Watermark Lodging Trust (WRMK) 10-Q 29 Jun 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Jun. 19, 2020
Document Information
Document Type	10-Q
Entity Registrant Name	Watermark Lodging Trust, Inc.
Entity Central Index Key	0001609471
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	false
Entity Shell Company	false
Common Class A
Document Information
Entity Common Stock, Shares Outstanding		167,565,204
Common Class T
Document Information
Entity Common Stock, Shares Outstanding		61,175,257

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments in real estate:
Hotels, at cost	$ 1,472,373	$ 1,468,888
Accumulated depreciation	(169,410)	(157,581)
Net investments in hotels	1,302,963	1,311,307
Equity investments in real estate	85,108	113,169
Cash and cash equivalents	73,047	81,713
Restricted cash	32,251	30,062
Accounts receivable, net	23,036	25,719
Other assets	14,330	15,012
Total assets	1,530,735	1,576,982
Liabilities and Equity
Non-recourse debt, net	839,005	840,465
Accounts payable, accrued expenses and other liabilities	64,723	59,471
Due to related parties and affiliates	1,134	2,786
Distributions payable	0	11,616
Total liabilities	904,862	914,338
Commitments and contingencies (Note 9)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	0	0
Additional paid-in capital	861,148	852,051
Distributions and accumulated losses	(250,342)	(210,224)
Accumulated other comprehensive loss	(4,646)	(157)
Total stockholders’ equity	606,254	641,764
Noncontrolling interests	19,619	20,880
Total equity	625,873	662,644
Total liabilities and equity	1,530,735	1,576,982
Common Class A
Liabilities and Equity
Common stock	33	33
Common Class T
Liabilities and Equity
Common stock	$ 61	$ 61

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Equity:
Preferred stock, par share value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, share issued (shares)	0	0
Common Class A
Equity:
Common stock, par share value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common shares, outstanding (shares)	33,274,756	32,762,005
Common Class T
Equity:
Common stock, par share value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common shares, outstanding (shares)	61,175,258	60,623,093

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Hotel Revenues
Contract revenue	$ 70,929	$ 96,006
Expenses
General and administrative	11,069	8,384
Sales and marketing	6,810	7,873
Property taxes, insurance, rent and other	5,107	5,592
Repairs and maintenance	3,085	3,208
Depreciation	11,887	11,759
Total Hotel Operating Expenses	69,620	75,569
Asset management fees to affiliate and other expenses	2,907	2,909
Corporate general and administrative expenses	2,584	1,877
Transaction costs	1,359	252
Gain on hurricane-related property damage	0	(10)
Total Expenses	76,470	80,597
Operating (Loss) Income	(5,541)	15,409
Equity in losses of equity method investments in real estate, net	(29,439)	(1,342)
Interest expense	(9,627)	(10,100)
Other income	167	182
(Loss) income before income taxes	(44,440)	4,149
Benefit from income taxes	4,449	1,304
Net (Loss) Income	(39,991)	5,453
Income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $0 and $1,938, respectively)	(127)	(4,429)
Net (Loss) Income Attributable to WLT Stockholders	(40,118)	1,024
Common Class A
Expenses
Net (Loss) Income Attributable to WLT Stockholders	$ (14,078)	$ 398
Basic and diluted weighted-average shares outstanding (shares)	33,093,096	31,392,012
Basic and diluted (loss) income per share (usd per share)	$ (0.43)	$ 0.01
Common Class T
Expenses
Net (Loss) Income Attributable to WLT Stockholders	$ (26,040)	$ 626
Basic and diluted weighted-average shares outstanding (shares)	61,103,150	59,500,448
Basic and diluted (loss) income per share (usd per share)	$ (0.43)	$ 0.01
Rooms
Hotel Revenues
Contract revenue	$ 46,684	$ 64,593
Expenses
Cost of services	11,890	13,919
Food and beverage
Hotel Revenues
Contract revenue	18,906	26,414
Expenses
Cost of services	14,911	18,244
Other operating revenue
Hotel Revenues
Contract revenue	5,339	4,999
Expenses
Cost of services	921	1,142
Management fees
Expenses
Cost of services	2,052	3,478
Utilities
Expenses
Cost of services	$ 1,888	$ 1,970

Consolidated Statements of Op_2

Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Available cash distribution	$ 0	$ 1,938

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (39,991)	$ 5,453
Other Comprehensive Loss
Unrealized loss on derivative instruments	(5,877)	(534)
Comprehensive (Loss) Income	(45,868)	4,919
Amounts Attributable to Noncontrolling Interests
Net income	(127)	(4,429)
Unrealized loss on derivative instruments	1,388	0
Comprehensive loss (income) attributable to noncontrolling interests	1,261	(4,429)
Comprehensive (Loss) Income Attributable to WLT Stockholders	$ (44,607)	$ 490

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Class A	Common Class T	Total CWI 2 Stockholders’ Equity	Common StockCommon Class A	Common StockCommon Class T	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Beginning balance, value at Dec. 31, 2018	$ 696,403			$ 670,368	$ 31	$ 59	$ 825,896	$ (156,823)	$ 1,205	$ 26,035
Beginning balance, shares at Dec. 31, 2018					31,023,863	59,006,632
Statement of Equity
Net (loss) income	5,453			1,024				1,024		4,429
Shares issued, net of offering costs, value	6,584			6,584		$ 1	6,583
Shares issued, net of offering costs, shares					187,889	404,735
Shares issued to affiliates, value	2,607			2,607			2,607
Shares issued to affiliates, shares					234,642
Distributions to noncontrolling interests	(2,122)									(2,122)
Stock dividends issued, shares					94,663	180,047
Shares issued under share incentive plans	64			64			64
Stock-based compensation to directors, values	30			30			30
Stock-based compensation to directors, shares					2,700
Distributions declared	(11,331)			(11,331)				(11,331)
Other comprehensive loss	(534)			(534)					(534)
Ending balance, value at Mar. 31, 2019	697,154			668,812	$ 31	$ 60	835,180	(167,130)	671	28,342
Ending balance, shares at Mar. 31, 2019					31,543,757	59,591,414
Beginning balance, value at Dec. 31, 2019	662,644			641,764	$ 33	$ 61	852,051	(210,224)	(157)	20,880
Beginning balance, shares at Dec. 31, 2019		32,762,005	60,623,093		32,762,005	60,623,093
Statement of Equity
Net (loss) income	(39,991)			(40,118)				(40,118)		127
Shares issued, net of offering costs, value	6,424			6,424			6,424
Shares issued, net of offering costs, shares					170,332	392,925
Shares issued to affiliates, value	3,479			3,479			3,479
Shares issued to affiliates, shares					304,948
Stock dividends issued, shares					97,338	180,106
Shares issued under share incentive plans	97			97			97
Other comprehensive loss	(5,877)			(4,489)					(4,489)	(1,388)
Repurchase of shares, value	(903)			(903)			(903)
Repurchase of shares, shares					(59,867)	(20,866)
Ending balance, value at Mar. 31, 2020	$ 625,873			$ 606,254	$ 33	$ 61	$ 861,148	$ (250,342)	$ (4,646)	$ 19,619
Ending balance, shares at Mar. 31, 2020		33,274,756	61,175,258		33,274,756	61,175,258

