operating expense, respectively. As of December 31, 2013, the Company did not incur any material interest or penalties. | |||||||||
The Company conducts business and files tax returns in the United States and numerous states and local jurisdictions. The Company’s tax years are generally open after 2009. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||
Dec. 31, 2013 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions | ' | ||
12 | Related Party Transactions | ||
The Sponsor and its affiliates are in the business of making investments in companies and real estate assets and currently own, and may, from time to time acquire and hold, in each case, interests in businesses or assets that compete directly or indirectly with the Company. In addition, certain affiliates of the Sponsor control Hilton Worldwide Holdings Inc., which indirectly owns the entities that serve as franchisors and receive franchise fees for 27 of the hotels owned by the Company. In connection with the Sponsor’s and its affiliates’ business activities, the Sponsor, BRE Holdings or any of their affiliates, including, without limitation, Hilton Worldwide Holdings Inc. or its subsidiaries, may from time to time enter into arrangements with the Company or its subsidiaries. These arrangements may be subject to restrictions on affiliate transactions contained in agreements entered into in connection with the debt financing arranged to complete the Merger. | |||
The Company paid Blackstone Real Estate Advisors $5.9 million during the quarter ended June 30, 2013 as reimbursement for professional fees and related expenses paid on behalf of the Company in connection with the acquisition of Apple Six. |
Hotels_Held_for_Sale_and_Disco
Hotels Held for Sale and Discontinued Operations | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||||
Hotels Held for Sale and Discontinued Operations | ' | ||||||||||||||||||
13 | Hotels Held for Sale and Discontinued Operations | ||||||||||||||||||
Based on the performance, location and capital requirements, the Company committed to a plan to sell the four properties identified below: | |||||||||||||||||||
• | Fairfield Inn - Birmingham, Alabama | ||||||||||||||||||
• | SpringHill Suites - Montgomery, Alabama | ||||||||||||||||||
• | Fairfield Inn - Orange Park, Florida | ||||||||||||||||||
• | SpringHill Suites - Savannah, Georgia | ||||||||||||||||||
These hotels have been classified in the consolidated financial statements as hotels held for sale of $9.5 million and are recorded at the anticipated sale proceeds less cost to sell at December 31, 2013. The results of operations for these properties are classified as income (loss) from discontinued operations. The results of operations for the year ended December 31, 2013 include a loss on the anticipated sale of $0.3 million representing the estimated selling costs. The estimated fair value is based on actual third party bids for the properties and other third party information which is considered a Level 2 measurement under the FASB’s standard on Fair Value Measurements and Disclosures. The sale of the properties is expected to close in the second quarter of 2014. | |||||||||||||||||||
The following table sets forth the operating results from discontinued operations for the Successor and Predecessor periods (in thousands). The year ended December 31, 2011 column includes the operating results from the two Tempe, Arizona properties which were sold by the Predecessor in June 2011. | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year ended | Period from | Year ended | |||||||||||||||||
December 31, | January 1, | December 31, | |||||||||||||||||
2013 | through | ||||||||||||||||||
May 13, 2013 | 2012 | 2011 | |||||||||||||||||
Total revenue | $ | 3,274 | $ | 1,856 | $ | 5,073 | $ | 6,888 | |||||||||||
Hotel operating expenses | 2,624 | 1,408 | 3,904 | 4,907 | |||||||||||||||
Taxes, insurance and other | 149 | 168 | 193 | 285 | |||||||||||||||
General and administrative | 104 | 0 | 8 | 17 | |||||||||||||||
Depreciation expense | 42 | 262 | 732 | 740 | |||||||||||||||
Interest expense | 317 | 0 | 277 | 381 | |||||||||||||||
Income tax benefit | (16 | ) | 0 | 0 | 0 | ||||||||||||||
Estimated selling costs | 340 | 0 | 0 | 0 | |||||||||||||||
(Loss) income from discontinued operations | ($ | 286 | ) | $ | 18 | ($ | 41 | ) | $ | 558 | |||||||||
The Company allocates interest expense to discontinued operations and has included such interest expense in computing income (loss) from discontinued operations. The allocation method used took the loan release amounts for the discontinued operations, as a percentage of the outstanding principal, multiplied by interest expense for the period. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||
14 | Quarterly Financial Data (unaudited) | ||||||||||||||||
Successor | |||||||||||||||||
Quarter Ended - 2013 | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Revenues | $ | 0 | $ | 37,561 | $ | 73,775 | $ | 59,674 | |||||||||
Income (loss) from continuing operations | (14,888 | ) | (1,009 | ) | 11,375 | 5,848 | |||||||||||
Income (loss) from discontinued operations | 0 | 152 | (455 | ) | 17 | ||||||||||||
Net income (loss) | (14,888 | ) | (857 | ) | 10,920 | 5,865 | |||||||||||
Accrued Series A Preferred Stock dividends | 0 | (2,907 | ) | (3,231 | ) | (3,231 | ) | ||||||||||
Net income (loss) available for common stockholders | (14,888 | ) | (3,764 | ) | 7,689 | 2,634 | |||||||||||
Basic and diluted net income (loss) per common share available to common stockholders | ($ | 148,880.00 | ) | ($ | 37,640.00 | ) | $ | 76,890.00 | $ | 26,340.00 | |||||||
Distributions declared and paid per common share | $ | 0 | $ | 0 | $ | 41,000.00 | $ | 100,000.00 | |||||||||
Predecessor | |||||||||||||||||
Quarter | Period from | ||||||||||||||||
Ended | April 1 | ||||||||||||||||
March 31, | through | ||||||||||||||||
2013 | May 13, 2013 | ||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Revenues | $ | 59,000 | $ | 32,112 | |||||||||||||
Income (loss) from continuing operations | 9,941 | (60,543 | ) | ||||||||||||||
Income (loss) from discontinued operations | (38 | ) | 57 | ||||||||||||||
Net income (loss) | 9,903 | (60,486 | ) | ||||||||||||||
Basic and diluted net income (loss) per common share | $ | 0.11 | ($ | 0.66 | ) | ||||||||||||
Distributions declared and paid per common share | $ | 0 | $ | 0 | |||||||||||||
Predecessor | |||||||||||||||||
Quarter Ended - 2012 | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Revenues | $ | 58,581 | $ | 66,757 | $ | 71,327 | $ | 58,693 | |||||||||
Income from continuing operations | 9,259 | 15,544 | 18,350 | 6,431 | |||||||||||||
Income (loss) from discontinued operations | 21 | 125 | (144 | ) | (43 | ) | |||||||||||
Net income | 9,280 | 15,669 | 18,206 | 6,388 | |||||||||||||
Basic and diluted net income per common share | $ | 0.1 | $ | 0.17 | $ | 0.2 | $ | 0.07 | |||||||||
Distributions declared and paid per common share | $ | 0.198 | $ | 0.198 | $ | 0.198 | $ | 0.132 |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||
Dec. 31, 2013 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events | ' | ||
15 | Subsequent Events | ||
On February 12, 2014, the SEC entered into a settlement with the Company, the Other Apple REIT Companies and Apple Six Advisors, Inc., Apple Seven Advisors, Inc., Apple Eight Advisors, Inc. and Apple Nine Advisors, Inc. (collectively the “Advisory Companies”) and Glade M. Knight, Apple Six’s former Chief Executive Officer, and Bryan F. Peery, Apple Six’s former Chief Financial Officer. The settlement related to the previously announced SEC investigation focused principally on the adequacy of certain disclosures in the filings of Apple Six beginning in 2008, as well as the review of certain transactions involving Apple Six and certain of the other Apple REIT Companies with which we are not affiliated. Without admitting or denying any allegations, the Company consented to the issuance of an administrative order alleging various disclosure deficiencies that occurred prior to the Company’s acquisition of Apple Six. The order requires the Company to cease and desist from committing or causing violations of specified securities laws in the future, but does not require the Company to pay a financial penalty. The settlement and the allegations have no impact on the financial statements of the Company. |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||||
AS OF DECEMBER 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Costs | Gross Cost at Which Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company (1) | Capitalized | Close of Period (2) (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent | |||||||||||||||||||||||||||||||||||||||||||||||||||
to | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||
City | State | Brand | Encum- | Land | Building | Land, | Land | Bldg/ | Total | Acc | Year of | Date | Depreciable | # of | |||||||||||||||||||||||||||||||||||||
brances | and | Building | FF&E/ | Depr | Construction | Acquired | Life | Rooms | |||||||||||||||||||||||||||||||||||||||||||
Improve- | and | Other | |||||||||||||||||||||||||||||||||||||||||||||||||
ments | Improve- | ||||||||||||||||||||||||||||||||||||||||||||||||||
ments | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dothan | Alabama | Courtyard | 6,595 | 810 | 8,690 | 39 | 810 | 8,729 | 9,539 | (177 | ) | 1996 | 13-May | 3 -39 yrs. | 78 | ||||||||||||||||||||||||||||||||||||
Dothan | Alabama | Hampton Inn & | 7,548 | 1,110 | 6,700 | 26 | 1,110 | 6,726 | 7,836 | (139 | ) | 2004 | 13-May | 3 -39 yrs. | 85 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Huntsville | Alabama | Fairfield Inn | 3,957 | 910 | 6,470 | 25 | 910 | 6,495 | 7,405 | (129 | ) | 1999 | 13-May | 3 -39 yrs. | 79 | ||||||||||||||||||||||||||||||||||||
Huntsville | Alabama | Residence Inn | 7,181 | 1,280 | 8,300 | 24 | 1,280 | 8,324 | 9,604 | (191 | ) | 2002 | 13-May | 3 -39 yrs. | 78 | ||||||||||||||||||||||||||||||||||||
Tuscaloosa | Alabama | Courtyard | 8,427 | 0 | 7,690 | 39 | 2 | 7,727 | 7,729 | (175 | ) | 1996 | 13-May | 3 -39 yrs. | 78 | ||||||||||||||||||||||||||||||||||||
Tuscaloosa | Alabama | Fairfield Inn | 4,397 | 0 | 3,990 | 47 | 0 | 4,037 | 4,037 | (83 | ) | 1996 | 13-May | 3 -39 yrs. | 63 | ||||||||||||||||||||||||||||||||||||
Anchorage | Alaska | Hampton Inn | 13,958 | 2,020 | 12,980 | 57 | 2,020 | 13,037 | 15,057 | (252 | ) | 1997 | 13-May | 3 -39 yrs. | 101 | ||||||||||||||||||||||||||||||||||||
Anchorage | Alaska | Hilton Garden | 20,585 | 2,530 | 20,780 | 117 | 2,534 | 20,893 | 23,427 | (390 | ) | 2002 | 13-May | 3 -39 yrs. | 125 | ||||||||||||||||||||||||||||||||||||
Inn | |||||||||||||||||||||||||||||||||||||||||||||||||||
Anchorage | Alaska | Homewood | 18,714 | 3,190 | 19,510 | 74 | 3,190 | 19,584 | 22,774 | (427 | ) | 2004 | 13-May | 3 -39 yrs. | 122 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix | Alaska | Hampton Inn | 8,647 | 3,930 | 7,190 | 29 | 3,936 | 7,213 | 11,149 | (180 | ) | 1998 | 13-May | 3 -39 yrs. | 99 | ||||||||||||||||||||||||||||||||||||
