BRE Select Hotels 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 15, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	ck0001566445
Entity Registrant Name	BRE Select Hotels Corp
Entity Central Index Key	1,566,445
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		100

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Investment in real estate, net of accumulated depreciation of $123,123 and $116,180, respectively	$ 757,245	$ 758,259
Hotels held for sale		65,534
Cash and cash equivalents	15,474	22,491
Restricted cash	12,821	9,111
Due from third-party managers, net	4,900	4,284
Prepaid expenses and other assets	4,370	3,383
Goodwill	98,682	108,466
Deferred tax assets	2,815	2,984
TOTAL ASSETS	896,307	974,512
LIABILITIES
Accounts payable and accrued expenses	10,112	9,233
Due to third-party managers, net, and other liabilities	1,331	638
Mortgages payable	733,389	738,148
Mortgages payable related to assets of hotels held for sale		69,905
TOTAL LIABILITIES	744,832	817,924
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 March 31, 2018 and December 31, 2017	83,040	83,040
STOCKHOLDER'S EQUITY
Preferred stock, $0.0001 par value, 30,000,000 shares authorized; none issued and outstanding at March 31, 2018 and December 31, 2017
Common stock, $0.01 par value, 100,000 shares authorized; 100 shares issued and outstanding at March 31, 2018 and December 31, 2017	0	0
Additional paid-in capital	68,435	73,548
TOTAL STOCKHOLDER'S EQUITY	68,435	73,548
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$ 896,307	$ 974,512

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accumulated depreciation of Investment in real estate	$ 123,123	$ 116,180
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	43,821,901
Preferred stock, shares outstanding	43,821,901	43,821,901

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUE
Room revenue	$ 52,540,000	$ 56,418,000
Other revenue	3,237,000	4,902,000
Total revenue	55,777,000	61,320,000
EXPENSES
Operating expense	13,639,000	14,501,000
Hotel administrative expense	5,322,000	5,730,000
Sales and marketing	4,796,000	4,986,000
Utilities	1,869,000	2,090,000
Repair and maintenance	2,702,000	2,390,000
Franchise fees	2,588,000	2,763,000
Management fees	1,696,000	1,851,000
Taxes, insurance and other	4,006,000	3,792,000
General and administrative	1,398,000	1,827,000
Depreciation expense	8,749,000	8,923,000
Total expenses	46,765,000	48,853,000
Gain on sale of hotel properties		3,628,000
Interest expense, net	(9,424,000)	(6,923,000)
Gain on derivatives	60,000
(Loss) income before income tax benefit	(352,000)	9,172,000
Income tax benefit	698,000	38,000
Net income	346,000	9,210,000
Series A Preferred Stock dividends declared	(1,459,000)	(2,410,000)
Net (loss) income available for common stockholder	$ (1,113,000)	$ 6,800,000
Basic and diluted net (loss) income per common share
Total basic and diluted net (loss) income per common share available to common stockholder	$ (11,130)	$ 68,000
Dividends declared per common share	$ 40,000	$ 100,000
Weighted average common shares outstanding - basic and diluted	100	100

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 346	$ 9,210
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,749	8,923
Gain on sale of hotel properties		(3,628)
Fair value adjustment of interest rate cap	(60)
Amortization of deferred financing costs	1,959
Deferred income taxes	169	1,415
Changes in operating assets and liabilities:
Decrease in due to/from third-party managers, net, and other liabilities	77	76
Increase in prepaid expenses and other assets	(927)	(1,332)
Decrease in accounts payable and accrued expenses	(422)	(1,377)
Net cash provided by operating activities	9,891	13,287
Cash flows from investing activities:
Capital improvements	(6,521)	(9,714)
Proceeds from sale of hotel properties	75,340	52,853
Property insurance proceeds	65	91
Net cash provided by investing activities	68,884	43,230
Cash flows from financing activities:
Payments of mortgage debt	(76,623)	(38,609)
Dividends paid to Series A Preferred stockholders	(1,459)	(2,410)
Dividends paid to common stockholder	(4,000)	(10,000)
Net cash used in financing activities	(82,082)	(51,019)
Net (decrease) increase in cash, cash equivalents and restricted cash	(3,307)	5,498
Cash, cash equivalents and restricted cash, beginning of period	31,602	31,166
Cash, cash equivalents and restricted cash, end of period	28,295	36,664
Supplemental Cash Flow Information, including Non-Cash Activities:
Interest paid	7,549	7,028
Taxes paid		23
Accrued capital improvements	4,285	2,424
7% Series A Cumulative Redeemable Preferred Stock [Member]
Supplemental Cash Flow Information, including Non-Cash Activities:
Accrued 7% Series A Preferred Stock dividends	$ 1,459	$ 2,410