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2019$ / shares
Common Class A
Statement of Equity
Distributions declared (usd per share)	$ 0.1749
Common Class T
Statement of Equity
Distributions declared (usd per share)	$ 0.1494

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows — Operating Activities
Net (loss) income	$ (39,991)	$ 5,453
Adjustments to net (loss) income:
Equity in losses of equity method investments in real estate, net	29,439	1,342
Depreciation	11,887	11,759
Asset management fees to affiliates settled in shares	2,585	2,683
Amortization of deferred key money, deferred financing costs and other	257	310
Amortization of stock-based compensation expense	97	94
Gain on hurricane-related property damage	0	(10)
Net changes in other assets and liabilities	3,606	(6,215)
Increase (decrease) in due to related parties and affiliates	44	(19)
Business interruption insurance proceeds	0	881
Distributions of earnings from equity method investments	0	461
Net Cash Provided by Operating Activities	7,924	16,739
Cash Flows — Investing Activities
Capital expenditures	(3,014)	(2,623)
Capital contributions to equity investment in real estate	(1,357)	(2,536)
Payment of Watermark commitment fee	(800)	0
Net Cash Used in Investing Activities	(5,171)	(5,159)
Cash Flows — Financing Activities
Distributions paid	(11,616)	(11,178)
Net proceeds from issuance of shares	5,204	5,176
Scheduled payments and prepayments of mortgage principal	(1,981)	(821)
Proceeds from mortgage financing	1,080	0
Deferred financing costs	(1,014)	0
Repurchase of shares	(903)	0
Distributions to noncontrolling interests	0	(2,122)
Net Cash Used in Financing Activities	(9,230)	(8,945)
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Net (decrease) increase in cash and cash equivalents and restricted cash	(6,477)	2,635
Cash and cash equivalents and restricted cash, beginning of period	111,775	103,937
Cash and cash equivalents and restricted cash, end of period	$ 105,298	$ 106,572

