Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 01, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Hospitality Investors Trust, Inc. | |
Entity Central Index Key | 0001583077 | |
Trading Symbol | hit | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 39,151,201 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Real estate investments: | ||
Land | $ 319,728 | $ 337,858 |
Buildings and improvements | 1,823,194 | 1,947,619 |
Furniture, fixtures and equipment | 244,479 | 257,314 |
Total real estate investments | 2,387,401 | 2,542,791 |
Less: accumulated depreciation and amortization | (363,164) | (347,929) |
Total real estate investments, net | 2,024,237 | 2,194,862 |
Cash and cash equivalents | 65,561 | 54,886 |
Assets held for sale | 98,703 | |
Restricted cash | 38,903 | 27,959 |
Investments in unconsolidated entities | 3,667 | 3,684 |
Right of use assets | 59,644 | |
Below-market lease asset, net | 9,030 | |
Prepaid expenses and other assets | 44,722 | 35,836 |
Goodwill | 11,030 | 11,030 |
Total Assets | 2,346,467 | 2,337,287 |
LIABILITIES, NON-CONTROLLING INTEREST AND EQUITY | ||
Mortgage notes payable, net | 1,551,541 | 1,507,509 |
Mandatorily redeemable preferred securities, net | 219,596 | |
Accounts payable and accrued expenses | 65,543 | 62,965 |
Lease liabilities | 52,720 | |
Total Liabilities | 1,669,804 | 1,790,070 |
Commitments and Contingencies | ||
Contingently Redeemable Class C Units in operating partnership; 27,220,865 and 11,767,678 units issued and outstanding, respectively ($401,508 and $173,573 liquidation preference, respectively) | 385,473 | 163,148 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, one share issued and outstanding | 0 | |
Common stock, $0.01 par value, 300,000,000 shares authorized, 39,140,343 and 39,134,628 shares issued and outstanding, respectively | 391 | 391 |
Additional paid-in capital | 870,953 | 870,251 |
Deficit | (582,491) | (489,108) |
Total equity of Hospitality Investors Trust, Inc. stockholders | 288,853 | 381,534 |
Non-controlling interest - consolidated variable interest entity | 2,337 | 2,535 |
Total Equity | 291,190 | 384,069 |
Total Liabilities, Contingently Redeemable Class C Units, and Stockholders' Equity | $ 2,346,467 | $ 2,337,287 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Contingently redeemable class c units in operating partnership, shares issued (in shares) | 27,220,865 | 11,767,678 |
Contingently redeemable class c units in operating partnership, shares outstanding (in shares) | 27,220,865 | 11,767,678 |
Contingently redeemable class c units in operating partnership, liquidation preference | $ 401,508 | $ 173,573 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 1 | 1 |
Preferred stock, shares outstanding (in shares) | 1 | 1 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 39,140,343 | 39,134,628 |
Common stock, shares outstanding (in shares) | 39,140,343 | 39,134,628 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | ||||
Revenue | $ 165,185 | $ 164,835 | $ 307,266 | $ 304,793 |
Operating expenses | ||||
Management fees | 4,576 | 4,569 | 8,457 | 8,387 |
Other property-level operating expenses | 63,279 | 62,324 | 123,844 | 121,212 |
Transaction related costs | 546 | 27 | 546 | 27 |
General and administrative | 4,835 | 4,824 | 10,058 | 9,681 |
Depreciation and amortization | 28,283 | 28,253 | 56,768 | 54,624 |
Impairment of goodwill and long-lived assets | 32,564 | 17,255 | 43,491 | 17,255 |
Rent | 1,672 | 1,642 | 3,315 | 3,337 |
Total operating expenses | 179,403 | 161,922 | 329,361 | 296,420 |
Operating income (loss) | (14,218) | 2,913 | (22,095) | 8,373 |
Interest expense | (24,372) | (26,234) | (50,525) | (51,340) |
Other income | 158 | 126 | 372 | 113 |
Equity in earnings (loss) of unconsolidated entities | 222 | 56 | 227 | (98) |
Total other expenses, net | (23,992) | (26,052) | (49,926) | (51,325) |
Loss before taxes | (38,210) | (23,139) | (72,021) | (42,952) |
Income tax expense (benefit) | 247 | 334 | (1,144) | (910) |
Net loss and comprehensive loss | (38,457) | (23,473) | (70,877) | (42,042) |
Less: Net income (loss) attributable to non-controlling interest | (19) | 47 | (111) | 19 |
Net loss before dividends and accretion | (38,438) | (23,520) | (70,766) | (42,061) |
Dividends on Class C Units (cash and PIK) | (12,528) | (5,281) | (20,470) | (9,950) |
Accretion of Class C Units | (1,264) | (638) | (2,147) | (1,227) |
Net loss attributable to common stockholders | $ (52,230) | $ (29,439) | $ (93,383) | $ (53,238) |
Basic and Diluted net loss attributable to common stockholders per common share (in dollars per share) | $ (1.33) | $ (0.75) | $ (2.39) | $ (1.35) |
Basic and Diluted weighted average shares of common stock outstanding (in shares) | 39,127,758 | 39,502,003 | 39,126,844 | 39,500,138 |
Rooms [Member] | ||||
Revenues | ||||
Revenue | $ 155,565 | $ 155,821 | $ 289,269 | $ 287,603 |
Operating expenses | ||||
Cost of services | 39,214 | 38,779 | 74,341 | 73,563 |
Food and Beverage [Member] | ||||
Revenues | ||||
Revenue | 5,392 | 5,254 | 10,331 | 10,199 |
Operating expenses | ||||
Cost of services | 4,434 | 4,249 | 8,541 | 8,334 |
Product and Service, Other [Member] | ||||
Revenues | ||||
Revenue | $ 4,228 | $ 3,760 | $ 7,666 | $ 6,991 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 39,505,742 | |||||
Balance at Dec. 31, 2017 | $ 395 | $ 871,840 | $ (379,559) | $ 492,676 | $ 2,646 | $ 495,322 |
Net loss before dividends and accretion | (18,541) | (18,541) | (18,541) | |||
Net loss attributable to non-controlling interest | (28) | (28) | ||||
Cash distributions on Class C Units | (2,801) | (2,801) | (2,801) | |||
Accretion of Class C Units | (589) | (589) | (589) | |||
PIK accrual on Class C Units | (1,868) | (1,868) | (1,868) | |||
Share-based payments | 361 | 361 | 361 | |||
Balance (in shares) at Mar. 31, 2018 | 39,505,742 | |||||
Balance at Mar. 31, 2018 | $ 395 | 872,201 | (403,358) | 469,238 | 2,618 | 471,856 |
Balance (in shares) at Dec. 31, 2017 | 39,505,742 | |||||
Balance at Dec. 31, 2017 | $ 395 | 871,840 | (379,559) | 492,676 | 2,646 | 495,322 |
Net loss before dividends and accretion | (42,061) | |||||
Net loss attributable to non-controlling interest | 19 | |||||
Accretion of Class C Units | (1,227) | |||||
PIK accrual on Class C Units | (3,980) | |||||
Balance (in shares) at Jun. 30, 2018 | 39,335,482 | |||||
Balance at Jun. 30, 2018 | $ 393 | 871,364 | (432,797) | 438,960 | 2,556 | 441,516 |
Balance (in shares) at Dec. 31, 2017 | 39,505,742 | |||||
Balance at Dec. 31, 2017 | $ 395 | 871,840 | (379,559) | 492,676 | 2,646 | $ 495,322 |
Repurchase and retirement of common stock (in shares) | (211,154) | |||||
Repurchase and retirement of common stock | $ (1,900) | |||||
Balance (in shares) at Dec. 31, 2018 | 39,134,628 | 39,134,628 | ||||
Balance at Dec. 31, 2018 | $ 391 | 870,251 | (489,108) | 381,534 | 2,535 | $ 384,069 |
Balance (in shares) at Mar. 31, 2018 | 39,505,742 | |||||
Balance at Mar. 31, 2018 | $ 395 | 872,201 | (403,358) | 469,238 | 2,618 | 471,856 |
Repurchase and retirement of common stock (in shares) | (170,260) | |||||
Repurchase and retirement of common stock | $ (2) | (1,198) | (1,200) | (1,200) | ||
Net loss before dividends and accretion | (23,520) | (23,520) | (23,520) | |||
Net loss attributable to non-controlling interest | 47 | 47 | ||||
Cash distributions on Class C Units | (3,169) | (3,169) | (3,169) | |||
Accretion of Class C Units | (638) | (638) | (638) | |||
PIK accrual on Class C Units | (2,112) | (2,112) | (2,112) | |||
Share-based payments | 361 | 361 | 361 | |||
Dividends paid or declared | (109) | (109) | ||||
Balance (in shares) at Jun. 30, 2018 | 39,335,482 | |||||
Balance at Jun. 30, 2018 | $ 393 | 871,364 | (432,797) | 438,960 | 2,556 | $ 441,516 |
Balance (in shares) at Dec. 31, 2018 | 39,134,628 | 39,134,628 | ||||
Balance at Dec. 31, 2018 | $ 391 | 870,251 | (489,108) | 381,534 | 2,535 | $ 384,069 |
Repurchase and retirement of common stock (in shares) | (2,177) | |||||
Repurchase and retirement of common stock | (20) | (20) | (20) | |||
Net loss before dividends and accretion | (32,328) | (32,328) | (32,328) | |||
Net loss attributable to non-controlling interest | (92) | (92) | ||||
Cash distributions on Class C Units | (4,765) | (4,765) | (4,765) | |||
Accretion of Class C Units | (883) | (883) | (883) | |||
PIK accrual on Class C Units | (3,177) | (3,177) | (3,177) | |||
Share-based payments | 448 | 448 | 448 | |||
Balance (in shares) at Mar. 31, 2019 | 39,132,451 | |||||
Balance at Mar. 31, 2019 | $ 391 | 870,679 | (530,261) | 340,809 | 2,443 | $ 343,252 |
Balance (in shares) at Dec. 31, 2018 | 39,134,628 | 39,134,628 | ||||
Balance at Dec. 31, 2018 | $ 391 | 870,251 | (489,108) | 381,534 | 2,535 | $ 384,069 |
Net loss before dividends and accretion | (70,766) | |||||
Net loss attributable to non-controlling interest | (111) | |||||
Accretion of Class C Units | (2,147) | |||||
PIK accrual on Class C Units | $ (8,188) | |||||
Balance (in shares) at Jun. 30, 2019 | 39,140,343 | 39,140,343 | ||||
Balance at Jun. 30, 2019 | $ 391 | 870,953 | (582,491) | 288,853 | 2,337 | $ 291,190 |
Balance (in shares) at Mar. 31, 2019 | 39,132,451 | |||||
Balance at Mar. 31, 2019 | $ 391 | 870,679 | (530,261) | 340,809 | 2,443 | 343,252 |
Repurchase and retirement of common stock | ||||||
Net loss before dividends and accretion | (38,438) | (38,438) | (38,438) | |||
Net loss attributable to non-controlling interest | (19) | (19) | ||||
Cash distributions on Class C Units | (7,517) | (7,517) | (7,517) | |||
Accretion of Class C Units | (1,264) | (1,264) | (1,264) | |||
PIK accrual on Class C Units | (5,011) | (5,011) | (5,011) | |||
Share-based payments | 274 | 274 | 274 | |||
Dividends paid or declared | (87) | $ (87) | ||||
Share-based payments (in shares) | 7,892 | |||||
Balance (in shares) at Jun. 30, 2019 | 39,140,343 | 39,140,343 | ||||
Balance at Jun. 30, 2019 | $ 391 | $ 870,953 | $ (582,491) | $ 288,853 | $ 2,337 | $ 291,190 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (70,877) | $ (42,042) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 56,768 | 54,624 |
Impairment of goodwill and long-lived assets | 43,491 | 17,255 |
Amortization and write-off of deferred financing costs | 5,404 | 6,225 |
Other adjustments, net | 899 | 1,188 |
Changes in assets and liabilities: | ||
Prepaid expenses and other assets | (6,968) | (4,957) |
Accounts payable and accrued expenses | 11,601 | 5,728 |
Net cash provided by operating activities | 40,318 | 38,021 |
Cash flows from investing activities: | ||
Payment received on note for sale of hotel | 1,625 | |
Real estate investment improvements and purchases of property and equipment | (35,475) | (60,614) |
Payments related to Property Management Transactions | (1,000) | |
Proceeds from sale of hotel, net | 5,461 | |
Other adjustments, net | 61 | |
Net cash used in investing activities | (35,414) | (54,528) |
Cash flows from financing activities: | ||
Proceeds from Class C Units | 219,746 | 25,000 |
Payment of Class C Units issuance costs | (7,756) | (875) |
Dividends/Distributions paid | (12,369) | (6,079) |
Payments of mortgage notes payable | (1,031,600) | |
Proceeds from mortgage notes payable | 1,086,100 | |
Deferred financing fees | (17,640) | |
Mandatorily redeemable preferred securities redemptions | (219,746) | (14,370) |
Repurchase of shares of common stock | (20) | (1,200) |
Net cash provided by financing activities | 16,715 | 2,476 |
Net change in cash and cash equivalents and restricted cash | 21,619 | (14,031) |