Arcadia | California | Hilton Garden | 14,375 | 2,940 | 14,310 | 20 | 2,940 | 14,330 | 17,270 | (290 | ) | 1999 | 13-May | 3 -39 yrs. | 124 | ||||||||||||||||||||||||||||||||||||
Inn | |||||||||||||||||||||||||||||||||||||||||||||||||||
Arcadia | California | SpringHill | 8,940 | 2,610 | 9,130 | 387 | 2,610 | 9,517 | 12,127 | (190 | ) | 1999 | 13-May | 3 -39 yrs. | 86 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bakersfield | California | Hilton Garden | 7,621 | 1,260 | 10,490 | 29 | 1,260 | 10,519 | 11,779 | (210 | ) | 2004 | 13-May | 3 -39 yrs. | 120 | ||||||||||||||||||||||||||||||||||||
Inn | |||||||||||||||||||||||||||||||||||||||||||||||||||
Folsom | California | Hilton Garden | 7,987 | 1,310 | 11,000 | 35 | 1,310 | 11,035 | 12,345 | (228 | ) | 1999 | 13-May | 3 -39 yrs. | 100 | ||||||||||||||||||||||||||||||||||||
Inn | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foothill Ranch | California | Hampton Inn | 6,009 | 2,970 | 5,080 | 6 | 2,970 | 5,086 | 8,056 | (104 | ) | 1998 | 13-May | 3 -39 yrs. | 84 | ||||||||||||||||||||||||||||||||||||
Lake Forest | California | Hilton Garden | 9,087 | 4,250 | 10,440 | 14 | 4,250 | 10,454 | 14,704 | (208 | ) | 2004 | 13-May | 3 -39 yrs. | 103 | ||||||||||||||||||||||||||||||||||||
Inn | |||||||||||||||||||||||||||||||||||||||||||||||||||
Milpitas | California | Hilton Garden | 22,041 | 6,600 | 22,190 | 29 | 6,600 | 22,219 | 28,819 | (439 | ) | 1999 | 13-May | 3 -39 yrs. | 161 | ||||||||||||||||||||||||||||||||||||
Inn | |||||||||||||||||||||||||||||||||||||||||||||||||||
Roseville | California | Hilton Garden | 7,841 | 2,470 | 4,260 | 14 | 2,470 | 4,274 | 6,744 | (95 | ) | 1999 | 13-May | 3 -39 yrs. | 131 | ||||||||||||||||||||||||||||||||||||
Inn | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco | California | Hilton Garden | 21,890 | 7,920 | 29,100 | 85 | 7,920 | 29,185 | 37,105 | (552 | ) | 1999 | 13-May | 3 -39 yrs. | 169 | ||||||||||||||||||||||||||||||||||||
Inn | |||||||||||||||||||||||||||||||||||||||||||||||||||
Boulder | Colorado | Marriott | 44,759 | 6,360 | 51,230 | 15 | 6,360 | 51,245 | 57,605 | (912 | ) | 1997 | 13-May | 3 -39 yrs. | 157 | ||||||||||||||||||||||||||||||||||||
Glendale | Colorado | Hampton Inn & | 12,375 | 3,480 | 17,090 | 20 | 3,480 | 17,110 | 20,590 | (314 | ) | 1999 | 13-May | 3 -39 yrs. | 133 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Lakewood | Colorado | Hampton Inn | 11,138 | 2,520 | 12,590 | 22 | 2,520 | 12,612 | 15,132 | (271 | ) | 2003 | 13-May | 3 -39 yrs. | 170 | ||||||||||||||||||||||||||||||||||||
Farmington | Connecticut | Courtyard | 12,824 | 2,600 | 15,030 | 47 | 2,600 | 15,077 | 17,677 | (294 | ) | 2005 | 13-May | 3 -39 yrs. | 119 | ||||||||||||||||||||||||||||||||||||
Rocky Hill | Connecticut | Residence Inn | 12,826 | 1,640 | 14,700 | 20 | 1,640 | 14,720 | 16,360 | (282 | ) | 2005 | 13-May | 3 -39 yrs. | 96 | ||||||||||||||||||||||||||||||||||||
Wallingford | Connecticut | Homewood | 9,746 | 1,250 | 12,530 | 12 | 1,250 | 12,542 | 13,792 | (251 | ) | 2005 | 13-May | 3 -39 yrs. | 104 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Clearwater | Florida | SpringHill | 4,763 | 0 | 7,600 | 30 | 0 | 7,630 | 7,630 | (153 | ) | 2006 | 13-May | 3 -39 yrs. | 79 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Lake Mary | Florida | Courtyard | 4,983 | 1,190 | 5,570 | 68 | 1,190 | 5,638 | 6,828 | (128 | ) | 1995 | 13-May | 3 -39 yrs. | 83 | ||||||||||||||||||||||||||||||||||||
Lakeland | Florida | Residence Inn | 9,453 | 630 | 9,740 | 33 | 630 | 9,773 | 10,403 | (211 | ) | 2001 | 13-May | 3 -39 yrs. | 78 | ||||||||||||||||||||||||||||||||||||
Panama City | Florida | Courtyard | 9,160 | 560 | 7,310 | 214 | 560 | 7,524 | 8,084 | (149 | ) | 2006 | 13-May | 3 -39 yrs. | 84 | ||||||||||||||||||||||||||||||||||||
Pensacola | Florida | Courtyard | 9,013 | 610 | 8,740 | 19 | 610 | 8,759 | 9,369 | (211 | ) | 1997 | 13-May | 3 -39 yrs. | 90 | ||||||||||||||||||||||||||||||||||||
Pensacola | Florida | Fairfield Inn | 4,323 | 530 | 4,060 | 17 | 531 | 4,076 | 4,607 | (89 | ) | 1995 | 13-May | 3 -39 yrs. | 63 | ||||||||||||||||||||||||||||||||||||
Pensacola | Florida | Hampton Inn & | 8,794 | 540 | 6,540 | 23 | 540 | 6,563 | 7,103 | (136 | ) | 2005 | 13-May | 3 -39 yrs. | 85 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tallahassee | Florida | Hilton Garden | 9,526 | 2,270 | 9,780 | 28 | 2,270 | 9,808 | 12,078 | (210 | ) | 1997 | 13-May | 3 -39 yrs. | 99 | ||||||||||||||||||||||||||||||||||||
Inn | |||||||||||||||||||||||||||||||||||||||||||||||||||
Albany | Georgia | Courtyard | 7,255 | 900 | 8,120 | 180 | 900 | 8,300 | 9,200 | (164 | ) | 2004 | 13-May | 3 -39 yrs. | 84 | ||||||||||||||||||||||||||||||||||||
Columbus | Georgia | Residence Inn | 6,082 | 1,190 | 7,600 | 271 | 1,190 | 7,871 | 9,061 | (160 | ) | 2003 | 13-May | 3 -39 yrs. | 78 | ||||||||||||||||||||||||||||||||||||
Valdosta | Georgia | Courtyard | 6,082 | 1,160 | 7,690 | 60 | 1,166 | 7,744 | 8,910 | (177 | ) | 2002 | 13-May | 3 -39 yrs. | 84 | ||||||||||||||||||||||||||||||||||||
Mt. Olive | New Jersey | Residence Inn | 12,531 | 2,930 | 14,860 | 32 | 2,930 | 14,892 | 17,822 | (297 | ) | 2005 | 13-May | 3 -39 yrs. | 123 | ||||||||||||||||||||||||||||||||||||
Somerset | New Jersey | Homewood | 10,039 | 3,120 | 8,830 | 111 | 3,120 | 8,941 | 12,061 | (174 | ) | 2005 | 13-May | 3 -39 yrs. | 123 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Saratoga Springs | New York | Hilton Garden | 16,767 | 960 | 17,020 | 73 | 960 | 17,093 | 18,053 | (330 | ) | 1999 | 13-May | 3 -39 yrs. | 112 | ||||||||||||||||||||||||||||||||||||
Inn | |||||||||||||||||||||||||||||||||||||||||||||||||||
Roanoke Rapids | North | Hilton Garden | 5,375 | 1,740 | 3,870 | 29 | 1,738 | 3,901 | 5,639 | (79 | ) | 2008 | 13-May | 3 -39 yrs. | 147 | ||||||||||||||||||||||||||||||||||||
Carolina | Inn | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hillsboro | Oregon | Courtyard | 25,426 | 3,240 | 11,280 | 173 | 3,245 | 11,448 | 14,693 | (279 | ) | 1996 | 13-May | 3 -39 yrs. | 155 | ||||||||||||||||||||||||||||||||||||
Hillsboro | Oregon | Residence Inn | 24,222 | 3,790 | 16,540 | 39 | 3,790 | 16,579 | 20,369 | (335 | ) | 1994 | 13-May | 3 -39 yrs. | 122 | ||||||||||||||||||||||||||||||||||||
Hillsboro | Oregon | TownePlace | 18,564 | 3,200 | 11,070 | 34 | 3,200 | 11,104 | 14,304 | (237 | ) | 1999 | 13-May | 3 -39 yrs. | 136 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Portland | Oregon | Residence Inn | 44,984 | 8,430 | 59,480 | 131 | 8,430 | 59,611 | 68,041 | (1,041 | ) | 2001 | 13-May | 3 -39 yrs. | 258 | ||||||||||||||||||||||||||||||||||||
Pittsburgh | Pennsylvania | Residence Inn | 17,890 | 3,550 | 19,730 | 34 | 3,550 | 19,764 | 23,314 | (389 | ) | 1998 | 13-May | 3 -39 yrs. | 156 | ||||||||||||||||||||||||||||||||||||
Myrtle Beach | South Carolina | Courtyard | 6,847 | 1,240 | 9,570 | 29 | 1,240 | 9,599 | 10,839 | (189 | ) | 1999 | 13-May | 3 -39 yrs. | 135 | ||||||||||||||||||||||||||||||||||||
Nashville | Tennessee | Homewood Suites | 10,039 | 1,010 | 10,670 | 56 | 1,010 | 10,726 | 11,736 | (245 | ) | 1999 | 13-May | 3 -39 yrs. | 121 | ||||||||||||||||||||||||||||||||||||
Arlington | Texas | SpringHill | 7,181 | 1,300 | 5,890 | 43 | 1,312 | 5,921 | 7,233 | (149 | ) | 1998 | 13-May | 3 -39 yrs. | 121 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Arlington | Texas | TownePlace | 3,884 | 1,380 | 5,060 | 61 | 1,394 | 5,107 | 6,501 | (102 | ) | 1999 | 13-May | 3 -39 yrs. | 94 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dallas | Texas | SpringHill | 14,143 | 1,200 | 14,660 | 36 | 1,200 | 14,696 | 15,896 | (300 | ) | 1997 | 13-May | 3 -39 yrs. | 148 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fort Worth | Texas | Homewood | 9,966 | 1,250 | 12,180 | 73 | 1,250 | 12,253 | 13,503 | (247 | ) | 1999 | 13-May | 3 -39 yrs. | 137 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fort Worth | Texas | Residence Inn | 17,855 | 3,850 | 16,740 | 48 | 3,850 | 16,788 | 20,638 | (318 | ) | 2005 | 13-May | 3 -39 yrs. | 149 | ||||||||||||||||||||||||||||||||||||
Fort Worth | Texas | SpringHill | 10,039 | 1,780 | 13,820 | 36 | 1,780 | 13,856 | 15,636 | (281 | ) | 2004 | 13-May | 3 -39 yrs. | 145 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Laredo | Texas | Homewood | 11,578 | 1,030 | 10,200 | 74 | 1,030 | 10,274 | 11,304 | (201 | ) | 2005 | 13-May | 3 -39 yrs. | 105 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Laredo | Texas | Residence Inn | 11,138 | 670 | 9,170 | 32 | 670 | 9,202 | 9,872 | (186 | ) | 2005 | 13-May | 3 -39 yrs. | 109 | ||||||||||||||||||||||||||||||||||||
Las Colinas | Texas | TownePlace | 7,328 | 2,300 | 8,130 | 701 | 2,300 | 8,831 | 11,131 | (173 | ) | 1998 | 13-May | 3 -39 yrs. | 135 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
McAllen | Texas | Hilton Garden | 6,595 | 1,510 | 7,490 | 55 | 1,510 | 7,545 | 9,055 | (152 | ) | 2000 | 13-May | 3 -39 yrs. | 104 | ||||||||||||||||||||||||||||||||||||
Inn | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fredericksburg | Virginia | Hilton Garden | 10,845 | 2,430 | 16,110 | 30 | 2,430 | 16,140 | 18,570 | (289 | ) | 2005 | 13-May | 3 -39 yrs. | 148 | ||||||||||||||||||||||||||||||||||||
Inn | |||||||||||||||||||||||||||||||||||||||||||||||||||
Kent | Washington | TownePlace | 13,337 | 2,180 | 13,140 | 16 | 2,180 | 13,156 | 15,336 | (279 | ) | 1999 | 13-May | 3 -39 yrs. | 152 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mukilteo | Washington | TownePlace | 10,992 | 3,020 | 11,920 | 18 | 3,020 | 11,938 | 14,958 | (259 | ) | 1999 | 13-May | 3 -39 yrs. | 128 | ||||||||||||||||||||||||||||||||||||
Suites | |||||||||||||||||||||||||||||||||||||||||||||||||||
Redmond | Washington | Marriott | 50,932 | 19,260 | 46,340 | 87 | 19,260 | 46,427 | 65,687 | (881 | ) | 2004 | 13-May | 3 -39 yrs. | 262 | ||||||||||||||||||||||||||||||||||||
Renton | Washington | Hilton Garden | 15,344 | 2,010 | 19,190 | 47 | 2,010 | 19,237 | 21,247 | (376 | ) | 1998 | 13-May | 3 -39 yrs. | 150 | ||||||||||||||||||||||||||||||||||||
Inn | |||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 782,743 | $ | 153,920 | $ | 817,180 | $ | 4,273 | $ | 153,968 | $ | 821,405 | $ | 975,373 | ($ | 16,359 | ) | 7,347 | ||||||||||||||||||||||||||||||||||
-1 | Represents acquisition date fair value. | ||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | The gross cost basis for Federal Income Tax purposes approximates the basis used in this schedule. | ||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | Reconciliation of Real Estate and Accumulated Depreciation. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III | |||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | Period from | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
January 1, | |||||||||||||||||||||||||||||||||||||||||||||||||||
through | |||||||||||||||||||||||||||||||||||||||||||||||||||
May 13, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 0 | $ | 946,018 | $ | 932,214 | $ | 918,009 | |||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 980,895 | 0 | 597 | 303 | |||||||||||||||||||||||||||||||||||||||||||||||