Business

Business	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Organization Watermark Lodging Trust, Inc. (“WLT”), formerly known as Carey Watermark Investors 2 Incorporated (“CWI 2”), is a publicly owned, non-traded real estate investment trust (“REIT”) that, together with its consolidated subsidiaries, invests in, manages and seeks to enhance the value of, interests in lodging and lodging-related properties in the United States. At March 31, 2020, we conducted substantially all of our investment activities and owned all of our assets through CWI 2 OP, LP (the “Operating Partnership”) and were a general partner and a limited partner of, and owned a 99.985% capital interest in, the Operating Partnership. As of March 31, 2020, Carey Watermark Holdings 2, LLC (“Carey Watermark Holdings 2”), which was owned indirectly by W. P. Carey Inc. (“WPC”), held a special general partner interest in the Operating Partnership. At March 31, 2020, we were managed by Carey Lodging Advisors, LLC (our “Advisor”), an indirect subsidiary of WPC. Our Advisor managed our overall portfolio, including providing oversight and strategic guidance to the independent hotel operators that manage our hotels. CWA2, LLC (the “Subadvisor”), a subsidiary of Watermark Capital Partners LLC (“Watermark Capital”), provided services to our Advisor primarily relating to acquiring, managing, financing and disposing of our hotels and overseeing the independent operators that manage the day-to-day operations of our hotels. In addition, the Subadvisor provided us with the services of Mr. Michael G. Medzigian, our Chief Executive Officer, subject to the approval of our independent directors. We held ownership interests in 12 hotels at March 31, 2020 , including ten hotels that we consolidated (“Consolidated Hotels”) and two hotels that we recorded as equity investments (“Unconsolidated Hotels”). Merger with CWI 1 On April 13, 2020, we (or, following the completion of the Merger, the “Combined Company”) completed the previously announced merger (the “Merger”) of Apex Merger Sub LLC, our direct, wholly owned subsidiary (“Merger Sub”), with and into CWI 1, in an all-stock transaction. After giving effect to the Merger, CWI 1 became our wholly owned subsidiary. The Merger was effected pursuant to the Agreement and Plan of Merger, dated as of October 22, 2019 (as amended, the “Merger Agreement”), by and among us, CWI 1 and Merger Sub. The Combined Company has been renamed Watermark Lodging Trust, Inc. Immediately following the effective time of the Merger, the Combined Company completed an internalization transaction with our Advisor and Subadvisor, as a result of which the Combined Company became self-managed. The Merger will be accounted for as a business combination in accordance with current authoritative accounting guidance. CWI 1 will be the accounting acquiror in the Merger as (i) CWI 1’s pre-merger stockholders will have a majority of the voting power in the Combined Company after the Merger and (ii) CWI 1 is significantly larger than us when considering assets and revenues. As CWI 1 will be the accounting acquiror while we will be the legal acquiror, the Merger will be accounted for as a reverse acquisition, and therefore, the historical financial information included in the Combined Company’s financial statements would represent the pre-merger information of CWI 1. See Note 12 for a further description of the Merger and related transactions. COVID-19, Management’s Plans and Liquidity In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. The pandemic has had a material adverse effect on our business, results of operations, financial condition and cash flows and will continue to do so for the reasonably foreseeable future. As of the date of this Report, 24 of the Combined Company’s hotels are operating at significantly reduced levels of occupancy, staffing and expenses, and operations at our remaining 8 hotels are fully suspended. While we have seen improving demand at some of our properties as states and cities across the United States have loosened stay-at-home restrictions, we expect the recovery to occur unevenly across our portfolio, with hotels that cater to business travel recovering more slowly than resort properties. Given the uncertainty as to the ultimate severity and duration of the COVID‑19 outbreak and its effects, and the potential for its recurrence, we cannot estimate with reasonable certainty the impact on our business, financial condition or near- or long-term financial or operational results. At March 31, 2020, which was prior to the closing of the Merger, CWI 1 and CWI 2 had unrestricted cash of $47.8 million and $73.0 million , respectively. As of June 15, 2020, the Combined Company had unrestricted cash of $102.3 million . As discussed further below, we have entered into cash management agreements with certain of our lenders either because we are not meeting certain financial covenants or in consideration of the lenders granting us relief, which restricts us from utilizing cash generated from our hotels. In light of the foregoing, we have assessed our current financial condition, including current cash available, forecasted future cash flows and our contractual obligations over the next 12 months from the date of this Report, as well as the uncertainty surrounding the impact of the COVID-19 pandemic on our operations as discussed above, and have determined that there is substantial doubt about our ability to continue as a going concern for the next 12 months after the date of this Report. This assessment assumes we do not receive any additional proceeds from assets sales or equity- or debt- financing transactions. As discussed below, we are actively pursuing asset sales and other capital-raising strategies. The consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. We have taken decisive actions to help mitigate the effects of the COVID-19 pandemic on our operational results and to preserve our liquidity at both the operational level and corporate level, including: • Significantly reducing hotel operating costs: we suspended all operations at 17 Combined Company hotels and significantly reduced operations at the remaining Combined Company hotels, primarily by reducing staffing, furloughing employees, eliminating non-essential amenities and services and closing several floors and beverage outlets. One of these hotels reopened in May and eight hotels reopened in June, through the date of this Report, in response to demand or lessening of government restrictions; • Working with our lenders on debt forbearance plans, as discussed below; • Suspending distributions on, and redemptions of, our common stock, subject to limited exceptions to date; • Actively pursuing certain asset sales and other potential capital-raising transactions; • Significantly reducing our planned renovation activity by either canceling or deferring this activity to future periods, other than completing projects that are near completion; • Using a portion of our furniture, fixtures and equipment reserves accounts for expenses at our properties, as well as temporarily suspending required contributions to the furniture, fixture and equipment replacement reserves at certain of our hotels, to the extent permitted by our lenders; and • Reducing the cash compensation payable to our senior management and board of directors. We and CWI 1 had total indebtedness of $839.0 million and $1.2 billion outstanding, respectively, at March 31, 2020, all of which is mortgage indebtedness and is generally non-recourse, subject to customary non-recourse carve-outs, except that we have provided certain lenders with limited corporate guaranties for items such as taxes, deferred debt service and amounts drawn from furniture, fixtures and equipment reserves to pay expenses, in connection with loan modification agreements. Of the aggregate $2.0 billion of indebtedness outstanding at March 31, 2020, approximately $490.7 million is scheduled to mature during the 12 months after the date of this Report, of which we have extension options with respect to $224.2 million of this total; however, we cannot exercise these options if we are not then in compliance with certain financial covenants in the loans, and there is no assurance that we will be able to meet these requirements. We are actively working with our lenders on debt forbearance plans. We have sought relief from all of our lenders to defer interest and principal payments and temporarily waive the application of certain cash flow covenants. As of the date of this Report, we have executed loan modifications on 18 of our 32 mortgage loans, aggregating $1.3 billion of indebtedness, under which interest and principal payments have been temporarily deferred and/or temporary covenant relief has been granted, including four loans for which we were not in compliance with certain financial covenants as of March 31, 2020. In addition, at March 31, 2020, we and CWI 1, collectively, were not in compliance with certain financial covenants under four mortgage loans, aggregating $167.8 million of indebtedness, and as a result entered into cash management agreements with the lender. We have determined that we are likely to be unable to satisfy certain covenants in the future on most, if not all, of our mortgage loans depending on the length of the pandemic, and we are planning to seek additional relief from our lenders. If the Combined Company is unable to repay, refinance or extend maturing mortgage loans, or if we breach a covenant and do not get a waiver from the applicable lenders, the lenders may declare events of default and seek to foreclose on the underlying hotels. We may choose to turn over one or more hotels back to the related mortgage lender. Even if we are able to obtain payment or covenant relief, we may incur increased costs and increased interest rates and we may agree to additional restrictive covenants and other lender protections related to the mortgage loans. We are actively seeking to raise capital through a variety of strategies. We are actively marketing certain assets for sale and have identified additional assets that could be sold if needed. As of the date of this Report, the Combined Company has sold its 100% ownership interest in the Hutton Hotel Nashville to an unaffiliated third party for a contractual sales price of $70.0 million , with net proceeds of $26.8 million after the repayment of the related mortgage loan. The sales price reflects a discount compared to the property's pre-COVID-19 value. Other sales in the near term, to the extent undertaken, may also occur at discounted valuations. We are actively exploring strategic financing transactions, which may include the issuance of additional preferred and/or common stock and/or the incurrence of additional indebtedness. There can be no assurance as to the certainty or timing of any such transactions. Public Offering We raised offering proceeds in our initial public offering of $280.3 million from our Class A common stock and $571.0 million from our Class T common stock. The offering commenced in May 2014 and closed in July 2017. We have fully invested the proceeds from our offering. In addition, from inception through March 31, 2020 , $30.8 million and $62.7 million of distributions were reinvested in our Class A and Class T common stock, respectively, through our distribution reinvestment plan (“DRIP”).