Organization

Organization	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018, the Company owned 50 hotels located in 17 states with an aggregate of 5,963 rooms.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation – Basis of Presentation – 10-K Use of Estimates – Cash and Cash Equivalents – Restricted Cash – The following table provides detail regarding cash and cash equivalents and restricted cash that sums to the total of such amounts presented in the accompanying condensed consolidated statements of cash flows. March 31, December 31, March 31, December 31, 2018 2017 2017 2016 Cash and cash equivalents $ 15,474 $ 22,491 $ 29,312 $ 25,170 Restricted cash 12,821 9,111 7,352 5,996 Total cash, cash equivalents and restricted cash $ 28,295 $ 31,602 $ 36,664 $ 31,166 Due from Third-Party Managers, net – Due to Third-Party Managers, net – Investment in Real Estate and Related Depreciation – Impairment of Investment in Real Estate – If events or circumstances change, such as the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable and in such instances an impairment loss may be recorded. Recoverability of assets to be held and used is determined by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the asset. If the carrying value of such assets exceeds such cash flows, the assets are considered impaired. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. Fair value is determined by using management’s best estimate of the discounted net cash flows over the remaining useful life of the asset, or other indicators of fair value. Goodwill – two-step The following table details the carrying amount of the Company’s goodwill at March 31, 2018 and December 31, 2017. The goodwill allocated to the sale of hotel properties represents the goodwill amounts allocated at the Acquisition Date to the Residence Inn – Huntsville, Alabama and Marriott – Redmond, Washington hotel properties which were sold during the three months ended March 31, 2018, and is included within the determination of gain on sale of hotel properties presented in the accompanying condensed consolidated statement of operations and condensed consolidated statement of cash flows. Balance as of December 31, 2017 Goodwill $ 108,466 Accumulated impairment losses — 108,466 Allocated to sale of hotel properties (9,784 ) Balance as of March 31, 2018 Goodwill 98,682 Accumulated impairment losses — $ 98,682 Revenue Recognition – No. 2014-09, Revenue from Contracts with Customers No. 2014-09 Room revenue is generated through contracts with customers whereby the customers agree to pay a daily rate for right to use a hotel room. The Company’s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is secured at the end of the contract upon check-out Food and beverage revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or banquet services. The Company’s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the banquet facilities and related dining amenities are provided to the customer. The Company believes there are no significant judgments regarding the recognition of food and beverage revenue. The Company recognized $2.1 million and $2.6 million of food and beverage revenue during the three months ended March 31, 2018 and 2017, respectively, which is included in other revenue in the Company’s condensed consolidated statements of operations. Sales and Marketing Costs – Income Taxes – Valuation of Deferred Tax Assets – (Loss) Income per Common Share Segment Information – New Accounting Pronouncements – 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 In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory 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 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,

Investment in Real Estate, net

Investment in Real Estate, net	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Investment in Real Estate, net	3. Investment in Real Estate, net Investment in real estate, net, as of March 31, 2018 and December 31, 2017 consisted of the following: March 31, December 31, Land and Improvements $ 117,439 $ 117,418 Building and Improvements 698,764 693,132 Furniture, Fixtures and Equipment 60,582 57,422 Construction in Progress 3,583 6,467 880,368 874,439 Less: Accumulated Depreciation (123,123 ) (116,180 ) Investment in Real Estate, net $ 757,245 $ 758,259

