BRE Select Hotels 10-Q 14 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 14, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
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 Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		100

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Investment in real estate, net of accumulated depreciation of $127,958 and $116,180, respectively	$ 718,541	$ 758,259
Hotels held for sale	9,368	65,534
Cash and cash equivalents	23,303	22,491
Restricted cash	13,487	9,111
Due from third-party managers, net	8,347	4,284
Insurance receivable	1,792
Prepaid expenses and other assets	2,263	3,383
Goodwill	98,682	108,466
Deferred tax assets	6,616	2,984
TOTAL ASSETS	882,399	974,512
LIABILITIES
Accounts payable and accrued expenses	11,428	9,233
Due to third-party managers, net, and other liabilities	368	638
Mortgages payable	727,818	738,148
Mortgages payable related to assets of hotels held for sale	7,711	69,905
TOTAL LIABILITIES	747,325	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 September 30, 2018 and December 31, 2017	82,854	83,040
STOCKHOLDER'S EQUITY
Preferred stock, $0.0001 par value, 30,000,000 shares authorized; none issued and outstanding at September 30, 2018 and December 31, 2017
Common stock, $0.01 par value, 100,000 shares authorized; 100 shares issued and outstanding at September 30, 2018 and December 31, 2017	0	0
Additional paid-in capital	52,220	73,548
TOTAL STOCKHOLDER'S EQUITY	52,220	73,548
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$ 882,399	$ 974,512

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accumulated depreciation of Investment in real estate	$ 127,958	$ 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 ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUE
Revenue	$ 67,580	$ 71,747	$ 188,155	$ 202,990
EXPENSES
Operating expense	14,898	15,871	42,843	45,861
Hotel administrative expense	5,515	5,894	16,241	17,575
Sales and marketing	5,369	5,577	15,444	16,232
Repair and maintenance	2,567	2,348	7,989	7,066
Management fees	2,052	2,197	5,760	6,268
Taxes, insurance and other	3,266	3,644	10,420	11,091
General and administrative	3,630	3,348	7,131	6,905
Depreciation expense	8,268	8,693	25,433	26,866
Total expenses	51,018	53,312	146,097	153,692
Impairment of investment in real estate	(2,458)		(20,765)	(2,988)
Gain on sale of hotel properties	520		520	3,628
Interest expense, net	(9,175)	(9,022)	(27,420)	(23,143)
Loss on derivatives	(2)	(148)		(148)
Income (loss) before income tax (expense) benefit	5,447	9,265	(5,607)	26,647
Income tax (expense) benefit	(994)	(4,023)	1,854	(5,290)
Net income (loss)	4,453	5,242	(3,753)	21,357
Series A Preferred Stock dividends declared	(2,292)	(1,693)	(5,762)	(6,514)
Net income (loss) available for common stockholder	$ 2,161	$ 3,549	$ (9,515)	$ 14,843
Basic and diluted net income (loss) per common share
Basic and diluted net income (loss) per common share available to common stockholder	$ 21,610	$ 35,490	$ (95,150)	$ 148,430
Dividends declared per common share	$ 20,000	$ 164,388	$ 120,000	$ 406,888
Weighted average common shares outstanding - basic and diluted	100	100	100	100
Room Revenue [Member]
REVENUE
Revenue	$ 64,689	$ 68,206	$ 179,050	$ 190,590
Other Revenue [Member]
REVENUE
Revenue	2,891	3,541	9,105	12,400
Utilities [Member]
EXPENSES
Expenses	2,118	2,396	5,756	6,492
Franchise Fees [Member]
EXPENSES
Expenses	$ 3,335	$ 3,344	$ 9,080	$ 9,336