Cash and cash equivalents and restricted cash, beginning of period | 82,845 | 119,180 |
Cash and cash equivalents and restricted cash, end of period | 104,464 | 105,149 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 39,547 | 45,603 |
Income taxes paid | 625 | 698 |
Non-cash investing and financing activities: | ||
Accretion of Class C Units | (2,147) | (1,227) |
PIK accrual on Class C Units | (8,188) | (3,980) |
Real estate investment improvements and purchases of property and equipment in accounts payable and accrued expenses | $ 4,732 | $ 14,133 |
Note 1 - Organization
Note 1 - Organization | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Hospitality Investors Trust, Inc. (the "Company"), incorporated on July 25, 2013, June 30, 2019 144 17,324 33 June 30, 2019 one one one one As part of its investment strategy to continue to pursue the sale of non-core hotels and reallocate capital into more attractive investment opportunities, the Company commenced marketing for sale a total of 26 June 30, 2019. 13 The Company conducted its initial public offering ("IPO"), from January 2014 November 2015 not no may The Company is required to annually publish an Estimated Per-Share NAV pursuant to the rules and regulations of the Financial Industry Regulatory Authority. On May 9, 2019, $9.21 39,134,628 December 31, 2018 "2019 2019 May 13, 2019. Substantially all of the Company’s business is conducted through its operating partnership, Hospitality Investors Trust Operating Partnership, L.P. (the "OP"). On January 12, 2017, $400 February 2019. February 27, 2019 ( no The Brookfield Investor holds all the issued and outstanding Class C Units and the sole issued and outstanding Redeemable Preferred Share (as defined herein), and, as a result has significant governance and other rights that could be used to control or influence the Company's decisions or actions. As of June 30, 2019 $401.5 may 10 41.0% 3 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 The accompanying consolidated financial statements of the Company included herein were prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP"). The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal, recurring nature. The operating results presented for interim periods are not may December 31, 2018 10 April 16, 2019. Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as percentage ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments The Company allocates the purchase price of properties acquired in real estate investments to tangible and identifiable intangible assets acquired based on their respective fair values at the date of acquisition. Tangible assets include land, land improvements, buildings and furniture, fixtures and equipment. The Company utilizes various estimates, processes and information to determine the property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and furniture, fixtures and equipment are based on purchase price allocation studies performed by independent third The Company's acquisitions of hotel properties are accounted for as acquisitions of groups of assets rather than business combinations, although the determination will be made on a transaction-by-transaction basis. If the Company concludes that an acquisition will be accounted for as a group of assets, the transaction costs associated with the acquisition will be capitalized as part of the assets acquired. The Company's investments in real estate, including transaction costs, that are not 40 15 five The Company is required to make subjective assessments as to the useful lives of the Company’s assets for purposes of determining the amount of depreciation to record on an annual basis with respect to the Company’s investments in real estate. These assessments have a direct impact on the Company’s net income because if the Company were to shorten the expected useful lives of the Company’s investments in real estate, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis. Impairment of Long-Lived Assets Upon the occurrence of certain “triggering events” under the provisions of the Accounting Standards Codification ("ASC") section 360 may not 14 Assets Held for Sale (Long Lived-Assets) When the Company initiates the sale of long-lived assets, it assesses whether the assets meet the criteria to be considered assets held for sale. The review is based on whether the following criteria are met: • Management and the Company's board of directors have committed to a plan to sell the asset group; • The subject assets are available for immediate sale in their present condition; • The Company is actively locating buyers as well as other initiatives required to complete the sale; • The sale is probable and the transfer is expected to qualify for recognition as a complete sale in one • The long-lived asset is being actively marketed for sale at a price that is reasonable in relation to fair value; and • Actions necessary to complete the plan indicate it is unlikely significant changes will be made to the plan or the plan will be withdrawn. If all the criteria are met, a long-lived asset held for sale is measured at the lower of its carrying amount or fair value less cost to sell, and the Company will cease recording depreciation. Any adjustment to the carrying amount is recorded as an impairment loss. See Note 13 Goodwill The Company allocates goodwill to each reporting unit. For the Company’s purposes, each of its wholly-owned hotels is considered a reporting unit. The Company tests goodwill for impairment at least annually, as of March 31, 360, one not During 2018, $3.4 $11.0 December 31, 2018 . There was no three six June 30, 2019 no three six June 30, 2019 Cash and Cash Equivalents Cash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three Restricted Cash Restricted cash consists of amounts required under mortgage agreements for future capital improvements to owned assets, future interest and property tax payments and cash flow deposits while subject to mortgage agreement restrictions. Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These fees are amortized as a component of interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing fees are expensed in full when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not not Revenue Recognition The Company's revenue is primarily from rooms, food and beverage, and other, and is disaggregated on the Company's Consolidated Statement of Operations and Comprehensive Loss. Room sales are driven by a fixed fee charged to a hotel guest to stay at the hotel property for an agreed-upon period. A majority of the Company's room reservations are cancellable and the Company transfers promised goods and services to the hotel guest as of the date upon which the hotel guest occupies a room and at the same time earns and recognizes revenue. The Company offers advance purchase reservations that are paid for by the hotel guest in advance and the Company recognizes deferred revenue as a result of such reservations. The Company's obligation to the hotel guest is satisfied as of the date upon which the hotel guest occupies a room. The Company's room revenue accounted for 94.2% 94.5% three June 30, 2019 2018 94.1% 94.4% six June 30, 2019 2018 Income Taxes The Company elected to be taxed as a REIT under Sections 856 860 1986, December 31, 2014. 90% not not may Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss, capital loss, and tax credit carryovers. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which such amounts are expected to be realized or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. The Company must determine whether it is "more-likely-than- not" not 50% June 30, 2019 2014, 2015, 2016, 2017 2018. Earnings/Loss per Share The Company calculates basic income or loss per share by dividing net income or loss attributable to common stockholders for the period by the weighted-average shares of its common stock outstanding for such period. Diluted income per share takes into account the effect of dilutive instruments, such as unvested restricted shares of common stock ("restricted shares") and unvested restricted share units in respect of shares of common stock ("RSUs"), except when doing so would be anti-dilutive. The Company currently has outstanding restricted shares whose holders are entitled to participate in dividends when and if paid on shares of common stock. The Company also currently has outstanding RSUs whose holders generally are credited with dividend or other distribution equivalents when and if paid on shares of common stock. These dividends or other distribution equivalents will be regarded as having been reinvested in RSUs and will only be paid to the extent the corresponding RSUs vest. To the extent the Company were to have distributions in the future, it would be required to calculate earnings per share using the two Fair Value Measurements In accordance with ASC section 820 no not The Company’s financial instruments recorded at fair value on a recurring basis are categorized based on the priority of the inputs used to measure fair value. The inputs used in measuring fair value are categorized into three • Level 1 • Level 2 not • Level 3 The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. See Note 10 Class C Units The Company initially measured the Class C Units which were issued to the Brookfield Investor at fair value net of issuance costs. The Company is required to accrete the carrying value of the Class C Units to the liquidation preference using the effective interest method over the five Until the Final Closing, the Company could have become obligated pursuant to the SPA with the Brookfield Investor to issue additional Class C Units. This obligation was considered a contingent forward contract under ASC section 480 December 31, 2018 no December 31, 2018 June 30, 2019 not 11 Leases Effective January 1, 2019, 2016 02 $59.6 $52.7 June 30, 2019 $8.2 The Company's leases are primarily comprised of: ground or operating leases of certain of its hotel properties; one The Company includes leases of its hotel properties, and its corporate office space lease, in ROU assets and lease liabilities on the Company’s Consolidated Balance Sheet. The Company's below-market lease intangible, net, which is attributed to its ground leases is also included in the ROU assets on the Company's Consolidated Balance Sheet. The Company determined that its vans, copiers, and other miscellaneous equipment were immaterial to the Company’s financial statements and therefore they have been excluded from the Company's ROU assets and lease liabilities. Operating lease ROU assets and lease liabilities are recognized at the commencement date and are calculated using the present value of future lease payments over the lease term. The discount rate used in the present value calculation is the Company's estimate of its incremental borrowing rate based on the information available at the lease commencement date. ASU 2016 02 not 4 Advertising Costs The Company expenses advertising costs for hotel operations as incurred. These costs were $5.9 three June 30, 2019 $4.9 three June 30, 2018 $10.9 six June 30, 2019 $9.0 six June 30, 2018 Allowance for Doubtful Accounts Receivables consist principally of trade receivables from customers and are generally unsecured and are due within 30 90 June 30, 2019 December 31, 2018 Trade receivables $ 10,765 $ 8,329 Allowance for doubtful accounts (465 ) (338 ) Trade and Note receivables, net of allowance $ 10,300 $ 7,991 Reportable Segments The Company has determined that it has one 100% none one Derivative Transactions The Company at certain times enters into derivative instruments to hedge exposure to changes in interest rates. The Company’s derivatives as of June 30, 2019 one not three six June 30, 2019 June 30, 2018 5 10 Recently Issued Accounting Pronouncements In August 2018, 2018 13 820 2018 13" 2018 13 2018 13 December 15, 2019. not 2018 13 In March 2019, 2019 01 842 2019 01" 2019 01 not 250, 2019 01 December 15, 2019, 250 January 1, 2019. 250 January 1, 2019, not not 2019 01 |