Sale of Hotel Properties

Sale of Hotel Properties	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	4. Sale of Hotel Properties During the three months ended March 31, 2018, the Company sold two hotels as summarized below. 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 Residence Inn—Huntsville, Alabama January 2018 $ 7,587 $ — $ 7,587 Marriott—Redmond, Washington February 2018 67,753 — 68,917 Total $ 75,340 $ — $ 76,504 The Company received proceeds of $75.3 million from the sales of these hotels, which are net of $2.5 million in selling costs. Due to the sale of these hotels, the Company made an additional principal payment of $6.6 million in order to comply with the debt yield as required under the terms of the Company’s mortgage loan agreement. During the year ended December 31, 2017, the Company recorded a $10.9 million impairment of investment in real estate related to these two properties, therefore, no gain or loss was recorded during the three months ended March 31, 2018. During the three months ended March 31, 2017, the Company sold six hotels as summarized below. 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 Payable 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 Total $ 52,853 $ 3,628 $ 35,871 The Company received proceeds of $52.9 million from the sales of these hotels, which are net of selling costs of $1.7 million. Due to the sale of the hotels, the Company made an additional principal payment of $2.6 million in order to comply with the debt yield as required under the terms of the Company’s previous mortgage loan agreement.

Hotels Held for Sale

Hotels Held for Sale	3 Months Ended
	Mar. 31, 2018
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 December 31, 2017 condensed consolidated balance sheet consisted 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 December 31, 2017 condensed consolidated balance sheet represents the principal of the mortgage payable that the Company was contractually required to repay in connection with the sale of the hotels. There were no other major captions of assets or liabilities related to the hotels held for sale. The following is a summary of hotels held for sale as of December 31, 2017. Hotel Assets of Hotels Residence Inn—Huntsville, Alabama $ 6,341 Marriott—Redmond, Washington 59,193 Total $ 65,534 The Company sold both hotels in the first quarter of 2018 as described in Note 4.

Mortgages Payable

Mortgages Payable	3 Months Ended
	Mar. 31, 2018
Mortgage Loans on Real Estate [Abstract]
Mortgages Payable	6. Mortgages Payable Mortgages payable as of March 31, 2018 and December 31, 2017 consisted of the following: March 31, December 31, 2018 2017 Mortgages payable before unamortized deferred financing costs $ 739,504 $ 746,223 Unamortized deferred financing costs (6,115 ) (8,075 ) Mortgages payable related to assets held and used $ 733,389 $ 738,148 Mortgages payable related to assets of hotels held for sale — 69,905 Total mortgages payable $ 733,389 $ 808,053 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 49 of the 50 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. Notwithstanding the foregoing, any prepayment of the Loan (i) with casualty or condemnation proceeds or (ii) as a result of the release of a property as collateral security for the Loan in connection with (A) a ground lease default other than due to a default by a Borrower or Operating Lessee, (B) a franchise agreement default, (C) a brand management agreement default, (D) a termination of a purchase agreement other than due to a default by a Borrower or Operating Lessee or (E) as a result of an event of default under the Loan related to such property other than due to a default by Borrower or Operating Lessee done in bad faith to circumvent the release provisions of the Loan ((i) and (ii), collectively, a “Special Prepayment”) will not be subject to any limitation on prepayment or any prepayment fee or penalty or debt yield release requirements, but will be subject to limited conditions to prepayment. 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 were included in general and administrative expense in the condensed consolidated statements of operations during the year ended December 31, 2017. Deferred financing costs were $6.1 million and $8.1 million as of March 31, 2018 and December 31, 2017, respectively, and are presented as a direct deduction of mortgages payable on the condensed 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 $16.0 million and $16.1 million as of March 31, 2018 and December 31, 2017, respectively, and is included in mortgages payable in the condensed consolidated balance sheets. Components of interest expense for the three months ended March 31, 2018 and 2017 were as follows: For the three months ended March 31, 2018 2017 Mortgage debt $ 7,502 $ 7,032 Amortization of deferred financing costs 1,959 — Capitalized interest (37 ) (109 ) Total interest expense, net $ 9,424 $ 6,923 Future scheduled principal payments of debt obligations as of March 31, 2018 are as follows: 2018 (remaining months) $ 364 2019 724,009 2020 533 2021 562 2022 14,036 Thereafter — Total $ 739,504