Improvements | 4,345 | 6,133 | 13,218 | 13,933 | |||||||||||||||||||||||||||||||||||||||||||||||
Disposals and discontinued operations | (9,867 | ) | (7,504 | ) | (11 | ) | (31 | ) | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 975,373 | $ | 944,647 | $ | 946,018 | $ | 932,214 | |||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | Period from | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
January 1, | |||||||||||||||||||||||||||||||||||||||||||||||||||
through | |||||||||||||||||||||||||||||||||||||||||||||||||||
May 13, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 0 | $ | 216,910 | $ | 185,860 | $ | 153,452 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 16,401 | 7,781 | 31,054 | 32,432 | |||||||||||||||||||||||||||||||||||||||||||||||
Disposals and discontinued operations | (42 | ) | 0 | (4 | ) | (24 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 16,359 | $ | 224,691 | $ | 216,910 | $ | 185,860 | |||||||||||||||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Principles of Consolidation | ' |
Principles of Consolidation - The consolidated financial statements include all of the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. | |
Basis of Presentation | ' |
Basis of Presentation - The Company was determined to be the acquirer for accounting purposes and, therefore, the Merger (as defined below) was accounted for using the acquisition method of accounting. Accordingly, the purchase price of the Merger has been allocated to the Company’s assets and liabilities based upon their estimated fair values at the Acquisition Date. As used herein, the term “Predecessor” refers to the financial position and results of operations of Apple Six prior to the Acquisition Date. The term “Successor” refers to the financial position and results of operations of the Company on or after the Acquisition Date. Certain merger transaction costs incurred prior to May 14, 2013 by the Company are included in the Successor period, as that period represents the commencement of Successor operations. Prior to May 14, 2013, the Company had no revenues, and expenses were comprised solely of merger related costs. For accounting purposes, the purchase price allocation was applied on May 14, 2013. | |
Use of Estimates | ' |
Use of Estimates - The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Reclassifications | ' |
Reclassifications - Certain amounts in the Predecessor period consolidated financial statements have been reclassified to conform to the 2013 presentation, including quarterly financial data (unaudited) presented in Note 14. These reclassifications had no effect on previously reported net income or shareholders’ equity. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents - Cash and cash equivalents primarily consists of cash in banks. Cash equivalents consist of investments with maturities of three months or less at acquisition. The Company has deposits in excess of $250,000 within single financial institutions that are not insured by the Federal Deposit Insurance Corporation. The Company believes it mitigates this risk by depositing with major financial institutions. | |
Restricted Cash | ' |
Restricted Cash - Restricted cash consists of deposits held in escrow for the payment of certain required repairs, capital improvements, property taxes, insurance and ground rent pursuant to the terms of the Company’s mortgages payable and mezzanine loans, as well as a repairs and improvements reserve required by the Marriott International Inc. or its affiliates (“Marriott”) management agreements. | |
Due from Third Party Managers, Net | ' |
Due from Third Party Managers, net - Due from third party managers, net, represents the current earnings and working capital advanced to the hotel management companies for operation of the hotels, net of management fees payable. | |
Investment in Real Estate and Related Depreciation | ' |
Investment in Real Estate and Related Depreciation - Real estate is stated at cost, net of accumulated depreciation. Repair and maintenance costs are expensed as incurred while significant improvements, renovations, and replacements that extend the useful life of the real estate asset are capitalized and depreciated over the estimated useful life of the real estate asset. Depreciation is computed using the straight-line method over the average estimated useful lives of the assets, which are 39 years for buildings, 10 years for major improvements and three to seven years for furniture and equipment. | |
The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended. | |
Impairment of Investment in Real Estate | ' |
Impairment of Investment in Real Estate - The Company records impairment losses on hotel properties used in operations if indicators of impairment are present, and the sum of the undiscounted cash flows estimated to be generated by the respective properties over their estimated remaining useful life, based on historical and industry data, is less than the properties’ carrying amount. Indicators of impairment include: (1) a property with current or potential losses from operations, (2) when it becomes more likely than not that a property will be sold before the end of its previously estimated useful life or (3) when events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and an asset’s carrying value may not be recoverable. The Company monitors its properties on an ongoing basis by analytically reviewing financial performance and considers each property individually for purposes of reviewing for indicators of impairment. As many indicators of impairment are subjective, such as general economic and market declines, the Company also prepares a quarterly recoverability analysis for each of its properties to assist with its evaluation of impairment indicators. The analysis compares each property’s net book value to each property’s estimated operating income using current operating results for each stabilized property and projected stabilized operating results based on the property’s market for properties that recently opened, were recently renovated or experienced other short-term business disruption. Since the Acquisition involved an arm’s length transaction between a willing buyer and seller and because there has been a brief passage of time between the Acquisition Date and this report date, no triggering events have occurred to indicate the asset carrying value will not be recoverable. If events or circumstances change, such as the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable and an impairment loss will be recorded. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. No impairment charges were recorded for investments in real estate, net, included in our continuing operations for 2013. | |
Hotels Held for Sale | ' |
Hotels Held for Sale - The Company classifies assets as held for sale when the criteria specified under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, Impairment or Disposal of Long-Lived Assets, are met. Specifically, the criteria followed by the Company includes (a) management commits to a plan to sell, (b) the asset is available for immediate sale in its present condition, (c) the Company initiates an active program to locate a buyer, (d) the sale is probable to be completed within one year, and (e) the Company is actively marketing the asset at a reasonable price in relation to its current fair value. The Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the net sales price of the assets that have been identified for sale is less than the net book value of the assets, an impairment charge is recorded. In connection with the decision to sell the four hotels currently classified as held for sale in the consolidated financial statements, the Company recorded an impairment charge of $0.3 million in 2013, which represented the difference between the net book value and the fair value less cost to sell. | |
Goodwill | ' |
Goodwill - Goodwill represents the excess of purchase price over fair value of assets acquired and liabilities assumed in business combinations, and is characterized by the intangible assets that do not qualify for separate recognition. In accordance with accounting guidance related to goodwill and other intangible assets, the Company performs its annual testing for impairment of goodwill during the fourth quarter of each year and in certain situations between those annual dates if indicators of impairment are present. There is no goodwill impairment as of December 31, 2013. | |
Revenue Recognition | ' |
Revenue Recognition - Revenue is recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel’s services. | |
Sales and Marketing Costs | ' |
Sales and Marketing Costs - Sales and marketing costs are expensed when incurred. These costs represent the expense for franchise advertising and reservations systems under the terms of the hotel management and franchise agreements and general and administrative expenses that are directly attributable to advertising and promotion. | |
Income Taxes | ' |
Income Taxes - The Company made an election, through the filing of Form 1120-REIT for 2012, to qualify as a REIT under the Internal Revenue Code of 1986, as amended, beginning with the Company’s short taxable year ended December 31, 2012. In order to qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distributes at least 90% of its adjusted taxable income to its shareholders, subject to certain adjustments and excluding any net capital gain. The Company intends to adhere to these requirements to qualify for REIT status, and assuming it does qualify for taxation as a REIT, it will generally not be subject to federal income taxes to the extent it distributes substantially all of its taxable income to the Company’s shareholders. However, the Company’s taxable REIT subsidiaries (“TRS”) will generally be subject to federal, state, and local income taxes and the consolidated income tax provision includes those taxes. | |
Valuation of Deferred Tax Assets | ' |
Valuation of Deferred Tax Assets – The Company has approximately $0.5 million of deferred tax assets as of December 31, 2013. Management considered various factors, including tax planning strategies, future reversals of existing taxable temporary differences and future projected taxable income in determining that a valuation allowance for the deferred tax assets is not required, and the Company believes that it is more likely than not that it will be able to realize the $0.5 million of deferred tax assets in the future. When a determination is made that all, or a portion, of the deferred tax assets may not be realized, an increase in income tax expense will be recorded in that period. | |
Income (Loss) from Discontinued Operations | ' |
Income (loss) from Discontinued Operations - Income (loss) from discontinued operations is computed in accordance with ASC 205-20, Discontinued Operations, which requires, among other things, that the primary assets and liabilities and the results of operations of the Company’s real property that has been sold, or otherwise qualifies as held for sale, be classified as discontinued operations and segregated in the Company’s consolidated financial statements. | |