Note 3 - Brookfield Investment
Note 3 - Brookfield Investment | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 3 On March 31, 2017, not • the sale by the Company and purchase by the Brookfield Investor of one $0.01 • the sale by the Company and purchase by the Brookfield Investor of 9,152,542.37 $14.75 $135.0 On February 27, 2018, second 1,694,915.25 $14.75 $25.0 On February 27, 2019, 14,898,060.78 $14.75 $219.7 no Without obtaining the prior approval of the majority of the then outstanding Class C Units and/or at least one two The Redeemable Preferred Share The Redeemable Preferred Share held by the Brookfield Investor has been classified as permanent equity on the Consolidated Balance Sheets. The Redeemable Preferred Share ranks on parity with the Company’s common stock, with the same rights with respect to preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, terms and conditions of redemption and other terms and conditions as the Company’s common stock, with certain exceptions. For so long as the Brookfield Investor holds the Redeemable Preferred Share, the Brookfield Investor has certain rights with respect to the election of members of the Company's board of directors and its committees, including the right to elect two two one The holder of the Redeemable Preferred Share has certain rights in the event the OP fails to redeem Class C Units when required to do so, including the right to increase the size of the Company's board of directors by a number of directors that would result in the holder of the Redeemable Preferred Share being entitled to nominate and elect a majority of the Company's board of directors, subject to compliance with the provisions of the Company's charter requiring at least a majority of the Company's directors to be Independent Directors (as defined in the Company's charter). Class C Units As of June 30, 2019, As of June 30, 2019 Gross Proceeds $ 379.7 Less: Class C Unit issuance costs(1) $ (22.5 ) Plus: PIK Distributions Paid to holders of Class C Units $ 21.8 Accretion of carrying value to liquidation preference of Class C Units $ 6.4 Change in contingent forward liability $ 0.1 Contingently Redeemable Class C Units in operating partnership $ 385.5 ( 1 $6.0 The Class C Units have been classified as temporary equity due to the contingent redemption features described in more detail below. At the Initial Closing, the Class C Units were deemed to have a “beneficial conversion feature” as the effective conversion price of the Class C Units under GAAP as of March 31, 2017 $4.5 three March 31, 2017, Rank The Class C Units rank senior to the OP Units and all other equity interests in the OP with respect to priority in payment of distributions and in the distribution of assets in the event of the liquidation, dissolution or winding-up of the OP, whether voluntary or involuntary, or any other distribution of the assets of the OP among its equity holders for the purpose of winding up its affairs. Distributions Commencing on June 30, 2017, 7.50% 10% Commencing on June 30, 2017, 5% 5% 7.50%, 1.25% four 12.5%. The number of Class C Units delivered in respect of the PIK Distributions on any distribution payment date will be equal to the number obtained by dividing the amount of PIK Distribution by $14.75. The Brookfield Investor is also entitled to receive tax distributions under certain limited circumstances. As of March 31, 2019, no For the three June 30, 2019 June 30, 2018 $7.5 $3.2 339,747.46 143,191.33 six June 30, 2019 June 30, 2018 $12.3 $6.0 555,126.21 269,808.34 Conversion Rights The Class C Units are generally convertible into OP Units at any time at the option of the holder thereof at an initial conversion price of $14.75 Liquidation Preference The liquidation preference with respect to each Class C Unit as of a particular date is the original purchase price paid under the SPA or the value upon issuance of any Class C Unit received as a PIK Distribution, plus, with respect to such Class C Unit up to but not Mandatory Redemption The Class C Units are generally subject to mandatory redemption at a premium to liquidation preference if the OP consummates any liquidation, sale of all or substantially all of the assets, dissolution or winding-up, whether voluntary or involuntary, sale, merger, reorganization, reclassification or recapitalization or other similar event (a “Fundamental Sale Transaction”) prior to March 31, 2022. may Holder Redemptions The holders of the Class C Units may March 31, 2022 Remedies Upon Failure to Redeem If the OP fails to redeem Class C Units when required to do so pursuant to the terms of the A&R LPA, beginning three may third first The foregoing rights of the Special General Partner are in addition to the other rights described herein if the OP fails to redeem Class C Units when required to do so pursuant to the terms of the A&R LPA. Company Redemption After Five Years At any time and from time to time on or after March 31, 2022, Transfer Restrictions The Brookfield Investor is generally permitted to make transfers of Class C Units without the prior consent of the Company, provided that any transferee must customarily invest in these types of securities or real estate investments of any type or have in excess of $100.0 Preemptive Rights If the Company or the OP proposes to issue additional equity securities, subject to certain exceptions and in accordance with the procedures in the A&R LPA, any holder of Class C Units that owns Class C Units representing more than 5% Brookfield Approval Rights The articles supplementary with respect to the Redeemable Preferred Share restrict the Company from taking certain actions without the prior approval of at least one In general, subject to certain exceptions, prior approval is required before the Company or its subsidiaries (including the OP) are permitted to take any of the following actions: equity issuances; organizational document amendments; debt incurrences; affiliate transactions; sale of all or substantially all assets; bankruptcy or insolvency declarations; declarations or payments of dividends or other distributions; redemptions or repurchases of securities; adoption of, and amendments to, the annual business plan (including the annual operating and capital budget) required under the terms of the Redeemable Preferred Share; hiring and compensation decisions related to certain key personnel (including executive officers); property acquisitions and property sales and dispositions that do not not |
Note 4 - Leases
Note 4 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 4 As of June 30, 2019 five 47 one five 50 no not During the six June 30, 2019 $2.7 Supplemental balance sheet information related to the Company's leases was as follows: Weighted Average Remaining Lease Term Weighted Average Discount Rate June 30, 2019 18 years 6.33 % Supplemental income statement information related to the Company's leases was as follows: Variable Lease Expense (in thousands) Rent Expense (in thousands) Amortization of Below-Market Lease Intangible, net (in thousands) For the three months ended June 30, 2019 $ 206 $ 1,428 $ 100 For the six months ended June 30, 2019 $ 397 $ 2,842 $ 199 Rent expense for the Company’s leases of its hotel properties which includes variable lease payments is recorded in Rent expense on the Consolidated Statement of Operations and Comprehensive Loss. Rent expense for the Company's corporate office space is included in General and administrative expense on the Consolidated Statement of Operations and Comprehensive Loss. Maturity of Lease Liabilities Analysis as of June 30, 2019 Minimum Rental Commitments Amortization of Above Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible, net, to Rent Expense For the six months ending December 31, 2019 $ 2,744 $ (76 ) $ 267 $ 191 Year ending December 31, 2020 5,505 (153 ) 535 382 Year ending December 31, 2021 5,533 (153 ) 535 382 Year ending December 31, 2022 5,554 (153 ) 535 382 Year ending December 31, 2023 5,560 (153 ) 535 382 Thereafter 71,019 (1,722 ) 8,161 6,439 Total lease payments $ 95,915 $ (2,410 ) $ 10,568 $ 8,158 Less: Imputed Interest 43,195 Present value of lease liability $ 52,720 The following table summarizes future minimum rental commitments for the Company's operating leases comprised of leases of certain of the Company's hotel properties as of December 31, 2018 Minimum Rental Commitments Amortization of Above Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible, net, to Rent Expense Year ending December 31, 2019 $ 5,227 $ (153 ) $ 551 $ 398 Year ending December 31, 2020 5,265 (153 ) 551 398 Year ending December 31, 2021 5,271 (153 ) 551 398 Year ending December 31, 2022 5,292 (153 ) 551 398 Year ending December 31, 2023 5,298 (153 ) 551 398 Thereafter 71,153 (1,722 ) 8,762 7,040 Total $ 97,506 $ (2,487 ) $ 11,517 $ 9,030 The Company has allocated values to certain above and below-market lease intangibles based on the difference between market rents and rental commitments under the leases. During the three six June 30, 2018 $0.1 $0.2 three six June 30, 2018 $1.5 $3.1 |
Note 5 - Mortgage Notes Payable
Note 5 - Mortgage Notes Payable | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 The Company’s mortgage notes payable as of June 30, 2019 December 31, 2018 Outstanding Mortgage Notes Payable Encumbered Properties June 30, 2019 Interest Rate Payment Maturity Hilton Garden Inn Blacksburg Joint Venture $ 10,500 4.31% Interest Only, Principal paid at Maturity June 2020 92 - Pack Mortgage Loan 870,000 One-month LIBOR plus 2.14% Interest Only, Principal paid at Maturity Nov 2021, subject to three, one year extension rights 92 - Pack Senior Mezzanine Loan 100,000 One-month LIBOR plus 5.60% Interest Only, Principal paid at Maturity Nov 2021, subject to three, one year extension rights 92 - Pack Junior Mezzanine Loan 70,000 One-month LIBOR plus 8.50% Interest Only, Principal paid at Maturity Nov 2021, subject to three, one year extension rights Additional Grace Mortgage Loan -20 properties in Grace Portfolio and one additional property 232,000 4.96% Interest Only, Principal paid at Maturity October 2020 Term Loan -28 properties 285,000 One-month LIBOR plus 3.00% Interest Only, Principal paid at Maturity May 2020, subject to three, one year extension rights Total Mortgage Notes Payable $ 1,567,500 Less: Deferred Financing, Net $ 17,877 Plus: Variable Interest-Only Bond $ 1,918 Total Mortgage Notes Payable, Net $ 1,551,541 Outstanding Mortgage Notes Payable Encumbered Properties December 31, 2018 Interest Rate Payment Maturity Baltimore Courtyard & Providence Courtyard $ 45,500 4.3% Interest Only, Principal paid at Maturity April 2019 Hilton Garden Inn Blacksburg Joint Venture 10,500 4.31% Interest Only, Principal paid at Maturity June 2020 87 - Pack Mortgage Loan - 87 properties in Grace Portfolio 805,000 One-month LIBOR plus 2.56% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights 87 - Pack Mezzanine Loan - 87 properties in Grace Portfolio 110,000 One-month LIBOR plus 6.50% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights Additional Grace Mortgage Loan - 20 properties in Grace Portfolio and one additional property 232,000 4.96% Interest Only, Principal paid at Maturity October 2020 Term Loan -28 properties 310,000 One-month LIBOR plus 3.00% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights Total Mortgage Notes Payable $ 1,513,000 Less: Deferred Financing, Net $ 5,491 Total Mortgage Notes Payable, Net $ 1,507,509 Interest expense related to the Company's mortgage notes payable for the three June 30, 2019 three June 30, 2018 $21.9 $18.8 six June 30, 2019 six June 30, 2018 $42.3 $36.5 Baltimore Courtyard and Providence Courtyard On April 5, 2019, two 205 219 $46.1 At the closing of the Baltimore Courtyard and Providence Courtyard Bridge Loans, the net proceeds after accrued interest and certain closing costs were used to repay the $45.5 The new loan dated April 5, 2019 May 1, 2019, 92 Hilton Garden Inn Blacksburg Joint Venture The Hilton Garden Inn Blacksburg Joint Venture Loan matures June 6, 2020. July 6, 2015 4.31%. 