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2018
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, prepaid expenses and other assets, accounts payable and accrued expenses, due to third-party managers, net, and other liabilities, 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: March 31, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Financial assets measured at fair value on a recurring basis: Interest rate caps $ 60 $ 60 $ — $ — Financial liabilities not measured at fair value: Mortgages payable and mortgages payable related to assets of hotels held for sale $ 739,504 $ 738,911 $ 816,128 $ 815,677 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	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Insurance – Litigation – In February 2017, the Company received $1.4 million in proceeds from the Deepwater Horizon Economic and Property Damages Settlement Program arising out of damages suffered by four properties prior to the Merger. The proceeds are included in other revenue in the condensed consolidated statement of operations for the three months ended March 31, 2017. Franchise Agreements Management Agreements – month-to-month TRS Lease Agreements – Ground Leases 2018 (remaining months) $ 80 2019 107 2020 45 2021 — 2022 — Thereafter — Total $ 232

7% Series A Cumulative Redeemab

7% Series A Cumulative Redeemable Preferred Stock	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
7% Series A Cumulative Redeemable Preferred Stock	9. 7% Series A Cumulative Redeemable Preferred Stock In connection with the Merger, the Company issued 97,032,848 shares of Series A Preferred Stock. The terms of these shares provide the Company with the right to redeem such shares at any time for an amount equal to the liquidation preference, plus any accumulated and unpaid dividends. In addition, the terms of these shares include an option for a holder of such shares to require the Company to redeem all or a portion of such holder’s shares on or after November 14, 2020 for an amount equal to the liquidation preference, plus any accumulated and unpaid dividends. The initial dividend rate on these shares is 7% per annum. The dividend rate will increase to 9% per annum if dividends are not paid in cash for more than six quarters, and to 11% per annum if they are not redeemed after the earlier of certain change of control events and May 14, 2018. Due to the put option provided to the holders of these shares, such shares have been classified outside permanent stockholder’s equity. The initial liquidation preference of $1.90 per share will be subject to downward adjustment should net costs and payments relating to litigation and regulatory matters for alleged legacy acts exceed $3.5 million from the date of the Merger described in Note 1. The Company recognizes changes in the redemption value immediately as they occur and adjusts the carrying amount of the Series A Preferred Stock to equal the redemption value at the end of each reporting period. As of March 31, 2018, 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 basis from each stockholder at a redemption price of $1.9082 per share, which was comprised of the $1.90 liquidation preference per share and $0.082 in accumulated and unpaid dividends per share earned through the redemption date. As of March 31, 2018 and December 31, 2017, BRE Holdings owned approximately 0.9 million shares of the Series A Preferred Stock. On March 26, 2018, the Board of Directors of the Company declared a dividend on the Series A Preferred Stock of $0.0333 per share, which was paid on April 16, 2018 to stockholders of record on April 1, 2018. As of March 31, 2018, the Company accrued $1.5 million for this dividend, which is included in accounts payable and accrued expenses in the condensed consolidated balance sheet.