Segment Information | ' |
Segment Information - The principal business of the Company is the ownership of hotels. The Company separately evaluates the performance of each of its hotels. Since each of the Company’s hotels is located within the United States, and has similar facilities, economic characteristics, and services, all of the properties have been aggregated into a single operating segment. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards - In July 2012, the FASB issued Accounting Standards Updates (“ASU”) No. 2012-02, Intangibles-Goodwill and Other (ASC Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. ASU No. 2012-02 amends the impairment test for indefinite-lived intangible assets by allowing companies to first assess qualitative factors to determine if it is more likely than not that an indefinite-lived intangible asset might be impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. The changes to the ASC as a result of this update are effective prospectively for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The Company has adopted this guidance and it did not have any material impact on its consolidated financial statements. | |
Predecessor [Member] | ' |
Income (Loss) Per Common Share | ' |
Income (loss) per Common Share (Predecessor) - Basic income (loss) per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted income (loss) per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. Series B convertible preferred shares were converted on May 13, 2013 in connection with the Merger (as defined below) and included in the weighted average common shares calculation for the applicable periods. There were no potential dilutive shares during the applicable periods, and as a result, basic and dilutive outstanding shares were the same. | |
Successor [Member] | ' |
Income (Loss) Per Common Share | ' |
Income (loss) per Common Share (Successor) - Basic income (loss) per common share is computed based upon the weighted average number of shares outstanding during the period. There are no potential common shares with a dilutive effect for the period from the Acquisition Date through December 31, 2013. Therefore, basic and dilutive outstanding shares are the same. |
Merger_Tables
Merger (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Summary of Amounts Assigned to Assets Acquired and Liabilities Assumed in Connection with the Merger | ' | ||||
The following is a summary of the amounts (in thousands) assigned to the assets acquired and liabilities assumed by the Company in connection with the Merger: | |||||
Investment in real estate (including real estate held for sale) | $ | 980,895 | |||
Goodwill | 126,377 | ||||
Cash | 11,051 | ||||
Restricted cash-furniture, fixtures and other escrows | 1,196 | ||||
Due from third party managers, net | 7,186 | ||||
Prepaid expenses and other assets | 4,160 | ||||
Credit facility | (30,970 | ) | |||
Mortgage debt | (18,078 | ) | |||
Accounts payable and accrued expenses | (4,452 | ) | |||
Ground lease | (300 | ) | |||
$ | 1,077,065 | ||||
Investment_in_Real_Estate_Net_
Investment in Real Estate, Net (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Real Estate [Abstract] | ' | ||||||||||
Investment in Real Estate | ' | ||||||||||
Investment in real estate, net as of December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||||
Successor | Predecessor | ||||||||||
2013 | 2012 | ||||||||||
Land | $ | 153,968 | $ | 107,736 | |||||||
Building and Improvements | 793,900 | 752,736 | |||||||||
Furniture, Fixtures and Equipment | 25,408 | 82,503 | |||||||||
Construction in Progress | 2,097 | 0 | |||||||||
Franchise Fees | 0 | 3,043 | |||||||||
975,373 | 946,018 | ||||||||||
Less: Accumulated Depreciation | (16,359 | ) | (216,910 | ) | |||||||
Investment in Real Estate, net | $ | 959,014 | $ | 729,108 | |||||||
Summary of Real Estate Properties Owned by Company | ' | ||||||||||
As of December 31, 2013, the Company owned 66 hotels located in 18 states with an aggregate of 7,651 rooms consisting of the following: | |||||||||||
Brand | Total by | Number of | |||||||||
Brand | Rooms | ||||||||||
Hilton Garden Inn | 14 | 1,793 | |||||||||
Residence Inn | 10 | 1,247 | |||||||||
Courtyard | 10 | 990 | |||||||||
SpringHill Suites | 7 | 737 | |||||||||
Homewood Suites | 6 | 712 | |||||||||
TownePlace Suites | 5 | 645 | |||||||||
Fairfield Inn | 5 | 351 | |||||||||
Hampton Inn | 4 | 454 | |||||||||
Hampton Inn & Suites | 3 | 303 | |||||||||
Marriott | 2 | 419 | |||||||||
Total | 66 | 7,651 | |||||||||
Mortgages_Payable_and_Mezzanin1
Mortgages Payable and Mezzanine Loans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Mortgage Loans On Real Estate [Abstract] | ' | ||||||||||||
Schedule of Long-Term Debt | ' | ||||||||||||
Long-term debt as of December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||
Successor | Predecessor | ||||||||||||
2013 | 2012 | ||||||||||||
Mortgages payable | $ | 617,855 | $ | 23,947 | |||||||||
Mezzanine loans | 175,000 | 0 | |||||||||||
Credit facility | 0 | 34,470 | |||||||||||
Total | $ | 792,855 | $ | 58,417 | |||||||||
Schedule of Future Principal Payments of Debt Obligations | ' | ||||||||||||
Future scheduled principal payments of debt obligations (assuming no exercise of extension options) as of December 31, 2013 are as follows (in thousands): | |||||||||||||
Mortgages | Mezzanine Loans | Total | |||||||||||
Payable | |||||||||||||
2014 | $ | 402 | $ | 0 | $ | 402 | |||||||
2015 | 421 | 0 | 421 | ||||||||||
2016 | 600,440 | 175,000 | 775,440 | ||||||||||
2017 | 464 | 0 | 464 | ||||||||||
2018 | 487 | 0 | 487 | ||||||||||
Thereafter | 15,641 | 0 | 15,641 | ||||||||||
Total | $ | 617,855 | $ | 175,000 | $ | 792,855 | |||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||
Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||
Interest rate caps | $ | 465 | $ | 465 | $ | 0 | $ | 0 | |||||||||||
Financial assets not measured at fair value: | |||||||||||||||||||
Cash and cash equivalents | $ | 23,902 | $ | 23,902 | $ | 0 | $ | 0 | |||||||||||
Restricted cash | $ | 39,179 | $ | 39,179 | $ | 1,459 | $ | 1,459 | |||||||||||
Due from third party managers, net | $ | 4,841 | $ | 4,841 | $ | 7,546 | $ | 7,546 | |||||||||||
Financial liabilities not measured at fair value: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 12,453 | $ | 12,453 | $ | 7,306 | $ | 7,306 | |||||||||||
Credit facility | $ | 0 | $ | 0 | $ | 34,470 | $ | 34,716 | |||||||||||
Mortgages payable | $ | 617,855 | $ | 616,425 | $ | 23,947 | $ | 24,837 | |||||||||||
Mezzanine loans | $ | 175,000 | $ | 175,000 | $ | 0 | $ | 0 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Aggregate Amounts of Minimum Lease Payments under Lease Agreements | ' | ||||
The aggregate amounts of minimum lease payments under these lease agreements for the five years subsequent to December 31, 2013 and thereafter are as follows (in thousands): | |||||
Amount | |||||
2014 | $ | 261 | |||
2015 | 267 | ||||
2016 | 209 | ||||
2017 | 132 | ||||
2018 | 99 | ||||
Thereafter | 479 | ||||
Total | $ | 1,447 | |||
7_Series_A_Cumulative_Redeemab1
7% Series A Cumulative Redeemable Preferred Stock (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Equity [Abstract] | ' | ||||
Summary of Reconciliation of Series A Preferred Stock | ' | ||||
The table below reconciles the Series A Preferred Stock for the year ended December 31, 2013 (amounts in thousands except per share data): | |||||
Shares issued | 97,033 | ||||
Liquidation preference (per share) | $ | 1.9 | |||
Beginning balance as of May 14, 2013 | $ | 184,363 | |||
Issuance costs | (1,223 | ) | |||
Accretion of issuance costs | 1,223 | ||||
Dividends declared | (8,685 | ) | |||
Dividends earned | 8,147 | ||||
Ending balance as of December 31, 2013 | $ | 183,825 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Differences in Provision for Income Taxes by Applying Statutory Federal Income Tax Rate to Pretax from Continuing Operations | ' | ||||||||
The provision for income taxes differs from the amounts of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following differences (in thousands): | |||||||||
Year Ended | |||||||||
December 31, 2013 | |||||||||
Statutory federal income tax provision | $ | 738 | 34 | % | |||||
Adjustment for nontaxable income | (160 | ) | (7.3 | ) | |||||
State income taxes, net of federal income tax benefit | 242 | 11.3 | |||||||
Other | 6 | 0.4 | |||||||
Total income tax expense | $ | 826 | 38.4 | % | |||||
Components of Company's Income Tax Expense from Continuing Operations | ' | ||||||||
The components of the Company’s income tax expense from continuing operations for the year ended December 31, 2013 were as follows (in thousands): | |||||||||
Year Ended | |||||||||
December 31, 2013 | |||||||||
Income tax expense (benefit): | |||||||||
Current: | |||||||||
Federal | $ | 950 | |||||||
State | 366 | ||||||||
Deferred: | |||||||||
Federal | (449 | ) | |||||||
State | (41 | ) | |||||||
Total | $ | 826 | |||||||
TRS [Member] | ' | ||||||||
Components of Net Deferred Tax Asset | ' | ||||||||
The components of the consolidated TRS’s net deferred tax assets as of December 31, 2013 were as follows (in thousands): | |||||||||
Year Ended | |||||||||
December 31, 2013 | |||||||||
Deferred tax balances: | |||||||||
Accrued expenses and other | $ | 533 | |||||||
Prepaid expenses and other | (43 | ) | |||||||
Net deferred tax assets | $ | 490 |
Hotels_Held_for_Sale_and_Disco1
Hotels Held for Sale and Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||||
Operating Results from Discontinued Operations | ' | ||||||||||||||||||
The following table sets forth the operating results from discontinued operations for the Successor and Predecessor periods (in thousands). The year ended December 31, 2011 column includes the operating results from the two Tempe, Arizona properties which were sold by the Predecessor in June 2011. | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year ended | Period from | Year ended | |||||||||||||||||
December 31, | January 1, | December 31, | |||||||||||||||||
2013 | through | ||||||||||||||||||
May 13, 2013 | 2012 | 2011 | |||||||||||||||||
Total revenue | $ | 3,274 | $ | 1,856 | $ | 5,073 | $ | 6,888 | |||||||||||
Hotel operating expenses | 2,624 | 1,408 | 3,904 | 4,907 | |||||||||||||||
Taxes, insurance and other | 149 | 168 | 193 | 285 | |||||||||||||||
General and administrative | 104 | 0 | 8 | 17 | |||||||||||||||
Depreciation expense | 42 | 262 | 732 | 740 | |||||||||||||||
Interest expense | 317 | 0 | 277 | 381 | |||||||||||||||
Income tax benefit | (16 | ) | 0 | 0 | 0 | ||||||||||||||
Estimated selling costs | 340 | 0 | 0 | 0 | |||||||||||||||
(Loss) income from discontinued operations | ($ | 286 | ) | $ | 18 | ($ | 41 | ) | $ | 558 |
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Data | ' | ||||||||||||||||