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net (loss) income	$ (3,753)	$ 21,357
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	25,433	26,866
Impairment of investment in real estate	20,765	2,988
Gain on sale of hotel properties	(520)	(3,628)
Fair value adjustment of interest rate cap		148
Amortization of deferred financing costs	4,340	1,291
Expense of financing fees for mortgage loan		1,845
Deferred income taxes	(3,632)	1,283
Changes in operating assets and liabilities:
Increase in due to/from third-party managers, net, and other liabilities	(4,333)	(4,198)
Decrease in prepaid expenses and other assets	1,120	264
Increase in accounts payable and accrued expenses	2,213	2,056
Net cash provided by operating activities	41,633	50,272
Cash flows from investing activities:
Capital improvements	(19,554)	(22,665)
Proceeds from sale of hotel properties	75,860	64,833
Property insurance proceeds	1,041	727
Net cash provided by investing activities	57,347	42,895
Cash flows from financing activities:
Proceeds from mortgage debt		800,000
Payments of mortgage debt	(76,863)	(776,870)
Payments for financing fees		(12,593)
Payment for interest rate cap		(156)
Dividends paid to Series A Preferred stockholders	(4,929)	(7,466)
Dividends paid to common stockholder	(12,000)	(40,689)
Net cash used in financing activities	(93,792)	(92,039)
Net increase in cash and cash equivalents and restricted cash	5,188	1,128
Cash and cash equivalents and restricted cash, beginning of period	31,602	31,166
Cash and cash equivalents and restricted cash, end of period	36,790	32,294
Supplemental Cash Flow Information, including Non-Cash Activities:
Interest paid	23,157	22,203
Taxes paid	136	1,857
Accrued capital improvements	1,802	2,315
Insurance receivable for loss due to property damage	1,792
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	$ 2,292	$ 1,459

Organization

Organization	9 Months Ended
	Sep. 30, 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 qualifies as a real estate investment trust, or REIT, for federal income tax purposes commencing in the year ended December 31, 2012. The Company was formed on November 28, 2012 to invest in income-producing real estate in the United States through the acquisition of Apple REIT Six, Inc. (“Apple Six”) on behalf of BRE Select Hotels Holdings LP (“BRE Holdings”), a Delaware limited partnership and an affiliate of the Company. 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 September 30, 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	9 Months Ended
	Sep. 30, 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. September 30, December 31, September 30, December 31, 2018 2017 2017 2016 Cash and cash equivalents $ 23,303 $ 22,491 $ 24,235 $ 25,170 Restricted cash 13,487 9,111 8,059 5,996 Total cash and cash equivalents and restricted cash $ 36,790 $ 31,602 $ 32,294 $ 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 or there is a change in anticipated hold periods, the Company’s carrying value for a particular property may not be recoverable, and in such instances, an impairment loss may be recorded. Recoverability of assets to be held and used is determined by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the asset. If the carrying value of such assets exceeds such cash flows, the assets are considered impaired. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. Fair value is determined by using management’s best estimate of the discounted net cash flows over the remaining useful life of the asset, or other indicators of fair value. During the second quarter of 2018, the Company identified an indicator of impairment for the Residence Inn – Pittsburgh, Pennsylvania property and the Hilton Garden Inn – McAllen, Texas property. As a result, a test for impairment of the properties was performed with fair value determined based on the estimated sales proceeds for the properties. The test resulted in a non-cash During the third quarter of 2018, the Company identified an indicator of impairment for the Homewood Suites – Laredo, Texas property and the Residence Inn – Laredo, Texas property. As a result, a test of impairment for each property was performed with fair value determined based on the estimated sales proceeds for the property. The test resulted in a non-cash Goodwill – two-step The following table details the carrying amount of the Company’s goodwill at September 30, 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 previously classified as held for sale as of December 31, 2017 (see Note 5) and sold during the nine months ended September 30, 2018, and was included within the determination of gain on sale of hotel properties presented in the accompanying condensed consolidated statements of operations and condensed consolidated statements of cash flows. Balance as of December 31, 2017 $ 108,466 Allocated to sale of hotel properties (9,784 ) Balance as of September 30, 2018 $ 98,682 Revenue Recognition – 2014-09, Revenue from Contracts with Customers 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 made in the recognition of food and beverage revenue. The Company recognized $1.7 million and $2.3 million of food and beverage revenue during the three months ended September 30, 2018 and 2017, respectively. The Company recognized $5.7 million and $7.8 million of food and beverage revenue during the nine months ended September 30, 2018 and 2017, respectively. Food and beverage revenue 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 – Income (Loss) per Common Share Segment Information – Recent Accounting Pronouncements – 2016-02, Leases 2018-11 2016-02 non-lease 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 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), 610-20 2014-09,