Stockholder's Equity

Stockholder's Equity	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017, there were 100 shares of common stock issued and outstanding. On February 8, 2018, the Board of Directors of the Company declared a dividend on its common stock of $40,000 per share, which was paid on February 9, 2018.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The Company accounts for TRS income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The analysis utilized by the Company in determining the deferred tax valuation allowance involves considerable management judgment and assumptions. The deferred tax valuation allowance was $4.2 million and $4.3 million as of March 31, 2018 and December 31, 2017, respectively. For the three months ended March 31, 2018 and 2017, the Company recorded $0.7 million and $0 of income tax benefit, respectively. The income tax expense for the three months ended March 31, 2018 and 2017 is comprised of federal and state income taxes.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions The Sponsor and its affiliates are in the business of making investments in companies and real estate assets and currently own, and may, from time to time acquire and hold, in each case, interests in businesses or assets that compete directly or indirectly with the Company. In addition, certain affiliates of the Sponsor have significant influence over Hilton, which indirectly owns the entities that serve as franchisors and receive franchise fees for 26 of the hotels owned by the Company. In accordance with the Company’s certificate of incorporation, the Sponsor has no obligation to present any corporate opportunities to the Company or to conduct its other business and investment affairs in the best interests of the Company, common stockholder, or holders of Series A Preferred Shares. In connection with the Sponsor’s and its affiliates’ business activities, the Sponsor, BRE Holdings or any of their affiliates, including, without limitation, Hilton or its subsidiaries, may from time to time enter into arrangements with the Company or its subsidiaries. These arrangements may be subject to restrictions on affiliate transactions contained in agreements entered into in connection with the Loan. The Company incurred $3.8 million and $3.7 million of franchise fees, marketing fees and other expenses during the three months ended March 31, 2018 and 2017, respectively, under agreements with Hilton or its subsidiaries. No amounts were payable to Hilton as of March 31, 2018 or December 31, 2017. A management company provides services to the Company including financial, accounting, administrative and other services that may be requested from time to time pursuant to a corporate services agreement. Affiliates of the Sponsor hold a management interest in this management company. The Company paid $1.2 million and $0.6 million to this management company during the three months ended March 31, 2018 and 2017, respectively. No amounts were outstanding to this management company as of March 31, 2018 or December 31, 2017. Prepayments of $0.4 million related to the corporate services agreement are included in prepaid expenses and other assets on the condensed consolidated balance sheet as of March 31, 2018.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation –
Basis of Presentation	Basis of Presentation – 10-K
Use of Estimates	Use of Estimates –
Cash and Cash Equivalents	Cash and Cash Equivalents –
Restricted Cash	Restricted Cash – The following table provides detail regarding cash and cash equivalents and restricted cash that sums to the total of such amounts presented in the accompanying condensed consolidated statements of cash flows. March 31, December 31, March 31, December 31, 2018 2017 2017 2016 Cash and cash equivalents $ 15,474 $ 22,491 $ 29,312 $ 25,170 Restricted cash 12,821 9,111 7,352 5,996 Total cash, cash equivalents and restricted cash $ 28,295 $ 31,602 $ 36,664 $ 31,166
Due from Third-Party Managers, net	Due from Third-Party Managers, net –
Due to Third-Party Managers, net	Due to Third-Party Managers, net –
Investment in Real Estate and Related Depreciation	Investment in Real Estate and Related Depreciation –
Impairment of Investment in Real Estate	Impairment of Investment in Real Estate – If events or circumstances change, such as the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable and in such instances an impairment loss may be recorded. Recoverability of assets to be held and used is determined by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the asset. If the carrying value of such assets exceeds such cash flows, the assets are considered impaired. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. Fair value is determined by using management’s best estimate of the discounted net cash flows over the remaining useful life of the asset, or other indicators of fair value.
Goodwill	Goodwill – two-step The following table details the carrying amount of the Company’s goodwill at March 31, 2018 and December 31, 2017. The goodwill allocated to the sale of hotel properties represents the goodwill amounts allocated at the Acquisition Date to the Residence Inn – Huntsville, Alabama and Marriott – Redmond, Washington hotel properties which were sold during the three months ended March 31, 2018, and is included within the determination of gain on sale of hotel properties presented in the accompanying condensed consolidated statement of operations and condensed consolidated statement of cash flows. Balance as of December 31, 2017 Goodwill $ 108,466 Accumulated impairment losses — 108,466 Allocated to sale of hotel properties (9,784 ) Balance as of March 31, 2018 Goodwill 98,682 Accumulated impairment losses — $ 98,682
Revenue Recognition	Revenue Recognition – No. 2014-09, Revenue from Contracts with Customers No. 2014-09 Room revenue is generated through contracts with customers whereby the customers agree to pay a daily rate for right to use a hotel room. The Company’s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is secured at the end of the contract upon check-out Food and beverage revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or banquet services. The Company’s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the banquet facilities and related dining amenities are provided to the customer. The Company believes there are no significant judgments regarding the recognition of food and beverage revenue. The Company recognized $2.1 million and $2.6 million of food and beverage revenue during the three months ended March 31, 2018 and 2017, respectively, which is included in other revenue in the Company’s condensed consolidated statements of operations.
Sales and Marketing Costs	Sales and Marketing Costs –
Income Taxes	Income Taxes –
Valuation of Deferred Tax Assets	Valuation of Deferred Tax Assets –
(Loss) Income per Common Share	(Loss) Income per Common Share
Segment Information	Segment Information –
New Accounting Pronouncements	New Accounting Pronouncements – 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 In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory 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 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,