Successor | |||||||||||||||||
Quarter Ended - 2013 | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Revenues | $ | 0 | $ | 37,561 | $ | 73,775 | $ | 59,674 | |||||||||
Income (loss) from continuing operations | (14,888 | ) | (1,009 | ) | 11,375 | 5,848 | |||||||||||
Income (loss) from discontinued operations | 0 | 152 | (455 | ) | 17 | ||||||||||||
Net income (loss) | (14,888 | ) | (857 | ) | 10,920 | 5,865 | |||||||||||
Accrued Series A Preferred Stock dividends | 0 | (2,907 | ) | (3,231 | ) | (3,231 | ) | ||||||||||
Net income (loss) available for common stockholders | (14,888 | ) | (3,764 | ) | 7,689 | 2,634 | |||||||||||
Basic and diluted net income (loss) per common share available to common stockholders | ($ | 148,880.00 | ) | ($ | 37,640.00 | ) | $ | 76,890.00 | $ | 26,340.00 | |||||||
Distributions declared and paid per common share | $ | 0 | $ | 0 | $ | 41,000.00 | $ | 100,000.00 | |||||||||
Predecessor | |||||||||||||||||
Quarter | Period from | ||||||||||||||||
Ended | April 1 | ||||||||||||||||
March 31, | through | ||||||||||||||||
2013 | May 13, 2013 | ||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Revenues | $ | 59,000 | $ | 32,112 | |||||||||||||
Income (loss) from continuing operations | 9,941 | (60,543 | ) | ||||||||||||||
Income (loss) from discontinued operations | (38 | ) | 57 | ||||||||||||||
Net income (loss) | 9,903 | (60,486 | ) | ||||||||||||||
Basic and diluted net income (loss) per common share | $ | 0.11 | ($ | 0.66 | ) | ||||||||||||
Distributions declared and paid per common share | $ | 0 | $ | 0 | |||||||||||||
Predecessor | |||||||||||||||||
Quarter Ended - 2012 | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Revenues | $ | 58,581 | $ | 66,757 | $ | 71,327 | $ | 58,693 | |||||||||
Income from continuing operations | 9,259 | 15,544 | 18,350 | 6,431 | |||||||||||||
Income (loss) from discontinued operations | 21 | 125 | (144 | ) | (43 | ) | |||||||||||
Net income | 9,280 | 15,669 | 18,206 | 6,388 | |||||||||||||
Basic and diluted net income per common share | $ | 0.1 | $ | 0.17 | $ | 0.2 | $ | 0.07 | |||||||||
Distributions declared and paid per common share | $ | 0.198 | $ | 0.198 | $ | 0.198 | $ | 0.132 |
Organization_Additional_Inform
Organization - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
State | |
Room | |
Hotel | |
Property, Plant and Equipment [Line Items] | ' |
Percentage of common stock owned by BRE Select Hotels Holdings LP | 100.00% |
Number of hotels owned | 66 |
Number of states the hotels located | 18 |
Aggregate number of rooms | 7,651 |
Apple Six [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Acquisition date | 14-May-13 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Property | |
Hotel | |
Property, Plant and Equipment [Line Items] | ' |
Deposits within financial institutions | $250,000 |
Number of identical assets purchase | 10 |
Impairment charges for investments in real estate, net | 0 |
Goodwill impairment | 0 |
Number of hotels | 4 |
Impairment charges | 300,000 |
Deferred tax assets | 500,000 |
Real Estate Investment Trust [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Percentage of adjusted taxable income to be distributed to shareholders | 90.00% |
Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of assets | '39 years |
Major Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of assets | '10 years |
Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of assets | '1 year |
Cost of asset | 500 |
Asset per unit cost | 50 |
Repairs cost of asset | $2,500 |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of assets | '3 years |
Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Sales completion period | '1 year |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of assets | '7 years |
Merger_Additional_Information_
Merger - Additional Information (Detail) (USD $) | 12 Months Ended | 4 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2013 | 13-May-13 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | 14-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | |
Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | 7% Series A Cumulative Redeemable Preferred Shares [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | ||
Successor [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of controlling interest of Apple Six acquired | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock dividend rate | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' |
Exchange price per share | ' | ' | ' | ' | ' | ' | ' | $9.20 | ' |
Preferred Stock liquidation preference per share | ' | ' | ' | ' | ' | $1.90 | ' | $1.90 | ' |
Merger consideration, net cash contribution | $214,900,000 | $881,652,000 | $0 | $0 | $0 | ' | ' | ' | ' |
Cumulative preferred shares | 184,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt incurred in merger transaction | 775,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Merger transaction costs | ' | 21,537,000 | 67,633,000 | 4,037,000 | 562,000 | ' | ' | ' | ' |
Equity issuance costs recognized | ' | 1,223,000 | 0 | 0 | 0 | ' | 1,200,000 | ' | 1,200,000 |
Merger related costs | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' |
Insurance claim settlement proceeds | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Merger_Summary_of_Amounts_Assi
Merger - Summary of Amounts Assigned to Assets Acquired and Liabilities Assumed in Connection with the Merger (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Business Combinations [Abstract] | ' |
Investment in real estate (including real estate held for sale) | $980,895 |
Goodwill | 126,377 |
Cash | 11,051 |
Restricted cash-furniture, fixtures and other escrows | 1,196 |
Due from third party managers, net | 7,186 |
Prepaid expenses and other assets | 4,160 |
Credit facility | -30,970 |
Mortgage debt | -18,078 |
Accounts payable and accrued expenses | -4,452 |
Ground lease | -300 |
Assets acquired and liabilities assumed, net | $1,077,065 |
Investment_in_Real_Estate_Net_1
Investment in Real Estate, Net - Investment in Real Estate (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] |
Land [Member] | Major Improvements [Member] | Furniture, Fixtures and Equipment [Member] | Construction in Process [Member] | Franchise Fees [Member] | Land [Member] | Major Improvements [Member] | Furniture, Fixtures and Equipment [Member] | Construction in Process [Member] | Franchise Fees [Member] | |||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in Real Estate, Gross | $975,373 | $153,968 | $793,900 | $25,408 | $2,097 | $0 | $946,018 | $107,736 | $752,736 | $82,503 | $0 | $3,043 |
Less: Accumulated Depreciation | -16,359 | ' | ' | ' | ' | ' | -216,910 | ' | ' | ' | ' | ' |
Investment in Real Estate, net | $959,014 | ' | ' | ' | ' | ' | $729,108 | ' | ' | ' | ' | ' |
Investment_in_Real_Estate_Net_2
Investment in Real Estate, Net - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
State | |
Room | |
Hotel | |
Investments Schedule [Abstract] | ' |
Number of hotels owned | 66 |
Number of states the hotels located | 18 |
Aggregate number of rooms | 7,651 |
Investment_in_Real_Estate_Net_3
Investment in Real Estate, Net - Summary of Real Estate Properties Owned by Company (Detail) | Dec. 31, 2013 |
Room | |
Hotel | |
Real Estate Properties [Line Items] | ' |
Total by Brand | 66 |
Number of Rooms | 7,651 |
Hilton Garden Inn [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 14 |
Number of Rooms | 1,793 |
Residence Inn [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 10 |
Number of Rooms | 1,247 |
Courtyard [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 10 |
Number of Rooms | 990 |
SpringHill Suites [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 7 |
Number of Rooms | 737 |
Homewood Suites [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 6 |
Number of Rooms | 712 |
TownePlace Suites [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 5 |
Number of Rooms | 645 |
Fairfield Inn [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 5 |
Number of Rooms | 351 |
Hampton Inn [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 4 |
Number of Rooms | 454 |
Hampton Inn & Suites [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 3 |
Number of Rooms | 303 |
Marriott [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 2 |
Number of Rooms | 419 |
Deferred_Financing_Costs_Addit
Deferred Financing Costs - Additional Information (Detail) (Successor [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Successor [Member] | ' |
Amortization of deferred financing costs | $3.30 |
Mortgages_Payable_and_Mezzanin2
Mortgages Payable and Mezzanine Loans - Schedule of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Successor [Member] | Predecessor [Member] | |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' | ' |
Mortgages payable | ' | $617,855 | $23,947 |
Mezzanine loans | ' | 175,000 | 0 |
Credit facility | ' | 0 | 34,470 |
Total | $792,855 | $792,855 | $58,417 |
Mortgages_Payable_and_Mezzanin3
Mortgages Payable and Mezzanine Loans - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | 14-May-13 | |
Property | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of properties leased | ' | 65 |
Number of properties owned | ' | 66 |
Loan, maturity date | 9-May-16 | ' |
Increase in the applicable interest rate, basis points | 0.25% | ' |
Debt yield | 8.75% | ' |
Prepayment percentage of loan during first twelve months of initial term | 15.00% | ' |
Weighted average interest rate on long-term debt | 4.18% | ' |
Fort Worth, Texas Residence Inn [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Loan, Outstanding principle balance | 17,900,000 | ' |
Loan, maturity date | 6-Oct-22 | ' |
Loan, interest rate | 4.73% | ' |
Unsecured Credit Facility [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Repayment of debt | 31,000,000 | ' |
Successor [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mezzanine Loan | 175,000,000 | ' |
Interest expense, excluding deferred financing costs | 21,200,000 | ' |
Mortgages Payable [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Loan, Outstanding principle balance | ' | 600,000,000 |
Loans maturity, description | 'The Loans are scheduled to mature on May 9, 2016, with an option for the Borrowers to extend the initial term for two one-year extension terms, subject to certain conditions. In the event the Borrowers exercise the second one-year extension option, there will be a one-time increase in the applicable interest rate by 25 basis points for the last one-year extension period. | ' |
Number of components of Mortgage Loan | 6 | ' |
Loans prepayment term, description | 'Prepayment is made at any time during the period from the thirteenth month through the eighteenth month of the initial term of the Loans and such prepayment, when aggregated with all other prepayments made by a Borrower of the applicable Loan, exceeds 15% of the amount of the Loans funded to such Borrower, then such Borrower will pay to the Lenders an amount equal to the present value of the interest payable on the principal being prepaid for the period from the date of the prepayment through the eighteenth month of the initial term of the Loans. Any prepayment made after the eighteenth month of the initial term of the Loans may be made without any prepayment penalty or fee. | ' |