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2019 , which are included in our 2019 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity (“VIE”), and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2019 Annual Report. At both March 31, 2020 and December 31, 2019 , we considered two entities to be VIEs, of which we consolidated one , as we are considered the primary beneficiary. The following table presents a summary of selected financial data of consolidated VIEs included in the consolidated balance sheets (in thousands): March 31, 2020 December 31, 2019 Net investments in hotels $ 122,610 $ 123,833 Total assets 145,967 145,218 Non-recourse debt, net $ 88,856 $ 88,747 Total liabilities 107,321 104,046 Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2020 December 31, 2019 Cash and cash equivalents $ 73,047 $ 81,713 Restricted cash 32,251 30,062 Total cash and cash equivalents and restricted cash $ 105,298 $ 111,775 Recent Accounting Pronouncements Pronouncements Adopted as of March 31, 2020 In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . Accounting Standards Update (“ASU”) 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses . ASU 2016-13 replaces the “incurred loss” model with an “expected loss” model, resulting in the earlier recognition of credit losses even if the risk of loss is remote. This standard applies to financial assets measured at amortized cost and certain other instruments, including loans receivable. This standard does not apply to receivables arising from operating leases, which are within the scope of Topic 842 . We adopted this guidance for our interim and annual periods beginning January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Agreements with Our Advisor and Affiliates As of March 31, 2020, we had an advisory agreement with our Advisor (the “Advisory Agreement”) to perform certain services for us under a fee arrangement, including managing our overall business, our investments and certain administrative duties. Our Advisor also had a subadvisory agreement with the Subadvisor (the “Subadvisory Agreement”) whereby our Advisor paid 25% of its fees earned under the Advisory Agreement and Available Cash Distributions (as defined below) and 30% of the subordinated incentive distributions to the Subadvisor in return for certain personnel services. Upon completion of the Merger on April 13, 2020 ( Note 12 ), both the Advisory Agreement and Subadvisory Agreement were terminated. The following tables present a summary of fees we paid, expenses we reimbursed and distributions we made to our Advisor, the Subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Three Months Ended March 31, 2020 2019 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 2,683 $ 2,683 Personnel and overhead reimbursements 1,140 1,100 Available Cash Distributions — 1,938 $ 3,823 $ 5,721 Other Transaction Fees Incurred Capitalized loan refinancing fees $ 296 $ — The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): March 31, 2020 December 31, 2019 Amounts Due to Related Parties and Affiliates Reimbursable costs due to our Advisor $ 1,036 $ 956 Asset management fees and other to our Advisor 98 894 Watermark commitment agreement — 800 Due to other related parties and affiliates — 136 $ 1,134 $ 2,786 Asset Management Fees, Disposition Fees and Loan Refinancing Fees As of March 31, 2020, we paid our Advisor an annual asset management fee equal to 0.55% of the aggregate average market value of our investments, as described in the Advisory Agreement. Our Advisor was also entitled to receive disposition fees of up to 1.5% of the contract sales price of a property, as well as a loan refinancing fee of up to 1.0% of the principal amount of a refinanced loan, if certain conditions described in the Advisory Agreement were met. If our Advisor elected to receive all or a portion of its fees in shares of our Class A common stock, the number of shares issued was determined by dividing the dollar amount of fees by our most recently published estimated net asset value per share (“NAV”) for Class A shares. Upon completion of the Merger on April 13, 2020 ( Note 12 ), the Advisory Agreement was terminated and these fees ceased being incurred. For the three months ended March 31, 2020 and 2019 , we settled $3.5 million and $2.6 million , respectively, of asset management fees in shares of our Class A common stock at our Advisor’s election. At March 31, 2020 , the Advisor owned 3,811,189 shares ( 4.0% ) of our total outstanding common stock. Asset management fees are included in Asset management fees to affiliate and other expenses in the consolidated financial statements. Available Cash Distributions As of March 31, 2020, Carey Watermark Holdings 2’s special general partner interest entitled it to receive distributions of 10% of Available Cash, as defined in the agreement of limited partnership of the Operating Partnership (“Available Cash Distributions”) generated by the Operating Partnership, subject to certain limitations. Available Cash Distributions are included in Income attributable to noncontrolling interests in the consolidated financial statements. In connection with the internalization of the management of the Combined Company ( Note 1 ), CWI OP, LP (“CWI OP”) and the Operating Partnership redeemed the special general partnership interests held by Carey Watermark Holdings, LLC (“SGP 1”) and Carey Watermark Holdings 2 in CWI OP and the Operating Partnership, respectively, as further described in Note 12 . Following the redemption, SGP 1 and Carey Watermark Holdings 2 have no further liability or obligation pursuant to the limited partnership agreements of CWI OP or the Operating Partnership, respectively. Personnel and Overhead Reimbursements/Reimbursable Costs As of March 31, 2020, under the terms of the Advisory Agreement, our Advisor generally allocated expenses of dedicated and shared resources, including the cost of personnel, rent and related office expenses, between us and CWI 1, based on total pro rata hotel revenues on a quarterly basis. Pursuant to the Subadvisory Agreement, after we reimbursed our Advisor, it would subsequently reimburse the Subadvisor for personnel costs and other charges, including the services of our Chief Executive Officer, subject to the approval of our board of directors. Upon completion of the Merger on April 13, 2020 ( Note 12 ), both the Advisory Agreement and Subadvisory Agreement were terminated and these expenses ceased being incurred. These reimbursements are included in Corporate general and administrative expenses and Due to related parties and affiliates in the consolidated financial statements and were settled in cash. We also granted restricted stock units (“RSUs”) to employees of the Subadvisor pursuant to our 2015 Equity Incentive Plan. Other Transactions with Affiliates Watermark Commitment Agreement On October 1, 2019, we, CWI 1, Watermark and Mr. Medzigian, the chief executive officer of both us and CWI 1, entered into a commitment agreement pursuant to which we and CWI 1 agreed to pay Watermark a total of $6.95 million in consideration of the commitments of Watermark and Mr. Medzigian to wind down and ultimately liquidate a private fund that was formed to raise capital to invest in lodging properties, and to devote their business activities exclusively to the affairs of us and CWI 1 and certain other activities set forth in the commitment agreement, with the exception of the wind-down of the private fund and performing asset management services for two hotels owned by WPC (one of which was subsequently sold). Of the total $6.95 million , $5.0 million was paid on October 25, 2019, of which $2.0 million was allocated to and paid by us, and was included in Other assets in the consolidated balance sheet at both March 31, 2020 and December 31, 2019 as a deferred cost. The remaining balance of $1.95 million was paid on January 15, 2020, of which $0.8 million was allocated to and paid by us, and was included as a payable in Due to other related parties and affiliates at December 31, 2019 and a deferred cost in Other assets in the consolidated balance sheet at both March 31, 2020 and December 31, 2019. Working Capital Facility In October 19, 2017, our Operating Partnership entered into a $25.0 million secured credit facility with WPC to fund our working capital needs (the “Working Capital Facility”). The Working Capital Facility was scheduled to mature on December 31, 2019 and was extended to the later of March 31, 2020 or the closing date of the Merger. At both March 31, 2020 and December 31, 2019 , no amounts were outstanding under the Working Capital Facility. Upon completion of the Merger on April 13, 2020, all applicable loan documents were terminated. Jointly Owned Investments At March 31, 2020 , we owned interests in three ventures with CWI 1: the Marriott Sawgrass Golf Resort & Spa, a Consolidated Hotel, and the Ritz-Carlton Key Biscayne and the Ritz-Carlton Bacara, Santa Barbara, both Unconsolidated Hotels. A third party also owns an interest in the Ritz-Carlton Key Biscayne. Upon the closing of the Merger on April 13, 2020, we own 100% of the Marriott Sawgrass Golf Resort & Spa and the Ritz-Carlton Bacara, Santa Barbara.