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Cash and Cash Equivalents and Restricted Cash	The following table provides detail regarding cash and cash equivalents and restricted cash that sums to the total of such amounts presented in the accompanying condensed consolidated statements of cash flows. March 31, December 31, March 31, December 31, 2018 2017 2017 2016 Cash and cash equivalents $ 15,474 $ 22,491 $ 29,312 $ 25,170 Restricted cash 12,821 9,111 7,352 5,996 Total cash, cash equivalents and restricted cash $ 28,295 $ 31,602 $ 36,664 $ 31,166
Summary of Carrying Amount of Goodwill	The following table details the carrying amount of the Company’s goodwill at March 31, 2018 and December 31, 2017. The goodwill allocated to the sale of hotel properties represents the goodwill amounts allocated at the Acquisition Date to the Residence Inn – Huntsville, Alabama and Marriott – Redmond, Washington hotel properties which were sold during the three months ended March 31, 2018, and is included within the determination of gain on sale of hotel properties presented in the accompanying condensed consolidated statement of operations and condensed consolidated statement of cash flows. Balance as of December 31, 2017 Goodwill $ 108,466 Accumulated impairment losses — 108,466 Allocated to sale of hotel properties (9,784 ) Balance as of March 31, 2018 Goodwill 98,682 Accumulated impairment losses — $ 98,682

Investment in Real Estate, net

Investment in Real Estate, net (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Investment in Real Estate	Investment in real estate, net, as of March 31, 2018 and December 31, 2017 consisted of the following: March 31, December 31, Land and Improvements $ 117,439 $ 117,418 Building and Improvements 698,764 693,132 Furniture, Fixtures and Equipment 60,582 57,422 Construction in Progress 3,583 6,467 880,368 874,439 Less: Accumulated Depreciation (123,123 ) (116,180 ) Investment in Real Estate, net $ 757,245 $ 758,259

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	During the three months ended March 31, 2018, the Company sold two hotels as summarized below. 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 Residence Inn—Huntsville, Alabama January 2018 $ 7,587 $ — $ 7,587 Marriott—Redmond, Washington February 2018 67,753 — 68,917 Total $ 75,340 $ — $ 76,504 During the three months ended March 31, 2017, the Company sold six hotels as summarized below. 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 Payable 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 Total $ 52,853 $ 3,628 $ 35,871

Hotels Held for Sale (Tables)

Hotels Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2018
Text Block [Abstract]
Summary of Proceeds from Sale of Hotels Held for Sale	The following is a summary of hotels held for sale as of December 31, 2017. Hotel Assets of Hotels Residence Inn—Huntsville, Alabama $ 6,341 Marriott—Redmond, Washington 59,193 Total $ 65,534

Mortgages Payable (Tables)

Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2018
Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgages Payable	Mortgages payable as of March 31, 2018 and December 31, 2017 consisted of the following: March 31, December 31, 2018 2017 Mortgages payable before unamortized deferred financing costs $ 739,504 $ 746,223 Unamortized deferred financing costs (6,115 ) (8,075 ) Mortgages payable related to assets held and used $ 733,389 $ 738,148 Mortgages payable related to assets of hotels held for sale — 69,905 Total mortgages payable $ 733,389 $ 808,053
Schedule of Interest Expense	Components of interest expense for the three months ended March 31, 2018 and 2017 were as follows: For the three months ended March 31, 2018 2017 Mortgage debt $ 7,502 $ 7,032 Amortization of deferred financing costs 1,959 — Capitalized interest (37 ) (109 ) Total interest expense, net $ 9,424 $ 6,923
Schedule of Future Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations as of March 31, 2018 are as follows: 2018 (remaining months) $ 364 2019 724,009 2020 533 2021 562 2022 14,036 Thereafter — Total $ 739,504

Fair Value of Financial Instr24

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
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: March 31, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Financial assets measured at fair value on a recurring basis: Interest rate caps $ 60 $ 60 $ — $ — Financial liabilities not measured at fair value: Mortgages payable and mortgages payable related to assets of hotels held for sale $ 739,504 $ 738,911 $ 816,128 $ 815,677

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and thereafter are as follows: 2018 (remaining months) $ 80 2019 107 2020 45 2021 — 2022 — Thereafter — Total $ 232