87 During the quarter ended March 31, 2019 December 31, 2018 87 February 2015 111 “87 “87 87 “87 $915.0 87 $805.0 87 87 “87 87 $110.0 87 87 On May 1, 2019, 87 92 The 87 one 2.56%, 87 one 6.50%, 3.03%. 87 4.0% In connection with a sale or disposition to a third 87 87 87 87 87 The 87 87 For the term of the 87 $250.0 92 On May 1, 2019, 87 $1,040 92 “92 At closing, the Company used the net proceeds from the 92 $961.1 87 $10.0 92 92 The 92 May 7, 2020, first 25% 92 May 7, 2020, 92 may The 92 one 2.14%, 92 one 5.60%, 92 one 8.50% 2.90% . 92 4.0%. In connection with a sale or disposition to a third 92 may 92 92 92 For the term of the 92 $250.0 92 $500.0 92 June 30, 2019 , the Company was in compliance with this financial covenant. Variable Interest-Only Bond During the three June 30, 2019, 92 92 10 Additional Grace Mortgage Loan A portion of the purchase price of the Grace Portfolio was financed through additional mortgage financing which loan was refinanced during October 2015 ( 4.96% October 6, 2020. June 2018. June 30, 2019 Term Loan On April 27, 2017, $310.0 28 Prior to the closing of the 92 May 1, 2019, three one three May 1, 2022. 92 $25.0 $285.0 May 1, 2020. May 22, 2019, $310.0 $285.0 one one May 1, 2023. The Term Loan is prepayable in whole or in part at any time, subject to payment of LIBOR breakage, if any. The Term Loan requires monthly interest payments at a variable rate of one 3.00%. 4.00% In connection with a sale or disposition to a third may The Term Loan also provides for certain amounts to be deposited into reserve accounts, including with respect to all costs associated with the PIPs required pursuant to the franchise agreements related to the Term Loan Collateral Properties. For the term of the Term Loan, the Company and the OP are required to maintain, on a consolidated basis, a net worth of $250.0 June 30, 2019 , the Company was in compliance with this financial covenant. |
Note 6 - Mandatorily Redeemable
Note 6 - Mandatorily Redeemable Preferred Securities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | Note 6 In February 2015, $447.1 two 111 two 87 four The holders of the Grace Preferred Equity Interests were entitled to monthly distributions at a rate of 7.50% first 18 August 2016, 8.00% 50.0% $447.1 February 27, 2018, February 27, 2019. Interest expense related to the Grace Preferred Equity Interests for the three June 30, 2019 June 30, 2018 zero $4.3 six June 30, 2019 June 30, 2018 $2.7 $8.7 On February 27, 2019, $219.7 Due to the fact that the Grace Preferred Equity Interests were mandatorily redeemable and certain of their other characteristics, the Grace Preferred Equity Interests were treated as debt in accordance with GAAP. |
Note 7 - Accounts Payable and A
Note 7 - Accounts Payable and Accrued Expenses | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 7 - Accounts Payable and Accrued Expenses The following is a summary of the components of accounts payable and accrued expenses (in thousands): June 30, 2019 December 31, 2018 Trade accounts payable $ 14,922 $ 22,247 Accrued expenses 50,621 40,718 Total $ 65,543 $ 62,965 |
Note 8 - Common Stock
Note 8 - Common Stock | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8 - Common Stock The Company had 39,140,343 39,134,628 June 30, 2019 December 31, 2018 Share Repurchase Program On September 24, 2018, October 1, 2018, February 2019, no 211,154 $1.9 208,977 $1.9 December 31, 2018 |
Note 9 - Share-based Payments
Note 9 - Share-based Payments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 9 - Share-Based Payments The Company has an employee and director incentive restricted share plan (as amended and/or restated, the “RSP”), which provides it with the ability to grant awards of restricted shares and RSUs to the Company’s directors, officers and employees, as well as the directors and employees of entities that provide services to the Company. The total number of shares of common stock that may may not 5% may not 4,000,000 may Restricted share awards entitle the recipient to receive shares of common stock from the Company under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or other relationship with the Company. Restricted shares may not, may RSUs represent a contingent right to receive shares of common stock at a future settlement date, subject to satisfaction of applicable vesting conditions and/or other restrictions, as set forth in the RSP and an award agreement evidencing the grant of RSUs. RSUs may not, not Restricted Share Awards A summary of the Company's restricted share awards for the six June 30, 2019 Number of Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested December 31, 2018 7,210 $ 14.18 $ 102 Granted — $ — $ — Vested — $ — $ — Forfeitures — $ — $ — Non-vested June 30, 2019 7,210 $ 14.18 $ 102 Prior to the Initial Closing, the Company made annual restricted share awards to its independent directors that vested annually over a five first June 30, 2019, The compensation expense related to restricted shares for the three June 30, 2019 $0.1 no three June 30, 2018 six June 30, 2019 six June 30, 2018 $0.1 June 30, 2019 no RSU Awards A summary of the Company's RSU awards for the six June 30, 2019 Number of Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested December 31, 2018 332,364 $ 14.34 $ 4,765 Granted 198,243 $ 6.91 $ 1,370 Vested 66,925 $ 14.38 $ 962 Forfeited 71,558 $ 10.67 $ 763 Non-vested June 30, 2019 392,124 $ 11.25 $ 4,410 RSU awards to the Company’s executive officers and other employees generally vest annually over a four first may third June 30, 2019, The compensation expense related to RSUs for the three June 30, 2019 three June 30, 2018 $0.3 $0.4 six June 30, 2019 six June 30, 2018 $0.7 $0.7 June 30, 2019 $3.5 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 10 - Fair Value Measurements The Company is required to disclose the fair value of financial instruments which it is practicable to estimate. The fair value of cash and cash equivalents, accounts receivable and accounts payable and accrued expenses approximate their carrying amounts due to the relatively short maturity of these items. The following table shows the carrying amounts and the fair values of material liabilities, excluding deferred financing fees, that qualify as financial instruments (in thousands): June 30, 2019 Carrying Amount Fair Value Mortgage notes payable $ 1,567,500 $ 1,552,533 Total $ 1,567,500 $ 1,552,533 The fair value of the mortgage notes payable was determined using the discounted cash flow method and applying current market rates and is classified as level 3 During the three six June 30, 2019 14 2 3 During the three June 30, 2019, 92 5 $1.9 2 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 1 1 - Commitments and Contingencies Litigation In the ordinary course of business, the Company may no A special litigation committee (the “SLC”) of the Company’s board of directors (the “Board”) has been empowered to investigate claims asserted in shareholder demand letters sent to the Board by counsel for two The SLC has determined it appropriate to pursue some but not Preliminary settlement discussions also have commenced with other parties to the Federal Court Action, including the plaintiff, Mr. Milliken, and certain defendants, including Nicholas Schorsch, William Kahane, the Company’s former external advisor and former property managers, and the parent of the former sponsor of the Company, along with individuals associated with the parent (collectively, the “AR Capital Defendants”). The SLC is participating in those settlement discussions. The AR Capital Defendants, Mr. Milliken, the SLC, and the insurance carriers under the Company’s directors and officers policies and a second September 16, 2019. The Claims do not no June 30, 2019, Environmental Matters In connection with the ownership and operation of real estate, the Company may not not Contingent Forward Liability Until the Final Closing, the Company could have become obligated pursuant to the SPA with the Brookfield Investor to issue additional Class C Units. This obligation was considered a contingent forward contract under ASC section 480 February 27, 2019, $219.7 no December 31, 2018 $1.3 no June 30, 2019 |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions and Arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 12 Relationships with the Brookfield Investor and its Affiliates As described in Note 3 January 12, 2017, March 31, 2017, 9,152,542.37 February 27, 2018, 1,694,915.25 $14.75 $25.0 February 27, 2019, 14,898,060.78 $14.75 $219.7 no Holders of Class C Units are entitled to receive, with respect to each Class C Unit, fixed, quarterly cumulative cash distributions at a rate of 7.50% 5% three June 30, 2019 June 30, 2018 $7.5 $3.2 339,747.46 143,191.33 six June 30, 2019 June 30, 2018 $12.3 $6.0 555,126.21 269,808.34 Two of the Company’s directors, Bruce G. Wiles, who also serves as Chairman of the Board, and Lowell G. Baron, have been elected to the Company’s board of directors as the Redeemable Preferred Directors pursuant to the Brookfield Investor’s rights as the holder of the Redeemable Preferred Share and pursuant to the SPA. Messrs. Wiles and Baron are Managing Partners of Brookfield Asset Management Inc., an affiliate of the Brookfield Investor. |
Note 13 - Sale of Hotels and As
Note 13 - Sale of Hotels and Assets Held for Sale | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 13 Sale of Hotels During the six June 30, 2018 one $5.7 $0.1 $3.8 No six June 30, 2019 Assets Held for Sale As part of its investment strategy to continue to pursue the sale of non-core hotels and reallocate capital into more attractive investment opportunities, the Company commenced marketing for sale a total of 26 June 30, 2019. As of June 30, 2019, 16 June 30, 2019, 12 16 $32.6 14 $107.4 pany of approximately $26.2 $74.0 The Company expects to close on the sale of the above 16 third fourth 2019. no not three six June 30, 2019. |
Note 14 - Impairments