Investment in Real Estate, net

Investment in Real Estate, net	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Investment in Real Estate, net	3. Investment in Real Estate, net Investment in real estate, net, as of September 30, 2018 and December 31, 2017 consisted of the following: September 30, December 31, 2018 2017 Land and site improvements $ 113,220 $ 117,418 Building and building improvements 670,361 693,132 Furniture, fixtures and equipment 60,417 57,422 Construction in progress 2,501 6,467 846,499 874,439 Less: Accumulated depreciation (127,958 ) (116,180 ) Investment in real estate, net $ 718,541 $ 758,259

Sale of Hotel Properties

Sale of Hotel Properties	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	4. Sale of Hotel Properties During the nine months ended September 30, 2018, the Company sold two hotels as summarized below. Hotel Date of Sale Proceeds Gain Mortgage Residence Inn—Huntsville, Alabama January 2018 $ 7,587 $ — $ 7,587 Marriott—Redmond, Washington February 2018 68,273 520 68,917 Total $ 75,860 $ 520 $ 76,504 The Company received proceeds of $75.9 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 associated with classifying these hotel properties as held for sale (see Note 5). The Company recorded a gain on sale of hotel properties of $0.5 million during the three and nine months ended September 30, 2018 for the settlement of the prorations related to the sale of the Marriott–Redmond, Washington property. During the nine months ended September 30, 2017, the Company sold eight hotels as summarized below. 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 selling costs of $2.4 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	9 Months Ended
	Sep. 30, 2018
Text Block [Abstract]
Hotels Held for Sale	5. Hotels Held for Sale During the third quarter of 2018, the Company committed to a plan to sell one hotel and accordingly the hotel was classified as a hotel held for sale as of September 30, 2018. Hotel held for sale presented in the September 30, 2018 condensed consolidated balance sheet consists of the investment in real estate of the hotel, which was measured at September 30, 2018 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 September 30, 2018 condensed consolidated balance sheet represents the principal of the mortgage payable that the Company is contractually required to repay in connection with the sale of the hotel. There were no other captions of assets or liabilities related to hotel held for sale. The following is a summary of hotels held for sale as of September 30, 2018. Hotel Assets of Hotels Residence Inn—Pittsburgh, Pennsylvania $ 9,368 The Company sold the hotel in the fourth quarter of 2018 as described in Note 2. 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	9 Months Ended
	Sep. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgages Payable	6. Mortgages Payable Mortgages payable as of September 30, 2018 and December 31, 2017 consisted of the following: September 30, December 31, 2018 2017 Mortgages payable before unamortized deferred financing costs $ 731,553 $ 746,223 Unamortized deferred financing costs (3,735 ) (8,075 ) Mortgages payable related to assets held and used $ 727,818 $ 738,148 Mortgages payable related to assets of hotels held for sale 7,711 69,905 Total mortgages payable $ 735,529 $ 808,053 On July 7, 2017, certain 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. The initial interest rate of the Loan is equal to the one-month one-year 2018 may be made without any prepayment penalty or fee. The Loan contains various representations and warranties, as well as certain financial, operating and other covenants. The Company believes it was in compliance with all applicable covenants as of September 30, 2018 and December 31, 2017. 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. 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 incurred an additional $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 statement of operations during the year ended December 31, 2017. Unamortized deferred financing costs were $3.7 million and $8.1 million as of September 30, 2018 and December 31, 2017, respectively, and are presented as a reduction 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 $15.8 million and $16.1 million as of September 30, 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 and nine months ended September 30, 2018 and 2017 were as follows: For the three months ended September 30, For the nine months ended September 30, 2018 2017 2018 2017 Mortgage debt $ 8,012 $ 7,771 $ 23,158 $ 22,110 Amortization of deferred financing costs 1,184 1,291 4,340 1,291 Capitalized interest (21 ) (40 ) (78 ) (258 ) Total interest expense, net $ 9,175 $ 9,022 $ 27,420 $ 23,143 Future scheduled principal payments of debt obligations as of September 30, 2018 are as follows: 2018 (remaining months) $ 7,835 2019 716,298 2020 533 2021 562 2022 14,036 Thereafter — Total $ 739,264

