BRE Select Hotels 10-Q 14 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 14, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	ck0001566445
Entity Registrant Name	BRE Select Hotels Corp
Entity Central Index Key	1,566,445
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		100

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Investment in real estate, net of accumulated depreciation of $106,714 and $93,423, respectively	$ 840,102	$ 857,918
Hotels held for sale	4,794	43,096
Cash	19,737	25,170
Restricted cash	11,195	5,996
Due from third-party managers, net	5,730	4,518
Insurance receivable	5,067	5,067
Prepaid expenses and other assets	4,364	2,798
Goodwill	109,064	116,470
Deferred tax assets	5,440	6,051
TOTAL ASSETS	1,005,493	1,067,084
LIABILITIES
Accounts payable and accrued expenses	8,742	12,729
Due to third-party managers, net	755	1,113
Mortgages payable	745,356	757,245
Mortgages payable related to assets of hotels held for sale	3,615	35,871
Other liabilities		145
TOTAL LIABILITIES	758,468	807,103
Commitments and contingencies (Note 8)
7% Series A Cumulative Redeemable Preferred Stock, $1.90 initial liquidation preference, 120,000,000 shares authorized; 72,382,848 issued and outstanding at June 30, 2017 and December 31, 2016	137,160	137,160
STOCKHOLDER'S EQUITY
Preferred stock, $0.0001 par value, 30,000,000 shares authorized; none issued and outstanding at June 30, 2017 and December 31, 2016
Common stock, $0.01 par value, 100,000 shares authorized; 100 shares issued and outstanding at June 30, 2017 and December 31, 2016	0	0
Additional paid-in capital	109,865	122,821
TOTAL STOCKHOLDER'S EQUITY	109,865	122,821
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$ 1,005,493	$ 1,067,084

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accumulated depreciation of Investment in real estate	$ 106,714	$ 93,423
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100
7% Series A Cumulative Redeemable Preferred Stock [Member]
Preferred Shares Dividend Percentage	7.00%	7.00%
Preferred stock initial liquidation preference per share	$ 1.90	$ 1.90
Preferred stock, shares authorized	120,000,000	120,000,000
Preferred stock, shares issued	72,382,848	72,382,848
Preferred stock, shares outstanding	72,382,848	72,382,848

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
REVENUE
Room revenue	$ 65,966	$ 74,125	$ 122,384	$ 136,312
Other revenue	3,957	5,255	8,859	9,594
Total revenue	69,923	79,380	131,243	145,906
EXPENSES
Operating expense	15,489	17,018	29,990	32,856
Hotel administrative expense	5,951	6,863	11,681	13,319
Sales and marketing	5,669	5,998	10,655	11,373
Utilities	2,006	2,158	4,096	4,335
Repair and maintenance	2,328	2,819	4,718	5,517
Franchise fees	3,229	3,663	5,992	6,754
Management fees	2,220	2,763	4,071	4,993
Taxes, insurance and other	3,655	3,907	7,447	7,519
General and administrative	1,730	1,375	3,557	2,550
Depreciation expense	9,250	9,743	18,173	20,349
Total expenses	51,527	56,307	100,380	109,565
Impairment of investment in real estate	(2,988)	(2,994)	(2,988)	(8,507)
Gain on sale of hotel properties			3,628
Operating income	15,408	20,079	31,503	27,834
Interest expense, net	(7,198)	(8,178)	(14,121)	(16,294)
Income before income tax expense	8,210	11,901	17,382	11,540
Income tax expense	(1,305)	(1,679)	(1,267)	(72)
Net income	6,905	10,222	16,115	11,468
Series A Preferred Stock dividends declared	(2,411)	(2,411)	(4,821)	(4,821)
Net income available for common stockholder	$ 4,494	$ 7,811	$ 11,294	$ 6,647
Basic and diluted net income per common share
Total basic and diluted net income per common share available to common stockholder	$ 44,940	$ 78,110	$ 112,940	$ 66,470
Dividends declared per common share	$ 142,500	$ 100,000	$ 242,500	$ 190,000
Weighted average common shares outstanding-basic and diluted	100	100	100	100

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 16,115	$ 11,468
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	18,173	20,349
Impairment of investment in real estate	2,988	8,507
Gain on sale of hotel properties	(3,628)
Amortization of deferred financing costs		2,520
Deferred income taxes	611	(1,965)
Other non-cash expenses, net		(15)
Changes in operating assets and liabilities:
Increase in due to/from third-party managers, net	(1,570)	(1,248)
Decrease in insurance receivable		1,165
Increase in prepaid expenses and other assets	(1,566)	(1,108)
Decrease in accounts payable and accrued expenses	(652)	(1,055)
(Decrease) increase in other liabilities	(145)	580
Net cash provided by operating activities	30,326	39,198
Cash flows from investing activities:
Capital improvements	(17,508)	(21,528)
Proceeds from sale of assets	59,437
Property insurance proceeds	727	307
Net cash provided by (used in) investing activities	42,656	(21,221)
Cash flows from financing activities:
Payments of mortgage debt	(44,145)	(218)
Dividends paid to Series A Preferred stockholders	(4,821)	(4,821)
Dividends paid to common stockholder	(24,250)	(19,000)
Net cash used in financing activities	(73,216)	(24,039)
Net decrease in cash and restricted cash	(234)	(6,062)
Cash and restricted cash, beginning of period	31,166	35,308
Cash and restricted cash, end of period	30,932	29,246
Supplemental Cash Flow Information, including Non-Cash Activities:
Interest paid	14,335	13,986
Taxes paid	1,857	1,410
Accrued capital improvements	1,916	1,890
7% Series A Cumulative Redeemable Preferred Stock [Member]
Supplemental Cash Flow Information, including Non-Cash Activities:
Accrued 7% Series A Preferred Stock dividends	$ 2,411	$ 2,411

Organization

Organization	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [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. 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. All 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 (the “Merger”) was completed on May 14, 2013 (the “Acquisition Date”). As of June 30, 2017, the Company owned 53 hotels located in 17 states with an aggregate of 6,365 rooms.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation – Basis of Presentation – 10-K Use of Estimates – Cash and Cash Equivalents – Restricted Cash – The following table provides detail regarding cash and restricted cash that sums to the total of such amounts presented in the accompanying condensed consolidated statements of cash flows (in thousands). June 30, December 31, June 30, December 31, 2017 2016 2016 2015 Cash $ 19,737 $ 25,170 $ 18,945 $ 29,137 Restricted cash 11,195 5,996 10,301 6,171 Total cash and restricted cash $ 30,932 $ 31,166 $ 29,246 $ 35,308 Due from Third-Party Managers, net – Due to Third-Party Managers, net – Investment in Real Estate and Related Depreciation – Impairment of Investment in Real Estate – 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 in such instances an impairment loss may be recorded. Recoverability of assets to be held and used is determined by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the asset. If the carrying value of such assets exceeds such cash flows, the assets are considered impaired. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. Fair value is determined by using management’s best estimate of the discounted net cash flows over the remaining useful life of the asset, or other indicators of fair value. During the second quarter of 2017, the Company executed a letter of intent to sell the Courtyard – Valdosta, Georgia property. As a result, a test for impairment of the property was performed with fair value determined based on the estimated sales proceeds for the property. The Company estimated the sales proceeds based on the agreement of purchase and sale (subject to certain terms) entered into for the property in May 2017. The test resulted in a non-cash During the second quarter of 2017, the Company executed a letter of intent to sell the Fairfield Inn – Pensacola, Florida property. As a result, a test for impairment of the property was performed with fair value determined based on the estimated sales proceeds for the property. The Company estimated the sales proceeds based on the agreement of purchase and sale (subject to certain terms) entered into for the property in May 2017. The test resulted in a non-cash No other triggering events have occurred to indicate that the asset carrying values are not recoverable as of June 30, 2017. During the first quarter of 2016, the Company executed a letter of intent to sell the Hilton Garden Inn – Fredericksburg, Virginia property. As a result, a test for impairment of the property was performed during the first quarter of 2016 with fair value determined, in part, based on the estimated sales proceeds for the property. The Company estimated the sales proceeds based on the agreement of purchase and sale (subject to certain terms) entered into for the property. The test resulted in a non-cash During the second quarter of 2016, the Company executed a letter of intent to sell the Marriott – Boulder, Colorado property. As a result, a test for impairment of the property was performed during the second quarter of 2016 with fair value determined, in part, based on the estimated sales proceeds for the property. The Company estimated the sales proceeds based on the agreement of purchase and sale (subject to certain terms) entered into for the property. The test resulted in a non-cash Goodwill – two-step The following table details the carrying amount of the Company’s goodwill at June 30, 2017 and December 31, 2016 (in thousands). The goodwill allocated to the sale of hotel properties represents the goodwill amounts allocated at the Acquisition Date to the Fairfield Inn – Huntsville, Alabama, TownePlace Suites – Arlington, Texas, Springhill Suites – Clearwater, Florida, TownePlace Suites – Las Colinas, Texas, Courtyard – Albany, Georgia, Springhill Suites – Arlington, Texas and Courtyard – Valdosta, Georgia hotel properties which were sold during the six months ended June 30, 2017, and is included within the determination of gain (loss) on sale of hotel properties presented in the accompanying condensed consolidated statement of operations and condensed consolidated statement of cash flows. Balance as of December 31, 2016 Goodwill $ 116,470 Accumulated impairment losses — 116,470 Allocated to sale of hotel properties (7,406 ) Balance as of June 30, 2017 Goodwill 109,064 Accumulated impairment losses — $ 109,064 Revenue Recognition – Sales and Marketing Costs – Income Taxes – Valuation of Deferred Tax Assets – Income per Common Share Segment Information – New Accounting Pronouncements – No. 2014-09, Revenue from Contracts with Customers 2014-09, In February 2016, the FASB issued ASU 2016-02, Leases. 2016-02 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15 Statement of Cash Flows 2016-15 In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory 2016-16 2016-16 In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business 2017-01 2017-01 2017-01 In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. 2017-04 2017-04

Investment in Real Estate, net

Investment in Real Estate, net	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Investment in Real Estate, net	3. Investment in Real Estate, net Investment in real estate, net as of June 30, 2017 and December 31, 2016 consisted of the following (in thousands): June 30, December 31, 2017 2016 Land and Improvements $ 137,804 $ 139,453 Building and Improvements 746,900 735,863 Furniture, Fixtures and Equipment 60,090 52,706 Construction in Progress 2,022 23,319 946,816 951,341 Less: Accumulated Depreciation (106,714 ) (93,423 ) Investment in Real Estate, net $ 840,102 $ 857,918

Sale of Hotel Properties

Sale of Hotel Properties	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	4. Sale of Hotel Properties During the six months ended June 30, 2017, the Company sold seven hotels as summarized below (in thousands): Mortgage Payable Hotel Date of Sale Proceeds Gain Repaid Fairfield Inn—Huntsville, Alabama January 2017 $ 4,575 $ — $ 4,444 TownePlace Suites—Arlington, Texas January 2017 8,001 — 3,606 Springhill Suites—Clearwater, Florida January 2017 5,767 — 4,971 TownePlace Suites—Las Colinas, Texas January 2017 16,867 3,072 8,248 Courtyard—Albany, Georgia February 2017 8,628 — 6,242 Springhill Suites—Arlington, Texas March 2017 9,015 556 8,360 Courtyard—Valdosta, Georgia June 2017 6,584 — 5,423 Total $ 59,437 $ 3,628 $ 41,294 The Company received proceeds of $59.4 million from the sales of these hotels, which are net of $2.0 million in selling costs. Due to the sale of the hotels, the Company made an additional principal payment of $2.6 million in order to comply with the debt yield as required under the terms of the Company’s mortgage loan agreement.

Hotels Held for Sale

Hotels Held for Sale	6 Months Ended
	Jun. 30, 2017
Text Block [Abstract]
Hotels Held for Sale	5. Hotels Held for Sale During the second quarter of 2017, the Company committed to a plan to sell one hotel, the Fairfield Inn – Pensacola, Florida and accordingly the hotel was classified as hotels held for sale as of June 30, 2017. The $4.8 million for hotels held for sale presented in the June 30, 2017 condensed consolidated balance sheet consisted of the investment in real estate of the hotel, which was measured at June 30, 2017 at the lower of carrying value or fair value, less costs to sell. Mortgages payable related to the assets of hotels held for sale presented in the June 30, 2017 condensed consolidated balance sheet represents the principal of the mortgage payable that the Company was contractually required to repay in connection with the sale of the hotel. There were no other major captions of assets or liabilities related to the hotels held for sale. The Company sold the Fairfield Inn – Pensacola, Florida property in July 2017 and received net proceeds of $5.4 million. During the fourth quarter of 2016, the Company committed to a plan to sell six hotels and accordingly the hotels were classified as hotels held for sale as of December 31, 2016. Hotels held for sale presented in the December 31, 2016 condensed consolidated balance sheet consisted of the investment in real estate of each hotel, which was measured at December 31, 2016 at the lower of carrying value or fair value, less costs to sell. Mortgages payable related to assets of hotels held for sale presented in the December 31, 2016 condensed consolidated balance sheet represents the principal of the mortgage payable that the Company was contractually required to repay in connection with the sale of the hotels. There were no other major captions of assets or liabilities related to the hotels held for sale. The following is a summary of hotels held for sale as of December 31, 2016 (in thousands). Assets of Hotels Hotel Held for Sale Fairfield Inn—Huntsville, Alabama $ 3,613 TownePlace Suites—Arlington, Texas 7,136 Springhill Suites—Clearwater, Florida 4,973 TownePlace Suites—Las Colinas, Texas 12,330 Springhill Suites—Arlington, Texas 7,195 Courtyard—Albany, Georgia 7,849 Total $ 43,096 The Company sold all six hotels in the first quarter of 2017 as described in Note 4.

Mortgages Payable

Mortgages Payable	6 Months Ended
	Jun. 30, 2017
Mortgage Loans on Real Estate [Abstract]
Mortgages Payable	6. Mortgages Payable Mortgages payable as of June 30, 2017 and December 31, 2016 consisted of the following (in thousands): June 30, December 31, 2017 2016 Mortgages payable related to assets held and used $ 745,356 $ 757,245 Mortgages payable related to assets of hotels held for sale 3,615 35,871 Total mortgages payable $ 748,971 $ 793,116 On December 3, 2014, certain indirect wholly-owned subsidiaries (the “Borrowers”) of the Company entered into a loan agreement (the “Loan Agreement”) with commercial lenders (collectively, the “Lenders”), pursuant to which the Borrowers obtained an $830 million mortgage loan from the Lenders (the “Loan”). The Loan is secured by first-priority, cross-collateralized mortgage liens on 52 of the 53 properties owned or ground-leased by certain subsidiaries of the Company, all related personal property, reserves, a pledge of all income received by the Borrowers with respect to the properties, a pledge of the ownership interests in the operating lessee and a security interest in a cash management account. A portion of the proceeds from the Loan were used to repay the mortgage and mezzanine loans obtained on May 14, 2013 by the Borrowers, as well as certain indirect wholly-owned subsidiaries of the Company that own direct and indirect interests in the Borrowers (the “Mezzanine Borrowers”), in the aggregate original principal amount of $775 million and with an aggregate outstanding principal amount of $763.9 million as of the date of repayment. Accordingly, on December 3, 2014, the Borrowers and Mezzanine Borrowers repaid in full, cancelled and terminated their respective mortgage and mezzanine loan agreements outstanding at that date without any penalties incurred. The interest rate of the Loan is equal to the one-month The Loan contains 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 Loan by the outstanding principal amount of the indebtedness under the Loan, is less than 7.50% during the first four years of the Loan and 7.75% during the fifth year of the Loan or if there is a default continuing under the Loan, until such time as the debt yield is equal to or greater than 7.50% during the first four years of the Loan and 7.75% during the fifth year of the Loan or the 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 Loan include, among other things, the failure to pay interest or principal when due, material misrepresentations, transfers of the underlying security for the Loan without any required consent from the Lender, defaults under certain agreements relating to the properties, including franchise and management agreements, bankruptcy of a Borrower or any guarantor of the Loan, failure to maintain required insurance and a failure to observe other covenants under the Loan, in each case subject to any applicable cure rights. The Borrowers may prepay the Loan, in whole or in part, at any time without any prepayment penalty or fee. In addition, the applicable Borrowers for the Loan and BSHH LLC, a Delaware limited liability company (the “Guarantor”) and an affiliate of BRE Holdings, will have recourse liability under the Loan for certain matters typical of a transaction of this type, including, without limitation, relating to losses arising out of actions by the Borrower, Guarantor, Sponsor or their respective affiliates controlled by the Sponsor which constitute fraud, intentional misrepresentation, misappropriation of funds (including insurance proceeds), removal or disposal of any property after an event of default under the Loan, 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 Lender’s prior written consent if required under the loan agreements. The Borrowers will also have recourse liability for the Loan in the event any security instrument or loan agreement is deemed a fraudulent conveyance or a preference, and the Borrowers and the Guarantor will have recourse liability for the Loan in the event of a voluntary or collusive involuntary bankruptcy of any Borrower or any operating lessee of the properties or in the event Borrower, Guarantor, Sponsor or their respective affiliates controlled by the Sponsor consents to or joins 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, provided, however, the liability of the Guarantor described in this sentence shall not exceed 15% of the principal amount of the Loan outstanding at the time the event occurred. Concurrent with the execution of the documents reflecting the Loan, the Company executed an Indemnity Agreement in favor of the Guarantor pursuant to which the Company agrees to indemnify and hold the Guarantor harmless from any losses incurred by the Guarantor pursuant to the terms of the guaranty executed by the Guarantor in favor of the Lenders in connection with the Loan. 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 was $16.4 million and $16.6 million as of June 30, 2017 and December 31, 2016, respectively, and is included in mortgages payable in the condensed consolidated balance sheets. Components of interest expense for the three and six months ended June 30, 2017 and 2016 were as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2017 2016 2017 2016 Mortgage debt $ 7,307 $ 6,999 $ 14,339 $ 13,952 Amortization of deferred financing costs — 1,260 — 2,520 Capitalized interest (109 ) (81 ) (218 ) (178 ) Total interest expense, net $ 7,198 $ 8,178 $ 14,121 $ 16,294 Future scheduled principal payments of debt obligations as of June 30, 2017 (assuming exercise of extension option under the Loan Agreement and the sale of the hotels held for sale as of June 30, 2017 during the fiscal year 2017) are as follows (in thousands): 2017 (remaining months) $ 3,849 2018 729,481 2019 510 2020 533 2021 562 Thereafter 14,036 Total $ 748,971 On July 7, 2017, the Borrowers and Morgan Stanley Bank, N.A., Bank of America, N.A., Citigroup Global Markets Realty Corp., and JPMorgan Chase Bank, National Association (collectively, the “Commercial Lenders”) entered into a loan agreement, pursuant to which the Borrowers obtained a $800 million mortgage loan from the Commercial Lenders (the “New Loan”). The New Loan is secured by first-priority, cross-collateralized mortgage liens on 51 of the 52 properties owned or ground-leased by certain subsidiaries of the Company as of the date of the New Loan, all related personal property, reserves, a pledge of all income received by the Borrowers with respect to the properties, a pledge of the ownership interests in the operating lessee, BRE Select Hotels Operating LLC, an affiliate of the Company, and a security interest in deposit accounts. The New Loan is scheduled to mature on July 9, 2019, with an option for the Borrowers to extend the initial term for five one-year one-month

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2017
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 Level 2 Level 3 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. The table excludes cash and cash equivalents, restricted cash, due from third-party managers, net, insurance receivable, accounts payable and accrued expenses, and due to third-party managers, net, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): June 30, 2017 December 31, 2016 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Financial liabilities not measured at fair value: Mortgages payable and mortgages payable related to assets of hotels held for sale $ 748,971 $ 748,613 $ 793,116 $ 792,699 Mortgages payable and mortgages payable related to assets of hotels held for sale – Impairment of investment in real estate –

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Insurance – Litigation – In February 2017, the Company received $1.4 million in proceeds from the Deepwater Horizon Economic and Property Damages Settlement Program arising out of damages suffered by four properties prior to the Merger. The proceeds are included in other revenue in the condensed consolidated statement of operations for the six months ended June 30, 2017. Franchise Agreements Management Agreements – month-to-month TRS Lease Agreements – Ground Leases 2017 (remaining months) $ 53 2018 107 2019 107 2020 45 Thereafter — Total $ 312

7% Series A Cumulative Redeemab

7% Series A Cumulative Redeemable Preferred Stock	6 Months Ended
	Jun. 30, 2017
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 put option provided to the holders of these shares, such shares have been classified outside permanent stockholder’s equity. The initial liquidation preference of $1.90 per share will be subject to downward adjustment should net costs and payments relating to litigation and regulatory matters for alleged legacy acts exceed $3.5 million from the date of the Merger described in Note 1. 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 June 30, 2017, the initial liquidation preference has not been adjusted. On March 28, 2017, the Board of Directors of the Company declared a dividend on the Series A Preferred Stock of $0.0333 per share, which was paid on April 17, 2017 to stockholders of record on April 1, 2017. On June 23, 2017, the Board of Directors of the Company declared a dividend on the Series A Preferred Stock of $0.0333 per share, which was paid on July 17, 2017 to stockholders of record on July 1, 2017. As of June 30, 2017, the Company accrued $2.4 million for this dividend, which is included in accounts payable and accrued expenses in the condensed consolidated balance sheet. In August 2017, the Company used proceeds from the New Loan (see Note 6) to redeem 28,560,947 shares of Series A Preferred Stock, representing approximately 39.458% of the total shares of Series A Preferred Stock outstanding, for an aggregate redemption price of approximately $54.5 million. As of June 30, 2017, BRE Holdings owned approximately 1.5 million shares of the Series A Preferred Stock. As a result of the August 2017 redemption, BRE Holdings ownership of the Series A Preferred Stock was reduced to approximately 0.9 million shares.

Stockholder's Equity

Stockholder's Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Stockholder's Equity	10. Stockholder’s 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 June 30, 2017 and December 31, 2016, there were 100 shares of common stock issued and outstanding. On February 10, 2017, the Board of Directors of the Company declared a dividend on its common stock of $100,000 per share, which was paid on February 13, 2017. On May 12, 2017, the Board of Directors of the Company declared a dividend on its common stock of $142,500 per share, which was paid on May 15, 2017. On July 13, 2017, the Board of Directors of the Company declared a dividend on its common stock of $64,388 per share, which was paid on July 14, 2017. On August 2, 2017, the Board of Directors of the Company declared a dividend on its common stock of $100,000 per share, which was paid on August 3, 2017.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
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. For the three months ended June 30, 2017 and 2016, the Company recorded $1.3 million and $1.7 million of income tax expense, respectively. For the six months ended June 30, 2017 and 2016, the Company recorded $1.3 million and $0.1 million of income tax expense, respectively. The income tax expense for the three and six months ended June 30, 2017 and 2016 is comprised of federal and state income taxes.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
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 have significant influence over Hilton, which indirectly owns the entities that serve as franchisors and receive franchise fees for 26 of the hotels owned by the Company. In accordance with the Company’s certificate of incorporation, the Sponsor has no obligation to present any corporate opportunities to the Company or to conduct its other business and investment affairs in the best interests of the Company, common stockholder, or holders of Series A Preferred Shares. In connection with the Sponsor’s and its affiliates’ business activities, the Sponsor, BRE Holdings or any of their affiliates, including, without limitation, Hilton 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 Loan. The Company incurred $5.0 million and $4.6 million of franchise fees, marketing fees and other expenses during the three months ended June 30, 2017 and 2016, respectively, under agreements with Hilton or its subsidiaries. The Company incurred $8.8 million and $8.4 million of franchise fees, marketing fees and other expenses during the six months ended June 30, 2017 and 2016, respectively, under agreements with Hilton or its subsidiaries. No amounts were outstanding to Hilton as of June 30, 2017 or December 31, 2016. A management company provides services to the Company including financial, accounting, administrative and other services that may be requested from time to time pursuant to a corporate services agreement. Affiliates of the Sponsor hold a management interest in this management company. The Company paid $0.6 million and $0.5 million to this management company during the three months ended June 30, 2017 and 2016, respectively, and $1.2 million and $1.0 million during the six months ended June 30, 2017 and 2016, respectively. In addition, the Company owed this management company $0 million and $0.1 million as of June 30, 2017 and December 31, 2016, respectively, which is included in accounts payable and accrued expenses in the condensed consolidated balance sheets.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation –
Basis of Presentation	Basis of Presentation – 10-K
Use of Estimates	Use of Estimates –
Cash and Cash Equivalents	Cash and Cash Equivalents –
Restricted Cash	Restricted Cash – The following table provides detail regarding cash and restricted cash that sums to the total of such amounts presented in the accompanying condensed consolidated statements of cash flows (in thousands). June 30, December 31, June 30, December 31, 2017 2016 2016 2015 Cash $ 19,737 $ 25,170 $ 18,945 $ 29,137 Restricted cash 11,195 5,996 10,301 6,171 Total cash and restricted cash $ 30,932 $ 31,166 $ 29,246 $ 35,308
Due from Third Party Managers, net	Due from Third-Party Managers, net –
Due to Third Party Managers, net	Due to Third-Party Managers, net –
Investment in Real Estate and Related Depreciation	Investment in Real Estate and Related Depreciation –
Impairment of Investment in Real Estate	Impairment of Investment in Real Estate – 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 in such instances an impairment loss may be recorded. Recoverability of assets to be held and used is determined by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the asset. If the carrying value of such assets exceeds such cash flows, the assets are considered impaired. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. Fair value is determined by using management’s best estimate of the discounted net cash flows over the remaining useful life of the asset, or other indicators of fair value. During the second quarter of 2017, the Company executed a letter of intent to sell the Courtyard – Valdosta, Georgia property. As a result, a test for impairment of the property was performed with fair value determined based on the estimated sales proceeds for the property. The Company estimated the sales proceeds based on the agreement of purchase and sale (subject to certain terms) entered into for the property in May 2017. The test resulted in a non-cash During the second quarter of 2017, the Company executed a letter of intent to sell the Fairfield Inn – Pensacola, Florida property. As a result, a test for impairment of the property was performed with fair value determined based on the estimated sales proceeds for the property. The Company estimated the sales proceeds based on the agreement of purchase and sale (subject to certain terms) entered into for the property in May 2017. The test resulted in a non-cash No other triggering events have occurred to indicate that the asset carrying values are not recoverable as of June 30, 2017. During the first quarter of 2016, the Company executed a letter of intent to sell the Hilton Garden Inn – Fredericksburg, Virginia property. As a result, a test for impairment of the property was performed during the first quarter of 2016 with fair value determined, in part, based on the estimated sales proceeds for the property. The Company estimated the sales proceeds based on the agreement of purchase and sale (subject to certain terms) entered into for the property. The test resulted in a non-cash During the second quarter of 2016, the Company executed a letter of intent to sell the Marriott – Boulder, Colorado property. As a result, a test for impairment of the property was performed during the second quarter of 2016 with fair value determined, in part, based on the estimated sales proceeds for the property. The Company estimated the sales proceeds based on the agreement of purchase and sale (subject to certain terms) entered into for the property. The test resulted in a non-cash
Goodwill	Goodwill – two-step The following table details the carrying amount of the Company’s goodwill at June 30, 2017 and December 31, 2016 (in thousands). The goodwill allocated to the sale of hotel properties represents the goodwill amounts allocated at the Acquisition Date to the Fairfield Inn – Huntsville, Alabama, TownePlace Suites – Arlington, Texas, Springhill Suites – Clearwater, Florida, TownePlace Suites – Las Colinas, Texas, Courtyard – Albany, Georgia, Springhill Suites – Arlington, Texas and Courtyard – Valdosta, Georgia hotel properties which were sold during the six months ended June 30, 2017, and is included within the determination of gain (loss) on sale of hotel properties presented in the accompanying condensed consolidated statement of operations and condensed consolidated statement of cash flows. Balance as of December 31, 2016 Goodwill $ 116,470 Accumulated impairment losses — 116,470 Allocated to sale of hotel properties (7,406 ) Balance as of June 30, 2017 Goodwill 109,064 Accumulated impairment losses — $ 109,064
Revenue Recognition	Revenue Recognition –
Sales and Marketing Costs	Sales and Marketing Costs –
Income Taxes	Income Taxes –
Valuation of Deferred Tax Assets	Valuation of Deferred Tax Assets –
Income per Common Share	Income per Common Share
Segment Information	Segment Information –
New Accounting Pronouncements	New Accounting Pronouncements – No. 2014-09, Revenue from Contracts with Customers 2014-09, In February 2016, the FASB issued ASU 2016-02, Leases. 2016-02 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15 Statement of Cash Flows 2016-15 In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory 2016-16 2016-16 In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business 2017-01 2017-01 2017-01 In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. 2017-04 2017-04

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Cash and Restricted Cash	The following table provides detail regarding cash and restricted cash that sums to the total of such amounts presented in the accompanying condensed consolidated statements of cash flows (in thousands). June 30, December 31, June 30, December 31, 2017 2016 2016 2015 Cash $ 19,737 $ 25,170 $ 18,945 $ 29,137 Restricted cash 11,195 5,996 10,301 6,171 Total cash and restricted cash $ 30,932 $ 31,166 $ 29,246 $ 35,308
Summary of Carrying Amount of Goodwill	The following table details the carrying amount of the Company’s goodwill at June 30, 2017 and December 31, 2016 (in thousands). The goodwill allocated to the sale of hotel properties represents the goodwill amounts allocated at the Acquisition Date to the Fairfield Inn – Huntsville, Alabama, TownePlace Suites – Arlington, Texas, Springhill Suites – Clearwater, Florida, TownePlace Suites – Las Colinas, Texas, Courtyard – Albany, Georgia, Springhill Suites – Arlington, Texas and Courtyard – Valdosta, Georgia hotel properties which were sold during the six months ended June 30, 2017, and is included within the determination of gain (loss) on sale of hotel properties presented in the accompanying condensed consolidated statement of operations and condensed consolidated statement of cash flows. Balance as of December 31, 2016 Goodwill $ 116,470 Accumulated impairment losses — 116,470 Allocated to sale of hotel properties (7,406 ) Balance as of June 30, 2017 Goodwill 109,064 Accumulated impairment losses — $ 109,064

Investment in Real Estate, net

Investment in Real Estate, net (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Investment in Real Estate	Investment in real estate, net as of June 30, 2017 and December 31, 2016 consisted of the following (in thousands): June 30, December 31, 2017 2016 Land and Improvements $ 137,804 $ 139,453 Building and Improvements 746,900 735,863 Furniture, Fixtures and Equipment 60,090 52,706 Construction in Progress 2,022 23,319 946,816 951,341 Less: Accumulated Depreciation (106,714 ) (93,423 ) Investment in Real Estate, net $ 840,102 $ 857,918

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	During the six months ended June 30, 2017, the Company sold seven hotels as summarized below (in thousands): Mortgage Payable Hotel Date of Sale Proceeds Gain Repaid Fairfield Inn—Huntsville, Alabama January 2017 $ 4,575 $ — $ 4,444 TownePlace Suites—Arlington, Texas January 2017 8,001 — 3,606 Springhill Suites—Clearwater, Florida January 2017 5,767 — 4,971 TownePlace Suites—Las Colinas, Texas January 2017 16,867 3,072 8,248 Courtyard—Albany, Georgia February 2017 8,628 — 6,242 Springhill Suites—Arlington, Texas March 2017 9,015 556 8,360 Courtyard—Valdosta, Georgia June 2017 6,584 — 5,423 Total $ 59,437 $ 3,628 $ 41,294

Hotels Held for Sale (Tables)

Hotels Held for Sale (Tables)	6 Months Ended
	Jun. 30, 2017
Text Block [Abstract]
Summary of Hotels Held for Sale	The following is a summary of hotels held for sale as of December 31, 2016 (in thousands). Assets of Hotels Hotel Held for Sale Fairfield Inn—Huntsville, Alabama $ 3,613 TownePlace Suites—Arlington, Texas 7,136 Springhill Suites—Clearwater, Florida 4,973 TownePlace Suites—Las Colinas, Texas 12,330 Springhill Suites—Arlington, Texas 7,195 Courtyard—Albany, Georgia 7,849 Total $ 43,096

Mortgages Payable (Tables)

Mortgages Payable (Tables)	6 Months Ended
	Jun. 30, 2017
Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgages Payable	Mortgages payable as of June 30, 2017 and December 31, 2016 consisted of the following (in thousands): June 30, December 31, 2017 2016 Mortgages payable related to assets held and used $ 745,356 $ 757,245 Mortgages payable related to assets of hotels held for sale 3,615 35,871 Total mortgages payable $ 748,971 $ 793,116
Schedule of Interest Expense	Components of interest expense for the three and six months ended June 30, 2017 and 2016 were as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2017 2016 2017 2016 Mortgage debt $ 7,307 $ 6,999 $ 14,339 $ 13,952 Amortization of deferred financing costs — 1,260 — 2,520 Capitalized interest (109 ) (81 ) (218 ) (178 ) Total interest expense, net $ 7,198 $ 8,178 $ 14,121 $ 16,294
Schedule of Future Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations as of June 30, 2017 (assuming exercise of extension option under the Loan Agreement and the sale of the hotels held for sale as of June 30, 2017 during the fiscal year 2017) are as follows (in thousands): 2017 (remaining months) $ 3,849 2018 729,481 2019 510 2020 533 2021 562 Thereafter 14,036 Total $ 748,971

Fair Value of Financial Instr24

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
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): June 30, 2017 December 31, 2016 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Financial liabilities not measured at fair value: Mortgages payable and mortgages payable related to assets of hotels held for sale $ 748,971 $ 748,613 $ 793,116 $ 792,699

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 and thereafter are as follows (in thousands): 2017 (remaining months) $ 53 2018 107 2019 107 2020 45 Thereafter — Total $ 312

Organization - Additional Infor

Organization - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017Room	Dec. 03, 2014
Hotel [Member]
Organization [Line Items]
Number of hotels owned	53	53
Number of states the hotels located	17
Aggregate number of rooms	6,365
Apple REIT Six, Inc. [Member]
Organization [Line Items]
Acquisition date	May 14, 2013

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Segment	Jun. 30, 2016USD ($)
Property, Plant and Equipment [Line Items]
Deposits within financial institutions	$ 250,000		$ 250,000
Impairment of investment in real estate	$ 2,988,000	$ 2,994,000	2,988,000	$ 8,507,000
Goodwill impairment			$ 0
Number of operating segment | Segment			1
Courtyard - Valdosta, Georgia [Member]
Property, Plant and Equipment [Line Items]
Impairment of investment in real estate			$ 2,600,000
Hilton Garden Inn - Fredericksburg, Virginia [Member]
Property, Plant and Equipment [Line Items]
Impairment of investment in real estate				5,500,000
Fairfield Inn - Pensacola, Florida [Member]
Property, Plant and Equipment [Line Items]
Impairment of investment in real estate			$ 400,000
Marriott - Boulder, Colorado [Member]
Property, Plant and Equipment [Line Items]
Impairment of investment in real estate				$ 3,000,000
Buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets			39 years
Minimum [Member]
Property, Plant and Equipment [Line Items]
Percentage of adjusted taxable income to be distributed to stockholder			90.00%
Minimum [Member] | Land and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets			10 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets			3 years
Maximum [Member] | Land and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets			15 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets			7 years

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Summary of Cash and Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash	$ 19,737	$ 25,170	$ 18,945	$ 29,137
Restricted cash	11,195	5,996	10,301	6,171
Total cash and restricted cash	$ 30,932	$ 31,166	$ 29,246	$ 35,308

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Summary of Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Goodwill [Roll Forward]
Allocated to sale of hotel properties	$ (7,406)
Goodwill , gross	109,064	$ 116,470
Accumulated impairment losses	0	0
Goodwill, net	$ 109,064	$ 116,470

Investment in Real Estate, ne30

Investment in Real Estate, net - Investment in Real Estate (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Investment in Real Estate, gross	$ 946,816	$ 951,341
Less: Accumulated Depreciation	(106,714)	(93,423)
Investment in Real Estate, net	840,102	857,918
Land and Improvements [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	137,804	139,453
Building and Improvements [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	746,900	735,863
Furniture, Fixtures and Equipment [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	60,090	52,706
Construction in Progress [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	$ 2,022	$ 23,319

Sale of Hotel Properties - Addi

Sale of Hotel Properties - Additional Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2017Hotel	Jun. 30, 2017USD ($)Hotel
Schedule Of Discontinued Operations [Line Items]
Number of hotels sold | Hotel	6	7
Net proceeds from sale of hotels		$ 59,437
Additional principal payment		2,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Schedule Of Discontinued Operations [Line Items]
Selling cost of sale of hotels		$ 2,000

Sale of Hotel Properties - Summ

Sale of Hotel Properties - Summary of Hotels Sold (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of hotels	$ 59,437
Gain from sale of hotels	3,628
Mortgage Payable Repaid	$ 41,294
Fairfield Inn - Huntsville, Alabama [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale	2017-01
Net proceeds from sale of hotels	$ 4,575
Mortgage Payable Repaid	$ 4,444
TownePlace Suites - Arlington, Texas [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale	2017-01
Net proceeds from sale of hotels	$ 8,001
Mortgage Payable Repaid	$ 3,606
Springhill Suites - Clearwater, Florida [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale	2017-01
Net proceeds from sale of hotels	$ 5,767
Mortgage Payable Repaid	$ 4,971
TownePlace Suites - Las Colinas, Texas [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale	2017-01
Net proceeds from sale of hotels	$ 16,867
Gain from sale of hotels	3,072
Mortgage Payable Repaid	$ 8,248
Courtyard - Albany, Georgia [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale	2017-02
Net proceeds from sale of hotels	$ 8,628
Mortgage Payable Repaid	$ 6,242
Springhill Suites - Arlington, Texas [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale	2017-03
Net proceeds from sale of hotels	$ 9,015
Gain from sale of hotels	556
Mortgage Payable Repaid	$ 8,360
Courtyard - Valdosta, Georgia [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale	2017-06
Net proceeds from sale of hotels	$ 6,584
Mortgage Payable Repaid	$ 5,423

Hotels Held for Sale - Addition

Hotels Held for Sale - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2017USD ($)	Mar. 31, 2017Hotel	Dec. 31, 2016USD ($)Hotel	Jun. 30, 2017USD ($)Hotel
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale			$ 43,096	$ 4,794
Number of hotels held for sale | Hotel			6	1
Net proceed from sale of hotels				$ 59,437
Number of hotels sold | Hotel		6		7
Subsequent Event [Member] | Fairfield Inn - Pensacola, Florida [Member]
Long Lived Assets Held-for-sale [Line Items]
Net proceed from sale of hotels	$ 5,400

Hotels Held for Sale - Summary

Hotels Held for Sale - Summary of Hotels Held for Sale (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale	$ 4,794	$ 43,096
Fairfield Inn Huntsville Alabama Hotel [Member] | Discontinued Operations, Held-for-sale [Member]
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale		3,613
Townie Place Suites Arlington Texas Hotel [Member] | Discontinued Operations, Held-for-sale [Member]
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale		7,136
Springhill Suites Clearwater Florida Hotel [Member] | Discontinued Operations, Held-for-sale [Member]
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale		4,973
Towne Place Suites Las Colinas Texas Hotel [Member] | Discontinued Operations, Held-for-sale [Member]
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale		12,330
Springhill Suites Arlington Texas Hotel [Member] | Discontinued Operations, Held-for-sale [Member]
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale		7,195
Courtyard Albany Georgia Hotel [Member] | Discontinued Operations, Held-for-sale [Member]
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale		$ 7,849

Mortgages Payable - Schedule of

Mortgages Payable - Schedule of Mortgages Payable (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Mortgages payable related to assets held and used	$ 745,356	$ 757,245
Mortgages payable related to assets of hotels held for sale	3,615	35,871
Total	$ 748,971	$ 793,116

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Detail)	Jul. 07, 2017USD ($)Terms	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 03, 2014USD ($)	May 14, 2013USD ($)
Mortgage and Mezzanine Loans obtained on May 14, 2013 [Member]
Mortgage Loans on Real Estate [Line Items]
Borrowings on mortgage loan					$ 775,000,000
Loan outstanding principal amount				$ 763,900,000
Mortgage and Mezzanine Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Borrowings on mortgage loan				$ 830,000,000
New Loan [Member] | Subsequent Event [Member]
Mortgage Loans on Real Estate [Line Items]
Borrowings on mortgage loan	$ 800,000,000
Loan outstanding principal amount	$ 732,600,000
Loan original maturity date	Jul. 9, 2019
Number of extension option terms | Terms	5
Term extension period	1 year
Interest Rate Cap [Member] | Subsequent Event [Member]
Mortgage Loans on Real Estate [Line Items]
Margin rate	4.25%
Derivative, maturity date	Jul. 9, 2019
Net proceeds from borrowings on mortgage payable and mezzanine loans	$ 800,000,000
Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of guarantor liability on principal of loan outstanding		15.00%
Interest Rate Cap [Member]
Mortgage Loans on Real Estate [Line Items]
Derivative, maturity date		Dec. 9, 2017
Net proceeds from borrowings on mortgage payable and mezzanine loans		$ 776,500,000
Fort Worth, Texas Residence Inn [Member]
Mortgage Loans on Real Estate [Line Items]
Loan, maturity date		Oct. 6, 2022
Loan, interest rate		4.73%
Fort Worth, Texas Residence Inn [Member] | Mortgages Payable [Member]
Mortgage Loans on Real Estate [Line Items]
Loan, Outstanding principal balance		$ 16,400,000	$ 16,600,000
Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Number of hotels owned		53		53
Hotel [Member] | Subsequent Event [Member]
Mortgage Loans on Real Estate [Line Items]
Number of hotels owned	52
LIBOR [Member] | Mortgage and Mezzanine Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Margin rate		2.80%
LIBOR [Member] | Mortgage and Mezzanine Loans [Member] | Subsequent Event [Member]
Mortgage Loans on Real Estate [Line Items]
Margin rate	2.15%
One-Month LIBOR [Member] | Interest Rate Cap [Member]
Mortgage Loans on Real Estate [Line Items]
Margin rate		8.374%
Mezzanine Loans [Member] | Year One [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Debt yield		7.50%
Mezzanine Loans [Member] | Year One [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Debt yield		7.50%
Mezzanine Loans [Member] | Year Two [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Debt yield		7.50%
Mezzanine Loans [Member] | Year Two [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Debt yield		7.50%
Mezzanine Loans [Member] | Year Three [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Debt yield		7.50%
Mezzanine Loans [Member] | Year Three [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Debt yield		7.50%
Mezzanine Loans [Member] | Year Four [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Debt yield		7.50%
Mezzanine Loans [Member] | Year Four [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Debt yield		7.50%
Mezzanine Loans [Member] | Year Five [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Debt yield		7.75%
Mezzanine Loans [Member] | Year Five [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Debt yield		7.75%
Collateral Pledged [Member] | Hotel [Member] | New Loan [Member] | Subsequent Event [Member]
Mortgage Loans on Real Estate [Line Items]
Number of hotels owned	51
Collateral Pledged [Member] | Hotel [Member] | Loan Agreement [Member]
Mortgage Loans on Real Estate [Line Items]
Number of hotels owned				52

Mortgages Payable - Schedule 37

Mortgages Payable - Schedule of Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest Expense [Abstract]
Mortgage debt	$ 7,307	$ 6,999	$ 14,339	$ 13,952
Amortization of deferred financing costs		1,260		2,520
Capitalized interest	(109)	(81)	(218)	(178)
Total interest expense, net	$ 7,198	$ 8,178	$ 14,121	$ 16,294

Mortgages Payable - Schedule 38

Mortgages Payable - Schedule of Future Principal Payments of Debt Obligations (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2017 (remaining months)	$ 3,849
2,018	729,481
2,019	510
2,020	533
2,021	562
Thereafter	14,036
Total	$ 748,971	$ 793,116

Fair Value of Financial Instr39

Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable and mortgages payable related to assets of hotels held for sale, Carrying Value	$ 748,971	$ 793,116
Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable and mortgages payable related to assets of hotels held for sale, Carrying Value	748,971	793,116
Mortgages payable and mortgages payable related to assets of hotels held for sale, Estimated Fair Value	$ 748,613	$ 792,699

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2017USD ($)Property	Jun. 30, 2017USD ($)Hotel	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Hotel	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 03, 2014
Long-term Purchase Commitment [Line Items]
Insurance receivable		$ 5,067		$ 5,067		$ 5,067
Number of subset of hotels with ground leases | Hotel		3		3
Ground lease expenses		$ 100	$ 100	$ 100	$ 100
Hotel [Member]
Long-term Purchase Commitment [Line Items]
Number of hotels owned		53		53			53
Ground Leases [Member] | Minimum [Member]
Long-term Purchase Commitment [Line Items]
Lease obligation remaining period				3 years
Ground Leases [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Lease obligation remaining period				17 years
Ground Leases [Member] | PA Residence Inn [Member]
Long-term Purchase Commitment [Line Items]
Lease obligation remaining period				17 years
Deepwater Horizon Economic and Property Damages Settlement Program [Member]
Long-term Purchase Commitment [Line Items]
Proceeds from litigation settlement	$ 1,400
Number of damaged properties prior to Merger | Property	4
Franchise Agreements [Member] | Minimum [Member]
Long-term Purchase Commitment [Line Items]
Royalty fee				4.50%
Franchise Agreements [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Royalty fee				6.00%
Affiliated Entity [Member]
Long-term Purchase Commitment [Line Items]
Management agreement terms, description				The agreements with less than one year remaining in their term generally automatically renew on annual or month-to-month terms unless either party to the agreement gives prior notice of the termination thereof.
Affiliated Entity [Member] | Minimum [Member]
Long-term Purchase Commitment [Line Items]
Payment of management fee as percentage of revenues				2.00%
Management agreement remaining terms, period				1 year
Affiliated Entity [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Payment of management fee as percentage of revenues				7.00%
Management agreement remaining terms, period				17 years
Affiliated Entity [Member] | Management Agreements [Member] | Hotel [Member]
Long-term Purchase Commitment [Line Items]
Number of hotels owned		53		53

Commitments and Contingencies41

Commitments and Contingencies - Aggregate Amounts of Minimum Lease Payments under Lease Agreements (Detail) $ in Thousands	Jun. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
2017 (remaining months)	$ 53
2,018	107
2,019	107
2,020	45
Thereafter	0
Total	$ 312

7% Series A Cumulative Redeem42

7% Series A Cumulative Redeemable Preferred Stock - Additional Information (Detail) - 7% Series A Cumulative Redeemable Preferred Stock [Member] - USD ($)	Aug. 11, 2017	Jun. 23, 2017	Mar. 28, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2017	Dec. 31, 2014	Dec. 31, 2016	Nov. 29, 2012
Class of Stock [Line Items]
Preferred stock, shares issued				72,382,848		72,382,848		72,382,848	97,032,848
Initial date for redemption of shares						Nov. 14, 2020
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%
Increase in dividend rate, trigger date						May 14, 2018
Preferred stock initial liquidation preference per share				$ 1.90		$ 1.90	$ 1.90	$ 1.90
Preferred Stock, dividend declared per share		$ 0.0333	$ 0.0333
Accrued dividend				$ 2,400,000		$ 2,400,000
Dividend paid, date				Jul. 17, 2017	Apr. 17, 2017
Preferred Stock, dividend record date				Jul. 1, 2017	Apr. 1, 2017
Dividend payable, date declared				Jul. 23, 2017	Mar. 28, 2017
Number of preferred stock owned by company				72,382,848		72,382,848		72,382,848
Subsequent Event [Member]
Class of Stock [Line Items]
Number of preferred stock redeemed	28,560,947
Percentage of outstanding preferred shares redeemed	39.458%
Aggregate redemption price	$ 54,500,000
BRE Holdings [Member]
Class of Stock [Line Items]
Number of preferred stock owned by company				1,500,000		1,500,000
BRE Holdings [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Number of preferred stock owned by company	900,000
Minimum [Member]
Class of Stock [Line Items]
Legacy litigation and regulatory matters, expense							$ 3,500,000

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - $ / shares	Aug. 02, 2017	Jul. 13, 2017	May 12, 2017	Feb. 10, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Capital stock, shares authorized					150,100,000		150,100,000
Common stock, par value					$ 0.01		$ 0.01		$ 0.01
Preferred stock, par value					$ 0.0001		$ 0.0001		$ 0.0001
Common stock voting rights							Company's common stock are entitled to one vote for each share of common stock
Common stock, shares issued					100		100		100
Common stock, shares outstanding					100		100		100
Common Stock, dividend declared per share					$ 142,500	$ 100,000	$ 242,500	$ 190,000
Common Stock [Member]
Class of Stock [Line Items]
Capital stock, shares authorized					100,000		100,000
Dividend payable, date declared			May 12, 2017	Feb. 10, 2017
Dividend payable, date to be paid			May 15, 2017	Feb. 13, 2017
Common Stock, dividend declared per share			$ 142,500	$ 100,000
Common Stock [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Dividend payable, date declared	Aug. 2, 2017	Jul. 13, 2017
Dividend payable, date to be paid	Aug. 3, 2017	Jul. 14, 2017
Common Stock, dividend declared per share	$ 100,000	$ 64,388
Preferred Stock [Member]
Class of Stock [Line Items]
Capital stock, shares authorized					150,000,000		150,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income tax benefit	$ 1,305	$ 1,679	$ 1,267	$ 72

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 03, 2014
Related Party Transaction [Line Items]
Capital improvements payable	$ 755,000		$ 755,000		$ 1,113,000
Hotel [Member]
Related Party Transaction [Line Items]
Number of hotels owned	53		53			53
Hilton Worldwide Inc [Member]
Related Party Transaction [Line Items]
Franchise fees, marketing fees, and other expenses	$ 5,000,000	$ 4,600,000	$ 8,800,000	$ 8,400,000
Capital improvements payable	0		0		0
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Professional fees paid to management company	600,000	$ 500,000	1,200,000	$ 1,000,000
Management Company [Member]
Related Party Transaction [Line Items]
Capital improvements payable	$ 0		$ 0		$ 100,000
Hilton Worldwide Holdings Inc. Franchisor [Member] | Hilton Worldwide Inc [Member] | Hotel [Member]
Related Party Transaction [Line Items]
Number of hotels owned	26		26