Net Investments in Hotels

Net Investments in Hotels	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Net Investments in Hotels	Net Investments in Hotels Net investments in hotels are summarized as follows (in thousands): March 31, 2020 December 31, 2019 Buildings $ 1,090,307 $ 1,090,693 Land 236,078 236,078 Furniture, fixtures and equipment 94,880 93,333 Building and site improvements 47,036 42,318 Construction in progress 4,072 6,466 Hotels, at cost 1,472,373 1,468,888 Less: Accumulated depreciation (169,410 ) (157,581 ) Net investments in hotels $ 1,302,963 $ 1,311,307 During the three months ended March 31, 2020 and 2019 , we retired fully depreciated furniture, fixtures and equipment aggregating $0.1 million and $1.5 million , respectively. Hurricane-Related Disruption The Marriott Sawgrass Golf Resort & Spa was impacted by Hurricane Irma when it made landfall in September 2017. The hotel sustained damage and was forced to close for a short period of time. Below is a summary of the items that comprised the (gain) loss recognized by the venture related to Hurricane Irma (in thousands): Three Months Ended March 31, 2020 2019 Net write-off of fixed assets $ 743 $ 3,043 Decrease to property damage insurance receivables (743 ) (3,053 ) Gain on hurricane-related property damage $ — $ (10 ) As the restoration work continues to be performed, the estimated total costs will change. Any changes to property damage estimates will be recorded in the periods in which they are determined and any additional restoration work will be recorded in the periods in which it is performed. Construction in Progress At March 31, 2020 and December 31, 2019 , construction in progress, recorded at cost, was $4.1 million and $6.5 million , respectively, and related to planned renovations at certain of our hotels. Upon substantial completion of renovation work, costs are reclassified from construction in progress to buildings, building and site improvements and furniture, fixtures and equipment, as applicable, and depreciation will commence. We capitalize qualifying interest expense and certain other costs, such as property taxes, property insurance, utilities expense and hotel incremental labor costs, related to hotels undergoing major renovations. We capitalized less than $0.1 million of such costs during both the three months ended March 31, 2020 and 2019 . At March 31, 2020 and December 31, 2019 , accrued capital expenditures were $2.7 million and $1.4 million , respectively, representing non-cash investing activity.

Equity Investments in Real Esta

Equity Investments in Real Estate	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Real Estate	Equity Investments in Real Estate At March 31, 2020 , we owned equity interests in two Unconsolidated Hotels, one with CWI 1 and one together with CWI 1 and an unrelated third party. We did not control the ventures that own these hotels, but we exercised significant influence over them. We accounted for these investments under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences from acquisition costs paid to our Advisor that we incur and other-than-temporary impairment charges, if any). Under the conventional approach of accounting for equity method investments, an investor applies its percentage ownership interest to the venture’s net income or loss to determine the investor’s share of the earnings or losses of the venture. This approach is inappropriate if the venture’s capital structure gives different rights and priorities to its investors. Therefore, we followed the hypothetical liquidation at book value (“HLBV”) method in determining our share of these ventures’ earnings or losses for the reporting period as this method better reflects our claim on the ventures’ book value at the end of each reporting period. Earnings for our equity method investments were recognized in accordance with each respective investment agreement and, where applicable, based upon the allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period. The following table sets forth our ownership interests in our equity investments in real estate and their respective carrying values. The carrying values of these ventures are affected by the timing and nature of distributions (dollars in thousands): Unconsolidated Hotels State Number of Rooms % Owned Hotel Type Carrying Value at March 31, 2020 December 31, 2019 Ritz-Carlton Bacara, Santa Barbara Venture (a) (b) CA 358 60.0 % Resort $ 48,640 $ 77,837 Ritz-Carlton Key Biscayne Venture (c) (d) FL 443 19.3 % Resort 36,468 35,332 801 $ 85,108 $ 113,169 ___________ (a) At March 31, 2020, this investment represented a tenancy-in-common interest with the remaining 40.0% interest owned by CWI 1. Upon completion of the Merger on April 13, 2020, the Combined Company consolidates its real estate interest in this hotel. (b) We contributed $1.4 million to this investment during the three months ended March 31, 2020, which included funding for the hotel’s renovation. We recognized an other-than-temporary impairment charge of $26.7 million on this investment during the three months ended March 31, 2020 to reduce the carrying value of our equity investment in the venture to its estimated fair value. (c) At March 31, 2020, a 47.4% interest in this venture was owned by CWI 1, with the remaining 33.3% interest retained by the original owner. Upon completion of the Merger on April 13, 2020, the Combined Company consolidates its real estate interest in this hotel. The number of rooms presented includes 141 condo-hotel units that participate in the resort rental program. (d) No cash distributions were received from this investment during the three months ended March 31, 2020. This investment is considered a VIE ( Note 2 ). We do not consolidate this entity because we are not the primary beneficiary and the nature of our involvement in the activities of the entity allows us to exercise significant influence but does not give us power over decisions that significantly affect the economic performance of the entity. The following table sets forth our share of equity in (losses) earnings from our Unconsolidated Hotels, which is based on the HLBV model, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Three Months Ended March 31, Unconsolidated Hotels 2020 2019 Ritz-Carlton Bacara, Santa Barbara Venture (a) $ (30,575 ) $ (2,964 ) Ritz-Carlton Key Biscayne Venture 1,136 1,622 Total equity in losses of equity method investments in real estate, net $ (29,439 ) $ (1,342 ) ___________ (a) Includes an other-than-temporary impairment charge of $26.7 million recognized on this investment during the three months ended March 31, 2020 to reduce the carrying value of our equity investment in the venture to its estimated fair value. No other-than-temporary impairment charges were recognized during the three months ended March 31, 2019 . At both March 31, 2020 and December 31, 2019 , the unamortized basis differences on our equity investments were $5.4 million . Net amortization of the basis differences reduced the carrying values of our equity investments by $0.1 million and less than $ 0.1 million during the three months ended March 31, 2020 and 2019 , respectively. The following tables present combined summarized financial information of our equity investments in real estate. Amounts provided are the total amounts attributable to the ventures and do not represent our proportionate share (in thousands): March 31, 2020 December 31, 2019 Real estate, net $ 632,768 $ 636,372 Other assets 68,104 64,130 Total assets 700,872 700,502 Debt 412,922 413,538 Other liabilities 52,214 50,973 Total liabilities 465,136 464,511 Members’ equity $ 235,736 $ 235,991 Three Months Ended March 31, 2020 2019 Revenues $ 42,608 $ 50,837 Expenses (45,163 ) (49,944 ) Net (loss) income attributable to equity method investments $ (2,555 ) $ 893