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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, mortgages payable related to assets of hotels held for sale and interest rate caps 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: September 30, 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 $ — $ — $ — $ — Financial liabilities not measured at fair value: Mortgages payable and mortgages payable related to assets of hotels held for sale $ 739,264 $ 738,592 $ 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	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Insurance – In September 2018, the Company evacuated and temporarily closed the Courtyard in Myrtle Beach, South Carolina due to damage incurred from Hurricane Florence. Remediation work was started immediately and the hotel is expected to reopen in December 2018. The insurance carriers were notified in September 2018 of the pending property insurance claim. For the three months ended September 30, 2018, the Company recorded total remediation costs and estimated loss due to property damage of $1.8 million. The Company has recorded an insurance receivable of $1.8 million for this insurance claim as of September 30, 2018. Litigation – The Company, as the successor to Apple Six, is subject to claims for alleged acts of Apple Six that occurred prior to the Merger. On February 24, 2017, a putative class action, captioned Wilchfort v. Knight, et al. 17-cv-01046 successor-in-interest 17-cv-1046 17-cv-01046 Franchise Agreements Management Agreements – month-to-month TRS Lease Agreements – Ground Leases 2018 (remaining months) $ 27 2019 107 2020 45 2021 — 2022 — Thereafter — Total $ 179

7% Series A Cumulative Redeemab

7% Series A Cumulative Redeemable Preferred Stock	9 Months Ended
	Sep. 30, 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 was 7% per annum. The dividend rate increased from 7% per annum to 11% per annum on 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 September 30, 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 September 30, 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. On June 29, 2018, the Board of Directors of the Company declared a dividend on the Series A Preferred Stock of $0.0459 per share, which was paid on July 16, 2018 to stockholders of record on July 1, 2018. On October 12, 2018, the Board of Directors of the Company declared a dividend on the Series A Preferred Stock of $0.0523 per share, which was paid on October 17, 2018, to stockholders of record on October 1, 2018. The Company accrued dividends of $2.3 million and $1.5 million at September 30, 2018 and December 31, 2017, respectively, which are included in accounts payable and accrued expenses in the condensed consolidated balance sheets.