Note 14 - Impairments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | Note 14 Impairments of Long-Lived Assets During the three June 30, 2019, 12 16 June 30, 2019 13 $32.6 three June 30, 2019. no six June 30, 2019 13 $43.5 one 13 June 30, 2019. During the three six June 30, 2018, four $17.3 four three June 30, 2018. four |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15 The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying consolidated financial statements of the Company included herein were prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP"). The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal, recurring nature. The operating results presented for interim periods are not may December 31, 2018 10 April 16, 2019. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as percentage ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Real Estate, Policy [Policy Text Block] | Real Estate Investments The Company allocates the purchase price of properties acquired in real estate investments to tangible and identifiable intangible assets acquired based on their respective fair values at the date of acquisition. Tangible assets include land, land improvements, buildings and furniture, fixtures and equipment. The Company utilizes various estimates, processes and information to determine the property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and furniture, fixtures and equipment are based on purchase price allocation studies performed by independent third The Company's acquisitions of hotel properties are accounted for as acquisitions of groups of assets rather than business combinations, although the determination will be made on a transaction-by-transaction basis. If the Company concludes that an acquisition will be accounted for as a group of assets, the transaction costs associated with the acquisition will be capitalized as part of the assets acquired. The Company's investments in real estate, including transaction costs, that are not 40 15 five The Company is required to make subjective assessments as to the useful lives of the Company’s assets for purposes of determining the amount of depreciation to record on an annual basis with respect to the Company’s investments in real estate. These assessments have a direct impact on the Company’s net income because if the Company were to shorten the expected useful lives of the Company’s investments in real estate, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Upon the occurrence of certain “triggering events” under the provisions of the Accounting Standards Codification ("ASC") section 360-Property, Plant and Equipment, the Company reviews its hotel investments which are considered to be long-lived assets under GAAP for impairment. These triggering events include significant declines in market value of the asset, significant declines in operating performance, significant adverse changes in economic conditions and potential sales of hotel properties which result in shorter holding periods. If a triggering event occurs and circumstances indicate the carrying amount of the property may not be recoverable, the Company performs a recoverability test which compares the carrying amount to an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of demand, competition and other factors. If the Company determines it is unable to recover the carrying amount of the asset over the useful life, impairment is deemed to exist, and an impairment loss will be recorded to the extent that the carrying amount exceeds the estimated fair value of the property. See Note 14 - Impairments for impairment disclosures. Assets Held for Sale (Long Lived-Assets) When the Company initiates the sale of long-lived assets, it assesses whether the assets meet the criteria to be considered assets held for sale. The review is based on whether the following criteria are met: • Management and the Company's board of directors have committed to a plan to sell the asset group; • The subject assets are available for immediate sale in their present condition; • The Company is actively locating buyers as well as other initiatives required to complete the sale; • The sale is probable and the transfer is expected to qualify for recognition as a complete sale in one • The long-lived asset is being actively marketed for sale at a price that is reasonable in relation to fair value; and • Actions necessary to complete the plan indicate it is unlikely significant changes will be made to the plan or the plan will be withdrawn. If all the criteria are met, a long-lived asset held for sale is measured at the lower of its carrying amount or fair value less cost to sell, and the Company will cease recording depreciation. Any adjustment to the carrying amount is recorded as an impairment loss. See Note 13 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill The Company allocates goodwill to each reporting unit. For the Company’s purposes, each of its wholly-owned hotels is considered a reporting unit. The Company tests goodwill for impairment at least annually, as of March 31, 360, one not During 2018, $3.4 $11.0 December 31, 2018 . There was no three six June 30, 2019 no three six June 30, 2019 |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash consists of amounts required under mortgage agreements for future capital improvements to owned assets, future interest and property tax payments and cash flow deposits while subject to mortgage agreement restrictions. |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These fees are amortized as a component of interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing fees are expensed in full when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not not |
Revenue [Policy Text Block] | Revenue Recognition The Company's revenue is primarily from rooms, food and beverage, and other, and is disaggregated on the Company's Consolidated Statement of Operations and Comprehensive Loss. Room sales are driven by a fixed fee charged to a hotel guest to stay at the hotel property for an agreed-upon period. A majority of the Company's room reservations are cancellable and the Company transfers promised goods and services to the hotel guest as of the date upon which the hotel guest occupies a room and at the same time earns and recognizes revenue. The Company offers advance purchase reservations that are paid for by the hotel guest in advance and the Company recognizes deferred revenue as a result of such reservations. The Company's obligation to the hotel guest is satisfied as of the date upon which the hotel guest occupies a room. The Company's room revenue accounted for 94.2% 94.5% three June 30, 2019 2018 94.1% 94.4% six June 30, 2019 2018 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company elected to be taxed as a REIT under Sections 856 860 1986, December 31, 2014. 90% not not may Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss, capital loss, and tax credit carryovers. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which such amounts are expected to be realized or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. The Company must determine whether it is "more-likely-than- not" not 50% June 30, 2019 2014, 2015, 2016, 2017 2018. |
Earnings Per Share, Policy [Policy Text Block] | Earnings/Loss per Share The Company calculates basic income or loss per share by dividing net income or loss attributable to common stockholders for the period by the weighted-average shares of its common stock outstanding for such period. Diluted income per share takes into account the effect of dilutive instruments, such as unvested restricted shares of common stock ("restricted shares") and unvested restricted share units in respect of shares of common stock ("RSUs"), except when doing so would be anti-dilutive. The Company currently has outstanding restricted shares whose holders are entitled to participate in dividends when and if paid on shares of common stock. The Company also currently has outstanding RSUs whose holders generally are credited with dividend or other distribution equivalents when and if paid on shares of common stock. These dividends or other distribution equivalents will be regarded as having been reinvested in RSUs and will only be paid to the extent the corresponding RSUs vest. To the extent the Company were to have distributions in the future, it would be required to calculate earnings per share using the two |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements In accordance with ASC section 820 no not The Company’s financial instruments recorded at fair value on a recurring basis are categorized based on the priority of the inputs used to measure fair value. The inputs used in measuring fair value are categorized into three • Level 1 • Level 2 not • Level 3 The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. See Note 10 |
Temporary Equity, Policy [Policy Text Block] | Class C Units The Company initially measured the Class C Units which were issued to the Brookfield Investor at fair value net of issuance costs. The Company is required to accrete the carrying value of the Class C Units to the liquidation preference using the effective interest method over the five Until the Final Closing, the Company could have become obligated pursuant to the SPA with the Brookfield Investor to issue additional Class C Units. This obligation was considered a contingent forward contract under ASC section 480 December 31, 2018 no December 31, 2018 June 30, 2019 not 11 |
Lessee, Leases [Policy Text Block] | Leases Effective January 1, 2019, 2016 02 $59.6 $52.7 June 30, 2019 $8.2 The Company's leases are primarily comprised of: ground or operating leases of certain of its hotel properties; one The Company includes leases of its hotel properties, and its corporate office space lease, in ROU assets and lease liabilities on the Company’s Consolidated Balance Sheet. The Company's below-market lease intangible, net, which is attributed to its ground leases is also included in the ROU assets on the Company's Consolidated Balance Sheet. The Company determined that its vans, copiers, and other miscellaneous equipment were immaterial to the Company’s financial statements and therefore they have been excluded from the Company's ROU assets and lease liabilities. Operating lease ROU assets and lease liabilities are recognized at the commencement date and are calculated using the present value of future lease payments over the lease term. The discount rate used in the present value calculation is the Company's estimate of its incremental borrowing rate based on the information available at the lease commencement date. ASU 2016 02 not 4 |
Advertising Cost [Policy Text Block] | Advertising Costs The Company expenses advertising costs for hotel operations as incurred. These costs were $5.9 three June 30, 2019 $4.9 three June 30, 2018 $10.9 six June 30, 2019 $9.0 six June 30, 2018 |
Accounts Receivable [Policy Text Block] | Allowance for Doubtful Accounts Receivables consist principally of trade receivables from customers and are generally unsecured and are due within 30 90 June 30, 2019 December 31, 2018 Trade receivables $ 10,765 $ 8,329 Allowance for doubtful accounts (465 ) (338 ) Trade and Note receivables, net of allowance $ 10,300 $ 7,991 |
Segment Reporting, Policy [Policy Text Block] | Reportable Segments The Company has determined that it has one 100% none one |
Derivatives, Policy [Policy Text Block] | Derivative Transactions The Company at certain times enters into derivative instruments to hedge exposure to changes in interest rates. The Company’s derivatives as of June 30, 2019 one not three six June 30, 2019 June 30, 2018 5 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In August 2018, 2018 13 820 2018 13" 2018 13 2018 13 December 15, 2019. not 2018 13 In March 2019, 2019 01 842 2019 01" 2019 01 not 250, 2019 01 December 15, 2019, 250 January 1, 2019. 250 January 1, 2019, not not 2019 01 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2019 December 31, 2018 Trade receivables $ 10,765 $ 8,329 Allowance for doubtful accounts (465 ) (338 ) Trade and Note receivables, net of allowance $ 10,300 $ 7,991 |