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments, including interest rate caps and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis Derivative Assets — Our derivative assets, which are included in Other assets in the consolidated financial statements, are comprised of interest rate caps and swaps ( Note 7 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings and thresholds. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. We did not have any transfers into or out of Level 1, Level 2 and Level 3 category of measurements during the three months ended March 31, 2020 or 2019 . Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported in Other income in the consolidated financial statements. Our non-recourse debt, net which we have classified as Level 3, had a carrying value of $839.0 million and $840.5 million at March 31, 2020 and December 31, 2019 , respectively, and an estimated fair value of $783.2 million and $844.2 million at March 31, 2020 and December 31, 2019 , respectively. We determined the estimated fair value using a discounted cash flow model with rates that take into account the interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral and the then-current interest rate. We estimated that our other financial assets and liabilities had fair values that approximated their carrying values at both March 31, 2020 and December 31, 2019 . Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. Where the undiscounted cash flows for an asset are less than the asset’s carrying value when considering and evaluating the various alternative courses of action that may occur, we recognize an impairment charge to reduce the carrying value of the asset to its estimated fair value. Further, when we classify an asset as held for sale, we carry the asset at the lower of its current carrying value or its fair value, less estimated cost to sell. See Note 5 for a description of impairment charges recognized during the three months ended March 31, 2020. No impairment charges were recognized during the three months ended March 31, 2019.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Use of Derivative Financial Instruments	Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are two main components of economic risk that impact us: interest rate risk and market risk. We are primarily subject to interest rate risk on our interest-bearing assets and liabilities. Market risk includes changes in the value of our properties and related loans. Derivative Financial Instruments There have been no significant changes in our derivative financial instrument policies from the policies disclosed in our 2019 Annual Report. At both March 31, 2020 and December 31, 2019 , no cash collateral had been posted nor received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands): Derivatives Designated as Hedging Instruments Asset Derivatives Fair Value at Liability Derivatives Fair Value at Balance Sheet Location March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Interest rate caps Other assets $ 4 $ — $ — $ — Interest rate swap Other assets — 121 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (5,802 ) — $ 4 $ 121 $ (5,802 ) $ — All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis in our consolidated financial statements. We recognized unrealized losses of $5.8 million and $0.2 million in Other comprehensive loss on derivatives in connection with our interest rate swaps and caps during the three months ended March 31, 2020 and 2019 , respectively. We reclassified $0.1 million and $0.3 million from Other comprehensive loss on derivatives into Interest expense for the three months ended March 31, 2020 and 2019 . Amounts reported in Other comprehensive loss related to our interest rate swap and caps will be reclassified to Interest expense as interest is incurred on our variable-rate debt. At March 31, 2020 , we estimated that $2.3 million will be reclassified as Interest expense during the next 12 months related to our interest rate swaps and caps. Interest Rate Swaps and Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners may obtain variable-rate non-recourse mortgage loans and, as a result, may enter into interest rate swap or cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. An interest rate cap limits the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that we had outstanding on our Consolidated Hotels at March 31, 2020 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Notional Fair Value at Interest Rate Derivatives Instruments Amount March 31, 2020 Interest rate swaps 2 $ 188,300 $ (5,802 ) Interest rate caps 3 171,078 4 $ (5,798 ) Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of March 31, 2020 . At March 31, 2020 , both our total credit exposure and the maximum exposure to any single counterparty was less than $0.1 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At March 31, 2020 , we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $5.8 million at March 31, 2020 , which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at March 31, 2020 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $6.2 million . At December 31, 2019, we had no derivatives that were in a net liability position.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Our debt consists of mortgage notes payable, which are collateralized by the assignment of hotel properties. The following table presents the non-recourse debt, net on our Consolidated Hotel investments (dollars in thousands): Current Carrying Amount at Consolidated Hotels Interest Rate Rate Type Maturity Date March 31, 2020 December 31, 2019 Le Méridien Arlington (a) (b) 4.33% Variable 6/2020 $ 34,703 $ 34,755 San Jose Marriott (a) (b) 4.33% Variable 7/2020 87,287 87,460 Renaissance Atlanta Midtown Hotel (a) (c) 3.26% Variable 8/2021 48,653 48,589 Ritz-Carlton San Francisco 4.59% Fixed 2/2022 142,897 142,923 Charlotte Marriott City Center 4.53% Fixed 6/2022 102,674 102,636 Courtyard Nashville Downtown 4.15% Fixed 9/2022 54,863 54,965 Marriott Sawgrass Golf Resort & Spa (a) (c) 3.76% Variable 11/2022 88,856 88,747 Embassy Suites by Hilton Denver-Downtown/Convention Center 3.90% Fixed 12/2022 97,625 98,073 Seattle Marriott Bellevue (a) (c) 4.19% Variable 1/2023 97,383 97,895 San Diego Marriott La Jolla 4.13% Fixed 8/2023 84,064 84,422 $ 839,005 $ 840,465 ___________ (a) These mortgage loans have variable interest rates, which have effectively been capped or converted to fixed rates through the use of interest rate caps or swaps ( Note 7 ). The interest rates presented for these mortgage loans reflect the rates in effect at March 31, 2020 through the use of an interest rate cap or swap, as applicable. (b) These mortgage loans have one -year extension options, which are subject to certain conditions. The maturity dates in the table do not reflect the extension option. In connection with loan modification agreements, we have extended the maturity dates of these loans to October 28, 2020. (c) These mortgage loans have two one -year extension options, which are subject to certain conditions. The maturity dates in the table do not reflect the extension options. Covenants Pursuant to our mortgage loan agreements, our consolidated subsidiaries are subject to various operational and financial covenants, including minimum debt service coverage and debt yield ratios. Most of our mortgage loan agreements contain “lock-box” provisions, which permit the lender to access or sweep a hotel’s excess cash flow and could be triggered by the lender under limited circumstances, including the failure to maintain minimum debt service coverage ratios. If a lender requires that we enter into a cash management agreement, we would generally be permitted to spend an amount equal to our budgeted hotel operating expenses, taxes, insurance and capital expenditure reserves for the relevant hotel. The lender would then hold all excess cash flow after the payment of debt service in an escrow account until certain performance hurdles are met. Financing Activity During 2020 During the first quarter of 2020, we refinanced the $97.7 million Seattle Marriott Bellevue mortgage loan with a new mortgage loan of $98.8 million . The loan has a floating annual interest rate of LIBOR plus 2.7% , which has effectively been fixed at 4.2% through an interest rate swap agreement, and a maturity date of January 22, 2023. This refinancing was accounted for as a loan modification. Scheduled Debt Principal Payments Scheduled debt principal payments during the remainder of 2020 and each of the next four calendar years following December 31, 2020 are as follows (in thousands): Years Ending December 31, Total 2020 (remainder) $ 127,414 2021 56,497 2022 488,617 2023 170,178 2024 — Total principal payments 842,706 Unamortized deferred financing costs (3,701 ) Total $ 839,005