Stockholder's Equity

Stockholder's Equity	9 Months Ended
	Sep. 30, 2018
Federal Home Loan Banks [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 September 30, 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. On May 11, 2018, the Board of Directors of the Company declared a dividend on its common stock of $60,000 per share, which was paid on May 11, 2018. On August 17, 2018, the Board of Directors of the Company declared a dividend on its common stock of $20,000 per share, which was paid on August 17, 2018.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 $4.0 million and $4.3 million as of September 30, 2018 and December 31, 2017, respectively. For the three months ended September 30, 2018 and 2017, the Company recorded $1.0 million and $4.0 million of income tax expense, respectively. For the nine months ended September 30, 2018 and 2017, the Company recorded $1.9 million and ($5.3) million of income tax benefit (expense), respectively. The income tax (expense) benefit for the three and nine months ended September 30, 2018 and 2017 is comprised of federal and state income taxes.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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. As of the end of May 2018, the Sponsor no longer has an equity investment in Hilton, however, an executive of the Sponsor is the Chairman of the Board of Directors of Hilton. In accordance with the Company’s certificate of incorporation, the Sponsor has no obligation to present any corporate opportunities to the Company or to conduct its other business and investment affairs in the best interests of the Company, common stockholder, or holders of Series A Preferred Shares. In connection with the Sponsor’s and its affiliates’ business activities, the Sponsor, BRE Holdings or any of their affiliates, including, without limitation, Hilton or its subsidiaries, may from time to time enter into arrangements with the Company or its subsidiaries. These arrangements may be subject to restrictions on affiliate transactions contained in agreements entered into in connection with the Loan. The Company incurred $5.4 million and $5.0 million of franchise fees, marketing fees and other expenses during the three months ended September 30, 2018 and 2017, respectively, under agreements with Hilton or its subsidiaries. The Company incurred $14.4 million and $13.8 million of franchise fees, marketing fees and other expenses during the nine months ended September 30, 2018 and 2017, respectively, under agreements with Hilton or its subsidiaries. No amounts were payable to Hilton as of September 30, 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 $0.1 million and $0.5 million to this management company during the three months ended September 30, 2018 and 2017, respectively. The Company paid $2.0 million and $1.7 million to this management company during the nine months ended September 30, 2018 and 2017, respectively. In addition, the Company owed this management company $0.4 million and $0 at September 30, 2018 and December 31, 2017, respectively, which is included in accounts payable and accrued expenses in the consolidated balance sheets.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On October 10, 2018, Hurricane Michael struck the Florida Panhandle as a category 4 hurricane which resulted in widespread damage, flooding, and power outages. We evacuated and have temporarily closed the Courtyard Panama City and three additional hotels were also impacted by the hurricane, but were able to remain open. Remediation work was started immediately and the insurance carriers were notified in October 2018 of the pending property insurance claims, which are in the process of being evaluated.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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. September 30, December 31, September 30, December 31, 2018 2017 2017 2016 Cash and cash equivalents $ 23,303 $ 22,491 $ 24,235 $ 25,170 Restricted cash 13,487 9,111 8,059 5,996 Total cash and cash equivalents and restricted cash $ 36,790 $ 31,602 $ 32,294 $ 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 or there is a change in anticipated hold periods, the Company’s carrying value for a particular property may not be recoverable, and in such instances, an impairment loss may be recorded. Recoverability of assets to be held and used is determined by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the asset. If the carrying value of such assets exceeds such cash flows, the assets are considered impaired. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. Fair value is determined by using management’s best estimate of the discounted net cash flows over the remaining useful life of the asset, or other indicators of fair value. During the second quarter of 2018, the Company identified an indicator of impairment for the Residence Inn – Pittsburgh, Pennsylvania property and the Hilton Garden Inn – McAllen, Texas property. As a result, a test for impairment of the properties was performed with fair value determined based on the estimated sales proceeds for the properties. The test resulted in a non-cash During the third quarter of 2018, the Company identified an indicator of impairment for the Homewood Suites – Laredo, Texas property and the Residence Inn – Laredo, Texas property. As a result, a test of impairment for each property was performed with fair value determined based on the estimated sales proceeds for the property. The test resulted in a non-cash
Goodwill	Goodwill – two-step The following table details the carrying amount of the Company’s goodwill at September 30, 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 previously classified as held for sale as of December 31, 2017 (see Note 5) and sold during the nine months ended September 30, 2018, and was included within the determination of gain on sale of hotel properties presented in the accompanying condensed consolidated statements of operations and condensed consolidated statements of cash flows. Balance as of December 31, 2017 $ 108,466 Allocated to sale of hotel properties (9,784 ) Balance as of September 30, 2018 $ 98,682
Revenue Recognition	Revenue Recognition – 2014-09, Revenue from Contracts with Customers 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 made in the recognition of food and beverage revenue. The Company recognized $1.7 million and $2.3 million of food and beverage revenue during the three months ended September 30, 2018 and 2017, respectively. The Company recognized $5.7 million and $7.8 million of food and beverage revenue during the nine months ended September 30, 2018 and 2017, respectively. Food and beverage revenue 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 –
Income (Loss) per Common Share	Income (Loss) per Common Share
Segment Information	Segment Information –
Recent Accounting Pronouncements	Recent Accounting Pronouncements – 2016-02, Leases 2018-11 2016-02 non-lease 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 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), 610-20 2014-09,

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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. September 30, December 31, September 30, December 31, 2018 2017 2017 2016 Cash and cash equivalents $ 23,303 $ 22,491 $ 24,235 $ 25,170 Restricted cash 13,487 9,111 8,059 5,996 Total cash and cash equivalents and restricted cash $ 36,790 $ 31,602 $ 32,294 $ 31,166
Summary of Carrying Amount of Goodwill	The following table details the carrying amount of the Company’s goodwill at September 30, 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 previously classified as held for sale as of December 31, 2017 (see Note 5) and sold during the nine months ended September 30, 2018, and was included within the determination of gain on sale of hotel properties presented in the accompanying condensed consolidated statements of operations and condensed consolidated statements of cash flows. Balance as of December 31, 2017 $ 108,466 Allocated to sale of hotel properties (9,784 ) Balance as of September 30, 2018 $ 98,682

Investment in Real Estate, net

Investment in Real Estate, net (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Investment in Real Estate	Investment in real estate, net, as of September 30, 2018 and December 31, 2017 consisted of the following: September 30, December 31, 2018 2017 Land and site improvements $ 113,220 $ 117,418 Building and building improvements 670,361 693,132 Furniture, fixtures and equipment 60,417 57,422 Construction in progress 2,501 6,467 846,499 874,439 Less: Accumulated depreciation (127,958 ) (116,180 ) Investment in real estate, net $ 718,541 $ 758,259

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	During the nine months ended September 30, 2018, the Company sold two hotels as summarized below. Hotel Date of Sale Proceeds Gain Mortgage Residence Inn—Huntsville, Alabama January 2018 $ 7,587 $ — $ 7,587 Marriott—Redmond, Washington February 2018 68,273 520 68,917 Total $ 75,860 $ 520 $ 76,504 During the nine months ended September 30, 2017, the Company sold eight hotels as summarized below. 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

Hotels Held for Sale (Tables)

Hotels Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2018
Text Block [Abstract]
Summary of Proceeds from Sale of Hotels Held for Sale	The following is a summary of hotel held for sale as of September 30, 2018. Hotel Assets of Hotels Residence Inn—Pittsburgh, Pennsylvania $ 9,368 . 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)	9 Months Ended
	Sep. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgages Payable	Mortgages payable as of September 30, 2018 and December 31, 2017 consisted of the following: September 30, December 31, 2018 2017 Mortgages payable before unamortized deferred financing costs $ 731,553 $ 746,223 Unamortized deferred financing costs (3,735 ) (8,075 ) Mortgages payable related to assets held and used $ 727,818 $ 738,148 Mortgages payable related to assets of hotels held for sale 7,711 69,905 Total mortgages payable $ 735,529 $ 808,053
Schedule of Interest Expense	Components of interest expense for the three and nine months ended September 30, 2018 and 2017 were as follows: For the three months ended September 30, For the nine months ended September 30, 2018 2017 2018 2017 Mortgage debt $ 8,012 $ 7,771 $ 23,158 $ 22,110 Amortization of deferred financing costs 1,184 1,291 4,340 1,291 Capitalized interest (21 ) (40 ) (78 ) (258 ) Total interest expense, net $ 9,175 $ 9,022 $ 27,420 $ 23,143
Schedule of Future Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations as of September 30, 2018 are as follows: 2018 (remaining months) $ 7,835 2019 716,298 2020 533 2021 562 2022 14,036 Thereafter — Total $ 739,264

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 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 $ — $ — $ — $ — Financial liabilities not measured at fair value: Mortgages payable and mortgages payable related to assets of hotels held for sale $ 739,264 $ 738,592 $ 816,128 $ 815,677

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2018 and thereafter are as follows: 2018 (remaining months) $ 27 2019 107 2020 45 2021 — 2022 — Thereafter — Total $ 179

Organization - Additional Infor

Organization - Additional Information (Detail)	9 Months Ended
	Sep. 30, 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 Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	1 Months Ended	3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Oct. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Sep. 30, 2018USD ($)Segment	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Property, Plant and Equipment [Line Items]
Deposits within financial institutions		$ 250,000				$ 250,000
Impairment of investment in real estate		2,458,000				20,765,000	$ 2,988,000
Net proceeds from sale of hotels						75,860,000	64,833,000
Goodwill impairment						0		$ 0	$ 0
Food and beverage revenue		67,580,000		$ 71,747,000		$ 188,155,000	202,990,000
Number of operating segment | Segment						1
Residence Inn - Pittsburgh, Pennsylvania Property [Member]
Property, Plant and Equipment [Line Items]
Impairment of investment in real estate			$ 13,600,000		$ 13,600,000
Impairment of investment in real estate		700,000
Hilton Garden Inn - McAllen, Texas Property [Member]
Property, Plant and Equipment [Line Items]
Impairment of investment in real estate			$ 4,700,000		$ 4,700,000
Homewood Suites - Laredo, Texas [Member]
Property, Plant and Equipment [Line Items]
Impairment of investment in real estate		1,400,000				$ 400,000
Subsequent Event [Member] | Residence Inn - Pittsburgh, Pennsylvania Property [Member]
Property, Plant and Equipment [Line Items]
Net proceeds from sale of hotels	$ 9,400,000
Selling cost of sale of hotels	$ 400,000
Food and Beverage [Member]
Property, Plant and Equipment [Line Items]
Food and beverage revenue		$ 1,700,000		$ 2,300,000		$ 5,700,000	$ 7,800,000
Buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets						39 years
Minimum [Member]
Property, Plant and Equipment [Line Items]
Percentage of adjusted taxable income to be distributed to stockholder						90.00%
Minimum [Member] | Land and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets						10 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets						3 years
Maximum [Member] | Land and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets						15 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets						7 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Cash and Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 23,303	$ 22,491	$ 24,235	$ 25,170
Restricted cash	13,487	9,111	8,059	5,996
Total cash, cash equivalents and restricted cash	$ 36,790	$ 31,602	$ 32,294	$ 31,166

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Carrying Amount of Goodwill (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Goodwill [Roll Forward]
Goodwill, gross	$ 108,466
Allocated to sale of hotel properties	(9,784)
Goodwill, gross	$ 98,682

Investment in Real Estate, ne_2

Investment in Real Estate, net - Investment in Real Estate (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Investment in Real Estate, gross	$ 846,499	$ 874,439
Less: Accumulated Depreciation	(127,958)	(116,180)
Investment in Real Estate, net	718,541	758,259
Land and Improvements [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	113,220	117,418
Building and Building Improvements [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	670,361	693,132
Furniture, Fixtures and Equipment [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	60,417	57,422
Construction in Progress [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	$ 2,501	$ 6,467

Sale of Hotel Properties - Addi

Sale of Hotel Properties - Additional Information (Detail) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)Hotel	Sep. 30, 2017USD ($)Hotel	Dec. 31, 2017USD ($)
Schedule of Discontinued Operations [Line Items]
Number of hotels sold | Hotel		2	8
Net proceeds from sale of hotels		$ 75,900	$ 64,800
Additional principal payment	$ 6,600	6,600	2,600
Impairment of investment in real estate				$ 10,900
Gain on sale of hotel properties	$ 520	520	3,628
Real Estate [Member]
Schedule of Discontinued Operations [Line Items]
Selling cost of sale of hotels		$ 2,500	$ 2,400

Sale of Hotel Properties - Summ

Sale of Hotel Properties - Summary of Hotels Sold (Gain) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of hotels	$ 75,860	$ 64,833
Gain from sale of hotels	520	3,628
Mortgage Payable Repaid	$ 76,504	$ 41,294
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	$ 68,273
Gain from sale of hotels	520
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
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

Hotels Held for Sale - Addition

Hotels Held for Sale - Additional Information (Detail) - Hotel	3 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]
Number of hotels held for sale	1	2

Hotels Held for Sale - Summary

Hotels Held for Sale - Summary of Hotels Held for Sale (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale	$ 9,368	$ 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
Residence Inn - Pittsburgh, Pennsylvania Property [Member] | Discontinued Operations, Held-for-sale [Member]
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale	$ 9,368

Mortgages Payable - Schedule of

Mortgages Payable - Schedule of Mortgages Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgages payable before unamortized deferred financing costs	$ 731,553	$ 746,223
Unamortized deferred financing costs	(3,735)	(8,075)
Mortgages payable related to assets held and used	727,818	738,148
Mortgages payable related to assets of hotels held for sale	7,711	69,905
Total mortgages payable	$ 735,529	$ 808,053

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)Hotel	Dec. 31, 2017USD ($)	Jul. 07, 2017USD ($)Hotel
Mortgage Loans on Real Estate [Line Items]
Deferred financing costs associated with Loan	$ 3,735,000	$ 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
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	$ 15,800,000	$ 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 _2

Mortgages Payable - Schedule of Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Interest Expense [Abstract]
Mortgage debt	$ 8,012	$ 7,771	$ 23,158	$ 22,110
Amortization of deferred financing costs	1,184	1,291	4,340	1,291
Capitalized interest	(21)	(40)	(78)	(258)
Total interest expense, net	$ 9,175	$ 9,022	$ 27,420	$ 23,143

Mortgages Payable - Schedule _3

Mortgages Payable - Schedule of Future Principal Payments of Debt Obligations (Detail) $ in Thousands	Sep. 30, 2018USD ($)
Debt Disclosure [Abstract]
2018 (remaining months)	$ 7,835
2,019	716,298
2,020	533
2,021	562
2,022	14,036
Thereafter	0
Total	$ 739,264

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 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	$ 735,529	$ 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	739,264	816,128
Mortgages payable and mortgages payable related to assets of hotels held for sale, Estimated Fair Value	738,592	815,677
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 Instr_4

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	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)Hotel	Dec. 31, 2017USD ($)	Jul. 07, 2017Hotel
Long-term Purchase Commitment [Line Items]
Insurance receivable collected	$ 0	$ 100
Allowance on insurance receivable	13,000	5,000
Loss on disposals of investment in real estate		5,000
Insurance receivable	1,792
Total remediation costs and estimated loss due to property damage	$ 1,800
Number of subset of hotels with ground leases | Hotel	2
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 Leases [Member]
Long-term Purchase Commitment [Line Items]
Lease obligation remaining period	2 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%
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 Contingencies_2