Repayment of debt | 5,600,000 | ' |
Mortgages Payable [Member] | Subsidiary [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Newly formed indirect subsidiary acquired number of properties | 3 | ' |
Mortgages Payable [Member] | One-Month LIBOR [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Margin rate | 3.34% | ' |
Mezzanine A Loan [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mezzanine Loan | ' | 100,000,000 |
Mezzanine A Loan [Member] | One-Month LIBOR [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Margin rate | 5.75% | ' |
Mezzanine B Loan [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mezzanine Loan | ' | 75,000,000 |
Mezzanine B Loan [Member] | One-Month LIBOR [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Margin rate | 6.95% | ' |
Mezzanine Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Debt yield | 9.00% | ' |
Mortgages_Payable_and_Mezzanin4
Mortgages Payable and Mezzanine Loans - Schedule of Future Principal Payments of Debt Obligations (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Mortgage Loans on Real Estate [Line Items] | ' |
2014 | $402 |
2015 | 421 |
2016 | 775,440 |
2017 | 464 |
2018 | 487 |
Thereafter | 15,641 |
Total | 792,855 |
Mortgages Payable [Member] | ' |
Mortgage Loans on Real Estate [Line Items] | ' |
2014 | 402 |
2015 | 421 |
2016 | 600,440 |
2017 | 464 |
2018 | 487 |
Thereafter | 15,641 |
Total | 617,855 |
Mezzanine Loans [Member] | ' |
Mortgage Loans on Real Estate [Line Items] | ' |
2014 | 0 |
2015 | 0 |
2016 | 175,000 |
2017 | 0 |
2018 | 0 |
Thereafter | 0 |
Total | $175,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | 13-May-13 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Interest rate caps, Carrying Value | $465 | ' | ' | $0 | ' | ' |
Cash and cash equivalents, Carrying Value | 23,902 | 0 | 11,051 | 0 | 32 | 0 |
Restricted cash, Carrying Value | 39,179 | ' | ' | 1,459 | ' | ' |
Due from third party managers, net, Carrying Value | 4,841 | ' | ' | 7,546 | ' | ' |
Accounts payable and accrued expenses, Carrying Value | 12,453 | ' | ' | 7,306 | ' | ' |
Credit facility, Carrying Value | 0 | ' | ' | 34,470 | ' | ' |
Mortgages payable, Carrying Value | 617,855 | ' | ' | 23,947 | ' | ' |
Mezzanine loans, Carrying Value | 175,000 | ' | ' | 0 | ' | ' |
Interest rate caps, Estimated Fair Value | 465 | ' | ' | 0 | ' | ' |
Cash and cash equivalents, Estimated Fair Value | 23,902 | ' | ' | 0 | ' | ' |
Restricted cash, Estimated Fair Value | 39,179 | ' | ' | 1,459 | ' | ' |
Due from third party managers, net, Estimated Fair Value | 4,841 | ' | ' | 7,546 | ' | ' |
Accounts payable and accrued expenses, Estimated Fair Value | 12,453 | ' | ' | 7,306 | ' | ' |
Credit facility, Estimated Fair Value | 0 | ' | ' | 34,716 | ' | ' |
Mortgages payable, Estimated Fair Value | 616,425 | ' | ' | 24,837 | ' | ' |
Mezzanine loans, Estimated Fair Value | $175,000 | ' | ' | $0 | ' | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Agreement | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Number of interest rate cap agreements acquired | 3 |
Cash, cash equivalents and restricted cash, Maturity | 'Less than 90 days |
Interest Rate Cap [Member] | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Interest rate derivative instrument cost | 431,210 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | 14-May-13 | 14-May-13 | 14-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Hotel | Property | Hilton Worldwide, Inc. [Member] | Newport Hospitality Group, Inc [Member] | PA Residence Inn [Member] | Management Agreements [Member] | TRS Lease Agreements [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Ground Leases [Member] | Ground Leases [Member] | Ground Leases [Member] | Apple REIT class action litigation [Member] | Apple REIT class action litigation [Member] | SEC Investigation [Member] | SEC Investigation [Member] | |
Hotel | Hotel | Hotel | Franchise Agreements [Member] | Franchise Agreements [Member] | Courtyard and Fairfield Inn [Member] | Minimum [Member] | Maximum [Member] | Other Parties [Member] | Other Parties [Member] | |||||||||
Property | ||||||||||||||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 80.00% | 25.00% | 75.00% |
Royalty fee | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties | ' | 66 | ' | ' | ' | 66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties converted under management agreement | ' | ' | 5 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of management fee as percentage of revenue | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income (expense), net | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease obligation remaining period | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | '2 years | '20 years | ' | ' | ' | ' |
Number of properties leased under single ground lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Ground lease expenses | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Aggregate Amounts of Minimum Lease Payments under Lease Agreements (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $261 |
2015 | 267 |
2016 | 209 |
2017 | 132 |
2018 | 99 |
Thereafter | 479 |
Total | $1,447 |
7_Series_A_Cumulative_Redeemab2
7% Series A Cumulative Redeemable Preferred Stock - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | 14-May-13 | Dec. 31, 2013 | Sep. 30, 2013 | |
7% Series A Cumulative Redeemable Preferred Shares [Member] | 7% Series A Cumulative Redeemable Preferred Shares [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | |
Maximum [Member] | BRE Holdings [Member] | ||||
Issue of shares expected | 97,032,848 | ' | ' | ' | ' |
Initial date for redemption of shares | 14-Nov-20 | ' | ' | ' | ' |
Preferred stock, dividend rate | 7.00% | ' | ' | ' | ' |
Increase in dividend rate of preferred stock per annum, if not paid in cash for more than six quarters | 9.00% | ' | ' | ' | ' |
Increase in dividend rate of preferred stock if not redeemed after control events and May 14, 2018 | 11.00% | ' | ' | ' | ' |
Date of issuance of preferred stock | 14-May-18 | ' | ' | ' | ' |
Preferred stock tender offer number of shares | ' | ' | ' | ' | 2,000,000 |
Preferred stock purchase price | ' | ' | ' | ' | $1.30 |
Preferred stock initial liquidation preference per share | $1.90 | ' | ' | $1.90 | ' |
Date of merger agreement | 29-Nov-12 | ' | ' | ' | ' |
Legacy litigation and regulatory matters, expense | ' | $3,500,000 | ' | ' | ' |
Merger transaction costs attributed to issuance of shares | ' | ' | $1,200,000 | ' | ' |
Preferred stock, dividend declared per share | $0.03 | ' | ' | ' | ' |
Dividend payable, date to be paid | 15-Jan-14 | ' | ' | ' | ' |
Preferred stock, dividend record date | 1-Jan-14 | ' | ' | ' | ' |
Dividend payable, date declared | 31-Dec-13 | ' | ' | ' | ' |
7_Series_A_Cumulative_Redeemab3
7% Series A Cumulative Redeemable Preferred Stock - Summary of Reconciliation of Series A Preferred Stock (Detail) (Series A Preferred Stock [Member], USD $) | 8 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Series A Preferred Stock [Member] | ' |
Preferred Stock [Line Items] | ' |
Shares issued | 97,033 |
Liquidation preference (per share) | $1.90 |
Beginning balance as of May 14, 2013 | $184,363 |
Issuance costs | -1,223 |
Accretion of issuance costs | 1,223 |
Dividends declared | -8,685 |
Dividends earned | 8,147 |
Ending balance as of December 31, 2013 | $183,825 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 14, 2014 | Dec. 31, 2013 | Jan. 18, 2013 | |
BRE Holdings [Member] | Subsequent Event [Member] | Series B Redeemable Preferred Stock [Member] | Series B Redeemable Preferred Stock [Member] | |||
Shares authorized to issue | 150,100,000 | ' | ' | ' | ' | ' |
Common stock, shares authorized | 100,000 | ' | ' | ' | ' | ' |
Common stock, par value | $0.01 | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 150,000,000 | ' | ' | ' | 125 | ' |
Preferred stock, par value | $0.00 | ' | ' | ' | ' | ' |
Common stock voting rights | 'Company's common stock are entitled to one vote for each share of common stock. | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 100 | 100 | ' | ' | ' | ' |
Common stock, shares issued | 100 | 100 | ' | ' | ' | ' |
Percentage owned by company's issued and outstanding common stock | 100.00% | ' | 100.00% | ' | ' | ' |
Redemption price per share | ' | ' | ' | ' | $1,000 | ' |
Dividend payable rate of percentage per annum | ' | ' | ' | ' | 12.00% | ' |
Preferred stock, shares issued | ' | ' | ' | ' | ' | 113 |
Preferred stock, issued date | ' | ' | ' | ' | 18-Jan-13 | ' |
Preferred stock, redeemed date | ' | ' | ' | ' | 10-May-13 | ' |
Common stock dividend declared per share | ' | ' | ' | $50,000 | ' | ' |
Dividend payable, date to be paid | ' | ' | ' | 19-Feb-14 | ' | ' |
Dividend payable, date declared | ' | ' | ' | 14-Feb-14 | ' | ' |
Income_Taxes_Schedule_of_Diffe
Income Taxes - Schedule of Differences in Provision for Income Taxes by Applying Statutory Federal Income Tax Rate to Pretax From Continuing Operations (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' |
Statutory federal income tax provision | $738 |
Adjustment for nontaxable income | -160 |
State income taxes, net of federal income tax benefit | 242 |
Other | 6 |
Total income tax expense | $826 |
Statutory federal income tax provision, percentage | 34.00% |
Adjustment for nontaxable income, percentage | -7.30% |
State income taxes, net of federal income tax benefit, percentage | 11.30% |
Other, percentage | 0.40% |
Total income tax expense, percentage | 38.40% |
Income_Taxes_Components_of_Com
Income Taxes - Components of Company's Income Tax Expense from Continuing Operations (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Current: | ' |
Federal | $950 |
State | 366 |
Deferred: | ' |
Federal | -449 |
State | -41 |
Total income tax expense | $826 |
Income_Taxes_Components_of_Net
Income Taxes - Components of Net Deferred Tax Assets (Detail) (TRS [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
TRS [Member] | ' |
Deferred tax balances: | ' |
Accrued expenses and other | $533 |
Prepaid expenses and other | -43 |
Net deferred tax assets | $490 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Tax years that remains open after | '2009 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 |
Hotel | ||
Related Party Transaction [Line Items] | ' | ' |
Number of hotels | ' | 66 |
Reimbursement for professional fees and related expenses | $5.90 | ' |
Hilton Worldwide Holdings Inc Franchisor [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Number of hotels | ' | 27 |
Hotels_Held_for_Sale_and_Disco2
Hotels Held for Sale and Discontinued Operations - Additional Information (Detail) (USD $) | 12 Months Ended | 6 Months Ended | |
Dec. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2012 | |
Property | Predecessor [Member] | Predecessor [Member] | |
Property | |||