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At March 31, 2020 , we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us, including liens for which we may obtain a bond, provide collateral or provide an indemnity, but we do not expect the results of such proceedings to have a material adverse effect on our consolidated financial position, results of operations or cash flows. Hotel Management Agreements As of March 31, 2020 , our Consolidated Hotel properties were operated pursuant to long-term management agreements with three different management companies, with initial terms ranging from five to 40 years . For hotels operated with separate franchise agreements, each management company receives a base management fee, generally ranging from 2.5% to 3.0% of hotel revenues. Six of our management agreements contain the right and license to operate the hotels under specified brands; no separate franchise agreements exist and no separate franchise fee is required for these hotels. The management agreements that include the benefit of a franchise agreement incur a base management fee generally ranging from 3.0% to 7.0% of hotel revenues. The management companies are generally also eligible to receive an incentive management fee, which is typically calculated as a percentage of operating profit, either (i) in excess of projections with a cap or (ii) after the owner has received a priority return on its investment in the hotel. We incurred management fee expense, including amortization of deferred management fees, of $2.1 million and $3.5 million for the three months ended March 31, 2020 and 2019 , respectively. Franchise Agreements Four of our Consolidated Hotels operate under franchise or license agreements with national brands that are separate from our management agreements. As of March 31, 2020 , we had three franchise agreements with Marriott-owned brands and one with a Hilton-owned brand related to our Consolidated Hotels. Our typical franchise agreement provides for a term of 20 to 25 years . Generally, our franchise agreements provide for a license fee, or royalty, of 3.0% to 6.0% of room revenues and, if applicable, 3.0% of food and beverage revenue. In addition, we generally pay 1.0% to 4.0% of room revenues as marketing and reservation system contributions for the system-wide benefit of brand hotels. Franchise fees are included in sales and marketing expense in our consolidated financial statements. We incurred franchise fee expense, including amortization of deferred franchise fees, of $1.0 million and $1.3 million for the three months ended March 31, 2020 and 2019 , respectively. Capital Expenditures and Reserve Funds With respect to our hotels that are operated under management or franchise agreements with major international hotel brands and for most of our hotels subject to mortgage loans, we are obligated to maintain furniture, fixtures and equipment reserve accounts for future capital expenditures sufficient to cover the cost of routine improvements and alterations at these hotels. The amount funded into each of these reserve accounts is generally determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents for each of the respective hotels and typically ranges between 3% and 5% of the respective hotel’s total gross revenue. At March 31, 2020 and December 31, 2019 , $30.9 million and $26.7 million , respectively, was held in furniture, fixtures and equipment reserve accounts for future capital expenditures and is included in Restricted cash in the consolidated financial statements. In addition, due to the effects of the COVID-19 pandemic on our operations, we have been working with the brands, management companies and lenders and anticipate using a portion of the available restricted cash reserves to cover operating costs at our properties. Renovation Commitments Certain of our hotel franchise and loan agreements require us to make planned renovations to our hotels. Additionally, from time to time, certain of our hotels may undergo renovations as a result of our decision to upgrade portions of the hotels, such as guestrooms, public space, meeting space, and/or restaurants, in order to better compete with other hotels and alternative lodging options in our markets. At March 31, 2020 , we had various contracts outstanding with third parties in connection with the renovation of certain of our hotels. The remaining commitments under these contracts at March 31, 2020 totaled $11.6 million . Funding for a renovation will first come from our furniture, fixtures and equipment reserve accounts, to the extent permitted by the terms of the management agreement. Should these reserves be unavailable or insufficient to cover the cost of the renovation, we will fund all or the remaining portion of the renovation with existing cash resources or other sources of available capital, including cash flow from operations.