Commitments and Contingencies - Aggregate Amounts of Minimum Lease Payments under Lease Agreements (Detail) $ in Thousands	Sep. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018 (remaining months)	$ 27
2,019	107
2,020	45
2,021	0
2,022	0
Thereafter	0
Total	$ 179

7% Series A Cumulative Redeem_2

7% Series A Cumulative Redeemable Preferred Stock - Additional Information (Detail) - 7% Series A Cumulative Redeemable Preferred Stock [Member] - USD ($)	Oct. 12, 2018	Jun. 29, 2018	Mar. 26, 2018	Aug. 06, 2017	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Nov. 29, 2012
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						7.00%
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
Number of preferred stock owned by company		$ 0.0459	$ 0.0333
Dividend paid, date					Apr. 16, 2018	Jul. 16, 2018
Preferred Stock, dividend record date					Apr. 1, 2018	Jul. 1, 2018
Dividend payable, date declared					Mar. 26, 2018	Jun. 29, 2018
Accrued dividend						$ 2,300,000	$ 1,500,000
Subsequent Event [Member]
Class of Stock [Line Items]
Number of preferred stock owned by company	$ 0.0523
Dividend paid, date	Oct. 17, 2018
Preferred Stock, dividend record date	Oct. 1, 2018
Dividend payable, date declared	Oct. 12, 2018
Minimum [Member]
Class of Stock [Line Items]
Legacy litigation and regulatory matters, expense						$ 3,500,000
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	Aug. 17, 2018	May 11, 2018	Feb. 08, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Class of Stock [Line Items]
Common stock, shares authorized				100,000		100,000		100,000
Common stock, par value				$ 0.01		$ 0.01		$ 0.01
Preferred stock, shares authorized				30,000,000		30,000,000		30,000,000
Preferred stock, par value				$ 0.0001		$ 0.0001		$ 0.0001
Common stock voting rights						Company’s common stock are entitled to one vote for each share of common stock
Common stock, shares issued				100		100		100
Common stock, shares outstanding				100		100		100
Common Stock, dividend declared per share				$ 20,000	$ 164,388	$ 120,000	$ 406,888
Common Stock [Member]
Class of Stock [Line Items]
Dividend payable, date declared	Aug. 17, 2018	May 11, 2018	Feb. 8, 2018
Dividend payable, date to be paid	Aug. 17, 2018	May 11, 2018	Feb. 9, 2018
Common Stock, dividend declared per share	$ 20,000	$ 60,000	$ 40,000
Amended And Restated Certificate Of Incorporation [Member]
Class of Stock [Line Items]
Capital stock, shares authorized				150,100,000		150,100,000
Common stock, shares authorized				100,000		100,000
Common stock, par value				$ 0.01		$ 0.01
Preferred stock, shares authorized				150,000,000		150,000,000
Preferred stock, par value				$ 0.0001		$ 0.0001

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax benefit (expense)	$ (994)	$ (4,023)	$ 1,854	$ (5,290)
Deferred tax valuation allowance	$ 4,000		$ 4,000		$ 4,300

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)Hotel	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Hotel	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Jul. 07, 2017Hotel
Hotel [Member]
Related Party Transaction [Line Items]
Number of hotels owned | Hotel	50		50			50
Hilton Worldwide Inc [Member]
Related Party Transaction [Line Items]
Franchise fees, marketing fees, and other expenses	$ 5,400,000	$ 5,000,000	$ 14,400,000	$ 13,800,000
Amount paid for capital improvements			0		$ 0
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Professional fees paid to management company	100,000	$ 500,000	2,000,000	$ 1,700,000
Management Company [Member]
Related Party Transaction [Line Items]
Capital improvements payable	$ 400,000		$ 400,000		$ 0
Hilton Worldwide Holdings Inc. Franchisor [Member] | Hilton Worldwide Inc [Member] | Hotel [Member]
Related Party Transaction [Line Items]
Number of hotels owned | Hotel	26		26

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail)	Oct. 10, 2018Hotel
Subsequent Event [Member] | Category 4 Hurricane [Member]
Subsequent Event [Line Items]
Number of temporarily closed hotels due to hurricane	4