Organization - Additional Infor

Organization - Additional Information (Detail)	12 Months Ended
	Mar. 31, 2018HotelStateRoom	Jul. 07, 2017Hotel
Hotel [Member]
Organization [Line Items]
Number of hotels owned | Hotel	50	50
Number of states the hotels located | State	17
Aggregate number of rooms | Room	5,963
Apple REIT Six, Inc. [Member]
Organization [Line Items]
Acquisition date	May 14, 2013

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)Segment	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Property, Plant and Equipment [Line Items]
Deposits within financial institutions	$ 250,000
Goodwill impairment	0		$ 0	$ 0
Food and beverage revenue	$ 2,100,000	$ 2,600,000
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]
Percentage of adjusted taxable income to be distributed to stockholder	90.00%
Minimum [Member] | Land and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	10 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	3 years
Maximum [Member] | Land and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	15 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	7 years

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Summary of Cash and Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 15,474	$ 22,491	$ 29,312	$ 25,170
Restricted cash	12,821	9,111	7,352	5,996
Total cash, cash equivalents and restricted cash	$ 28,295	$ 31,602	$ 36,664	$ 31,166

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Summary of Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Allocated to sale of hotel properties	$ (9,784)
Goodwill, gross	98,682	$ 108,466
Accumulated impairment losses	0	0
Goodwill, net	$ 98,682	$ 108,466

Investment in Real Estate, ne30

Investment in Real Estate, net - Investment in Real Estate (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Investment in Real Estate, gross	$ 880,368	$ 874,439
Less: Accumulated Depreciation	(123,123)	(116,180)
Investment in Real Estate, net	757,245	758,259
Land and Improvements [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	117,439	117,418
Building and Improvements [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	698,764	693,132
Furniture, Fixtures and Equipment [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	60,582	57,422
Construction in Progress [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	$ 3,583	$ 6,467

Sale of Hotel Properties - Addi

Sale of Hotel Properties - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)Hotel	Mar. 31, 2017USD ($)Hotel	Dec. 31, 2017USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Number of hotels sold | Hotel	2	6
Net proceeds from sale of hotels	$ 75,300,000	$ 52,900,000
Selling cost of sale of hotels	2,500,000	1,700,000
Additional principal payment	$ 6,600,000	2,600,000
Impairment of investment in real estate			$ 10,900,000
Gain (loss) on sale of hotel properties		$ 3,628,000	$ 0

Sale of Hotel Properties - Summ

Sale of Hotel Properties - Summary of Hotels Sold (Gain) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of hotels	$ 75,340	$ 52,853
Gain from sale of hotels		3,628
Mortgage Payable Repaid	$ 76,504	$ 35,871
Residence Inn Huntsville Alabama Hotel [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale	2018-01
Net proceeds from sale of hotels	$ 7,587
Mortgage Payable Repaid	$ 7,587
Marriott Redmond Washington Hotel [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale	2018-02
Net proceeds from sale of hotels	$ 67,753
Mortgage Payable Repaid	$ 68,917
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

Hotels Held for Sale - Addition

Hotels Held for Sale - Additional Information (Detail)	3 Months Ended
	Dec. 31, 2017Hotel
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]
Number of hotels held for sale	2

Hotels Held for Sale - Summary

Hotels Held for Sale - Summary of Hotels Held for Sale (Detail) $ in Thousands	Dec. 31, 2017USD ($)
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale	$ 65,534
Discontinued Operations, Held-for-sale [Member]
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale	65,534
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

Mortgages Payable - Schedule of

Mortgages Payable - Schedule of Mortgages Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]
Mortgages payable before unamortized deferred financing costs	$ 739,504	$ 746,223
Unamortized deferred financing costs	(6,115)	(8,075)
Mortgages payable related to assets held and used	733,389	738,148
Mortgages payable related to assets of hotels held for sale		69,905
Total mortgages payable	$ 733,389	$ 808,053

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)Hotel	Dec. 31, 2017USD ($)	Jul. 07, 2017USD ($)Hotel	Dec. 03, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Loan outstanding principal amount	$ 739,504,000
Deferred financing costs associated with Loan	$ 6,115,000	$ 8,075,000
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	50		50
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	$ 16,000,000	$ 16,100,000
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			49

Mortgages Payable - Schedule 37

Mortgages Payable - Schedule of Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest Expense [Abstract]
Mortgage debt	$ 7,502	$ 7,032
Amortization of deferred financing costs	1,959
Capitalized interest	(37)	(109)
Total interest expense, net	$ 9,424	$ 6,923

Mortgages Payable - Schedule 38

Mortgages Payable - Schedule of Future Principal Payments of Debt Obligations (Detail) $ in Thousands	Mar. 31, 2018USD ($)
Debt Disclosure [Abstract]
2018 (remaining months)	$ 364
2,019	724,009
2,020	533
2,021	562
2,022	14,036
Thereafter	0
Total	$ 739,504

Fair Value of Financial Instr39

Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
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	$ 733,389	$ 808,053
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	739,504	816,128
Mortgages payable and mortgages payable related to assets of hotels held for sale, Estimated Fair Value	738,911	$ 815,677
Fair Value, Measurements, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate caps, Carrying Value	60
Interest rate caps, Estimated Fair Value	$ 60

Fair Value of Financial Instr40

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 ($)Property	Mar. 31, 2018USD ($)Hotel	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Jul. 07, 2017Hotel
Long-term Purchase Commitment [Line Items]
Insurance receivable collected		$ 0		$ 100
Allowance on insurance receivable			$ 5,000
Loss on disposals of investment in real estate			5,000
Number of subset of hotels with ground leases | Hotel		3
Ground lease expenses		$ 0
Hotel [Member]
Long-term Purchase Commitment [Line Items]
Number of hotels owned | Hotel		50			50
Minimum [Member]
Long-term Purchase Commitment [Line Items]
Insurance receivable			$ 5,000
Ground lease expenses		$ 0
Maximum [Member]
Long-term Purchase Commitment [Line Items]
Ground lease expenses		$ 0
Ground Leases [Member] | Minimum [Member]
Long-term Purchase Commitment [Line Items]
Lease obligation remaining period		2 years
Ground Leases [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Lease obligation remaining period		28 years
Ground Leases [Member] | PA Residence Inn [Member]
Long-term Purchase Commitment [Line Items]
Lease obligation remaining period		28 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
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		50

Commitments and Contingencies42

Commitments and Contingencies - Aggregate Amounts of Minimum Lease Payments under Lease Agreements (Detail) $ in Thousands	Mar. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018 (remaining months)	$ 80
2,019	107
2,020	45
2,021	0
2,022	0
Thereafter	0
Total	$ 232

7% Series A Cumulative Redeem43

7% Series A Cumulative Redeemable Preferred Stock - Additional Information (Detail) - USD ($)	Mar. 26, 2018	Aug. 06, 2017	Mar. 31, 2018	Dec. 31, 2017	Nov. 29, 2012
Class of Stock [Line Items]
Number of preferred stock owned by company	$ 0.0333
Dividend paid, date			Apr. 16, 2018
Preferred Stock, dividend record date			Apr. 1, 2018
Accrued dividend			$ 1,500,000
7% Series A Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued			43,821,901	43,821,901	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	43,821,901
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	900,000

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - $ / shares	Feb. 08, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
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
Dividend payable, date to be paid		Apr. 16, 2018
Common Stock, dividend declared per share		$ 40,000	$ 100,000
Common Stock [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

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax benefit	$ 698	$ 38
Deferred tax valuation allowance	$ 4,200		$ 4,300

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)Hotel	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Jul. 07, 2017Hotel
Prepaid Expenses and Other Current Assets [Member]
Related Party Transaction [Line Items]
Prepayments related to corporate services agreement	$ 400,000
Hotel [Member]
Related Party Transaction [Line Items]
Number of hotels owned | Hotel	50			50
Hilton Worldwide Inc [Member]
Related Party Transaction [Line Items]
Franchise fees, marketing fees, and other expenses	$ 3,800,000	$ 3,700,000
Amount paid for capital improvements	0		$ 0
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Professional fees paid to management company	1,200,000	$ 600,000
Management Company [Member]
Related Party Transaction [Line Items]
Capital improvements payable	$ 0		$ 0
Hilton Worldwide Holdings Inc. Franchisor [Member] | Hilton Worldwide Inc [Member] | Hotel [Member]
Related Party Transaction [Line Items]
Number of hotels owned | Hotel	26