Note 3 - Brookfield Investment
Note 3 - Brookfield Investment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Temporary Equity [Table Text Block] | As of June 30, 2019 Gross Proceeds $ 379.7 Less: Class C Unit issuance costs(1) $ (22.5 ) Plus: PIK Distributions Paid to holders of Class C Units $ 21.8 Accretion of carrying value to liquidation preference of Class C Units $ 6.4 Change in contingent forward liability $ 0.1 Contingently Redeemable Class C Units in operating partnership $ 385.5 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lease, Supplemental Balance Sheet Information [Table Text Block] | Weighted Average Remaining Lease Term Weighted Average Discount Rate June 30, 2019 18 years 6.33 % |
Lessee, Operating Leases, Supplemental Income Statement Information [Table Text Block] | Variable Lease Expense (in thousands) Rent Expense (in thousands) Amortization of Below-Market Lease Intangible, net (in thousands) For the three months ended June 30, 2019 $ 206 $ 1,428 $ 100 For the six months ended June 30, 2019 $ 397 $ 2,842 $ 199 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Minimum Rental Commitments Amortization of Above Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible, net, to Rent Expense For the six months ending December 31, 2019 $ 2,744 $ (76 ) $ 267 $ 191 Year ending December 31, 2020 5,505 (153 ) 535 382 Year ending December 31, 2021 5,533 (153 ) 535 382 Year ending December 31, 2022 5,554 (153 ) 535 382 Year ending December 31, 2023 5,560 (153 ) 535 382 Thereafter 71,019 (1,722 ) 8,161 6,439 Total lease payments $ 95,915 $ (2,410 ) $ 10,568 $ 8,158 Less: Imputed Interest 43,195 Present value of lease liability $ 52,720 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum Rental Commitments Amortization of Above Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible, net, to Rent Expense Year ending December 31, 2019 $ 5,227 $ (153 ) $ 551 $ 398 Year ending December 31, 2020 5,265 (153 ) 551 398 Year ending December 31, 2021 5,271 (153 ) 551 398 Year ending December 31, 2022 5,292 (153 ) 551 398 Year ending December 31, 2023 5,298 (153 ) 551 398 Thereafter 71,153 (1,722 ) 8,762 7,040 Total $ 97,506 $ (2,487 ) $ 11,517 $ 9,030 |
Note 5 - Mortgage Notes Payab_2
Note 5 - Mortgage Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Outstanding Mortgage Notes Payable Encumbered Properties June 30, 2019 Interest Rate Payment Maturity Hilton Garden Inn Blacksburg Joint Venture $ 10,500 4.31% Interest Only, Principal paid at Maturity June 2020 92 - Pack Mortgage Loan 870,000 One-month LIBOR plus 2.14% Interest Only, Principal paid at Maturity Nov 2021, subject to three, one year extension rights 92 - Pack Senior Mezzanine Loan 100,000 One-month LIBOR plus 5.60% Interest Only, Principal paid at Maturity Nov 2021, subject to three, one year extension rights 92 - Pack Junior Mezzanine Loan 70,000 One-month LIBOR plus 8.50% Interest Only, Principal paid at Maturity Nov 2021, subject to three, one year extension rights Additional Grace Mortgage Loan -20 properties in Grace Portfolio and one additional property 232,000 4.96% Interest Only, Principal paid at Maturity October 2020 Term Loan -28 properties 285,000 One-month LIBOR plus 3.00% Interest Only, Principal paid at Maturity May 2020, subject to three, one year extension rights Total Mortgage Notes Payable $ 1,567,500 Less: Deferred Financing, Net $ 17,877 Plus: Variable Interest-Only Bond $ 1,918 Total Mortgage Notes Payable, Net $ 1,551,541 Outstanding Mortgage Notes Payable Encumbered Properties December 31, 2018 Interest Rate Payment Maturity Baltimore Courtyard & Providence Courtyard $ 45,500 4.3% Interest Only, Principal paid at Maturity April 2019 Hilton Garden Inn Blacksburg Joint Venture 10,500 4.31% Interest Only, Principal paid at Maturity June 2020 87 - Pack Mortgage Loan - 87 properties in Grace Portfolio 805,000 One-month LIBOR plus 2.56% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights 87 - Pack Mezzanine Loan - 87 properties in Grace Portfolio 110,000 One-month LIBOR plus 6.50% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights Additional Grace Mortgage Loan - 20 properties in Grace Portfolio and one additional property 232,000 4.96% Interest Only, Principal paid at Maturity October 2020 Term Loan -28 properties 310,000 One-month LIBOR plus 3.00% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights Total Mortgage Notes Payable $ 1,513,000 Less: Deferred Financing, Net $ 5,491 Total Mortgage Notes Payable, Net $ 1,507,509 |
Note 7 - Accounts Payable and_2
Note 7 - Accounts Payable and Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, 2019 December 31, 2018 Trade accounts payable $ 14,922 $ 22,247 Accrued expenses 50,621 40,718 Total $ 65,543 $ 62,965 |
Note 9 - Share-based Payments (
Note 9 - Share-based Payments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested December 31, 2018 7,210 $ 14.18 $ 102 Granted — $ — $ — Vested — $ — $ — Forfeitures — $ — $ — Non-vested June 30, 2019 7,210 $ 14.18 $ 102 Number of Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested December 31, 2018 332,364 $ 14.34 $ 4,765 Granted 198,243 $ 6.91 $ 1,370 Vested 66,925 $ 14.38 $ 962 Forfeited 71,558 $ 10.67 $ 763 Non-vested June 30, 2019 392,124 $ 11.25 $ 4,410 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2019 Carrying Amount Fair Value Mortgage notes payable $ 1,567,500 $ 1,552,533 Total $ 1,567,500 $ 1,552,533 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) $ / shares in Units, $ in Thousands | Jan. 12, 2017USD ($) | Jun. 30, 2019USD ($)shares | May 09, 2019$ / shares | Dec. 31, 2018USD ($)shares |
Number of Real Estate Properties | 144 | |||
Number of Guest Rooms | 17,324 | |||
Number of States in which Entity Operates | 33 | |||
Common Stock, Net Asset Value Per Share | $ / shares | $ 9.21 | |||
Common Stock, Shares, Outstanding, Ending Balance | shares | 39,140,343 | 39,134,628 | ||
Temporary Equity, Liquidation Preference | $ 401,508 | $ 173,573 | ||
Brookfield Investor [Member[ | Hospitality Investors Trust, Inc. [Member] | ||||
Sale of Stock, Percentage of Ownership after Transaction | 41.00% | |||
Securities Purchase Voting and Standstill Agreement [Member] | ||||
Sale of Stock, Consideration Received on Transaction | $ 400,000 | |||
Securities Purchase Voting and Standstill Agreement [Member] | Class C Units [Member] | ||||
Temporary Equity, Liquidation Preference | $ 401,500 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 03, 2019 | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 3,400 | |||
Goodwill, Ending Balance | 11,030 | 11,030 | 11,030 | |||
Goodwill, Period Increase (Decrease), Total | 0 | $ 0 | ||||
Open Tax Year | 2014 2015 2016 2017 2018 | |||||
Derivative Liability, Total | 1,300 | |||||
Operating Lease, Right-of-Use Asset | 59,644 | $ 59,644 | ||||
Operating Lease, Liability, Total | 52,720 | 52,720 | ||||
Finite-Lived Intangible Assets, Net, Ending Balance | 9,030 | |||||
Advertising Expense | 5,900 | $ 4,900 | 10,900 | $ 9,000 | ||
Number of Reportable Segments | 1 | |||||
Off-Market Favorable Lease [Member] | Right-of-Use Asset [Member] | ||||||
Finite-Lived Intangible Assets, Net, Ending Balance | 8,200 | 8,200 | ||||
Forward Contracts [Member] | ||||||
Derivative Liability, Total | $ 0 | $ 0 | $ 0 | |||
Product Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Rooms [Member] | ||||||
Concentration Risk, Percentage | 94.20% | 94.50% | 94.10% | 94.40% | ||
Building [Member] | ||||||
Property, Plant and Equipment, Useful Life | 40 years | |||||
Land Improvements [Member] | ||||||
Property, Plant and Equipment, Useful Life | 15 years | |||||
Furniture and Fixtures [Member] | ||||||
Property, Plant and Equipment, Useful Life | 5 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Trade and Note Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Trade receivables | $ 10,765 | $ 8,329 |
Allowance for doubtful accounts | (465) | (338) |
Trade and Note receivables, net of allowance | $ 10,300 | $ 7,991 |
Note 3 - Brookfield Investmen_2
Note 3 - Brookfield Investment (Details Textual) $ / shares in Units, $ in Thousands | Feb. 27, 2019USD ($)$ / sharesshares | Feb. 27, 2018USD ($)$ / sharesshares | Jun. 30, 2017$ / shares | Mar. 31, 2017USD ($)$ / sharesshares | Jan. 12, 2017USD ($) | Jun. 30, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($)shares | Mar. 31, 2017USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)shares | Dec. 31, 2018$ / sharesshares |
Preferred Stock, Shares Outstanding, Ending Balance | shares | 1 | 1 | 1 | 1 | 1 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Number Of Directors Eligible For Election By Investors | 2 | |||||||||||
Number Of Additional Directors Eligible For Election By Investors | 2 | |||||||||||
Number Of Directors With Approval Rights | 1 | |||||||||||
Temporary Equity, Dividends, Adjustment | $ 12,528 | $ 5,281 | $ 20,470 | $ 9,950 | ||||||||
Payments of Dividends, Total | 12,369 | 6,079 | ||||||||||
Securities Purchase Voting and Standstill Agreement [Member] | ||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 400,000 | |||||||||||
Class C Units [Member] | ||||||||||||
Temporary Equity, Dividends, Adjustment | $ 4,500 | |||||||||||
Cash Distributions, Percent Per Year | 7.50% | 7.50% | ||||||||||
Cash Distributions, Percent Per Year, Potential Increased Rate | 10.00% | |||||||||||
Paid-in-kind Distributions, Percent Per Year | 5.00% | 5.00% | ||||||||||
Paid-in-kind Distributions, Percent Per Year, Potential Increased Rate | 7.50% | |||||||||||
Paid-in-kind Distributions, Potential Additional Increase in Distribution Rate Per Quarter | 1.25% | |||||||||||
Paid-in-kind Distributions, Maximum Percent Per Year | 12.50% | |||||||||||
Paid-in-kind Distributions, Denominator for Distributions | $ / shares | $ 14.75 | |||||||||||
Temporary Equity, Tax Distributions | $ 0 | |||||||||||
Payments of Dividends, Total | $ 7,500 | $ 3,200 | $ 12,300 | $ 6,000 | ||||||||
Paid-in-kind Distributions, Number of Units | shares | 339,747.46 | 143,191.33 | 555,126.21 | 269,808.34 | ||||||||
Convertible Equity, Conversion Price | $ / shares | $ 14.75 | |||||||||||
Related Party Transaction, Minimum Amount of Assets for Transfers without Consent | $ 100,000 | |||||||||||
Related Party Transaction, Minimum Percent of Class C Units to Outstanding Common Stock to Trigger Preemptive Rights | 5.00% | |||||||||||
Class C Units [Member] | Brookfield Investor [Member[ | ||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 6,000 | |||||||||||
Class C Units [Member] | Securities Purchase Voting and Standstill Agreement [Member] | ||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 14,898,060.78 | 1,694,915.25 | 9,152,542.37 | 9,152,542.37 | ||||||||
Sale of Stock, Price Per Share | $ / shares | $ 14.75 | $ 14.75 | $ 14.75 | $ 14.75 | ||||||||
Sale of Stock, Consideration Received on Transaction | $ 219,700 | $ 25,000 | $ 135,000 |
Note 3 - Brookfield Investmen_3
Note 3 - Brookfield Investment - Class C Units (Details) - USD ($) $ in Thousands | 27 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | ||
Contingently Redeemable Class C Units in operating partnership | $ 385,473 | $ 163,148 | |
Class C Units [Member] | |||
Gross Proceeds | 379,700 | ||
Class C Unit issuance costs(1) | [1] | (22,500) | |
PIK Distributions Paid to holders of Class C Units | 21,800 | ||
Accretion of carrying value to liquidation preference of Class C Units | 6,400 | ||
Change in contingent forward liability | 100 | ||
Contingently Redeemable Class C Units in operating partnership | $ 385,500 | ||
[1] | Class C Unit issuance costs include $6.0 million paid directly to the Brookfield Investor at the Initial Closing in the form of expense reimbursements and a commitment fee. |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Lease, Payments | $ 2,700 | |||
Amortization of Below Market Lease | $ 100 | $ 200 | ||
Operating Lease, Cost | $ 1,428 | $ 1,500 | $ 2,842 | $ 3,100 |
Minimum [Member] | ||||
Lessee, Operating Lease, Remaining Term of Contract | 5 years | |||
Lessee, Operating Lease, Renewal Term | 5 years | 5 years | ||
Maximum [Member] | ||||
Lessee, Operating Lease, Remaining Term of Contract | 47 years | |||
Lessee, Operating Lease, Renewal Term | 50 years | 50 years |
Note 4 - Leases - Lease Informa
Note 4 - Leases - Lease Information (Details) | Jun. 30, 2019 |
Weighted average remaining lease term (Year) | 18 years |
Weighted average discount rate | 6.33% |
Note 4 - Leases - Supplemental
Note 4 - Leases - Supplemental Income Statement For Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Variable Lease Expense | $ 206 | $ 397 | ||
Rent Expense | 1,428 | $ 1,500 | 2,842 | $ 3,100 |
Amortization of Below-market Lease Intangible, Net | $ 100 | $ 199 |
Note 4 - Leases - Maturity of L
Note 4 - Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
For the six months ending December 31, 2019, minimum rental commitments | $ 2,744 | |
For the six months ending December 31, 2019, amortization of above market lease intangible to rent expense | (76) | |
For the six months ending December 31, 2019, amortization of below market lease intangible to rent expense | 267 | |
For the six months ending December 31, 2019 | 191 | |
Year ending December 31, 2020, minimum rental commitments | 5,505 | |
Year ending December 31, 2020, amortization of above market lease intangible to rent expense | (153) | $ (153) |
Year ending December 31, 2020, amortization of below market lease intangible to rent expense | 535 | 551 |
Year ending December 31, 2020, amortization of below market lease intangible, net, to rent expense | 382 | 398 |
Year ending December 31, 2021, minimum rental commitments | 5,533 | |
Year ending December 31, 2021, amortization of above market lease intangible to rent expense | (153) | (153) |
Year ending December 31, 2021, amortization of below market lease intangible to rent expense | 535 | 551 |
Year ending December 31, 2021, amortization of below market lease intangible, net, to rent expense | 382 | 398 |
Year ending December 31, 2022, minimum rental commitments | 5,554 | |
Year ending December 31, 2022, amortization of above market lease intangible to rent expense | (153) | (153) |
Year ending December 31, 2022, amortization of below market lease intangible to rent expense | 535 | 551 |
Year ending December 31, 2022, amortization of below market lease intangible, net, to rent expense | 382 | 398 |
Year ending December 31, 2023, minimum rental commitments | 5,560 | |
Year ending December 31, 2023, amortization of above market lease intangible to rent expense | (153) | (153) |
Year ending December 31, 2023, amortization of below market lease intangible to rent expense | 535 | 551 |
Year ending December 31, 2023, amortization of below market lease intangible, net, to rent expense | 382 | 398 |
Thereafter, minimum rental commitments | 71,019 | |
Thereafter, amortization of above market lease intangible to rent expense | (1,722) | (1,722) |
Thereafter, amortization of below market lease intangible to rent expense | 8,161 | 8,762 |
Thereafter, amortization of below market lease intangible, net, to rent expense | 6,439 | 7,040 |
Total lease payments, minimum rental commitments | 95,915 | |
Total lease payments, amortization of above market lease intangible to rent expense | (2,410) | (2,487) |
Total lease payments, amortization of below market lease intangible to rent expense | 10,568 | 11,517 |
Total lease payments, amortization of below market lease intangible, net, to rent expense | 8,158 | 9,030 |
Less: Imputed Interest, minimum rental commitments | 43,195 | |
Present value of lease liability, minimum rental commitments | $ 52,720 |
Note 4 - Leases - Minimum Lease
Note 4 - Leases - Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Year ending December 31, 2019, minimum rental commitments | $ 5,227 | |
Year ending December 31, 2019, amortization of above market lease intangible to rent expense | (153) | |
Year ending December 31, 2019, amortization of below market lease intangible to rent expense | 551 | |
Year ending December 31, 2019, amortization of below market lease intangible, net, to rent expense | 398 | |
Year ending December 31, 2020, minimum rental commitments | 5,265 | |
Year ending December 31, 2020, amortization of above market lease intangible to rent expense | $ (153) | (153) |
Year ending December 31, 2020, amortization of below market lease intangible to rent expense | 535 | 551 |
Year ending December 31, 2020, amortization of below market lease intangible, net, to rent expense | 382 | 398 |
Year ending December 31, 2021, minimum rental commitments | 5,271 | |
Year ending December 31, 2021, amortization of above market lease intangible to rent expense | (153) | (153) |
Year ending December 31, 2021, amortization of below market lease intangible to rent expense | 535 | 551 |
Year ending December 31, 2021, amortization of below market lease intangible, net, to rent expense | 382 | 398 |
Year ending December 31, 2022, minimum rental commitments | 5,292 | |
Year ending December 31, 2022, amortization of above market lease intangible to rent expense | (153) | (153) |
Year ending December 31, 2022, amortization of below market lease intangible to rent expense | 535 | 551 |
Year ending December 31, 2022, amortization of below market lease intangible, net, to rent expense | 382 | 398 |
Year ending December 31, 2023, minimum rental commitments | 5,298 | |
Year ending December 31, 2023, amortization of above market lease intangible to rent expense | (153) | (153) |
Year ending December 31, 2023, amortization of below market lease intangible to rent expense | 535 | 551 |
Year ending December 31, 2023, amortization of below market lease intangible, net, to rent expense | 382 | 398 |
Thereafter, minimum rental commitments | 71,153 | |
Thereafter, amortization of above market lease intangible to rent expense | (1,722) | (1,722) |
Thereafter, amortization of below market lease intangible to rent expense | 8,161 | 8,762 |
Thereafter, amortization of below market lease intangible, net, to rent expense | 6,439 | 7,040 |
Total, minimum rental commitments | 97,506 | |
Total, amortization of above market lease intangible to rent expense | (2,410) | (2,487) |
Total, amortization of below market lease intangible to rent expense | 10,568 | 11,517 |
Total, amortization of below market lease intangible, net, to rent expense | $ 8,158 | $ 9,030 |
Note 5 - Mortgage Notes Payab_3
Note 5 - Mortgage Notes Payable (Details Textual) $ in Thousands | May 01, 2019USD ($) | Apr. 05, 2019USD ($) | Apr. 27, 2017USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | May 22, 2019USD ($) | Mar. 31, 2019 | Jul. 06, 2015 | Feb. 28, 2015 |
Number of Real Estate Properties | 144 | 144 | ||||||||||
Long-term Debt, Total | $ 1,551,541 | $ 1,551,541 | $ 1,507,509 | |||||||||
87-Pack Collateral Property [Member] | ||||||||||||
Number of Real Estate Properties | 87 | 87 | 87 | |||||||||
Grace Portfolio [Member] | ||||||||||||
Number of Real Estate Properties | 111 | 111 | 111 | |||||||||
Baltimore Courtyard and Providence Courtyard Bridge Loans [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 46,100 | |||||||||||
Repayments of Debt | $ 45,500 | |||||||||||
87-Pack Loans and the Baltimore Courtyard and Providence Courtyard Bridge Loans [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 1,040,000 | |||||||||||
Repayments of Debt | 961,100 | |||||||||||
Funded Reserve With Lenders [Member] | ||||||||||||
Proceeds from Refinancing Used to Fund Reserves | $ 10,000 | |||||||||||
The 92-pack Loans [Member] | ||||||||||||
Debt Instrument, Percent Prepayable | 25.00% | |||||||||||
Mortgages [Member] | ||||||||||||
Interest Expense, Debt, Total | $ 21,900 | $ 18,800 | $ 42,300 | $ 36,500 | ||||||||
Mortgages [Member] | Hilton Garden Inn Blacksburg Joint Venture Loan [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.31% | 4.31% | 4.31% | 4.31% | ||||||||
Mortgages [Member] | Additional Grace Mortgage Loan [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.96% | 4.96% | 4.96% | |||||||||
Secured Debt [Member] | 87-Pack Loans [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 915,000 | $ 915,000 | ||||||||||
Minimum Net Worth Required for Compliance | 250,000 | $ 250,000 | ||||||||||
Secured Debt [Member] | 87-Pack Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.03% | |||||||||||
Secured Debt [Member] | 87-Pack Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||||||||||
Secured Debt [Member] | 87-Pack Mortgage Loan [Member] | ||||||||||||
Debt Instrument, Face Amount | 805,000 | $ 805,000 | ||||||||||
Debt Instrument, Number of Extensions on Initial Maturity Date | 3 | |||||||||||
Secured Debt [Member] | 87-Pack Mortgage Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.56% | 2.56% | ||||||||||
Secured Debt [Member] | 87-Pack Mezzanine Loan [Member] | ||||||||||||
Debt Instrument, Face Amount | 110,000 | $ 110,000 | ||||||||||
Debt Instrument, Number of Extensions on Initial Maturity Date | 3 | |||||||||||
Secured Debt [Member] | 87-Pack Mezzanine Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.50% | 6.50% | ||||||||||
Secured Debt [Member] | The 92-pack Loans [Member] | Maximum [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||||||||||
Secured Debt [Member] | The 92-pack Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | Weighted Average [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.90% | |||||||||||
Secured Debt [Member] | The 92 - Pack Mortgage Loan [Member] | ||||||||||||
Debt Instrument, Number of Extensions on Initial Maturity Date | 3 | |||||||||||
Secured Debt [Member] | The 92 - Pack Mortgage Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.14% | |||||||||||
Secured Debt [Member] | The 92 - Pack Senior Mezzanine Loan [Member] | ||||||||||||
Debt Instrument, Number of Extensions on Initial Maturity Date | 3 | |||||||||||
Secured Debt [Member] | The 92 - Pack Senior Mezzanine Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.60% | |||||||||||
Secured Debt [Member] | The 92 - Pack Junior Mezzanine Loan [Member] | ||||||||||||
Debt Instrument, Number of Extensions on Initial Maturity Date | 3 | |||||||||||
Secured Debt [Member] | The 92 - Pack Junior Mezzanine Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 8.50% | |||||||||||
Secured Debt [Member] | Term Loan [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 310,000 | $ 285,000 | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||||
Minimum Net Worth Required for Compliance | $ 250,000 | |||||||||||
Number of Real Estate Properties Collateralize by Debt Agreement | 28 | |||||||||||
Debt Instrument, Number of Extensions on Initial Maturity Date | 3 | 3 | 3 | |||||||||
Secured Debt [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 3.00% | ||||||||||
Secured Debt [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||||||||||