Discontinued Operations [Line Items] | ' | ' | ' |
Number of properties to be sold | 4 | ' | ' |
Hotels held for sale | $9,500,000 | ' | $0 |
Sale of properties expected to close | 'Second quarter of 2014 | ' | ' |
Loss on anticipated sale of hotels | $300,000 | ' | ' |
Number of properties sold | ' | 2 | ' |
Hotels_Held_for_Sale_and_Disco3
Hotels Held for Sale and Discontinued Operations - Operating Results from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | 13-May-13 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | 13-May-13 | Dec. 31, 2012 | Dec. 31, 2011 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | $3,274 | ' | ' | ' | ' | ' | ' | $1,856 | $5,073 | $6,888 |
Hotel operating expenses | ' | ' | ' | ' | 2,624 | ' | ' | ' | ' | ' | ' | 1,408 | 3,904 | 4,907 |
Taxes, insurance and other | ' | ' | ' | ' | 149 | ' | ' | ' | ' | ' | ' | 168 | 193 | 285 |
General and administrative | ' | ' | ' | ' | 104 | ' | ' | ' | ' | ' | ' | 0 | 8 | 17 |
Depreciation expense | ' | ' | ' | ' | 42 | ' | ' | ' | ' | ' | ' | 262 | 732 | 740 |
Interest expense | ' | ' | ' | ' | 317 | ' | ' | ' | ' | ' | ' | 0 | 277 | 381 |
Income tax benefit | ' | ' | ' | ' | -16 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Estimated selling costs | ' | ' | ' | ' | 340 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(Loss) income from discontinued operations | $17 | ($455) | $152 | $0 | ($286) | $57 | ($38) | ($43) | ($144) | $125 | $21 | $18 | ($41) | $558 |
Quarterly_Financial_Data_Sched
Quarterly Financial Data - Schedule of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | 13-May-13 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | 13-May-13 | Dec. 31, 2012 | Dec. 31, 2011 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Effect of Fourth Quarter Events [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $59,674 | $73,775 | $37,561 | $0 | $171,010 | $32,112 | $59,000 | $58,693 | $71,327 | $66,757 | $58,581 | $91,113 | $255,359 | $239,050 |
Income (loss) from continuing operations | 5,848 | 11,375 | -1,009 | -14,888 | 1,326 | -60,543 | 9,941 | 6,431 | 18,350 | 15,544 | 9,259 | -50,601 | 49,584 | 44,603 |
Income (loss) from discontinued operations | 17 | -455 | 152 | 0 | -286 | 57 | -38 | -43 | -144 | 125 | 21 | 18 | -41 | 558 |
Net income (loss) | 5,865 | 10,920 | -857 | -14,888 | 1,040 | -60,486 | 9,903 | 6,388 | 18,206 | 15,669 | 9,280 | -50,583 | 49,543 | 45,161 |
Accrued Series A Preferred Stock dividends | -3,231 | -3,231 | -2,907 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) available for common stockholders | $2,634 | $7,689 | ($3,764) | ($14,888) | ($2,191) | ' | ' | ' | ' | ' | ' | ($50,583) | $49,543 | $45,161 |
Basic and diluted net income (loss) per common share available to common stockholders | $26,340 | $76,890 | $37,640 | ($148,880) | ($21,910) | ($0.66) | $0.11 | $0.07 | $0.20 | $0.17 | $0.10 | ($0.55) | $0.54 | $0.49 |
Distributions declared and paid per common share | $100,000 | $41,000 | $0 | $0 | $141,000 | $0 | $0 | $0.13 | $0.20 | $0.20 | $0.20 | ' | $0.73 | $0.78 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | 13-May-13 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Room | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Dothan [Member] | Dothan [Member] | Huntsville [Member] | Huntsville [Member] | Tuscaloosa [Member] | Tuscaloosa [Member] | Anchorage [Member] | Anchorage [Member] | Anchorage [Member] | Phoenix [Member] | Arcadia [Member] | Arcadia [Member] | Bakersfield [Member] | Folsom [Member] | Foothill Ranch [Member] | Lake Forest [Member] | Milpitas [Member] | Roseville [Member] | San Francisco [Member] | Boulder [Member] | Glendale [Member] | Lakewood [Member] | Farmington [Member] | Rocky Hill [Member] | Wallingford [Member] | Clearwater [Member] | Lake Mary [Member] | Lakeland [Member] | Panama City [Member] | Pensacola [Member] | Pensacola [Member] | Pensacola [Member] | Tallahassee [Member] | Albany [Member] | Columbus [Member] | Valdosta [Member] | Mt Olive [Member] | Somerset [Member] | Saratoga Springs [Member] | Roanoke Rapids [Member] | Hillsboro [Member] | Hillsboro [Member] | Hillsboro [Member] | Portland [Member] | Pittsburgh [Member] | Myrtle Beach [Member] | Nashville [Member] | Arlington [Member] | Arlington [Member] | Dallas [Member] | Fort Worth [Member] | Fort Worth [Member] | Fort Worth [Member] | Laredo [Member] | Laredo [Member] | Las Colinas [Member] | McAllen [Member] | Fredericksburg [Member] | Kent [Member] | Mukilteo [Member] | Redmond [Member] | Renton [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |
Alabama [Member] | Alabama [Member] | Alabama [Member] | Alabama [Member] | Alabama [Member] | Alabama [Member] | Alaska [Member] | Alaska [Member] | Alaska [Member] | Alaska [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | Colorado [Member] | Colorado [Member] | Colorado [Member] | Connecticut [Member] | Connecticut [Member] | Connecticut [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Georgia [Member] | Georgia [Member] | Georgia [Member] | New Jersey [Member] | New Jersey [Member] | New York [Member] | North Carolina [Member] | Oregon [Member] | Oregon [Member] | Oregon [Member] | Oregon [Member] | Pennsylvania [Member] | South Carolina [Member] | Tennessee [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Virginia [Member] | Washington [Member] | Washington [Member] | Washington [Member] | Washington [Member] | Dothan [Member] | Dothan [Member] | Huntsville [Member] | Huntsville [Member] | Tuscaloosa [Member] | Tuscaloosa [Member] | Anchorage [Member] | Anchorage [Member] | Anchorage [Member] | Phoenix [Member] | Arcadia [Member] | Arcadia [Member] | Bakersfield [Member] | Folsom [Member] | Foothill Ranch [Member] | Lake Forest [Member] | Milpitas [Member] | Roseville [Member] | San Francisco [Member] | Boulder [Member] | Glendale [Member] | Lakewood [Member] | Farmington [Member] | Rocky Hill [Member] | Wallingford [Member] | Clearwater [Member] | Lake Mary [Member] | Lakeland [Member] | Panama City [Member] | Pensacola [Member] | Pensacola [Member] | Pensacola [Member] | Tallahassee [Member] | Albany [Member] | Columbus [Member] | Valdosta [Member] | Mt Olive [Member] | Somerset [Member] | Saratoga Springs [Member] | Roanoke Rapids [Member] | Hillsboro [Member] | Hillsboro [Member] | Hillsboro [Member] | Portland [Member] | Pittsburgh [Member] | Myrtle Beach [Member] | Nashville [Member] | Arlington [Member] | Arlington [Member] | Dallas [Member] | Fort Worth [Member] | Fort Worth [Member] | Fort Worth [Member] | Laredo [Member] | Laredo [Member] | Las Colinas [Member] | McAllen [Member] | Fredericksburg [Member] | Kent [Member] | Mukilteo [Member] | Redmond [Member] | Renton [Member] | Dothan [Member] | Dothan [Member] | Huntsville [Member] | Huntsville [Member] | Tuscaloosa [Member] | Tuscaloosa [Member] | Anchorage [Member] | Anchorage [Member] | Anchorage [Member] | Phoenix [Member] | Arcadia [Member] | Arcadia [Member] | Bakersfield [Member] | Folsom [Member] | Foothill Ranch [Member] | Lake Forest [Member] | Milpitas [Member] | Roseville [Member] | San Francisco [Member] | Boulder [Member] | Glendale [Member] | Lakewood [Member] | Farmington [Member] | Rocky Hill [Member] | Wallingford [Member] | Clearwater [Member] | Lake Mary [Member] | Lakeland [Member] | Panama City [Member] | Pensacola [Member] | Pensacola [Member] | Pensacola [Member] | Tallahassee [Member] | Albany [Member] | Columbus [Member] | Valdosta [Member] | Mt Olive [Member] | Somerset [Member] | Saratoga Springs [Member] | Roanoke Rapids [Member] | Hillsboro [Member] | Hillsboro [Member] | Hillsboro [Member] | Portland [Member] | Pittsburgh [Member] | Myrtle Beach [Member] | Nashville [Member] | Arlington [Member] | Arlington [Member] | Dallas [Member] | Fort Worth [Member] | Fort Worth [Member] | Fort Worth [Member] | Laredo [Member] | Laredo [Member] | Las Colinas [Member] | McAllen [Member] | Fredericksburg [Member] | Kent [Member] | Mukilteo [Member] | Redmond [Member] | Renton [Member] | ||||||
Courtyard [Member] | Hampton Inn & Suites [Member] | Fairfield Inn [Member] | Residence Inn [Member] | Fairfield Inn [Member] | Courtyard [Member] | Hampton Inn [Member] | Hilton Garden Inn [Member] | Homewood Suites [Member] | Hampton Inn [Member] | SpringHill Suites [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Hampton Inn [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Marriott [Member] | Hampton Inn & Suites [Member] | Hampton Inn [Member] | Courtyard [Member] | Residence Inn [Member] | Homewood Suites [Member] | SpringHill Suites [Member] | Courtyard [Member] | Residence Inn [Member] | Courtyard [Member] | Fairfield Inn [Member] | Courtyard [Member] | Hampton Inn & Suites [Member] | Hilton Garden Inn [Member] | Courtyard [Member] | Residence Inn [Member] | Courtyard [Member] | Residence Inn [Member] | Homewood Suites [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Courtyard [Member] | Residence Inn [Member] | TownePlace Suites [Member] | Residence Inn [Member] | Residence Inn [Member] | Courtyard [Member] | Homewood Suites [Member] | SpringHill Suites [Member] | TownePlace Suites [Member] | SpringHill Suites [Member] | Residence Inn [Member] | SpringHill Suites [Member] | Homewood Suites [Member] | Residence Inn [Member] | Homewood Suites [Member] | TownePlace Suites [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | TownePlace Suites [Member] | TownePlace Suites [Member] | Marriott [Member] | Hilton Garden Inn [Member] | Alabama [Member] | Alabama [Member] | Alabama [Member] | Alabama [Member] | Alabama [Member] | Alabama [Member] | Alaska [Member] | Alaska [Member] | Alaska [Member] | Alaska [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | Colorado [Member] | Colorado [Member] | Colorado [Member] | Connecticut [Member] | Connecticut [Member] | Connecticut [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Georgia [Member] | Georgia [Member] | Georgia [Member] | New Jersey [Member] | New Jersey [Member] | New York [Member] | North Carolina [Member] | Oregon [Member] | Oregon [Member] | Oregon [Member] | Oregon [Member] | Pennsylvania [Member] | South Carolina [Member] | Tennessee [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Virginia [Member] | Washington [Member] | Washington [Member] | Washington [Member] | Washington [Member] | Alabama [Member] | Alabama [Member] | Alabama [Member] | Alabama [Member] | Alabama [Member] | Alabama [Member] | Alaska [Member] | Alaska [Member] | Alaska [Member] | Alaska [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | Colorado [Member] | Colorado [Member] | Colorado [Member] | Connecticut [Member] | Connecticut [Member] | Connecticut [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Georgia [Member] | Georgia [Member] | Georgia [Member] | New Jersey [Member] | New Jersey [Member] | New York [Member] | North Carolina [Member] | Oregon [Member] | Oregon [Member] | Oregon [Member] | Oregon [Member] | Pennsylvania [Member] | South Carolina [Member] | Tennessee [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Virginia [Member] | Washington [Member] | Washington [Member] | Washington [Member] | Washington [Member] | ||||||
Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Room | Courtyard [Member] | Hampton Inn & Suites [Member] | Fairfield Inn [Member] | Residence Inn [Member] | Fairfield Inn [Member] | Courtyard [Member] | Hampton Inn [Member] | Hilton Garden Inn [Member] | Homewood Suites [Member] | Hampton Inn [Member] | SpringHill Suites [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Hampton Inn [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Marriott [Member] | Hampton Inn & Suites [Member] | Hampton Inn [Member] | Courtyard [Member] | Residence Inn [Member] | Homewood Suites [Member] | SpringHill Suites [Member] | Courtyard [Member] | Residence Inn [Member] | Courtyard [Member] | Fairfield Inn [Member] | Courtyard [Member] | Hampton Inn & Suites [Member] | Hilton Garden Inn [Member] | Courtyard [Member] | Residence Inn [Member] | Courtyard [Member] | Residence Inn [Member] | Homewood Suites [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Courtyard [Member] | Residence Inn [Member] | TownePlace Suites [Member] | Residence Inn [Member] | Residence Inn [Member] | Courtyard [Member] | Homewood Suites [Member] | SpringHill Suites [Member] | TownePlace Suites [Member] | SpringHill Suites [Member] | Residence Inn [Member] | SpringHill Suites [Member] | Homewood Suites [Member] | Residence Inn [Member] | Homewood Suites [Member] | TownePlace Suites [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | TownePlace Suites [Member] | TownePlace Suites [Member] | Marriott [Member] | Hilton Garden Inn [Member] | Courtyard [Member] | Hampton Inn & Suites [Member] | Fairfield Inn [Member] | Residence Inn [Member] | Fairfield Inn [Member] | Courtyard [Member] | Hampton Inn [Member] | Hilton Garden Inn [Member] | Homewood Suites [Member] | Hampton Inn [Member] | SpringHill Suites [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Hampton Inn [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Marriott [Member] | Hampton Inn & Suites [Member] | Hampton Inn [Member] | Courtyard [Member] | Residence Inn [Member] | Homewood Suites [Member] | SpringHill Suites [Member] | Courtyard [Member] | Residence Inn [Member] | Courtyard [Member] | Fairfield Inn [Member] | Courtyard [Member] | Hampton Inn & Suites [Member] | Hilton Garden Inn [Member] | Courtyard [Member] | Residence Inn [Member] | Courtyard [Member] | Residence Inn [Member] | Homewood Suites [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | Courtyard [Member] | Residence Inn [Member] | TownePlace Suites [Member] | Residence Inn [Member] | Residence Inn [Member] | Courtyard [Member] | Homewood Suites [Member] | SpringHill Suites [Member] | TownePlace Suites [Member] | SpringHill Suites [Member] | Residence Inn [Member] | SpringHill Suites [Member] | Homewood Suites [Member] | Residence Inn [Member] | Homewood Suites [Member] | TownePlace Suites [Member] | Hilton Garden Inn [Member] | Hilton Garden Inn [Member] | TownePlace Suites [Member] | TownePlace Suites [Member] | Marriott [Member] | Hilton Garden Inn [Member] | ||||||
Investment in real estate: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | $0 | $946,018 | $932,214 | $918,009 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions | ' | 980,895 | 0 | 597 | 303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Improvements | ' | 4,345 | 6,133 | 13,218 | 13,933 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposals and discontinued operations | ' | -9,867 | -7,504 | -11 | -31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 975,373 | 975,373 | 944,647 | 946,018 | 932,214 | 9,539 | 7,836 | 7,405 | 9,604 | 4,037 | 7,729 | 15,057 | 23,427 | 22,774 | 11,149 | 12,127 | 17,270 | 11,779 | 12,345 | 8,056 | 14,704 | 28,819 | 6,744 | 37,105 | 57,605 | 20,590 | 15,132 | 17,677 | 16,360 | 13,792 | 7,630 | 6,828 | 10,403 | 8,084 | 4,607 | 9,369 | 7,103 | 12,078 | 9,200 | 9,061 | 8,910 | 17,822 | 12,061 | 18,053 | 5,639 | 14,693 | 20,369 | 14,304 | 68,041 | 23,314 | 10,839 | 11,736 | 7,233 | 6,501 | 15,896 | 20,638 | 15,636 | 13,503 | 9,872 | 11,304 | 11,131 | 9,055 | 18,570 | 15,336 | 14,958 | 65,687 | 21,247 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Encumbrances | 782,743 | ' | ' | ' | ' | 6,595 | 7,548 | 3,957 | 7,181 | 4,397 | 8,427 | 13,958 | 20,585 | 18,714 | 8,647 | 8,940 | 14,375 | 7,621 | 7,987 | 6,009 | 9,087 | 22,041 | 7,841 | 21,890 | 44,759 | 12,375 | 11,138 | 12,824 | 12,826 | 9,746 | 4,763 | 4,983 | 9,453 | 9,160 | 4,323 | 9,013 | 8,794 | 9,526 | 7,255 | 6,082 | 6,082 | 12,531 | 10,039 | 16,767 | 5,375 | 25,426 | 24,222 | 18,564 | 44,984 | 17,890 | 6,847 | 10,039 | 7,181 | 3,884 | 14,143 | 17,855 | 10,039 | 9,966 | 11,138 | 11,578 | 7,328 | 6,595 | 10,845 | 13,337 | 10,992 | 50,932 | 15,344 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | 0 | 216,910 | 185,860 | 153,452 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | ' | 16,401 | 7,781 | 31,054 | 32,432 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposals and discontinued operations | ' | -42 | 0 | -4 | -24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 16,359 | 16,359 | 224,691 | 216,910 | 185,860 | 177 | 139 | 129 | 191 | 83 | 175 | 252 | 390 | 427 | 180 | 190 | 290 | 210 | 228 | 104 | 208 | 439 | 95 | 552 | 912 | 314 | 271 | 294 | 282 | 251 | 153 | 128 | 211 | 149 | 89 | 211 | 136 | 210 | 164 | 160 | 177 | 297 | 174 | 330 | 79 | 279 | 335 | 237 | 1,041 | 389 | 189 | 245 | 149 | 102 | 300 | 318 | 281 | 247 | 186 | 201 | 173 | 152 | 289 | 279 | 259 | 881 | 376 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Cost to Company, Land | 153,920 | ' | ' | ' | ' | 810 | 1,110 | 910 | 1,280 | 0 | 0 | 2,020 | 2,530 | 3,190 | 3,930 | 2,610 | 2,940 | 1,260 | 1,310 | 2,970 | 4,250 | 6,600 | 2,470 | 7,920 | 6,360 | 3,480 | 2,520 | 2,600 | 1,640 | 1,250 | 0 | 1,190 | 630 | 560 | 530 | 610 | 540 | 2,270 | 900 | 1,190 | 1,160 | 2,930 | 3,120 | 960 | 1,740 | 3,240 | 3,790 | 3,200 | 8,430 | 3,550 | 1,240 | 1,010 | 1,300 | 1,380 | 1,200 | 3,850 | 1,780 | 1,250 | 670 | 1,030 | 2,300 | 1,510 | 2,430 | 2,180 | 3,020 | 19,260 | 2,010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Cost to Company, Building and Improvements | 817,180 | ' | ' | ' | ' | 8,690 | 6,700 | 6,470 | 8,300 | 3,990 | 7,690 | 12,980 | 20,780 | 19,510 | 7,190 | 9,130 | 14,310 | 10,490 | 11,000 | 5,080 | 10,440 | 22,190 | 4,260 | 29,100 | 51,230 | 17,090 | 12,590 | 15,030 | 14,700 | 12,530 | 7,600 | 5,570 | 9,740 | 7,310 | 4,060 | 8,740 | 6,540 | 9,780 | 8,120 | 7,600 | 7,690 | 14,860 | 8,830 | 17,020 | 3,870 | 11,280 | 16,540 | 11,070 | 59,480 | 19,730 | 9,570 | 10,670 | 5,890 | 5,060 | 14,660 | 16,740 | 13,820 | 12,180 | 9,170 | 10,200 | 8,130 | 7,490 | 16,110 | 13,140 | 11,920 | 46,340 | 19,190 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 4,273 | ' | ' | ' | ' | 39 | 26 | 25 | 24 | 47 | 39 | 57 | 117 | 74 | 29 | 387 | 20 | 29 | 35 | 6 | 14 | 29 | 14 | 85 | 15 | 20 | 22 | 47 | 20 | 12 | 30 | 68 | 33 | 214 | 17 | 19 | 23 | 28 | 180 | 271 | 60 | 32 | 111 | 73 | 29 | 173 | 39 | 34 | 131 | 34 | 29 | 56 | 43 | 61 | 36 | 48 | 36 | 73 | 32 | 74 | 701 | 55 | 30 | 16 | 18 | 87 | 47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Cost at Which Carried at Close of Period, Land | 153,968 | ' | ' | ' | ' | 810 | 1,110 | 910 | 1,280 | 0 | 2 | 2,020 | 2,534 | 3,190 | 3,936 | 2,610 | 2,940 | 1,260 | 1,310 | 2,970 | 4,250 | 6,600 | 2,470 | 7,920 | 6,360 | 3,480 | 2,520 | 2,600 | 1,640 | 1,250 | 0 | 1,190 | 630 | 560 | 531 | 610 | 540 | 2,270 | 900 | 1,190 | 1,166 | 2,930 | 3,120 | 960 | 1,738 | 3,245 | 3,790 | 3,200 | 8,430 | 3,550 | 1,240 | 1,010 | 1,312 | 1,394 | 1,200 | 3,850 | 1,780 | 1,250 | 670 | 1,030 | 2,300 | 1,510 | 2,430 | 2,180 | 3,020 | 19,260 | 2,010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 821,405 | ' | ' | ' | ' | 8,729 | 6,726 | 6,495 | 8,324 | 4,037 | 7,727 | 13,037 | 20,893 | 19,584 | 7,213 | 9,517 | 14,330 | 10,519 | 11,035 | 5,086 | 10,454 | 22,219 | 4,274 | 29,185 | 51,245 | 17,110 | 12,612 | 15,077 | 14,720 | 12,542 | 7,630 | 5,638 | 9,773 | 7,524 | 4,076 | 8,759 | 6,563 | 9,808 | 8,300 | 7,871 | 7,744 | 14,892 | 8,941 | 17,093 | 3,901 | 11,448 | 16,579 | 11,104 | 59,611 | 19,764 | 9,599 | 10,726 | 5,921 | 5,107 | 14,696 | 16,788 | 13,856 | 12,253 | 9,202 | 10,274 | 8,831 | 7,545 | 16,140 | 13,156 | 11,938 | 46,427 | 19,237 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Cost at Which Carried at Close of Period, Total | 975,373 | 975,373 | 944,647 | 946,018 | 932,214 | 9,539 | 7,836 | 7,405 | 9,604 | 4,037 | 7,729 | 15,057 | 23,427 | 22,774 | 11,149 | 12,127 | 17,270 | 11,779 | 12,345 | 8,056 | 14,704 | 28,819 | 6,744 | 37,105 | 57,605 | 20,590 | 15,132 | 17,677 | 16,360 | 13,792 | 7,630 | 6,828 | 10,403 | 8,084 | 4,607 | 9,369 | 7,103 | 12,078 | 9,200 | 9,061 | 8,910 | 17,822 | 12,061 | 18,053 | 5,639 | 14,693 | 20,369 | 14,304 | 68,041 | 23,314 | 10,839 | 11,736 | 7,233 | 6,501 | 15,896 | 20,638 | 15,636 | 13,503 | 9,872 | 11,304 | 11,131 | 9,055 | 18,570 | 15,336 | 14,958 | 65,687 | 21,247 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Cost at Which Carried at Close of Period, Acc Depr | ($16,359) | ($16,359) | ($224,691) | ($216,910) | ($185,860) | ($177) | ($139) | ($129) | ($191) | ($83) | ($175) | ($252) | ($390) | ($427) | ($180) | ($190) | ($290) | ($210) | ($228) | ($104) | ($208) | ($439) | ($95) | ($552) | ($912) | ($314) | ($271) | ($294) | ($282) | ($251) | ($153) | ($128) | ($211) | ($149) | ($89) | ($211) | ($136) | ($210) | ($164) | ($160) | ($177) | ($297) | ($174) | ($330) | ($79) | ($279) | ($335) | ($237) | ($1,041) | ($389) | ($189) | ($245) | ($149) | ($102) | ($300) | ($318) | ($281) | ($247) | ($186) | ($201) | ($173) | ($152) | ($289) | ($279) | ($259) | ($881) | ($376) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Year of Construction | ' | ' | ' | ' | ' | '1996 | '2004 | '1999 | '2002 | '1996 | '1996 | '1997 | '2002 | '2004 | '1998 | '1999 | '1999 | '2004 | '1999 | '1998 | '2004 | '1999 | '1999 | '1999 | '1997 | '1999 | '2003 | '2005 | '2005 | '2005 | '2006 | '1995 | '2001 | '2006 | '1995 | '1997 | '2005 | '1997 | '2004 | '2003 | '2002 | '2005 | '2005 | '1999 | '2008 | '1996 | '1994 | '1999 | '2001 | '1998 | '1999 | '1999 | '1998 | '1999 | '1997 | '2005 | '2004 | '1999 | '2005 | '2005 | '1998 | '2000 | '2005 | '1999 | '1999 | '2004 | '1998 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date Acquired | ' | ' | ' | ' | ' | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | '2013-05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciable Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years |
# of Rooms | 7,347 | ' | ' | ' | ' | 78 | 85 | 79 | 78 | 63 | 78 | 101 | 125 | 122 | 99 | 86 | 124 | 120 | 100 | 84 | 103 | 161 | 131 | 169 | 157 | 133 | 170 | 119 | 96 | 104 | 79 | 83 | 78 | 84 | 63 | 90 | 85 | 99 | 84 | 78 | 84 | 123 | 123 | 112 | 147 | 155 | 122 | 136 | 258 | 156 | 135 | 121 | 121 | 94 | 148 | 149 | 145 | 137 | 109 | 105 | 135 | 104 | 148 | 152 | 128 | 262 | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |