Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Apr. 02, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
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 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 ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Investment in real estate, net of accumulated depreciation of $116,180 and $93,423, respectively | $ 758,259 | $ 857,918 |
Hotels held for sale | 65,534 | 43,096 |
Cash | 22,491 | 25,170 |
Restricted cash | 9,111 | 5,996 |
Due from third-party managers, net | 4,284 | 4,518 |
Insurance receivable | 0 | 5,067 |
Prepaid expenses and other assets | 3,383 | 2,798 |
Goodwill | 108,466 | 116,470 |
Deferred tax assets | 2,984 | 6,051 |
TOTAL ASSETS | 974,512 | 1,067,084 |
LIABILITIES | ||
Accounts payable and accrued expenses | 9,233 | 12,729 |
Due to third-party managers, net | 638 | 1,113 |
Mortgages payable | 738,148 | 757,245 |
Mortgages payable related to assets of hotels held for sale | 69,905 | 35,871 |
Other liabilities | 145 | |
TOTAL LIABILITIES | 817,924 | 807,103 |
Commitments and contingencies (Note 8) | ||
7% Series A Cumulative Redeemable Preferred Stock, $1.90 initial liquidation preference, 120,000,000 shares authorized; 43,821,901 shares issued and outstanding at December 31, 2017; 72,382,848 shares issued and outstanding at December 31, 2016 | 83,040 | 137,160 |
STOCKHOLDER'S EQUITY | ||
Preferred stock, $0.0001 par value, 30,000,000 shares authorized; none issued and outstanding at December 31, 2017 and December 31, 2016 | ||
Common stock, $0.01 par value, 100,000 shares authorized; 100 shares issued and outstanding at December 31, 2017 and December 31, 2016 | 0 | 0 |
Additional paid-in capital | 73,548 | 122,821 |
TOTAL STOCKHOLDER'S EQUITY | 73,548 | 122,821 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 974,512 | $ 1,067,084 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accumulated depreciation of Investment in real estate | $ 116,180 | $ 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 | 43,821,901 | 72,382,848 |
Preferred stock, shares outstanding | 43,821,901 | 72,382,848 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUE | |||
Room revenue | $ 243,790 | $ 268,659 | $ 268,272 |
Other revenue | 16,088 | 17,820 | 18,743 |
Total revenue | 259,878 | 286,479 | 287,015 |
EXPENSES | |||
Operating expense | 60,205 | 65,437 | 66,190 |
Hotel administrative expense | 22,989 | 26,260 | 25,370 |
Sales and marketing | 21,239 | 22,311 | 22,278 |
Utilities | 8,382 | 8,995 | 9,629 |
Repair and maintenance | 9,388 | 10,841 | 10,739 |
Franchise fees | 11,954 | 13,276 | 13,299 |
Management fees | 7,943 | 9,578 | 9,571 |
Taxes, insurance and other | 15,153 | 15,449 | 14,552 |
General and administrative | 9,157 | 5,164 | 5,013 |
Depreciation expense | 35,668 | 38,507 | 33,775 |
Total expenses | 202,078 | 215,818 | 210,416 |
Impairment of investment in real estate | (13,911) | (17,694) | |
Gain (loss) on sale of hotel properties | 3,628 | (2,342) | |
Loss on disposals of investment in real estate | (4,981) | (6,116) | |
Operating income | 42,536 | 50,625 | 70,483 |
Interest expense, net | (31,722) | (32,144) | (30,704) |
Loss on derivatives | (152) | (89) | (59) |
Income before income tax expense | 10,662 | 18,392 | 39,720 |
Income tax (expense) benefit | (4,628) | 1,198 | (2,409) |
Net income | 6,034 | 19,590 | 37,311 |
Series A Preferred Stock dividends declared | (7,973) | (9,641) | (9,641) |
Net (loss) income available for common stockholder | $ (1,939) | $ 9,949 | $ 27,670 |
Basic and diluted net (loss) income per common share | |||
Total basic and diluted net (loss) income per common share available to common stockholder | $ (19,390) | $ 99,490 | $ 276,700 |
Weighted average common shares outstanding - basic and diluted | 100 | 100 | 100 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Distributions Greater than Net Income [Member] |
Beginning balance at Dec. 31, 2014 | $ 177,202 | $ 177,202 | ||
Beginning balance, shares at Dec. 31, 2014 | 100 | |||
Net income (loss) | 37,311 | $ 37,311 | ||
Cash distributions\dividends declared and paid to common stockholder, per share | (38,000) | (689) | (37,311) | |
Preferred dividends earned ($0.1332, $0.1332 and $0.1332 per share for 2014, 2015 and 2016 respectively) | (9,641) | (9,641) | ||
Ending balance at Dec. 31, 2015 | 166,872 | 166,872 | ||
Ending balance, shares at Dec. 31, 2015 | 100 | |||
Net income (loss) | 19,590 | 19,590 | ||
Cash distributions\dividends declared and paid to common stockholder, per share | (54,000) | (34,410) | (19,590) | |
Preferred dividends earned ($0.1332, $0.1332 and $0.1332 per share for 2014, 2015 and 2016 respectively) | (9,641) | (9,641) | ||
Ending balance at Dec. 31, 2016 | 122,821 | 122,821 | ||
Ending balance, shares at Dec. 31, 2016 | 100 | |||
Net income (loss) | 6,034 | 6,034 | ||
Cash distributions\dividends declared and paid to common stockholder, per share | (47,189) | (41,155) | $ (6,034) | |
Preferred dividends earned ($0.1332, $0.1332 and $0.1332 per share for 2014, 2015 and 2016 respectively) | (8,118) | (8,118) | ||
Ending balance at Dec. 31, 2017 | $ 73,548 | $ 73,548 | ||
Ending balance, shares at Dec. 31, 2017 | 100 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash distributions\dividends declared and paid to common stock, per share | $ 471,888 | $ 540,000 | $ 380,000 |
Preferred dividend earned, per share | 0.1332 | 0.1332 | 0.1332 |
Additional Paid-In Capital [Member] | |||
Cash distributions\dividends declared and paid to common stock, per share | 471,888 | 540,000 | 380,000 |
Preferred dividend earned, per share | $ 0.1332 | $ 0.1332 | $ 0.1332 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 6,034 | $ 19,590 | $ 37,311 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation | 35,668 | 38,507 | 33,775 |
Impairment of investment in real estate | 13,911 | 17,694 | |
(Gain) loss on sale of hotel properties | (3,628) | 2,342 | |
Loss on disposals of investment in real estate | 4,981 | 6,116 | |
Fair value adjustment of interest rate cap | 152 | 89 | 59 |
Amortization of deferred financing costs | 2,673 | 4,678 | 5,054 |
Expense of financing fees for mortgage loan | 1,845 | ||
Deferred income taxes | 3,067 | (5,419) | (46) |
Other non-cash expenses | (29) | (29) | |
Changes in operating assets and liabilities: | |||
(Increase) decrease in due to/from third-party managers, net | (241) | 407 | (628) |
Decrease (increase) in insurance receivable | 86 | 1,429 | (1,742) |
(Increase) decrease in prepaid expenses and other assets | (581) | (1,202) | 278 |
(Decrease) increase in accounts payable and accrued expenses | (278) | (659) | 572 |
(Decrease) increase in other liabilities | (145) | 145 | |
Net cash provided by operating activities | 63,544 | 77,572 | 80,720 |
Cash flows from investing activities: | |||
Capital improvements | (28,587) | (38,983) | (61,112) |
Proceeds from sale of assets | 64,833 | 74,557 | |
Property insurance proceeds | 762 | 358 | 267 |
Net cash provided by (used in) investing activities | 37,008 | 35,932 | (60,845) |
Cash flows from financing activities: | |||
Proceeds from mortgage debt | 800,000 | ||
Payments of mortgage debt | (776,988) | (53,916) | (421) |
Payments for financing fees | (12,593) | ||
Payment for interest rate cap | (156) | (89) | |
Dividends paid to Series A Preferred stockholders | (8,925) | (9,641) | (9,641) |
Dividends paid to common stockholder | (47,189) | (54,000) | (38,000) |
Net cash used in financing activities | (100,116) | (117,646) | (48,062) |
Net (decrease) increase in cash and restricted cash | 436 | (4,142) | (28,187) |
Cash and restricted cash, beginning of period | 31,166 | 35,308 | 63,495 |
Cash and restricted cash, end of period | 31,602 | 31,166 | 35,308 |
Supplemental Cash Flow Information, including Non-Cash Activities: | |||
Interest paid | 29,256 | 27,776 | 25,975 |
Taxes paid | 2,318 | 5,151 | 2,498 |
Accrued capital improvements | 2,984 | 5,055 | 6,624 |
Insurance receivable for loss due to property damage | 4,754 | ||
7% Series A Cumulative Redeemable Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Redemption of Series A Preferred Stock | (54,265) | ||
Supplemental Cash Flow Information, including Non-Cash Activities: | |||
Accrued 7% Series A Preferred Stock dividends | $ 1,459 | $ 2,410 | $ 2,410 |
Organization
Organization | 12 Months Ended |
Dec. 31, 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 December 31, 2017, the Company owned 52 hotels located in 17 states with an aggregate of 6,303 rooms. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation - Basis of Presentation 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 consolidated statements of cash flows (in thousands). December 31, 2017 2016 2015 Cash $ 22,491 $ 25,170 $ 29,137 Restricted cash 9,111 5,996 6,171 Total cash and restricted cash $ 31,602 $ 31,166 $ 35,308 Due from Third-party Managers, net - Due to Third-party Managers, net - Investment in Real Estate and Related Depreciation - 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 - 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 flow 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 life of the asset, or other indicators of fair value. During the years ended December 31, 2017 and 2016, respectively, the Company executed letters of intent to sell certain properties. As a result, a test for impairment of each 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 properties. The following tables summarize the impairments of investments in real estate recorded in 2017 and 2016, respectively (in thousands): Date of Impairment Charge Property Impairment June 2017 Fairfield Inn - Pensacola, Florida $ 444 June 2017 Courtyard - Valdosta, Georgia 2,544 December 2017 Residence Inn - Huntsville, Alabama 2,974 December 2017 Marriott - Redmond, Washington 7,949 Total impairments of investment in real estate - 2017 $ 13,911 Date of Impairment Charge Property Impairment March 2016 Hilton Garden Inn - Fredericksburg, Virginia $ 5,513 June 2016 Marriott - Boulder, Colorado 2,994 December 2016 Fairfield Inn - Huntsville, Alabama 4,259 December 2016 TownePlace Suites - Arlington, Texas 953 December 2016 Springhill Suites - Clearwater, Florida 2,675 December 2016 Courtyard - Albany, Georgia 1,300 Total impairments of investment in real estate - 2016 $ 17,694 No other triggering events have occurred to indicate that the asset carrying values are not recoverable as of December 31, 2017. Goodwill – two-step The following table details the carrying amount of the Company’s goodwill at December 31, 2017 and 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, Courtyard – Valdosta, Georgia and Fairfield Inn – Pensacola, Florida hotel properties which were sold during the year ended December 31, 2017, and is included within the determination of gain (loss) on sale of hotel properties presented in the accompanying consolidated statement of operations and consolidated statement of cash flows for the year ended December 31, 2017. Balance as of December 31, 2016 Goodwill $ 116,470 Accumulated impairment losses - 116,470 Allocated to sale of hotel properties (8,004 ) Balance as of December 31, 2017 Goodwill 108,466 Accumulated impairment losses - $ 108,466 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 In February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), 610-20 No. 2014-09, 2014-09. The No. 2017-05, 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 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 | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Investment in Real Estate, net | 3. Investment in Real Estate, net Investment in real estate, net as of December 31, 2017 and 2016 consisted of the following (in thousands): December 31, December 31, 2017 2016 Land and Improvements $ 117,418 $ 139,453 Building and Improvements 693,132 735,863 Furniture, Fixtures and Equipment 57,422 52,706 Construction in Progress 6,467 23,319 874,439 951,341 Less: Accumulated Depreciation (116,180 ) (93,423 ) Investment in Real Estate, net $ 758,259 $ 857,918 |
Sale of Hotel Properties
Sale of Hotel Properties | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Hotel Properties | 4. Sale of Hotel Properties During the year ended December 31, 2017, the Company sold eight hotels as summarized below (in thousands). Goodwill allocated to the hotels sold is included in the determination of gain on sale of hotel properties. Hotel Date of Sale Proceeds Gain Mortgage 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 Fairfield Inn - Pensacola, Florida July 2017 5,396 - - Total $ 64,833 $ 3,628 $ 41,294 The mortgage payable attributable to the Fairfield Inn - Pensacola, Florida property was repaid in connection with the July 7, 2017 mortgage loan refinancing described in Note 6. Accordingly, the Fairfield Inn - Pensacola, Florida property was unencumbered when sold on July 13, 2017. The Company received proceeds of $64.8 million from the sales of these hotels, which are net of $2.4 million in selling costs. Due to the sale of some of these 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 previous mortgage loan agreement. During the year ended December 31, 2016, the Company sold two hotels as summarized below (in thousands). Goodwill allocated to the hotels sold is included in the determination of loss on sale of hotel properties. Hotel Date of Sale Proceeds Loss Mortgage Marriott - Boulder, Colorado August 2016 $ 59,349 ($ 1,505 ) $ 43,232 Hilton Garden Inn - Fredericksburg, Virginia August 2016 15,208 (837 ) $ 10,243 Total $ 74,557 ($ 2,342 ) $ 53,475 The Company received proceeds of $74.6 million from the sales of these hotels, which are net of selling costs of $2.4 million. The loss on sale of hotel properties in the consolidated statements of operations of $2.3 million includes $0.1 million of deferred financing costs allocated to the hotel properties sold. |
Hotels Held for Sale
Hotels Held for Sale | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Hotels Held for Sale | 5. Hotels Held for Sale During the fourth quarter of 2017, the Company committed to a plan to sell two hotels and accordingly the hotels were classified as hotels held for sale as of December 31, 2017. Hotels held for sale presented in the consolidated balance sheet consists of the investment in real estate of each hotel, which was measured at December 31, 2017 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 consolidated balance sheet represents the principal of the mortgages payable that the Company is contractually required to repay in connection with the sale of the hotels. There are 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, 2017 (in thousands). Hotel Assets of Hotels Residence Inn - Huntsville, Alabama $ 6,341 Marriott - Redmond, Washington 59,193 Total $ 65,534 Subsequent to December 31, 2017, the Company sold the two hotels held for sale as summarized below (in thousands): Hotel Date of Sale Proceeds Mortgage Residence Inn - Huntsville, Alabama January 2018 $ 7,587 $ 4,694 Marriott - Redmond, Washington February 2018 67,753 65,211 Total $ 75,340 $ 69,905 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. The following is a summary of hotels held for sale as of December 31, 2016 (in thousands). Hotel Assets of Hotels 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
Mortgages Payable | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgages Payable | 6. Mortgages Payable Mortgages payable as of December 31, 2017 and December 31, 2016 consisted of the following (in thousands): December 31, 2017 2016 Mortgages payable before unamortized deferred financing costs $ 746,223 $ 757,245 Unamortized deferred financing costs (8,075 ) - Mortgages payable related to assets held and used $ 738,148 $ 757,245 Mortgages payable related to assets of hotels held for sale 69,905 35,871 Total mortgages payable $ 808,053 $ 793,116 On July 7, 2017, certain indirect wholly-owned subsidiaries (the “Borrowers”) of the Company entered into a loan agreement (the “Loan Agreement”) with Morgan Stanley Bank, N.A., Bank of America, N.A., Citigroup Global Markets Realty Corp., and JPMorgan Chase Bank, National Association (collectively, the “Lenders”), pursuant to which the Borrowers obtained an $800 million mortgage loan from the Lenders (the “Loan”). The 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, 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, a subsidiary of the Company (the “Operating Lessee”), and a security interest in deposit accounts. A portion of the proceeds from the Loan was used to repay the mortgage loan obtained on December 3, 2014 by the Borrowers, in the aggregate original principal amount of $830 million (the “2014 Loan”) and with an aggregate outstanding principal amount of $732.6 million as of the date of repayment. Accordingly, on July 7, 2017, the Borrowers repaid in full, cancelled and terminated their respective mortgage loan agreements outstanding under the 2014 Loan at that date without any penalties incurred. The initial interest rate of the Loan is equal to the one-month one-year 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 related to the 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, except that, if a prepayment is made at any time on or before June 9, 2018, and such prepayment, when aggregated with all other prepayments made by the Borrowers, exceeds 15% of the amount of the Loan funded to the Borrowers, then the Borrowers will be required to pay to the Lender an amount equal to the then effective margin rate on the principal being prepaid for the period from the date of the prepayment through June 14, 2018. Any prepayment made after June 9, 2018 may be made without any prepayment penalty or fee. In addition, the applicable Borrowers for each Loan and BSHH LLC, a Delaware limited liability company (the “Guarantor”) and an affiliate of BRE Holdings pursuant to a Guaranty Agreement, dated as of July 7, 2017 (the “Guaranty”), 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 Borrower, Guarantor, Sponsor or their respective affiliates controlled by the Sponsor which constitute fraud or material and willful misrepresentation in connection with the Loan, willful misconduct that results in physical damage or waste to any property, the removal or disposal of any portion of any property during the continuance of an event of default under the Loan, misappropriation or conversion of any insurance proceeds paid by reason of a casualty, any awards received in connection with a condemnation of all or a portion of any individual property, any rents during the continuance of an event of default under the Loan or any rents paid more than one month in advance, any liability or obligation pursuant to any purchase and sale agreement entered into for a previously-owned property (but with respect to the Guarantor, specifically excluding any loss, damage, cost, expense, liability, claim or other obligation arising out of or incurred in connection with any environmental matters or conditions or claims or other obligations arising therefrom), a material breach of the special purpose entity covenants relating to the incurrence of additional indebtedness or assuming or guaranteeing the debts of any other person or entity, failure to obtain prior written consent to any financing or other voluntary lien encumbering any individual property, if such consent is required in accordance with the applicable provisions of the Loan, any voluntary termination, or any voluntary, material modification of a ground lease without Lender’s prior written consent other than as expressly permitted under the Loan (not exceed the amortized release amount of the ground leased property) or failure to obtain Lender’s prior written consent to certain transfers to the extent required by the Loan. 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 10% of the principal amount of the Loan outstanding at the time the event occurred. In connection with entering into the Loan Agreement, on July 7, 2017, each Borrower and Operating Lessee also entered into a mortgage or deed of trust securing each Borrower’s fee or leasehold interest in the properties and Operating Lessee’s leasehold interest in the properties. 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 Guarantor in favor of the Lender in connection with the Loan. In connection with the Loan, the Company capitalized deferred financing costs of $10.8 million, which consists of amounts paid for direct and indirect costs associated with the origination of the Loan. The Company additionally incurred $1.8 million of professional fees and other costs associated with the Loan that did not meet the criteria for capitalization as deferred financing costs, and are included in general and administrative expense in the consolidated statement of operations for the year ended December 31, 2017. Deferred financing costs were $8.1 million and $0 as of December 31, 2017 and December 31, 2016, respectively, and are presented as a direct deduction of mortgages payable on the consolidated balance sheets. Such costs are amortized on a straight-line basis (which approximates the effective interest method) over the term of the related debt. 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 $16.1 million and $16.6 million as of December 31, 2017 and December 31, 2016, respectively, and is included in mortgages payable in the consolidated balance sheets. Components of interest expense for the years ended December 31, 2017, 2016 and 2015 were as follows (in thousands): Year Ended December 31, 2017 2016 2015 Mortgage debt $ 29,330 $ 27,829 $ 26,036 Amortization of deferred financing costs 2,673 4,678 5,054 Capitalized interest (281 ) (363 ) (386 ) Total interest expense, net $ 31,722 $ 32,144 $ 30,704 The Company had an effective interest rate of 3.61%, 3.34% and 3.06% for its debt during 2017, 2016 and 2015, respectively. As of December 31, 2017 and 2016, the Company’s weighted average interest rate on its debt was 3.65% and 3.53%, respectively. Future scheduled principal payments of debt obligations (assuming the sale of the hotels held for sale as of December 31, 2017 during fiscal year 2018) as of December 31, 2017 are as follows (in thousands): 2018 $ 70,392 2019 730,605 2020 533 2021 562 2022 14,036 Thereafter - Total $ 816,128 Due to the sale of the hotels described in Note 5, $6.6 million of the fiscal year 2019 principal payments presented above was repaid in the first quarter of 2018 in order to comply with the debt yield as required under the terms of the Loan Agreement. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 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, 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): December 31, 2017 December 31, 2016 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 $ - $ - $ - $ - Financial liabilities not measured at fair value: Mortgages payable and mortgages payable related to assets of hotels held for sale $ 816,128 $ 815,677 $ 793,116 $ 792,699 Interest rate caps - one-year 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 | 12 Months Ended |
Dec. 31, 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 consolidated statement of operations for the year ended December 31, 2017. Franchise Agreements Management Agreements - month-to-month TRS Lease Agreements Ground Leases 2018 $ 107 2019 107 2020 45 2021 - Thereafter - Total $ 259 |
7% Series A Cumulative Redeemab
7% Series A Cumulative Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 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 of 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 December 31, 2017, the initial liquidation preference has not been adjusted. On August 6, 2017 (the “redemption date”), the Company used proceeds from the Loan (see Note 6) in the amount of approximately $54.5 million 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 on the redemption date. The shares of Series A Preferred Stock were redeemed on a pro-rata As of December 31, 2017 and 2016, BRE Holdings owned approximately 0.9 million and 1.5 million shares of the Series A Preferred Stock, respectively. Dividends were declared to be paid in cash for all four quarters of 2017, 2016 and 2015, of which 100% were characterized as ordinary income. During the year ended December 31, 2017, the Board of Directors of the Company declared the following dividends on the Series A Preferred Stock: Dividend Dividend Dividend Declaration Date per Share Record Date Payment Date March 28, 2017 $ 0.0333 April 1, 2017 April 17, 2017 June 23, 2017 $ 0.0333 July 1, 2017 July 17, 2017 September 29, 2017 $ 0.0333 October 1, 2017 October 16, 2017 December 21, 2017 $ 0.0333 January 1, 2018 January 16, 2018 As of December 31, 2017, the Company accrued $1.5 million for the dividend declared on December 21, 2017, which is included in accounts payable and accrued expenses in the consolidated balance sheet. The table below reconciles the Series A Preferred Stock for the years ended December 31, 2017, 2016 and 2015 (in thousands): Ending balance as of December 31, 2014 $ 137,160 Dividends declared in 2015 (9,641 ) Dividends earned in 2015 9,641 Ending balance as of December 31, 2015 $ 137,160 Dividends declared in 2016 (9,641 ) Dividends earned in 2016 9,641 Ending balance as of December 31, 2016 $ 137,160 Dividends declared in 2017 (7,973 ) Dividends earned in 2017 8,118 Redemption of preferred shares (54,265 ) Ending balance as of December 31, 2017 $ 83,040 |
Stockholder's Equity
Stockholder's Equity | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016, there were 100 shares of common stock issued and outstanding. BRE Holdings owns 100% of the Company’s issued and outstanding common stock. Dividends were declared to be paid in cash for all four quarters of 2017, of which 27.96% were characterized as ordinary income and 72.04% were characterized as return of capital. Dividends were declared to be paid in cash for all four quarters of 2016, of which 33.47% were characterized as ordinary income and 66.53% were characterized as return of capital. During the year ended December 31, 2017, the Board of Directors of the Company declared the following dividends on the common stock: Dividend Dividend Dividend Declaration Date per Share Record Date Payment Date February 10, 2017 $ 100,000.00 February 10, 2017 February 13, 2017 May 12, 2017 $ 142,500.00 May 12, 2017 May 15, 2017 July 13, 2017 $ 64,387.71 July 13, 2017 July 14, 2017 August 2, 2017 $ 100,000.00 August 2, 2017 August 3, 2017 November 8, 2017 $ 65,000.00 November 8, 2017 November 9, 2017 On February 8, 2018, the Company’s Board of Directors declared a dividend on the common stock of $40,000 per share, which was paid on February 9, 2018. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 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 allowances 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 as a result of the following differences (in thousands). Year Ended December 31, 2017 2016 2015 Statutory federal income tax provision $ 3,625 34.0 % $ 6,253 34.0 % $ 13,505 34.0 % Adjustment for nontaxable income (6,012 ) (56.4 %) (6,635 ) (36.1 %) (11,468 ) (28.9 %) State income taxes, net of federal income tax benefit 136 1.3 % 126 0.7 % 390 1.0 % Contributions to TRS - 0.0 % (942 ) (5.1 %) - 0.0 % Change in federal tax rate 3,502 32.8 % - 0.0 % - 0.0 % Valuation allowance 3,377 31.7 % - 0.0 % - 0.0 % Other - 0.0 % - 0.0 % (18 ) 0.0 % Total income tax expense (benefit) $ 4,628 43.4 % ($ 1,198 ) (6.5 %) $ 2,409 6.1 % The components of the Company’s income tax expense (benefit) for the years ended December 31, 2017, 2016, and 2015 were as follows (in thousands): Year Ended December 31, 2017 2016 2015 Income tax expense (benefit): Current: Federal $ 1,452 $ 3,353 $ 1,887 State 254 728 568 Deferred: Federal 2,685 (4,822 ) (42 ) State 237 (457 ) (4 ) Total $ 4,628 ($ 1,198 ) $ 2,409 The components of the consolidated TRS’s net deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows (in thousands): December 31, 2017 2016 Deferred tax assets: Accrued expenses and other $ 357 $ 585 Prepaid expenses and other 2 21 Investment in real estate book-tax 4,292 4,641 Goodwill book-tax 1,096 804 Net operating loss carryforward 1,549 935 Total deferred tax assets before valuation allowances 7,296 6,986 Valuation allowances (4,312 ) (935 ) Deferred tax assets $ 2,984 $ 6,051 Deferred tax liabilities: Goodwill book-tax $ - $ 145 Deferred tax liabilities $ - $ 145 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. The $4.3 million and $0.9 million valuation allowances recorded at December 31, 2017 and 2016, respectively, are for net operating loss (“NOL”) carryforwards where it is not considered more likely than not that the NOL carryforwards will be realized prior to expiration. The NOL carryforwards will begin to expire in 2034. 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 deferred tax assets will be realized. A position taken or expected to be taken by the Company in a tax return is recognized, or derecognized, in the consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. A recognized tax position is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. As of December 31, 2017, the Company does not have any uncertain tax positions. The Company’s policy for interest and penalties, if any, on uncertain tax positions recognized in the consolidated financial statements is to classify these as interest expense and operating expense, respectively. 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 2013. On December 22, 2017, the United States (U.S.) government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act contains significant changes to existing tax law including, among other things, a reduction in the U.S. federal statutory tax rate from 34% to 21%. As a result of the Tax Act, the Company has revised its effective federal statutory income tax rate to reflect a reduction in the rate from 34% to 21% effective January 1, 2018. The Company remeasured its U.S. federal net deferred tax assets as of December 31, 2017 at the lower effective tax rate and recorded a tax expense of $3.5 million for the year ended December 31, 2017. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 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 or holders of Series A Preferred Stock. 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 $18.1 million, $17.5 million and $18.3 million of franchise fees, marketing fees, and other expenses during the years ended December 31, 2017, 2016 and 2015, respectively, under agreements with Hilton or its subsidiaries. In addition, the Company uses Hilton to procure select capital improvements for its hotels. The Company paid Hilton $0, $0 and $3.6 million during the years ended December 31, 2017, 2016 and 2015, respectively, related to capital improvements. No amounts were owed to Hilton at either December 31, 2017 or December 31, 2016. A management company provided 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 $2.2 million, $1.6 million and $2.4 million to this management company during the years ended December 31, 2017, 2016 and 2015, respectively. In addition, the Company owed this management company $0 and $0.1 million at December 31, 2017 and 2016, respectively, which is included in accounts payable and accrued expenses in the consolidated balance sheets. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | 13. Quarterly Financial Data (unaudited) Quarter Ended - 2017 March 31 (a) June 30 September 30 December 31 (b) (in thousands, except per share data) Revenues $ 61,320 $ 69,923 $ 71,747 $ 56,888 Net income (loss) 9,210 6,905 5,242 (15,323 ) Series A Preferred Stock dividends declared (2,410 ) (2,411 ) (1,693 ) (1,459 ) Net income (loss) available for common stockholder 6,800 4,494 3,549 (16,782 ) Basic and diluted net income (loss) per common share available to common stockholder $ 68,000.00 $ 44,940.00 $ 35,490.00 ($ 167,820.00 ) Distributions declared and paid per common share $ 100,000.00 $ 142,500.00 $ 164,387.71 $ 65,000.00 Quarter Ended - 2016 March 31 June 30 September 30 December 31 (in thousands, except per share data) Revenues $ 66,526 $ 79,380 $ 79,885 $ 60,688 Net income (loss) 1,246 10,222 10,406 (2,284 ) Series A Preferred Stock dividends declared (2,410 ) (2,411 ) (2,410 ) (2,410 ) Net income (loss) available for common stockholder (1,164 ) 7,811 7,996 (4,694 ) Basic and diluted net income (loss) per common share available to common stockholder ($ 11,640.00 ) $ 78,110.00 $ 79,960.00 ($ 46,940.00 ) Distributions declared and paid per common share $ 90,000.00 $ 100,000.00 $ 260,000.00 $ 90,000.00 (a) Includes $1.4 million in proceeds from the Deepwater Horizon Economic and Property Damages Settlement Program (see Note 8). (b) Includes $5.0 million loss on disposals of investment in real estate due to allowance recorded against the Company’s insurance receivable (see Note 8). |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | BRE SELECT HOTELS CORP SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2017 (dollars in thousands) Initial Cost to Company (1) Costs Gross Cost at Which Carried at Close of Period (2) (3) City State Brand Encum- Land Building and Land, Land Bldg/FF&E/ Total Acc Depr Year of Date Depreciable Dothan Alabama Courtyard 6,640 810 8,690 1,507 822 10,185 11,007 (1,590 ) 1996 May-13 3 -39 yrs. Dothan Alabama Hampton Inn & Suites 9,242 1,110 6,700 1,513 1,115 8,208 9,323 (1,131 ) 2004 May-13 3 -39 Tuscaloosa Alabama Courtyard 4,700 - 7,690 1,194 19 8,865 8,884 (1,410 ) 1996 May-13 3 -39 Tuscaloosa Alabama Fairfield Inn 3,070 - 3,990 1,719 38 5,671 5,709 (906 ) 1996 May-13 3 -39 Anchorage Alaska Hampton Inn 10,132 2,020 12,980 1,855 2,071 14,784 16,855 (2,373 ) 1997 May-13 3 -39 Anchorage Alaska Hilton Garden Inn 15,335 2,530 20,780 2,603 2,579 23,334 25,913 (3,326 ) 2002 May-13 3 -39 Anchorage Alaska Homewood Suites 15,129 3,190 19,510 1,819 3,332 21,187 24,519 (2,929 ) 2004 May-13 3 -39 Phoenix Arizona Hampton Inn 14,102 3,930 7,190 679 3,942 7,857 11,799 (1,277 ) 1998 May-13 3 -39 Arcadia California Hilton Garden Inn 19,100 2,940 14,310 1,952 3,001 16,201 19,202 (2,574 ) 1999 May-13 3 -39 Arcadia California SpringHill Suites 13,965 2,610 9,130 2,463 2,674 11,529 14,203 (2,265 ) 1999 May-13 3 -39 Bakersfield California Hilton Garden Inn 8,831 1,260 10,490 2,760 1,264 13,246 14,510 (1,900 ) 2004 May-13 3 -39 Folsom California Hilton Garden Inn 10,816 1,310 11,000 1,672 1,344 12,638 13,982 (1,878 ) 1999 May-13 3 -39 Foothill Ranch California Hampton Inn 7,530 2,970 5,080 1,864 3,017 6,897 9,914 (1,390 ) 1998 May-13 3 -39 Lake Forest California Hilton Garden Inn 11,638 4,250 10,440 2,125 4,274 12,541 16,815 (2,129 ) 2004 May-13 3 -39 Milpitas California Hilton Garden Inn 37,104 6,600 22,190 2,888 6,604 25,074 31,678 (3,429 ) 1999 May-13 3 -39 Roseville California Hilton Garden Inn 13,144 2,470 4,260 3,560 2,515 7,775 10,290 (889 ) 1999 May-13 3 -39 San Francisco California Hilton Garden Inn 39,500 7,920 29,100 2,761 7,938 31,843 39,781 (4,360 ) 1999 May-13 3 -39 Glendale Colorado Hampton Inn & Suites 17,867 3,480 17,090 3,115 3,490 20,195 23,685 (3,117 ) 1999 May-13 3 -39 Lakewood Colorado Hampton Inn 20,400 2,520 12,590 2,174 2,543 14,741 17,284 (2,267 ) 2003 May-13 3 -39 Farmington Connecticut Courtyard 14,376 2,600 15,030 2,192 2,610 17,212 19,822 (2,925 ) 2005 May-13 3 -39 Rocky Hill Connecticut Residence Inn 12,322 1,640 14,700 1,700 1,692 16,348 18,040 (2,610 ) 2005 May-13 3 -39 Wallingford Connecticut Homewood Suites 10,953 1,250 12,530 1,025 1,322 13,483 14,805 (2,031 ) 2005 May-13 3 -39 Lake Mary Florida Courtyard 7,530 1,190 5,570 1,675 1,203 7,232 8,435 (1,146 ) 1995 May-13 3 -39 Lakeland Florida Residence Inn 9,926 630 9,740 2,039 651 11,758 12,409 (2,010 ) 2001 May-13 3 -39 Panama City Florida Courtyard 9,584 560 7,310 1,412 570 8,712 9,282 (1,675 ) 2006 May-13 3 -39 Pensacola Florida Courtyard 8,352 610 8,740 2,274 643 10,981 11,624 (1,703 ) 1997 May-13 3 -39 Pensacola Florida Hampton Inn & Suites 9,653 540 6,540 1,593 543 8,130 8,673 (1,331 ) 2005 May-13 3 -39 Tallahassee Florida Hilton Garden Inn 11,090 2,270 9,780 1,949 2,279 11,720 13,999 (1,804 ) 1997 May-13 3 -39 Columbus Georgia Residence Inn 8,215 1,190 7,600 1,601 1,202 9,189 10,391 (1,839 ) 2003 May-13 3 -39 Mt. Olive New Jersey Residence Inn 13,897 2,930 14,860 1,849 2,933 16,706 19,639 (2,756 ) 2005 May-13 3 -39 Somerset New Jersey Homewood Suites 12,322 3,120 8,830 1,980 3,124 10,806 13,930 (1,743 ) 2005 May-13 3 -39 Saratoga Springs New York Hilton Garden Inn 14,376 960 17,020 2,929 978 19,931 20,909 (2,822 ) 1999 May-13 3 -39 Roanoke Rapids North Carolina Hilton Garden Inn 11,227 1,740 3,870 623 1,744 4,489 6,233 (714 ) 2008 May-13 3 -39 Hillsboro Oregon Courtyard 25,056 3,240 11,280 3,410 3,260 14,670 17,930 (2,367 ) 1996 May-13 3 -39 Hillsboro Oregon Residence Inn 30,874 3,790 16,540 3,774 3,805 20,299 24,104 (3,471 ) 1994 May-13 3 -39 Hillsboro Oregon TownePlace Suites 24,782 3,200 11,070 2,458 3,234 13,494 16,728 (2,424 ) 1999 May-13 3 -39 Portland Oregon Residence Inn 70,281 8,430 59,480 4,797 8,446 64,261 72,707 (8,827 ) 2001 May-13 3 -39 Pittsburgh Pennsylvania Residence Inn 7,309 3,550 19,730 4,606 3,559 24,327 27,886 (3,705 ) 1998 May-13 3 -39 Myrtle Beach South Carolina Courtyard 10,406 1,240 9,570 2,859 1,300 12,369 13,669 (2,495 ) 1999 May-13 3 -39 Nashville Tennessee Homewood Suites 14,924 1,010 10,670 1,729 1,044 12,365 13,409 (1,620 ) 1999 May-13 3 -39 Dallas Texas SpringHill Suites 14,376 1,200 14,660 1,243 1,206 15,897 17,103 (2,445 ) 1997 May-13 3 -39 Fort Worth Texas Homewood Suites 12,322 1,250 12,180 8,169 1,268 20,331 21,599 (1,545 ) 1999 May-13 3 -39 Fort Worth Texas Residence Inn 16,128 3,850 16,740 2,915 3,850 19,655 23,505 (2,947 ) 2005 May-13 3 -39 Fort Worth Texas SpringHill Suites 13,007 1,780 13,820 775 1,795 14,580 16,375 (2,247 ) 2004 May-13 3 -39 Laredo Texas Homewood Suites 7,736 1,030 10,200 2,195 1,043 12,382 13,425 (2,121 ) 2005 May-13 3 -39 Laredo Texas Residence Inn 6,777 670 9,170 2,517 674 11,683 12,357 (2,333 ) 2005 May-13 3 -39 McAllen Texas Hilton Garden Inn 5,956 1,510 7,490 2,510 1,553 9,957 11,510 (1,416 ) 2000 May-13 3 -39 Kent Washington TownePlace Suites 19,374 2,180 13,140 2,120 2,224 15,216 17,440 (2,463 ) 1999 May-13 3 -39 Mukilteo Washington TownePlace Suites 12,117 3,020 11,920 1,823 3,046 13,717 16,763 (2,260 ) 1999 May-13 3 -39 Renton Washington Hilton Garden Inn 22,728 2,010 19,190 3,185 2,035 22,350 24,385 (3,245 ) 1998 May-13 3 -39 $ 746,223 $ 116,110 $ 642,180 $ 116,149 $ 117,418 $ 757,021 $ 874,439 ($ 116,180 ) (1) Represents acquisition date fair value. (2) The gross cost basis for Federal Income Tax purposes approximates the basis used in this schedule. (3) Reconciliaiton of Real Estate and Accumulated Depreciation. SCHEDULE III Real Estate and Accumulated Depreciation As of December 31, 2017 (in thousands) 2017 2016 2015 Investment in real estate: Beginning balance $ 951,341 $ 1,060,555 $ 1,018,604 Improvements 25,755 37,548 56,452 Hotels held for sale (72,467 ) (49,426 ) - Disposals and impairments (30,190 ) (97,336 ) (14,501 ) Ending balance $ 874,439 $ 951,341 $ 1,060,555 2017 2016 2015 Accumulated depreciation: Beginning balance $ 93,423 $ 73,915 $ 43,771 Depreciation expense 35,668 38,507 33,775 Hotels held for sale (6,933 ) (6,330 ) - Disposals and impairment (5,978 ) (12,669 ) (3,631 ) Ending balance $ 116,180 $ 93,423 $ 73,915 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation - |
Basis of Presentation | Basis of Presentation |
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 consolidated statements of cash flows (in thousands). December 31, 2017 2016 2015 Cash $ 22,491 $ 25,170 $ 29,137 Restricted cash 9,111 5,996 6,171 Total cash and restricted cash $ 31,602 $ 31,166 $ 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 - 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 - 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 flow 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 life of the asset, or other indicators of fair value. During the years ended December 31, 2017 and 2016, respectively, the Company executed letters of intent to sell certain properties. As a result, a test for impairment of each 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 properties. The following tables summarize the impairments of investments in real estate recorded in 2017 and 2016, respectively (in thousands): Date of Impairment Charge Property Impairment June 2017 Fairfield Inn - Pensacola, Florida $ 444 June 2017 Courtyard - Valdosta, Georgia 2,544 December 2017 Residence Inn - Huntsville, Alabama 2,974 December 2017 Marriott - Redmond, Washington 7,949 Total impairments of investment in real estate - 2017 $ 13,911 Date of Impairment Charge Property Impairment March 2016 Hilton Garden Inn - Fredericksburg, Virginia $ 5,513 June 2016 Marriott - Boulder, Colorado 2,994 December 2016 Fairfield Inn - Huntsville, Alabama 4,259 December 2016 TownePlace Suites - Arlington, Texas 953 December 2016 Springhill Suites - Clearwater, Florida 2,675 December 2016 Courtyard - Albany, Georgia 1,300 Total impairments of investment in real estate - 2016 $ 17,694 No other triggering events have occurred to indicate that the asset carrying values are not recoverable as of December 31, 2017. |
Goodwill | Goodwill – two-step The following table details the carrying amount of the Company’s goodwill at December 31, 2017 and 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, Courtyard – Valdosta, Georgia and Fairfield Inn – Pensacola, Florida hotel properties which were sold during the year ended December 31, 2017, and is included within the determination of gain (loss) on sale of hotel properties presented in the accompanying consolidated statement of operations and consolidated statement of cash flows for the year ended December 31, 2017. Balance as of December 31, 2016 Goodwill $ 116,470 Accumulated impairment losses - 116,470 Allocated to sale of hotel properties (8,004 ) Balance as of December 31, 2017 Goodwill 108,466 Accumulated impairment losses - $ 108,466 |
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 In February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), 610-20 No. 2014-09, 2014-09. The No. 2017-05, 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 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. 2017-04 2017-04 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 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 consolidated statements of cash flows (in thousands). December 31, 2017 2016 2015 Cash $ 22,491 $ 25,170 $ 29,137 Restricted cash 9,111 5,996 6,171 Total cash and restricted cash $ 31,602 $ 31,166 $ 35,308 |
Impairments of Investments in Real Estate | The following tables summarize the impairments of investments in real estate recorded in 2017 and 2016, respectively (in thousands): Date of Impairment Charge Property Impairment June 2017 Fairfield Inn - Pensacola, Florida $ 444 June 2017 Courtyard - Valdosta, Georgia 2,544 December 2017 Residence Inn - Huntsville, Alabama 2,974 December 2017 Marriott - Redmond, Washington 7,949 Total impairments of investment in real estate - 2017 $ 13,911 Date of Impairment Charge Property Impairment March 2016 Hilton Garden Inn - Fredericksburg, Virginia $ 5,513 June 2016 Marriott - Boulder, Colorado 2,994 December 2016 Fairfield Inn - Huntsville, Alabama 4,259 December 2016 TownePlace Suites - Arlington, Texas 953 December 2016 Springhill Suites - Clearwater, Florida 2,675 December 2016 Courtyard - Albany, Georgia 1,300 Total impairments of investment in real estate - 2016 $ 17,694 |
Summary of Carrying Amount of Goodwill | The following table details the carrying amount of the Company’s goodwill at December 31, 2017 and 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, Courtyard – Valdosta, Georgia and Fairfield Inn – Pensacola, Florida hotel properties which were sold during the year ended December 31, 2017, and is included within the determination of gain (loss) on sale of hotel properties presented in the accompanying consolidated statement of operations and consolidated statement of cash flows for the year ended December 31, 2017. Balance as of December 31, 2016 Goodwill $ 116,470 Accumulated impairment losses - 116,470 Allocated to sale of hotel properties (8,004 ) Balance as of December 31, 2017 Goodwill 108,466 Accumulated impairment losses - $ 108,466 |
Investment in Real Estate, net
Investment in Real Estate, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Investment in Real Estate | Investment in real estate, net as of December 31, 2017 and 2016 consisted of the following (in thousands): December 31, December 31, 2017 2016 Land and Improvements $ 117,418 $ 139,453 Building and Improvements 693,132 735,863 Furniture, Fixtures and Equipment 57,422 52,706 Construction in Progress 6,467 23,319 874,439 951,341 Less: Accumulated Depreciation (116,180 ) (93,423 ) Investment in Real Estate, net $ 758,259 $ 857,918 |
Sale of Hotel Properties (Table
Sale of Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Hotel Properties | During the year ended December 31, 2017, the Company sold eight hotels as summarized below (in thousands). Goodwill allocated to the hotels sold is included in the determination of gain on sale of hotel properties. Hotel Date of Sale Proceeds Gain Mortgage 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 Fairfield Inn - Pensacola, Florida July 2017 5,396 - - Total $ 64,833 $ 3,628 $ 41,294 During the year ended December 31, 2016, the Company sold two hotels as summarized below (in thousands). Goodwill allocated to the hotels sold is included in the determination of loss on sale of hotel properties. Hotel Date of Sale Proceeds Loss Mortgage Marriott - Boulder, Colorado August 2016 $ 59,349 ($ 1,505 ) $ 43,232 Hilton Garden Inn - Fredericksburg, Virginia August 2016 15,208 (837 ) $ 10,243 Total $ 74,557 ($ 2,342 ) $ 53,475 |
Hotels Held for Sale (Tables)
Hotels Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Summary of Hotels Held for Sale | The following is a summary of hotels held for sale as of December 31, 2017 (in thousands). Hotel Assets of Hotels Residence Inn - Huntsville, Alabama $ 6,341 Marriott - Redmond, Washington 59,193 Total $ 65,534 The following is a summary of hotels held for sale as of December 31, 2016 (in thousands). Hotel Assets of Hotels 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 |
Summary of Proceeds from Sale of Hotels Held for Sale | Subsequent to December 31, 2017, the Company sold the two hotels held for sale as summarized below (in thousands): Hotel Date of Sale Proceeds Mortgage Residence Inn - Huntsville, Alabama January 2018 $ 7,587 $ 4,694 Marriott - Redmond, Washington February 2018 67,753 65,211 Total $ 75,340 $ 69,905 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule of Mortgages Payable | Mortgages payable as of December 31, 2017 and December 31, 2016 consisted of the following (in thousands): December 31, 2017 2016 Mortgages payable before unamortized deferred financing costs $ 746,223 $ 757,245 Unamortized deferred financing costs (8,075 ) - Mortgages payable related to assets held and used $ 738,148 $ 757,245 Mortgages payable related to assets of hotels held for sale 69,905 35,871 Total mortgages payable $ 808,053 $ 793,116 |
Schedule of Interest Expense | Components of interest expense for the years ended December 31, 2017, 2016 and 2015 were as follows (in thousands): Year Ended December 31, 2017 2016 2015 Mortgage debt $ 29,330 $ 27,829 $ 26,036 Amortization of deferred financing costs 2,673 4,678 5,054 Capitalized interest (281 ) (363 ) (386 ) Total interest expense, net $ 31,722 $ 32,144 $ 30,704 |
Schedule of Future Principal Payments of Debt Obligations (Assuming Sale of Hotels Held for Sale) | Future scheduled principal payments of debt obligations (assuming the sale of the hotels held for sale as of December 31, 2017 during fiscal year 2018) as of December 31, 2017 are as follows (in thousands): 2018 $ 70,392 2019 730,605 2020 533 2021 562 2022 14,036 Thereafter - Total $ 816,128 |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2017 December 31, 2016 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 $ - $ - $ - $ - Financial liabilities not measured at fair value: Mortgages payable and mortgages payable related to assets of hotels held for sale $ 816,128 $ 815,677 $ 793,116 $ 792,699 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and thereafter are as follows (in thousands): 2018 $ 107 2019 107 2020 45 2021 - Thereafter - Total $ 259 |
7% Series A Cumulative Redeem30
7% Series A Cumulative Redeemable Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Dividends Declared | During the year ended December 31, 2017, the Board of Directors of the Company declared the following dividends on the common stock: Dividend Dividend Dividend Declaration Date per Share Record Date Payment Date February 10, 2017 $ 100,000.00 February 10, 2017 February 13, 2017 May 12, 2017 $ 142,500.00 May 12, 2017 May 15, 2017 July 13, 2017 $ 64,387.71 July 13, 2017 July 14, 2017 August 2, 2017 $ 100,000.00 August 2, 2017 August 3, 2017 November 8, 2017 $ 65,000.00 November 8, 2017 November 9, 2017 |
Summary of Reconciliation of Series A Preferred Stock | The table below reconciles the Series A Preferred Stock for the years ended December 31, 2017, 2016 and 2015 (in thousands): Ending balance as of December 31, 2014 $ 137,160 Dividends declared in 2015 (9,641 ) Dividends earned in 2015 9,641 Ending balance as of December 31, 2015 $ 137,160 Dividends declared in 2016 (9,641 ) Dividends earned in 2016 9,641 Ending balance as of December 31, 2016 $ 137,160 Dividends declared in 2017 (7,973 ) Dividends earned in 2017 8,118 Redemption of preferred shares (54,265 ) Ending balance as of December 31, 2017 $ 83,040 |
7% Series A Cumulative Redeemable Preferred Stock [Member] | |
Schedule of Dividends Declared | During the year ended December 31, 2017, the Board of Directors of the Company declared the following dividends on the Series A Preferred Stock: Dividend Dividend Dividend Declaration Date per Share Record Date Payment Date March 28, 2017 $ 0.0333 April 1, 2017 April 17, 2017 June 23, 2017 $ 0.0333 July 1, 2017 July 17, 2017 September 29, 2017 $ 0.0333 October 1, 2017 October 16, 2017 December 21, 2017 $ 0.0333 January 1, 2018 January 16, 2018 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 as a result of the following differences (in thousands). Year Ended December 31, 2017 2016 2015 Statutory federal income tax provision $ 3,625 34.0 % $ 6,253 34.0 % $ 13,505 34.0 % Adjustment for nontaxable income (6,012 ) (56.4 %) (6,635 ) (36.1 %) (11,468 ) (28.9 %) State income taxes, net of federal income tax benefit 136 1.3 % 126 0.7 % 390 1.0 % Contributions to TRS - 0.0 % (942 ) (5.1 %) - 0.0 % Change in federal tax rate 3,502 32.8 % - 0.0 % - 0.0 % Valuation allowance 3,377 31.7 % - 0.0 % - 0.0 % Other - 0.0 % - 0.0 % (18 ) 0.0 % Total income tax expense (benefit) $ 4,628 43.4 % ($ 1,198 ) (6.5 %) $ 2,409 6.1 % |
Components of Company's Income Tax (Benefit) Expense from Continuing Operations | The components of the Company’s income tax expense (benefit) for the years ended December 31, 2017, 2016, and 2015 were as follows (in thousands): Year Ended December 31, 2017 2016 2015 Income tax expense (benefit): Current: Federal $ 1,452 $ 3,353 $ 1,887 State 254 728 568 Deferred: Federal 2,685 (4,822 ) (42 ) State 237 (457 ) (4 ) Total $ 4,628 ($ 1,198 ) $ 2,409 |
TRS [Member] | |
Components of Net Deferred Tax Assets and Liabilities | The components of the consolidated TRS’s net deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows (in thousands): December 31, 2017 2016 Deferred tax assets: Accrued expenses and other $ 357 $ 585 Prepaid expenses and other 2 21 Investment in real estate book-tax 4,292 4,641 Goodwill book-tax 1,096 804 Net operating loss carryforward 1,549 935 Total deferred tax assets before valuation allowances 7,296 6,986 Valuation allowances (4,312 ) (935 ) Deferred tax assets $ 2,984 $ 6,051 Deferred tax liabilities: Goodwill book-tax $ - $ 145 Deferred tax liabilities $ - $ 145 |
Quarterly Financial Data (una32
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | Quarter Ended - 2017 March 31 (a) June 30 September 30 December 31 (b) (in thousands, except per share data) Revenues $ 61,320 $ 69,923 $ 71,747 $ 56,888 Net income (loss) 9,210 6,905 5,242 (15,323 ) Series A Preferred Stock dividends declared (2,410 ) (2,411 ) (1,693 ) (1,459 ) Net income (loss) available for common stockholder 6,800 4,494 3,549 (16,782 ) Basic and diluted net income (loss) per common share available to common stockholder $ 68,000.00 $ 44,940.00 $ 35,490.00 ($ 167,820.00 ) Distributions declared and paid per common share $ 100,000.00 $ 142,500.00 $ 164,387.71 $ 65,000.00 Quarter Ended - 2016 March 31 June 30 September 30 December 31 (in thousands, except per share data) Revenues $ 66,526 $ 79,380 $ 79,885 $ 60,688 Net income (loss) 1,246 10,222 10,406 (2,284 ) Series A Preferred Stock dividends declared (2,410 ) (2,411 ) (2,410 ) (2,410 ) Net income (loss) available for common stockholder (1,164 ) 7,811 7,996 (4,694 ) Basic and diluted net income (loss) per common share available to common stockholder ($ 11,640.00 ) $ 78,110.00 $ 79,960.00 ($ 46,940.00 ) Distributions declared and paid per common share $ 90,000.00 $ 100,000.00 $ 260,000.00 $ 90,000.00 (a) Includes $1.4 million in proceeds from the Deepwater Horizon Economic and Property Damages Settlement Program (see Note 8). (b) Includes $5.0 million loss on disposals of investment in real estate due to allowance recorded against the Company’s insurance receivable (see Note 8). |
Organization - Additional Infor
Organization - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2017HotelStateRoom | Jul. 07, 2017Hotel | |
Hotel [Member] | ||
Organization [Line Items] | ||
Number of hotels owned | Hotel | 52 | 52 |
Number of states the hotels located | State | 17 | |
Aggregate number of rooms | Room | 6,303 | |
Apple REIT Six, Inc. [Member] | ||
Organization [Line Items] | ||
Acquisition date | May 14, 2013 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)PropertySegment$ / Assets | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Deposits within financial institutions | $ 250,000 | ||
Number of identical assets purchase | Property | 10 | ||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Number of operating segment | Segment | 1 | ||
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives of assets | 39 years | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives of assets | 1 year | ||
Cost of asset | $ 500 | ||
Asset per unit cost | $ / Assets | 50 | ||
Repairs cost of asset | $ 2,500 | ||
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 Accoun35
Summary of Significant Accounting Policies - Summary of Cash and Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||||
Cash | $ 22,491 | $ 25,170 | $ 29,137 | |
Restricted cash | 9,111 | 5,996 | 6,171 | |
Total cash and restricted cash | $ 31,602 | $ 31,166 | $ 35,308 | $ 63,495 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Impairments of Investments in Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment | $ 13,911 | $ 17,694 |
Fairfield Inn - Pensacola, Florida [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Date of Impairment Charge | 2017-06 | |
Impairment | $ 444 | |
Courtyard - Valdosta, Georgia [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Date of Impairment Charge | 2017-06 | |
Impairment | $ 2,544 | |
Residence Inn Huntsville Alabama Hotel [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Date of Impairment Charge | 2017-12 | |
Impairment | $ 2,974 | |
Marriott Redmond Washington Hotel [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Date of Impairment Charge | 2017-12 | |
Impairment | $ 7,949 | |
Hilton Garden Inn - Fredericksburg, Virginia [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Date of Impairment Charge | 2016-03 | |
Impairment | $ 5,513 | |
Marriott - Boulder, Colorado [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Date of Impairment Charge | 2016-06 | |
Impairment | $ 2,994 | |
Fairfield Inn - Huntsville, Alabama [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Date of Impairment Charge | 2016-12 | |
Impairment | $ 4,259 | |
TownePlace Suites - Arlington, Texas [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Date of Impairment Charge | 2016-12 | |
Impairment | $ 953 | |
Springhill Suites - Clearwater, Florida [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Date of Impairment Charge | 2016-12 | |
Impairment | $ 2,675 | |
Courtyard - Albany, Georgia [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Date of Impairment Charge | 2016-12 | |
Impairment | $ 1,300 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Summary of Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Allocated to sale of hotel properties | $ (8,004) | |
Goodwill, gross | 108,466 | $ 116,470 |
Accumulated impairment losses | 0 | 0 |
Goodwill, net | $ 108,466 | $ 116,470 |
Investment in Real Estate, ne38
Investment in Real Estate, net - Investment in Real Estate (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate Properties [Line Items] | ||
Investment in Real Estate, gross | $ 874,439 | $ 951,341 |
Less: Accumulated Depreciation | (116,180) | (93,423) |
Investment in Real Estate, net | 758,259 | 857,918 |
Land and Improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Investment in Real Estate, gross | 117,418 | 139,453 |
Building and Improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Investment in Real Estate, gross | 693,132 | 735,863 |
Furniture, Fixtures and Equipment [Member] | ||
Real Estate Properties [Line Items] | ||
Investment in Real Estate, gross | 57,422 | 52,706 |
Construction in Progress [Member] | ||
Real Estate Properties [Line Items] | ||
Investment in Real Estate, gross | $ 6,467 | $ 23,319 |
Sale of Hotel Properties - Addi
Sale of Hotel Properties - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)Hotel | Dec. 31, 2016USD ($)Hotel | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Number of hotels sold | Hotel | 8 | 2 |
Net proceeds from sale of hotels | $ 64,833 | $ 74,557 |
Selling cost of sale of hotels | 2,400 | 2,400 |
Additional principal payment | 2,600 | |
Loss on sale of hotel properties | $ 3,628 | (2,342) |
Deferred financing costs | $ 100 |
Sale of Hotel Properties - Summ
Sale of Hotel Properties - Summary of Hotels Sold (Gain) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net proceeds from sale of hotels | $ 64,833 | $ 74,557 |
Gain from sale of hotels | 3,628 | (2,342) |
Mortgage Payable Repaid | $ 41,294 | $ 53,475 |
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 | |
Fairfield Inn - Pensacola, Florida [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Date of Sale | 2017-07 | |
Net proceeds from sale of hotels | $ 5,396 |
Sale of Hotel Properties - Su41
Sale of Hotel Properties - Summary of Hotels Sold (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net proceeds from sale of hotels | $ 64,833 | $ 74,557 |
Loss from sale of hotels | 3,628 | (2,342) |
Mortgage Payable Repaid | $ 41,294 | $ 53,475 |
Marriott - Boulder, Colorado [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Date of Sale | 2016-08 | |
Net proceeds from sale of hotels | $ 59,349 | |
Loss from sale of hotels | (1,505) | |
Mortgage Payable Repaid | $ 43,232 | |
Hilton Garden Inn - Fredericksburg, Virginia [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Date of Sale | 2016-08 | |
Net proceeds from sale of hotels | $ 15,208 | |
Loss from sale of hotels | (837) | |
Mortgage Payable Repaid | $ 10,243 |
Hotels Held for Sale - Addition
Hotels Held for Sale - Additional Information (Detail) - Hotel | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Long Lived Assets Held-for-sale [Line Items] | |||||
Number of hotels held for sale | 2 | 6 | |||
Number of hotels sold | 8 | 2 | |||
Subsequent Event [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Number of hotels sold | 2 |
Hotels Held for Sale - Summary
Hotels Held for Sale - Summary of Hotels Held for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Long Lived Assets Held-for-sale [Line Items] | ||
Hotels held for sale | $ 65,534 | $ 43,096 |
Discontinued Operations, Held-for-sale [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Hotels held for sale | 65,534 | |
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 | |
Residence Inn Huntsville Alabama Hotel [Member] | Discontinued Operations, Held-for-sale [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Hotels held for sale | 6,341 | |
Marriott Redmond Washington Hotel [Member] | Discontinued Operations, Held-for-sale [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Hotels held for sale | $ 59,193 |
Hotels Held for Sale - Summar44
Hotels Held for Sale - Summary of Proceeds from Sale of Hotels Held for Sale (Detail) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||
Feb. 28, 2018 | Jan. 31, 2018 | Feb. 28, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Long Lived Assets Held-for-sale [Line Items] | |||||
Proceeds | $ 64,833 | $ 74,557 | |||
Subsequent Event [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Proceeds | $ 75,340 | ||||
Mortgage Payable Repaid | $ 69,905 | ||||
Subsequent Event [Member] | Residence Inn Huntsville Alabama Hotel [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Date of Sale | 2018-01 | ||||
Proceeds | $ 7,587 | ||||
Mortgage Payable Repaid | $ 4,694 | ||||
Subsequent Event [Member] | Marriott Redmond Washington Hotel [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Date of Sale | 2018-02 | ||||
Proceeds | $ 67,753 | ||||
Mortgage Payable Repaid | $ 65,211 |
Mortgages Payable - Schedule of
Mortgages Payable - Schedule of Mortgages Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage Loans on Real Estate [Abstract] | ||
Mortgages payable before unamortized deferred financing costs | $ 746,223 | $ 757,245 |
Unamortized deferred financing costs | (8,075) | 0 |
Mortgages payable related to assets held and used | 738,148 | 757,245 |
Mortgages payable related to assets of hotels held for sale | 69,905 | 35,871 |
Total mortgages payable | $ 808,053 | $ 793,116 |
Mortgages Payable - Additional
Mortgages Payable - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)Hotel | Jul. 07, 2017USD ($)Hotel | Dec. 31, 2016USD ($) | Dec. 31, 2015 | Dec. 03, 2014USD ($) | |
Mortgage Loans on Real Estate [Line Items] | ||||||
Loan outstanding principal amount | $ 816,128,000 | |||||
Deferred financing costs associated with Loan | $ 8,075,000 | $ 0 | ||||
Effective interest rate of long-term debt | 3.61% | 3.34% | 3.06% | |||
Weighted average interest rate on long-term debt | 3.65% | 3.53% | ||||
Subsequent Event [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Repayments of long-term debt | $ 6,600,000 | |||||
Mortgage and Mezzanine Loans [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Borrowings on mortgage loan | $ 800,000,000 | |||||
Loans maturity, description | The Loan is scheduled to mature on July 9, 2019, with an option for the Borrowers to extend the initial term for five one-year extension terms, subject to certain conditions. | |||||
Loan Agreement [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Deferred financing costs associated with Loan | $ 10,800,000 | |||||
Professional fees and other costs associated with loan | $ 1,800,000 | |||||
2014 Loan [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Borrowings on mortgage loan | $ 830,000,000 | |||||
Loan outstanding principal amount | $ 732,600,000 | |||||
Maximum [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Percentage of guarantor liability on principal of loan outstanding | 10.00% | |||||
Minimum [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Percentage of prepayment penalty on loan funded to borrowers | 15.00% | |||||
Interest Rate Cap [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Derivative, maturity date | Jul. 9, 2019 | |||||
Net proceeds from borrowings on mortgage payable and mezzanine loans | $ 800,000,000 | |||||
Hotel [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Number of hotels owned | Hotel | 52 | 52 | ||||
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 | $ 16,100,000 | $ 16,600,000 | ||||
LIBOR [Member] | Mortgage and Mezzanine Loans [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 | 4.25% | |||||
Collateral Pledged [Member] | Hotel [Member] | Loan Agreement [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Number of hotels owned | Hotel | 51 |
Mortgages Payable - Schedule 47
Mortgages Payable - Schedule of Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Expense [Abstract] | |||
Mortgage debt | $ 29,330 | $ 27,829 | $ 26,036 |
Amortization of deferred financing costs | 2,673 | 4,678 | 5,054 |
Capitalized interest | (281) | (363) | (386) |
Total interest expense, net | $ 31,722 | $ 32,144 | $ 30,704 |
Mortgages Payable - Schedule 48
Mortgages Payable - Schedule of Future Principal Payments of Debt Obligations (Assuming Sale of Hotels Held for Sale) (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 70,392 |
2,019 | 730,605 |
2,020 | 533 |
2,021 | 562 |
2,022 | 14,036 |
Thereafter | 0 |
Total | $ 816,128 |
Fair Value of Financial Instr49
Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | $ 808,053 | $ 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 | 816,128 | 793,116 |
Mortgages payable and mortgages payable related to assets of hotels held for sale, Estimated Fair Value | 815,677 | 792,699 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate caps, Carrying Value | 0 | 0 |
Interest rate caps, Estimated Fair Value | $ 0 | $ 0 |
Fair Value of Financial Instr50
Fair Value of Financial Instruments - Additional Information (Detail) $ in Millions | 1 Months Ended |
Jul. 31, 2017USD ($)Agreement | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Number of interest rate cap agreement acquired | Agreement | 1 |
Interest Rate Cap [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate derivative instrument cost | $ 0.2 |
Interest Rate Cap [Member] | Upon Exercise of First One-Year Extension of Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate derivative instrument cost | $ 0.1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Feb. 28, 2017USD ($)Property | Dec. 31, 2017USD ($)Hotel | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)Hotel | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 07, 2017Hotel | |
Long-term Purchase Commitment [Line Items] | |||||||
Insurance receivable | $ 0 | $ 0 | $ 5,067 | ||||
Insurance receivable collected | 100 | 1,400 | |||||
Allowance on insurance receivable | 5,000 | 5,000 | |||||
Loss on disposals of investment in real estate | $ (4,981) | $ (4,981) | $ (6,116) | ||||
Number of subset of hotels with ground leases | Hotel | 2 | 2 | |||||
Ground lease expenses | $ 100 | $ 200 | $ 200 | ||||
Hotel [Member] | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Number of hotels owned | Hotel | 52 | 52 | 52 | ||||
Minimum [Member] | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Insurance receivable | $ 5,000 | $ 5,000 | |||||
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 | 16 years | ||||||
Ground Leases [Member] | PA Residence Inn [Member] | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Lease obligation remaining period | 16 years | ||||||
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% | ||||||
Deepwater Horizon Economic and Property Damages Settlement Program [Member] | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Proceeds from litigation settlement | $ 1,400 | $ 1,400 | |||||
Number of damaged properties prior to Merger | Property | 4 | ||||||
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 | 16 years | ||||||
Affiliated Entity [Member] | Management Agreements [Member] | Hotel [Member] | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Number of hotels owned | Hotel | 52 | 52 |
Commitments and Contingencies52
Commitments and Contingencies - Aggregate Amounts of Minimum Lease Payments under Lease Agreements (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 107 |
2,019 | 107 |
2,020 | 45 |
2,021 | 0 |
Thereafter | 0 |
Total | $ 259 |
7% Series A Cumulative Redeem53
7% Series A Cumulative Redeemable Preferred Stock - Additional Information (Detail) - USD ($) | Aug. 06, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 29, 2012 |
Class of Stock [Line Items] | ||||
Percentage of dividends characterized as ordinary income | 27.96% | 33.47% | ||
7% Series A Cumulative Redeemable Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares issued | 43,821,901 | 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 | |
Redemption price per share | $ 1.9082 | |||
Percentage of outstanding preferred shares redeemed | 39.458% | |||
Aggregate redemption price | $ 54,500,000 | |||
Accumulated and unpaid dividends earned per share | $ 0.082 | |||
Number of preferred stock redeemed | 28,560,947 | |||
Number of preferred stock owned by company | 43,821,901 | 72,382,848 | ||
Percentage of dividends characterized as ordinary income | 100.00% | |||
Accrued dividend | $ 1,500,000 | |||
7% Series A Cumulative Redeemable Preferred Stock [Member] | Minimum [Member] | ||||
Class of Stock [Line Items] | ||||
Legacy litigation and regulatory matters, expense | $ 3,500,000 | |||
7% Series A Cumulative Redeemable Preferred Stock [Member] | BRE Holdings [Member] | ||||
Class of Stock [Line Items] | ||||
Number of preferred stock owned by company | 900,000 | 1,500,000 |
7% Series A Cumulative Redeem54
7% Series A Cumulative Redeemable Preferred Stock - Schedule of Dividends Declared (Detail) - 7% Series A Cumulative Redeemable Preferred Stock [Member] | 12 Months Ended |
Dec. 31, 2017$ / shares | |
April 17, 2017 Dividend Paid [Member] | |
Dividends Payable [Line Items] | |
Dividend Declaration Date | Mar. 28, 2017 |
Dividend per Share | $ 0.0333 |
Dividend Record Date | Apr. 1, 2017 |
Dividend Payment Date | Apr. 17, 2017 |
July 17, 2017 Dividend Paid [Member] | |
Dividends Payable [Line Items] | |
Dividend Declaration Date | Jun. 23, 2017 |
Dividend per Share | $ 0.0333 |
Dividend Record Date | Jul. 1, 2017 |
Dividend Payment Date | Jul. 17, 2017 |
October 16, 2017 Dividend Paid [Member] | |
Dividends Payable [Line Items] | |
Dividend Declaration Date | Sep. 29, 2017 |
Dividend per Share | $ 0.0333 |
Dividend Record Date | Oct. 1, 2017 |
Dividend Payment Date | Oct. 16, 2017 |
January 16, 2018 [Member] | |
Dividends Payable [Line Items] | |
Dividend Declaration Date | Dec. 21, 2017 |
Dividend per Share | $ 0.0333 |
Dividend Record Date | Jan. 1, 2018 |
Dividend Payment Date | Jan. 16, 2018 |
7% Series A Cumulative Redeem55
7% Series A Cumulative Redeemable Preferred Stock - Summary of Reconciliation of Series A Preferred Stock (Detail) - 7% Series A Cumulative Redeemable Preferred Stock [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Beginning balance | $ 137,160 | $ 137,160 | $ 137,160 |
Dividends declared | (7,973) | (9,641) | (9,641) |
Dividends earned | 8,118 | 9,641 | 9,641 |
Redemption of preferred shares | (54,265) | ||
Ending balance | $ 83,040 | $ 137,160 | $ 137,160 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - $ / shares | Feb. 08, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | |||
Common stock, shares authorized | 100,000 | 100,000 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 | |
Preferred stock, par value | $ 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 | |
Common stock, shares outstanding | 100 | 100 | |
Percentage of dividends characterized as ordinary income | 27.96% | 33.47% | |
Percentage of dividends characterized as return of capital | 72.04% | 66.53% | |
BRE Holdings [Member] | |||
Class of Stock [Line Items] | |||
Percentage of common stock owned by BRE Select Hotels Holdings LP | 100.00% | ||
Common Stock [Member] | Subsequent Event [Member] | |||
Class of Stock [Line Items] | |||
Dividend payable, date declared | Feb. 8, 2018 | ||
Dividend payable, date to be paid | Feb. 9, 2018 | ||
Common Stock, dividend declared per share | $ 40,000 | ||
Amended And Restated Certificate Of Incorporation [Member] | |||
Class of Stock [Line Items] | |||
Capital stock, shares authorized | 150,100,000 | ||
Common stock, shares authorized | 100,000 | ||
Common stock, par value | $ 0.01 | ||
Preferred stock, shares authorized | 150,000,000 | ||
Preferred stock, par value | $ 0.0001 |
Stockholder's Equity - Schedule
Stockholder's Equity - Schedule of Dividends Declared (Detail) | 12 Months Ended |
Dec. 31, 2017$ / shares | |
February 13, 2017 Dividend Paid [Member] | |
Dividends Payable [Line Items] | |
Dividend Declaration Date | Feb. 10, 2017 |
Dividend per Share | $ 100,000 |
Dividend Record Date | Feb. 10, 2017 |
Dividend Payment Date | Feb. 13, 2017 |
May 15, 2017 Dividend Paid [Member] | |
Dividends Payable [Line Items] | |
Dividend Declaration Date | May 12, 2017 |
Dividend per Share | $ 142,500 |
Dividend Record Date | May 12, 2017 |
Dividend Payment Date | May 15, 2017 |
July 14, 2017 Dividend Paid [Member] | |
Dividends Payable [Line Items] | |
Dividend Declaration Date | Jul. 13, 2017 |
Dividend per Share | $ 64,387.71 |
Dividend Record Date | Jul. 13, 2017 |
Dividend Payment Date | Jul. 14, 2017 |
August 3, 2017 Dividend Paid [Member] | |
Dividends Payable [Line Items] | |
Dividend Declaration Date | Aug. 2, 2017 |
Dividend per Share | $ 100,000 |
Dividend Record Date | Aug. 2, 2017 |
Dividend Payment Date | Aug. 3, 2017 |
November 9, 2017 Dividend Paid [Member] | |
Dividends Payable [Line Items] | |
Dividend Declaration Date | Nov. 8, 2017 |
Dividend per Share | $ 65,000 |
Dividend Record Date | Nov. 8, 2017 |
Dividend Payment Date | Nov. 9, 2017 |
Income Taxes - Schedule of Diff
Income Taxes - Schedule of Differences in Provision for Income Taxes by Applying Statutory Federal Income Tax Rate to Pretax from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax provision | $ 3,625 | $ 6,253 | $ 13,505 |
Adjustment for nontaxable income | (6,012) | (6,635) | (11,468) |
State income taxes, net of federal income tax benefit | 136 | 126 | 390 |
Contributions to TRS | (942) | ||
Change in federal tax rate | 3,502 | ||
Valuation allowance | 3,377 | ||
Other | (18) | ||
Total income tax expense (benefit) | $ 4,628 | $ (1,198) | $ 2,409 |
Statutory federal income tax provision, percentage | 34.00% | 34.00% | 34.00% |
Adjustment for nontaxable income, percentage | (56.40%) | (36.10%) | (28.90%) |
State income taxes, net of federal income tax benefit, percentage | 1.30% | 0.70% | 1.00% |
Contributions to TRS, percentage | (0.00%) | (5.10%) | (0.00%) |
Change in federal tax rate, percentage | 32.80% | 0.00% | 0.00% |
Valuation allowance, percentage | 31.70% | 0.00% | 0.00% |
Other, percentage | 0.00% | 0.00% | 0.00% |
Total income tax expense (benefit), percentage | 43.40% | (6.50%) | 6.10% |
Income Taxes - Components of Co
Income Taxes - Components of Company's Income Tax (Benefit) Expense from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 1,452 | $ 3,353 | $ 1,887 |
State | 254 | 728 | 568 |
Deferred: | |||
Federal | 2,685 | (4,822) | (42) |
State | 237 | (457) | (4) |
Total income tax expense (benefit) | $ 4,628 | $ (1,198) | $ 2,409 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Total deferred tax assets before valuation allowances | $ 2,984 | $ 6,051 |
TRS [Member] | ||
Deferred tax assets: | ||
Accrued expenses and other | 357 | 585 |
Prepaid expenses and other | 2 | 21 |
Investment in real estate book-tax basis difference | 4,292 | 4,641 |
Goodwill book-tax basis difference | 1,096 | 804 |
Net operating loss carryforward | 1,549 | 935 |
Total deferred tax assets before valuation allowances | 7,296 | 6,986 |
Valuation allowances | (4,312) | (935) |
Deferred tax assets | $ 2,984 | 6,051 |
Deferred tax liabilities: | ||
Goodwill book-tax basis differences | 145 | |
Deferred tax liabilities | $ 145 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | ||||
Valuation allowance | $ 4,300,000 | $ 900,000 | ||
Net operating loss carryforwards, year of expiration | 2,034 | |||
Recognized tax benefits, percentage | 50.00% | |||
Uncertain tax positions | $ 0 | |||
Tax years that remains open after | 2,013 | |||
Statutory federal income tax rate | 34.00% | 34.00% | 34.00% | |
Tax expense due to change in statutory federal income tax rate | $ 3,500,000 | |||
Scenario, Plan [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Statutory federal income tax rate | 21.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2017USD ($)Hotel | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 07, 2017Hotel | |
Related Party Transaction [Line Items] | ||||
Capital improvements payable | $ 638,000 | $ 1,113,000 | ||
Hotel [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of hotels owned | Hotel | 52 | 52 | ||
Hilton Worldwide Inc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Franchise fees, marketing fees, and other expenses | $ 18,100,000 | 17,500,000 | $ 18,300,000 | |
Amount paid for capital improvements | 0 | 0 | 3,600,000 | |
Capital improvements payable | 0 | 0 | ||
Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Professional fees paid to management company | 2,200,000 | 1,600,000 | $ 2,400,000 | |
Management Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Capital improvements payable | $ 0 | $ 100,000 | ||
Hilton Worldwide Holdings Inc. Franchisor [Member] | Hilton Worldwide Inc [Member] | Hotel [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of hotels owned | Hotel | 26 |
Quarterly Financial Data - Sche
Quarterly Financial Data - Schedule of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 56,888 | $ 71,747 | $ 69,923 | $ 61,320 | $ 60,688 | $ 79,885 | $ 79,380 | $ 66,526 | $ 259,878 | $ 286,479 | $ 287,015 |
Net income (loss) | (15,323) | 5,242 | 6,905 | 9,210 | (2,284) | 10,406 | 10,222 | 1,246 | 6,034 | 19,590 | 37,311 |
Series A Preferred Stock dividends declared | (1,459) | (1,693) | (2,411) | (2,410) | (2,410) | (2,410) | (2,411) | (2,410) | (7,973) | (9,641) | (9,641) |
Net income (loss) available for common stockholder | $ (16,782) | $ 3,549 | $ 4,494 | $ 6,800 | $ (4,694) | $ 7,996 | $ 7,811 | $ (1,164) | $ (1,939) | $ 9,949 | $ 27,670 |
Basic and diluted net income (loss) per common share available to common stockholder | $ (167,820) | $ 35,490 | $ 44,940 | $ 68,000 | $ (46,940) | $ 79,960 | $ 78,110 | $ (11,640) | $ (19,390) | $ 99,490 | $ 276,700 |
Distributions declared and paid per common share | $ 65,000 | $ 164,387.71 | $ 142,500 | $ 100,000 | $ 90,000 | $ 260,000 | $ 100,000 | $ 90,000 | $ 471,888 | $ 540,000 | $ 380,000 |
Quarterly Financial Data - Sc64
Quarterly Financial Data - Schedule of Quarterly Financial Data (Parenthetical) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2015 | |
Effect of Fourth Quarter Events [Line Items] | |||||
Loss on disposals of investment in real estate | $ 4,981 | $ 4,981 | $ 6,116 | ||
Deepwater Horizon Economic and Property Damages Settlement Program [Member] | |||||
Effect of Fourth Quarter Events [Line Items] | |||||
Proceeds from litigation settlement | $ 1,400 | $ 1,400 |
Schedule III - Real Estate an65
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Investment in real estate: | ||||
Real estate gross, carrying value | $ 951,341 | $ 1,060,555 | $ 1,018,604 | |
Improvements | 25,755 | 37,548 | 56,452 | |
Hotels held for sale | (72,467) | (49,426) | ||
Disposals and impairments | (30,190) | (97,336) | (14,501) | |
Real estate gross, carrying value | 874,439 | 951,341 | 1,060,555 | |
Encumbrances | $ 746,223 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 93,423 | 73,915 | 43,771 | |
Depreciation expense | 35,668 | 38,507 | 33,775 | |
Hotels held for sale | (6,933) | (6,330) | ||
Disposals and impairment | (5,978) | (12,669) | (3,631) | |
Real estate accumulated depreciation | 116,180 | 93,423 | 73,915 | |
Initial Cost to Company, Land | 116,110 | |||
Initial Cost to Company, Building and Improvements | 642,180 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 116,149 | |||
Gross Cost at Which Carried at Close of Period, Land | 117,418 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 757,021 | |||
Gross Cost at Which Carried at Close of Period, Total | 951,341 | 1,060,555 | 1,018,604 | 874,439 |
Gross Cost at Which Carried at Close of Period, Acc Depreciation | (93,423) | $ (73,915) | $ (43,771) | (116,180) |
Dothan [Member] | Alabama [Member] | Courtyard [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | 11,007 | |||
Encumbrances | 6,640 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,590 | |||
Initial Cost to Company, Land | 810 | |||
Initial Cost to Company, Building and Improvements | 8,690 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,507 | |||
Gross Cost at Which Carried at Close of Period, Land | 822 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 10,185 | |||
Gross Cost at Which Carried at Close of Period, Total | 11,007 | 11,007 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,590) | (1,590) | ||
Year of Construction | 1,996 | |||
Date Acquired | 2013-05 | |||
Dothan [Member] | Alabama [Member] | Hampton Inn & Suites [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 9,323 | |||
Encumbrances | 9,242 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,131 | |||
Initial Cost to Company, Land | 1,110 | |||
Initial Cost to Company, Building and Improvements | 6,700 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,513 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,115 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 8,208 | |||
Gross Cost at Which Carried at Close of Period, Total | 9,323 | 9,323 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,131) | (1,131) | ||
Year of Construction | 2,004 | |||
Date Acquired | 2013-05 | |||
Tuscaloosa [Member] | Alabama [Member] | Courtyard [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 8,884 | |||
Encumbrances | 4,700 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,410 | |||
Initial Cost to Company, Building and Improvements | 7,690 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,194 | |||
Gross Cost at Which Carried at Close of Period, Land | 19 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 8,865 | |||
Gross Cost at Which Carried at Close of Period, Total | 8,884 | 8,884 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,410) | (1,410) | ||
Year of Construction | 1,996 | |||
Date Acquired | 2013-05 | |||
Tuscaloosa [Member] | Alabama [Member] | Fairfield Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 5,709 | |||
Encumbrances | 3,070 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 906 | |||
Initial Cost to Company, Building and Improvements | 3,990 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,719 | |||
Gross Cost at Which Carried at Close of Period, Land | 38 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 5,671 | |||
Gross Cost at Which Carried at Close of Period, Total | 5,709 | 5,709 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (906) | (906) | ||
Year of Construction | 1,996 | |||
Date Acquired | 2013-05 | |||
Anchorage [Member] | Alaska [Member] | Hampton Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 16,855 | |||
Encumbrances | 10,132 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,373 | |||
Initial Cost to Company, Land | 2,020 | |||
Initial Cost to Company, Building and Improvements | 12,980 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,855 | |||
Gross Cost at Which Carried at Close of Period, Land | 2,071 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 14,784 | |||
Gross Cost at Which Carried at Close of Period, Total | 16,855 | 16,855 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,373) | (2,373) | ||
Year of Construction | 1,997 | |||
Date Acquired | 2013-05 | |||
Anchorage [Member] | Alaska [Member] | Hilton Garden Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 25,913 | |||
Encumbrances | 15,335 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 3,326 | |||
Initial Cost to Company, Land | 2,530 | |||
Initial Cost to Company, Building and Improvements | 20,780 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,603 | |||
Gross Cost at Which Carried at Close of Period, Land | 2,579 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 23,334 | |||
Gross Cost at Which Carried at Close of Period, Total | 25,913 | 25,913 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (3,326) | (3,326) | ||
Year of Construction | 2,002 | |||
Date Acquired | 2013-05 | |||
Anchorage [Member] | Alaska [Member] | Homewood Suites [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 24,519 | |||
Encumbrances | 15,129 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,929 | |||
Initial Cost to Company, Land | 3,190 | |||
Initial Cost to Company, Building and Improvements | 19,510 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,819 | |||
Gross Cost at Which Carried at Close of Period, Land | 3,332 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 21,187 | |||
Gross Cost at Which Carried at Close of Period, Total | 24,519 | 24,519 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,929) | (2,929) | ||
Year of Construction | 2,004 | |||
Date Acquired | 2013-05 | |||
Phoenix [Member] | Arizona [Member] | Hampton Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 11,799 | |||
Encumbrances | 14,102 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,277 | |||
Initial Cost to Company, Land | 3,930 | |||
Initial Cost to Company, Building and Improvements | 7,190 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 679 | |||
Gross Cost at Which Carried at Close of Period, Land | 3,942 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 7,857 | |||
Gross Cost at Which Carried at Close of Period, Total | 11,799 | 11,799 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,277) | (1,277) | ||
Year of Construction | 1,998 | |||
Date Acquired | 2013-05 | |||
Arcadia [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 19,202 | |||
Encumbrances | 19,100 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,574 | |||
Initial Cost to Company, Land | 2,940 | |||
Initial Cost to Company, Building and Improvements | 14,310 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,952 | |||
Gross Cost at Which Carried at Close of Period, Land | 3,001 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 16,201 | |||
Gross Cost at Which Carried at Close of Period, Total | 19,202 | 19,202 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,574) | (2,574) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
Arcadia [Member] | California [Member] | SpringHill Suites - Savannah, Georgia [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 14,203 | |||
Encumbrances | 13,965 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,265 | |||
Initial Cost to Company, Land | 2,610 | |||
Initial Cost to Company, Building and Improvements | 9,130 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,463 | |||
Gross Cost at Which Carried at Close of Period, Land | 2,674 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 11,529 | |||
Gross Cost at Which Carried at Close of Period, Total | 14,203 | 14,203 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,265) | (2,265) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
Bakersfield [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 14,510 | |||
Encumbrances | 8,831 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,900 | |||
Initial Cost to Company, Land | 1,260 | |||
Initial Cost to Company, Building and Improvements | 10,490 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,760 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,264 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 13,246 | |||
Gross Cost at Which Carried at Close of Period, Total | 14,510 | 14,510 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,900) | (1,900) | ||
Year of Construction | 2,004 | |||
Date Acquired | 2013-05 | |||
Folsom [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 13,982 | |||
Encumbrances | 10,816 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,878 | |||
Initial Cost to Company, Land | 1,310 | |||
Initial Cost to Company, Building and Improvements | 11,000 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,672 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,344 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 12,638 | |||
Gross Cost at Which Carried at Close of Period, Total | 13,982 | 13,982 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,878) | (1,878) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
Foothill Ranch [Member] | California [Member] | Hampton Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 9,914 | |||
Encumbrances | 7,530 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,390 | |||
Initial Cost to Company, Land | 2,970 | |||
Initial Cost to Company, Building and Improvements | 5,080 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,864 | |||
Gross Cost at Which Carried at Close of Period, Land | 3,017 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 6,897 | |||
Gross Cost at Which Carried at Close of Period, Total | 9,914 | 9,914 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,390) | (1,390) | ||
Year of Construction | 1,998 | |||
Date Acquired | 2013-05 | |||
Lake Forest [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 16,815 | |||
Encumbrances | 11,638 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,129 | |||
Initial Cost to Company, Land | 4,250 | |||
Initial Cost to Company, Building and Improvements | 10,440 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,125 | |||
Gross Cost at Which Carried at Close of Period, Land | 4,274 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 12,541 | |||
Gross Cost at Which Carried at Close of Period, Total | 16,815 | 16,815 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,129) | (2,129) | ||
Year of Construction | 2,004 | |||
Date Acquired | 2013-05 | |||
Milpitas [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 31,678 | |||
Encumbrances | 37,104 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 3,429 | |||
Initial Cost to Company, Land | 6,600 | |||
Initial Cost to Company, Building and Improvements | 22,190 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,888 | |||
Gross Cost at Which Carried at Close of Period, Land | 6,604 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 25,074 | |||
Gross Cost at Which Carried at Close of Period, Total | 31,678 | 31,678 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (3,429) | (3,429) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
Roseville [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 10,290 | |||
Encumbrances | 13,144 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 889 | |||
Initial Cost to Company, Land | 2,470 | |||
Initial Cost to Company, Building and Improvements | 4,260 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 3,560 | |||
Gross Cost at Which Carried at Close of Period, Land | 2,515 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 7,775 | |||
Gross Cost at Which Carried at Close of Period, Total | 10,290 | 10,290 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (889) | (889) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
San Francisco [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 39,781 | |||
Encumbrances | 39,500 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 4,360 | |||
Initial Cost to Company, Land | 7,920 | |||
Initial Cost to Company, Building and Improvements | 29,100 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,761 | |||
Gross Cost at Which Carried at Close of Period, Land | 7,938 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 31,843 | |||
Gross Cost at Which Carried at Close of Period, Total | 39,781 | 39,781 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (4,360) | (4,360) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
Glendale [Member] | Colorado [Member] | Hampton Inn & Suites [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 23,685 | |||
Encumbrances | 17,867 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 3,117 | |||
Initial Cost to Company, Land | 3,480 | |||
Initial Cost to Company, Building and Improvements | 17,090 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 3,115 | |||
Gross Cost at Which Carried at Close of Period, Land | 3,490 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 20,195 | |||
Gross Cost at Which Carried at Close of Period, Total | 23,685 | 23,685 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (3,117) | (3,117) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
Lakewood [Member] | Colorado [Member] | Hampton Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 17,284 | |||
Encumbrances | 20,400 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,267 | |||
Initial Cost to Company, Land | 2,520 | |||
Initial Cost to Company, Building and Improvements | 12,590 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,174 | |||
Gross Cost at Which Carried at Close of Period, Land | 2,543 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 14,741 | |||
Gross Cost at Which Carried at Close of Period, Total | 17,284 | 17,284 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,267) | (2,267) | ||
Year of Construction | 2,003 | |||
Date Acquired | 2013-05 | |||
Farmington [Member] | Connecticut [Member] | Courtyard [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 19,822 | |||
Encumbrances | 14,376 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,925 | |||
Initial Cost to Company, Land | 2,600 | |||
Initial Cost to Company, Building and Improvements | 15,030 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,192 | |||
Gross Cost at Which Carried at Close of Period, Land | 2,610 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 17,212 | |||
Gross Cost at Which Carried at Close of Period, Total | 19,822 | 19,822 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,925) | (2,925) | ||
Year of Construction | 2,005 | |||
Date Acquired | 2013-05 | |||
Rocky Hill [Member] | Connecticut [Member] | Residence Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 18,040 | |||
Encumbrances | 12,322 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,610 | |||
Initial Cost to Company, Land | 1,640 | |||
Initial Cost to Company, Building and Improvements | 14,700 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,700 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,692 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 16,348 | |||
Gross Cost at Which Carried at Close of Period, Total | 18,040 | 18,040 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,610) | (2,610) | ||
Year of Construction | 2,005 | |||
Date Acquired | 2013-05 | |||
Wallingford [Member] | Connecticut [Member] | Homewood Suites [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 14,805 | |||
Encumbrances | 10,953 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,031 | |||
Initial Cost to Company, Land | 1,250 | |||
Initial Cost to Company, Building and Improvements | 12,530 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,025 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,322 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 13,483 | |||
Gross Cost at Which Carried at Close of Period, Total | 14,805 | 14,805 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,031) | (2,031) | ||
Year of Construction | 2,005 | |||
Date Acquired | 2013-05 | |||
Lake Mary [Member] | Florida [Member] | Courtyard [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 8,435 | |||
Encumbrances | 7,530 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,146 | |||
Initial Cost to Company, Land | 1,190 | |||
Initial Cost to Company, Building and Improvements | 5,570 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,675 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,203 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 7,232 | |||
Gross Cost at Which Carried at Close of Period, Total | 8,435 | 8,435 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,146) | (1,146) | ||
Year of Construction | 1,995 | |||
Date Acquired | 2013-05 | |||
Lakeland [Member] | Florida [Member] | Residence Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 12,409 | |||
Encumbrances | 9,926 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,010 | |||
Initial Cost to Company, Land | 630 | |||
Initial Cost to Company, Building and Improvements | 9,740 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,039 | |||
Gross Cost at Which Carried at Close of Period, Land | 651 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 11,758 | |||
Gross Cost at Which Carried at Close of Period, Total | 12,409 | 12,409 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,010) | (2,010) | ||
Year of Construction | 2,001 | |||
Date Acquired | 2013-05 | |||
Panama City [Member] | Florida [Member] | Courtyard [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 9,282 | |||
Encumbrances | 9,584 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,675 | |||
Initial Cost to Company, Land | 560 | |||
Initial Cost to Company, Building and Improvements | 7,310 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,412 | |||
Gross Cost at Which Carried at Close of Period, Land | 570 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 8,712 | |||
Gross Cost at Which Carried at Close of Period, Total | 9,282 | 9,282 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,675) | (1,675) | ||
Year of Construction | 2,006 | |||
Date Acquired | 2013-05 | |||
Pensacola [Member] | Florida [Member] | Courtyard [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 11,624 | |||
Encumbrances | 8,352 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,703 | |||
Initial Cost to Company, Land | 610 | |||
Initial Cost to Company, Building and Improvements | 8,740 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,274 | |||
Gross Cost at Which Carried at Close of Period, Land | 643 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 10,981 | |||
Gross Cost at Which Carried at Close of Period, Total | 11,624 | 11,624 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,703) | (1,703) | ||
Year of Construction | 1,997 | |||
Date Acquired | 2013-05 | |||
Pensacola [Member] | Florida [Member] | Hampton Inn & Suites [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 8,673 | |||
Encumbrances | 9,653 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,331 | |||
Initial Cost to Company, Land | 540 | |||
Initial Cost to Company, Building and Improvements | 6,540 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,593 | |||
Gross Cost at Which Carried at Close of Period, Land | 543 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 8,130 | |||
Gross Cost at Which Carried at Close of Period, Total | 8,673 | 8,673 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,331) | (1,331) | ||
Year of Construction | 2,005 | |||
Date Acquired | 2013-05 | |||
Tallahassee [Member] | Florida [Member] | Hilton Garden Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 13,999 | |||
Encumbrances | 11,090 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,804 | |||
Initial Cost to Company, Land | 2,270 | |||
Initial Cost to Company, Building and Improvements | 9,780 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,949 | |||
Gross Cost at Which Carried at Close of Period, Land | 2,279 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 11,720 | |||
Gross Cost at Which Carried at Close of Period, Total | 13,999 | 13,999 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,804) | (1,804) | ||
Year of Construction | 1,997 | |||
Date Acquired | 2013-05 | |||
Columbus [Member] | Georgia [Member] | Residence Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 10,391 | |||
Encumbrances | 8,215 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,839 | |||
Initial Cost to Company, Land | 1,190 | |||
Initial Cost to Company, Building and Improvements | 7,600 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,601 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,202 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 9,189 | |||
Gross Cost at Which Carried at Close of Period, Total | 10,391 | 10,391 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,839) | (1,839) | ||
Year of Construction | 2,003 | |||
Date Acquired | 2013-05 | |||
Mt Olive [Member] | New Jersey [Member] | Residence Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 19,639 | |||
Encumbrances | 13,897 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,756 | |||
Initial Cost to Company, Land | 2,930 | |||
Initial Cost to Company, Building and Improvements | 14,860 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,849 | |||
Gross Cost at Which Carried at Close of Period, Land | 2,933 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 16,706 | |||
Gross Cost at Which Carried at Close of Period, Total | 19,639 | 19,639 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,756) | (2,756) | ||
Year of Construction | 2,005 | |||
Date Acquired | 2013-05 | |||
Somerset [Member] | New Jersey [Member] | Homewood Suites [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 13,930 | |||
Encumbrances | 12,322 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,743 | |||
Initial Cost to Company, Land | 3,120 | |||
Initial Cost to Company, Building and Improvements | 8,830 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,980 | |||
Gross Cost at Which Carried at Close of Period, Land | 3,124 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 10,806 | |||
Gross Cost at Which Carried at Close of Period, Total | 13,930 | 13,930 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,743) | (1,743) | ||
Year of Construction | 2,005 | |||
Date Acquired | 2013-05 | |||
Saratoga Springs [Member] | New York [Member] | Hilton Garden Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 20,909 | |||
Encumbrances | 14,376 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,822 | |||
Initial Cost to Company, Land | 960 | |||
Initial Cost to Company, Building and Improvements | 17,020 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,929 | |||
Gross Cost at Which Carried at Close of Period, Land | 978 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 19,931 | |||
Gross Cost at Which Carried at Close of Period, Total | 20,909 | 20,909 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,822) | (2,822) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
Roanoke Rapids [Member] | North Carolina [Member] | Hilton Garden Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 6,233 | |||
Encumbrances | 11,227 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 714 | |||
Initial Cost to Company, Land | 1,740 | |||
Initial Cost to Company, Building and Improvements | 3,870 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 623 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,744 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 4,489 | |||
Gross Cost at Which Carried at Close of Period, Total | 6,233 | 6,233 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (714) | (714) | ||
Year of Construction | 2,008 | |||
Date Acquired | 2013-05 | |||
Hillsboro [Member] | Oregon [Member] | Courtyard [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 17,930 | |||
Encumbrances | 25,056 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,367 | |||
Initial Cost to Company, Land | 3,240 | |||
Initial Cost to Company, Building and Improvements | 11,280 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 3,410 | |||
Gross Cost at Which Carried at Close of Period, Land | 3,260 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 14,670 | |||
Gross Cost at Which Carried at Close of Period, Total | 17,930 | 17,930 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,367) | (2,367) | ||
Year of Construction | 1,996 | |||
Date Acquired | 2013-05 | |||
Hillsboro [Member] | Oregon [Member] | Residence Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 24,104 | |||
Encumbrances | 30,874 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 3,471 | |||
Initial Cost to Company, Land | 3,790 | |||
Initial Cost to Company, Building and Improvements | 16,540 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 3,774 | |||
Gross Cost at Which Carried at Close of Period, Land | 3,805 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 20,299 | |||
Gross Cost at Which Carried at Close of Period, Total | 24,104 | 24,104 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (3,471) | (3,471) | ||
Year of Construction | 1,994 | |||
Date Acquired | 2013-05 | |||
Hillsboro [Member] | Oregon [Member] | TownePlace Suites [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 16,728 | |||
Encumbrances | 24,782 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,424 | |||
Initial Cost to Company, Land | 3,200 | |||
Initial Cost to Company, Building and Improvements | 11,070 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,458 | |||
Gross Cost at Which Carried at Close of Period, Land | 3,234 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 13,494 | |||
Gross Cost at Which Carried at Close of Period, Total | 16,728 | 16,728 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,424) | (2,424) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
Portland [Member] | Oregon [Member] | Residence Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 72,707 | |||
Encumbrances | 70,281 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 8,827 | |||
Initial Cost to Company, Land | 8,430 | |||
Initial Cost to Company, Building and Improvements | 59,480 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 4,797 | |||
Gross Cost at Which Carried at Close of Period, Land | 8,446 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 64,261 | |||
Gross Cost at Which Carried at Close of Period, Total | 72,707 | 72,707 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (8,827) | (8,827) | ||
Year of Construction | 2,001 | |||
Date Acquired | 2013-05 | |||
Pittsburgh [Member] | Pennsylvania [Member] | Residence Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 27,886 | |||
Encumbrances | 7,309 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 3,705 | |||
Initial Cost to Company, Land | 3,550 | |||
Initial Cost to Company, Building and Improvements | 19,730 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 4,606 | |||
Gross Cost at Which Carried at Close of Period, Land | 3,559 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 24,327 | |||
Gross Cost at Which Carried at Close of Period, Total | 27,886 | 27,886 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (3,705) | (3,705) | ||
Year of Construction | 1,998 | |||
Date Acquired | 2013-05 | |||
Myrtle Beach [Member] | South Carolina [Member] | Courtyard [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 13,669 | |||
Encumbrances | 10,406 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,495 | |||
Initial Cost to Company, Land | 1,240 | |||
Initial Cost to Company, Building and Improvements | 9,570 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,859 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,300 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 12,369 | |||
Gross Cost at Which Carried at Close of Period, Total | 13,669 | 13,669 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,495) | (2,495) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
Nashville [Member] | Tennessee [Member] | Homewood Suites [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 13,409 | |||
Encumbrances | 14,924 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,620 | |||
Initial Cost to Company, Land | 1,010 | |||
Initial Cost to Company, Building and Improvements | 10,670 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,729 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,044 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 12,365 | |||
Gross Cost at Which Carried at Close of Period, Total | 13,409 | 13,409 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,620) | (1,620) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
Dallas [Member] | Texas [Member] | SpringHill Suites - Savannah, Georgia [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 17,103 | |||
Encumbrances | 14,376 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,445 | |||
Initial Cost to Company, Land | 1,200 | |||
Initial Cost to Company, Building and Improvements | 14,660 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,243 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,206 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 15,897 | |||
Gross Cost at Which Carried at Close of Period, Total | 17,103 | 17,103 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,445) | (2,445) | ||
Year of Construction | 1,997 | |||
Date Acquired | 2013-05 | |||
Fort Worth [Member] | Texas [Member] | Homewood Suites [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 21,599 | |||