Secured Debt Excluding Interest in Properties Serving as Collateral and Excluding Accumulated Depreciation and Amortization [Member] | The 92-pack Loans [Member] | ||||||||||||
Minimum Net Worth Required for Compliance | 250,000 | $ 250,000 | ||||||||||
Secured Debt Including Interest in Properties Serving as Collateral and Excluding Accumulated Depreciation and Amortization [Member] | The 92-pack Loans [Member] | ||||||||||||
Minimum Net Worth Required for Compliance | $ 500,000 | $ 500,000 | ||||||||||
Term Loan [Member] | ||||||||||||
Repayments of Debt | $ 25,000 | |||||||||||
Long-term Debt, Total | $ 285,000 |
Note 5 - Mortgage Notes Payab_4
Note 5 - Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) $ in Thousands | Apr. 27, 2017 | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 06, 2015 |
Mortgage notes payable | $ 1,567,500 | $ 1,513,000 | ||
Less: Deferred Financing, Net | 17,877 | 5,491 | ||
Plus: Variable Interest-Only Bond | 1,918 | |||
Long-term Debt, Total | 1,551,541 | 1,507,509 | ||
Mortgage notes payable | 1,567,500 | 1,513,000 | ||
Hilton Garden Inn Blacksburg Joint Venture Loan [Member] | Mortgages [Member] | ||||
Mortgage notes payable | $ 10,500 | $ 10,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.31% | 4.31% | 4.31% | |
Mortgage notes payable | $ 10,500 | $ 10,500 | ||
Interest rate | 4.31% | 4.31% | 4.31% | |
Baltimore Courtyard and Providence Courtyard Loan [Member] | Mortgages [Member] | ||||
Mortgage notes payable | $ 45,500 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | |||
Mortgage notes payable | $ 45,500 | |||
Interest rate | 4.30% | |||
The 92 - Pack Mortgage Loan [Member] | Secured Debt [Member] | ||||
Mortgage notes payable | $ 870,000 | |||
Debt Instrument, Number of Extensions on Initial Maturity Date | 3 | |||
Term of extension (Year) | 1 year | |||
Mortgage notes payable | $ 870,000 | |||
The 92 - Pack Mortgage Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.14% | |||
The 92 - Pack Senior Mezzanine Loan [Member] | Secured Debt [Member] | ||||
Mortgage notes payable | $ 100,000 | |||
Debt Instrument, Number of Extensions on Initial Maturity Date | 3 | |||
Term of extension (Year) | 1 year | |||
Mortgage notes payable | $ 100,000 | |||
The 92 - Pack Senior Mezzanine Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 5.60% | |||
87-Pack Mortgage Loan [Member] | Secured Debt [Member] | ||||
Mortgage notes payable | $ 805,000 | |||
Debt Instrument, Number of Extensions on Initial Maturity Date | 3 | |||
Term of extension (Year) | 1 year | |||
Mortgage notes payable | $ 805,000 | |||
87-Pack Mortgage Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.56% | 2.56% | ||
The 92 - Pack Junior Mezzanine Loan [Member] | Secured Debt [Member] | ||||
Mortgage notes payable | $ 70,000 | |||
Debt Instrument, Number of Extensions on Initial Maturity Date | 3 | |||
Term of extension (Year) | 1 year | |||
Mortgage notes payable | $ 70,000 | |||
The 92 - Pack Junior Mezzanine Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 8.50% | |||
87-Pack Mezzanine Loan [Member] | Secured Debt [Member] | ||||
Mortgage notes payable | $ 110,000 | |||
Debt Instrument, Number of Extensions on Initial Maturity Date | 3 | |||
Term of extension (Year) | 1 year | |||
Mortgage notes payable | $ 110,000 | |||
87-Pack Mezzanine Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 6.50% | 6.50% | ||
Additional Grace Mortgage Loan [Member] | Mortgages [Member] | ||||
Mortgage notes payable | $ 232,000 | $ 232,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.96% | 4.96% | ||
Mortgage notes payable | $ 232,000 | $ 232,000 | ||
Interest rate | 4.96% | 4.96% | ||
Term Loan [Member] | Secured Debt [Member] | ||||
Mortgage notes payable | $ 285,000 | $ 310,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||
Debt Instrument, Number of Extensions on Initial Maturity Date | 3 | 3 | 3 | |
Term of extension (Year) | 1 year | 1 year | ||
Mortgage notes payable | $ 285,000 | $ 310,000 | ||
Term Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 3.00% |
Note 6 - Mandatorily Redeemab_2
Note 6 - Mandatorily Redeemable Preferred Securities (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Feb. 28, 2015USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2019 | Feb. 27, 2019USD ($) | |
Number of Newly Formed Limited Liability Companies | 2 | ||||||
Number of Real Estate Properties | 144 | 144 | |||||
Interest Expense, Total | $ 24,372 | $ 26,234 | $ 50,525 | $ 51,340 | |||
Grace Portfolio [Member] | |||||||
Number of Real Estate Properties | 111 | 111 | 111 | ||||
87-Pack Collateral Property [Member] | |||||||
Number of Real Estate Properties | 87 | 87 | 87 | ||||
Number of Additional Unencumbered Real Estate Properties | 4 | ||||||
The Grace Acquisition [Member] | Redeemable Preferred Stock [Member] | |||||||
Temporary Equity, Liquidation Preference, Issued as Consideration to Acquire Real Estate | $ 447,100 | ||||||
Preferred Stock, Distribution Period | 1 year 180 days | ||||||
Preferred Stock, Redemption Terms, Percentage of Preferred Equity Interests Required to be Redeemed at End of Third Year | 50.00% | ||||||
Interest Expense, Total | $ 0 | $ 4,300 | $ 2,700 | $ 8,700 | |||
Preferred Stock, Redemption Terms, Preferred Equity Interests Required to be Redeemed at End of Fourth Year | $ 219,700 | ||||||
The Grace Acquisition [Member] | Redeemable Preferred Stock [Member] | Minimum [Member] | |||||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | ||||||
The Grace Acquisition [Member] | Redeemable Preferred Stock [Member] | Maximum [Member] | |||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% |
Note 7 - Accounts Payable and_3
Note 7 - Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Trade accounts payable | $ 14,922 | $ 22,247 |
Accrued expenses | 50,621 | 40,718 |
Total | $ 65,543 | $ 62,965 |
Note 8 - Common Stock (Details
Note 8 - Common Stock (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | |
Common Stock, Shares, Outstanding, Ending Balance | 39,140,343 | 39,134,628 | 39,134,628 | ||
Stock Repurchased and Retired During Period, Shares | 208,977 | 211,154 | |||
Stock Repurchased and Retired During Period, Value | $ 20 | $ 1,900 | $ 1,200 | $ 1,900 |
Note 9 - Share-based Payments_2
Note 9 - Share-based Payments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 5.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | 4,000,000 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Share-based Payment Arrangement, Expense | $ 100 | $ 0 | $ 100 | $ 100 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 0 | $ 0 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Payment Arrangement, Expense | 300 | $ 400 | $ 700 | $ 700 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 3,500 | $ 3,500 |
Note 9 - Share-based Payments -
Note 9 - Share-based Payments - Restricted Share and RSU Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Restricted Stock [Member] | ||
Non-vested (in shares) | 7,210 | |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 14.18 | |
Non-vested, aggregate intrinsic value | $ 102 | $ 102 |
Granted (in shares) | ||
Granted, weighted average grant date fair value (in dollars per share) | ||
Vested (in shares) | ||
Vested, weighted average grant date fair value (in dollars per share) | ||
Forfeitures (in shares) | ||
Forfeitures, weighted average grant date fair value (in dollars per share) | ||
Non-vested (in shares) | 7,210 | |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 14.18 | |
Restricted Stock Units (RSUs) [Member] | ||
Non-vested (in shares) | 332,364 | |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 14.34 | |
Non-vested, aggregate intrinsic value | $ 4,410 | $ 4,765 |
Granted (in shares) | 198,243 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 6.91 | |
Vested (in shares) | 66,925 | |
Vested, weighted average grant date fair value (in dollars per share) | $ 14.38 | |
Forfeitures (in shares) | 71,558 | |
Forfeitures, weighted average grant date fair value (in dollars per share) | $ 10.67 | |
Non-vested (in shares) | 392,124 | |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 11.25 | |
Granted, aggregate intrinsic value | $ 1,370 | |
Vested, aggregate intrinsic value | 962 | |
Forfeited, aggregate intrinsic value | $ 763 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements (Details Textual) $ in Millions | Jun. 30, 2019USD ($) |
Fair Value, Inputs, Level 2 [Member] | Variable Interest Only Bond [Member] | |
Derivative Asset, Total | $ 1.9 |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurements - Fair Value of Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Reported Value Measurement [Member] | |
Mortgage notes payable | $ 1,567,500 |
Total | 1,567,500 |
Estimate of Fair Value Measurement [Member] | |
Mortgage notes payable | 1,552,533 |
Total | $ 1,552,533 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Feb. 27, 2019 | Dec. 31, 2018 |
Derivative Liability, Total | $ 1,300 | |
The Grace Acquisition [Member] | Redeemable Preferred Stock [Member] | ||
Preferred Stock, Redemption Terms, Preferred Equity Interests Required to be Redeemed at End of Fourth Year | $ 219,700 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions and Arrangements (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 27, 2019 | Feb. 27, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 |
Dividends, Paid-in-kind, Total | $ 5,011 | $ 3,177 | $ 2,112 | $ 1,868 | $ 8,188 | $ 3,980 | ||||||
Class C Units [Member] | ||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 379,700 | |||||||||||
Cash Distributions, Percent Per Year | 7.50% | 7.50% | ||||||||||
Paid-in-kind Distributions, Percent Per Year | 5.00% | 5.00% | ||||||||||
Dividends, Paid-in-kind, Total | $ 7,500 | $ 3,200 | $ 12,300 | $ 6,000 | ||||||||
Paid-in-kind Distributions, Number of Units | 339,747.46 | 143,191.33 | 555,126.21 | 269,808.34 | ||||||||
Securities Purchase Voting and Standstill Agreement [Member] | Class C Units [Member] | ||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 14,898,060.78 | 1,694,915.25 | 9,152,542.37 | 9,152,542.37 | ||||||||
Sale of Stock, Price Per Share | $ 14.75 | $ 14.75 | $ 14.75 | $ 14.75 | ||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 219,700 | $ 25,000 |
Note 13 - Sale of Hotels and _2
Note 13 - Sale of Hotels and Assets Held for Sale (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Number of Real Estate Properties Sold | 0 | 1 | |||
Proceeds from Sale of Real Estate, Total | $ 5,700 | ||||
Gain (Loss) on Sale of Properties | 100 | ||||
Payments for Repurchase of Redeemable Preferred Stock | $ 219,746 | 14,370 | |||
Real Estate, Marketed For Sale | 26 | 26 | |||
Number of Real Estate Held for Sale | 16 | 16 | |||
Number of Hotels Identified for Impairment | 12 | 4 | 13 | ||
Impairment of Real Estate | $ 32,600 | $ 17,300 | $ 43,500 | ||
Forecast [Member] | |||||
Aggregate Contract Purchase Price | $ 107,400 | ||||
Net Proceeds from Sale of Real Estate, Expected | 26,200 | ||||
Repayment of Long-term Debt and Closing Costs, Estimated | $ 74,000 | ||||
Grace Preferred Equity Interests [Member] | |||||
Payments for Repurchase of Redeemable Preferred Stock | $ 3,800 |
Note 14 - Impairments (Details
Note 14 - Impairments (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Hotels Identified for Impairment | 12 | 4 | 13 | |
Number of Real Estate Held for Sale | 16 | 16 | ||
Impairment of Real Estate | $ 32,600 | $ 17,300 | $ 43,500 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 3,400 |