Encumbrances | 12,322 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,545 | |||
Initial Cost to Company, Land | 1,250 | |||
Initial Cost to Company, Building and Improvements | 12,180 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 8,169 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,268 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 20,331 | |||
Gross Cost at Which Carried at Close of Period, Total | 21,599 | 21,599 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,545) | (1,545) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
Fort Worth [Member] | Texas [Member] | SpringHill Suites - Savannah, Georgia [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 16,375 | |||
Encumbrances | 13,007 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,247 | |||
Initial Cost to Company, Land | 1,780 | |||
Initial Cost to Company, Building and Improvements | 13,820 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 775 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,795 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 14,580 | |||
Gross Cost at Which Carried at Close of Period, Total | 16,375 | 16,375 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,247) | (2,247) | ||
Year of Construction | 2,004 | |||
Date Acquired | 2013-05 | |||
Fort Worth [Member] | Texas [Member] | Residence Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 23,505 | |||
Encumbrances | 16,128 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,947 | |||
Initial Cost to Company, Land | 3,850 | |||
Initial Cost to Company, Building and Improvements | 16,740 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,915 | |||
Gross Cost at Which Carried at Close of Period, Land | 3,850 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 19,655 | |||
Gross Cost at Which Carried at Close of Period, Total | 23,505 | 23,505 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,947) | (2,947) | ||
Year of Construction | 2,005 | |||
Date Acquired | 2013-05 | |||
Laredo [Member] | Texas [Member] | Homewood Suites [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 13,425 | |||
Encumbrances | 7,736 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,121 | |||
Initial Cost to Company, Land | 1,030 | |||
Initial Cost to Company, Building and Improvements | 10,200 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,195 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,043 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 12,382 | |||
Gross Cost at Which Carried at Close of Period, Total | 13,425 | 13,425 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,121) | (2,121) | ||
Year of Construction | 2,005 | |||
Date Acquired | 2013-05 | |||
Laredo [Member] | Texas [Member] | Residence Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 12,357 | |||
Encumbrances | 6,777 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,333 | |||
Initial Cost to Company, Land | 670 | |||
Initial Cost to Company, Building and Improvements | 9,170 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,517 | |||
Gross Cost at Which Carried at Close of Period, Land | 674 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 11,683 | |||
Gross Cost at Which Carried at Close of Period, Total | 12,357 | 12,357 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,333) | (2,333) | ||
Year of Construction | 2,005 | |||
Date Acquired | 2013-05 | |||
McAllen [Member] | Texas [Member] | Hilton Garden Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 11,510 | |||
Encumbrances | 5,956 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 1,416 | |||
Initial Cost to Company, Land | 1,510 | |||
Initial Cost to Company, Building and Improvements | 7,490 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,510 | |||
Gross Cost at Which Carried at Close of Period, Land | 1,553 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 9,957 | |||
Gross Cost at Which Carried at Close of Period, Total | 11,510 | 11,510 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (1,416) | (1,416) | ||
Year of Construction | 2,000 | |||
Date Acquired | 2013-05 | |||
Kent [Member] | Washington [Member] | TownePlace Suites [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 17,440 | |||
Encumbrances | 19,374 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,463 | |||
Initial Cost to Company, Land | 2,180 | |||
Initial Cost to Company, Building and Improvements | 13,140 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 2,120 | |||
Gross Cost at Which Carried at Close of Period, Land | 2,224 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 15,216 | |||
Gross Cost at Which Carried at Close of Period, Total | 17,440 | 17,440 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,463) | (2,463) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
Mukilteo [Member] | Washington [Member] | TownePlace Suites [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 16,763 | |||
Encumbrances | 12,117 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 2,260 | |||
Initial Cost to Company, Land | 3,020 | |||
Initial Cost to Company, Building and Improvements | 11,920 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 1,823 | |||
Gross Cost at Which Carried at Close of Period, Land | 3,046 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 13,717 | |||
Gross Cost at Which Carried at Close of Period, Total | 16,763 | 16,763 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (2,260) | (2,260) | ||
Year of Construction | 1,999 | |||
Date Acquired | 2013-05 | |||
Renton [Member] | Washington [Member] | Hilton Garden Inn [Member] | ||||
Investment in real estate: | ||||
Real estate gross, carrying value | $ 24,385 | |||
Encumbrances | 22,728 | |||
Accumulated depreciation: | ||||
Real estate accumulated depreciation | 3,245 | |||
Initial Cost to Company, Land | 2,010 | |||
Initial Cost to Company, Building and Improvements | 19,190 | |||
Costs Capitalized Subsequent to Acquisition, Land, Building and Improvements | 3,185 | |||
Gross Cost at Which Carried at Close of Period, Land | 2,035 | |||
Gross Cost at Which Carried at Close of Period, Bldg/FF&E/Other | 22,350 | |||
Gross Cost at Which Carried at Close of Period, Total | 24,385 | 24,385 | ||
Gross Cost at Which Carried at Close of Period, Acc Depreciation | $ (3,245) | $ (3,245) | ||
Year of Construction | 1,998 | |||
Date Acquired | 2013-05 | |||
Minimum [Member] | Dothan [Member] | Alabama [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Dothan [Member] | Alabama [Member] | Hampton Inn & Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Tuscaloosa [Member] | Alabama [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Tuscaloosa [Member] | Alabama [Member] | Fairfield Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Anchorage [Member] | Alaska [Member] | Hampton Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Anchorage [Member] | Alaska [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Anchorage [Member] | Alaska [Member] | Homewood Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Phoenix [Member] | Arizona [Member] | Hampton Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Arcadia [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Arcadia [Member] | California [Member] | SpringHill Suites - Savannah, Georgia [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Bakersfield [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Folsom [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Foothill Ranch [Member] | California [Member] | Hampton Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Lake Forest [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Milpitas [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Roseville [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | San Francisco [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Glendale [Member] | Colorado [Member] | Hampton Inn & Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Lakewood [Member] | Colorado [Member] | Hampton Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Farmington [Member] | Connecticut [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Rocky Hill [Member] | Connecticut [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Wallingford [Member] | Connecticut [Member] | Homewood Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Lake Mary [Member] | Florida [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Lakeland [Member] | Florida [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Panama City [Member] | Florida [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Pensacola [Member] | Florida [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Pensacola [Member] | Florida [Member] | Hampton Inn & Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Tallahassee [Member] | Florida [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Columbus [Member] | Georgia [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Mt Olive [Member] | New Jersey [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Somerset [Member] | New Jersey [Member] | Homewood Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Saratoga Springs [Member] | New York [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Roanoke Rapids [Member] | North Carolina [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Hillsboro [Member] | Oregon [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Hillsboro [Member] | Oregon [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Hillsboro [Member] | Oregon [Member] | TownePlace Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Portland [Member] | Oregon [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Pittsburgh [Member] | Pennsylvania [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Myrtle Beach [Member] | South Carolina [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Nashville [Member] | Tennessee [Member] | Homewood Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Dallas [Member] | Texas [Member] | SpringHill Suites - Savannah, Georgia [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Fort Worth [Member] | Texas [Member] | Homewood Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Fort Worth [Member] | Texas [Member] | SpringHill Suites - Savannah, Georgia [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Fort Worth [Member] | Texas [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Laredo [Member] | Texas [Member] | Homewood Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Laredo [Member] | Texas [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | McAllen [Member] | Texas [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Kent [Member] | Washington [Member] | TownePlace Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Mukilteo [Member] | Washington [Member] | TownePlace Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Minimum [Member] | Renton [Member] | Washington [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 3 years | |||
Maximum [Member] | Dothan [Member] | Alabama [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Dothan [Member] | Alabama [Member] | Hampton Inn & Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Tuscaloosa [Member] | Alabama [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Tuscaloosa [Member] | Alabama [Member] | Fairfield Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Anchorage [Member] | Alaska [Member] | Hampton Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Anchorage [Member] | Alaska [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Anchorage [Member] | Alaska [Member] | Homewood Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Phoenix [Member] | Arizona [Member] | Hampton Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Arcadia [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Arcadia [Member] | California [Member] | SpringHill Suites - Savannah, Georgia [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Bakersfield [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Folsom [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Foothill Ranch [Member] | California [Member] | Hampton Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Lake Forest [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Milpitas [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Roseville [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | San Francisco [Member] | California [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Glendale [Member] | Colorado [Member] | Hampton Inn & Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Lakewood [Member] | Colorado [Member] | Hampton Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Farmington [Member] | Connecticut [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Rocky Hill [Member] | Connecticut [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Wallingford [Member] | Connecticut [Member] | Homewood Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Lake Mary [Member] | Florida [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Lakeland [Member] | Florida [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Panama City [Member] | Florida [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Pensacola [Member] | Florida [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Pensacola [Member] | Florida [Member] | Hampton Inn & Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Tallahassee [Member] | Florida [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Columbus [Member] | Georgia [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Mt Olive [Member] | New Jersey [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Somerset [Member] | New Jersey [Member] | Homewood Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Saratoga Springs [Member] | New York [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Roanoke Rapids [Member] | North Carolina [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Hillsboro [Member] | Oregon [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Hillsboro [Member] | Oregon [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Hillsboro [Member] | Oregon [Member] | TownePlace Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Portland [Member] | Oregon [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Pittsburgh [Member] | Pennsylvania [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Myrtle Beach [Member] | South Carolina [Member] | Courtyard [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Nashville [Member] | Tennessee [Member] | Homewood Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Dallas [Member] | Texas [Member] | SpringHill Suites - Savannah, Georgia [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Fort Worth [Member] | Texas [Member] | Homewood Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Fort Worth [Member] | Texas [Member] | SpringHill Suites - Savannah, Georgia [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Fort Worth [Member] | Texas [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Laredo [Member] | Texas [Member] | Homewood Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Laredo [Member] | Texas [Member] | Residence Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | McAllen [Member] | Texas [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Kent [Member] | Washington [Member] | TownePlace Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Mukilteo [Member] | Washington [Member] | TownePlace Suites [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years | |||
Maximum [Member] | Renton [Member] | Washington [Member] | Hilton Garden Inn [Member] | ||||
Accumulated depreciation: | ||||
Depreciable Life | 39 years |