(Loss) Income Per Share and Equ

(Loss) Income Per Share and Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
(Loss) Income Per Share and Equity	(Loss) Income Per Share and Equity (Loss) Income Per Share The following table presents (loss) income per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Basic and Diluted Weighted-Average Allocation of Income Basic and Diluted Income Per Share Class A common stock 33,093,096 $ (14,078 ) $ (0.43 ) 31,392,012 $ 398 $ 0.01 Class T common stock 61,103,150 (26,040 ) (0.43 ) 59,500,448 626 0.01 Net (loss) income attributable to WLT stockholders $ (40,118 ) $ 1,024 The allocation of net (loss) income attributable to WLT stockholders is calculated based on the weighted-average shares outstanding for Class A common stock and Class T common stock for the period. The allocation for the Class A common stock excludes the accretion of interest on the annual distribution and shareholder servicing fee of less than $0.1 million and $0.1 million for the three months ended March 31, 2020 and 2019 , respectively, since this fee is only applicable to holders of Class T common stock. The distribution and shareholder servicing fee is 1.0% of the NAV of our Class T common stock; it accrues daily and is payable quarterly in arrears. We currently expect that we will cease incurring the distribution and shareholder servicing fee during the fourth quarter of 2020, at which time the total underwriting compensation paid in respect of the offering will reach 10.0% of the gross offering proceeds. We paid distribution and shareholder servicing fees to selected dealers of $1.2 million and $1.4 million during the three months ended March 31, 2020 and 2019 , respectively. Reclassifications Out of Accumulated Other Comprehensive (Loss) Income The following table presents a reconciliation of changes in Accumulated other comprehensive (loss) income by component for the periods presented (in thousands): Three Months Ended March 31, Gains and Losses on Derivative Instruments 2020 2019 Beginning balance $ (157 ) $ 1,205 Other comprehensive loss before reclassifications (5,836 ) (228 ) Amounts reclassified from accumulated other comprehensive (loss) income to: Interest expense (62 ) (306 ) Equity in losses of equity method investments in real estate, net 21 — Total (41 ) (306 ) Net current period other comprehensive loss (5,877 ) (534 ) Net current period other comprehensive loss attributable to noncontrolling interests 1,388 — Ending balance $ (4,646 ) $ 671

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We elected to be treated as a REIT and believe that we have been organized and have operated in such a manner to maintain our qualification as a REIT for federal and state income tax purposes. As a REIT, we are generally not subject to corporate level federal income taxes on earnings distributed to our stockholders. Since inception, we have distributed at least 100% of our taxable income annually and intend to do so for the tax year ending December 31, 2020 , if applicable. Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three months ended March 31, 2020 and 2019 . We conduct business in various states and municipalities within the United States, and, as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. As a result, we are subject to certain state and local taxes and a provision for such taxes is included in the consolidated financial statements. Certain of our subsidiaries have elected taxable REIT subsidiary (“TRS”) status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. The accompanying consolidated financial statements include an interim tax provision for our TRSs for the three months ended March 31, 2020 and 2019 . Current income tax benefit was $3.3 million and current income tax expense was $1.1 million for the three months ended March 31, 2020 and 2019 , respectively. We have historically calculated the provision for income taxes during interim periods by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the interim period. We have used a discrete effective tax rate method to calculate taxes for the three months ended March 31, 2020. We determined that since estimates of “ordinary” income are unreliable due to the impact of COVID-19 the historical method would not provide a reliable estimate for the three month ended March 31, 2020. In light of the COVID-19 outbreak during the first quarter of 2020, we monitored tax considerations and the potential impact on our consolidated financial statements. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (U.S. federal legislation enacted on March 27, 2020 in response to COVID-19) provides that net operating losses generated in 2018, 2019, or 2020 may be carried back to offset taxable income earned during the five-year period prior to the year in which the net operating loss was generated. By carrying back certain net operating losses, we recognized a $3.8 million current tax benefit during the three months ended March 31, 2020 , which is included within current tax benefit described in the previous paragraph. Our TRSs are subject to U.S. federal and state income taxes. As such, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe that it is more likely than not that we will not realize the tax benefit of deferred tax assets based on available evidence at the time the determination is made. A change in circumstances may cause us to change our judgment about whether a deferred tax asset will more likely than not be realized. We generally report any change in the valuation allowance through our income statement in the period in which such changes in circumstances occur. The majority of our deferred tax assets relate to net operating losses, accrued expenses and deferred key money liabilities. Benefit from income taxes included net deferred income tax benefits of $1.2 million of $2.4 million for the three months ended March 31, 2020 and 2019 , respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Merger with CWI 1 On April 13, 2020, we completed the Merger of Merger Sub with and into CWI 1 in an all-stock transaction. After giving effect to the Merger, CWI 1 became our wholly owned subsidiary. The Merger was effected pursuant to the Merger Agreement by and among us, CWI 1 and Merger Sub. The Combined Company has been renamed Watermark Lodging Trust, Inc. In accordance with the Merger Agreement, at the effective time of the Merger (the “effective time”) each issued and outstanding share of CWI 1’s common stock (or fraction thereof), $0.001 par value per share (“CWI 1 common stock”), was converted into the right to receive 0.9106 shares (the “exchange ratio”) of WLT Class A common stock, $0.001 par value per share (“WLT Class A common stock”). Also at the effective time, all CWI 1 RSUs outstanding and unvested immediately prior to the effective time were converted into a CWI 2 RSU with respect to a whole number of shares of CWI 2 Class A common stock equal to (i) the number of shares of CWI 1 common stock subject to such unvested CWI 1 RSU, multiplied by (ii) the exchange ratio. Immediately following the effective time of the Merger, the internalization of the management of the Combined Company (the “Internalization”) was consummated pursuant to the Internalization Agreement, dated as of October 22, 2019 (as amended, the “Internalization Agreement”), by and among CWI 1, CWI OP, the Operating Partnership, WPC, SGP 1, CLA Holdings, LLC, Carey REIT II, Inc., WPC Holdco LLC, Carey Watermark Holdings 2, the Advisor, Watermark Capital, CWA, LLC (the “CWI 1 Subadvisor”), and the Subadvisor. In accordance with the Internalization Agreement, CWI OP and the Operating Partnership redeemed the special general partnership interests held by SGP 1 and Carey Watermark Holdings 2 in CWI OP and the Operating Partnership, respectively (the “Redemption”). As consideration for the Redemption and the other transactions contemplated by the Internalization Agreement, WLT or the Operating Partnership (as applicable) issued equity consisting of (x) 2,840,549 shares of CWI 2 Class A common stock, to affiliates of WPC, (y) 1,300,000 shares of WLT Series A preferred stock, $0.001 par value per share, to affiliates of WPC, with a liquidation preference of $50.00 per share ( $65,000,000 in the aggregate), and (z) 2,417,996 limited partnership units in the Operating Partnership, to affiliates of Watermark Capital. Following the Redemption, SGP 1 and Carey Watermark Holdings 2 have no further liability or obligation pursuant to the limited partnership agreements of CWI OP or the Operating Partnership, respectively. Immediately following the Redemption, the existing advisory agreements, as amended, between CWI 1 or CWI 2 (as applicable) and the Advisor, and the existing sub‑advisory agreements, as amended, between the Advisor and the CWI 1 Subadvisor or the CWI 2 Subadvisor (as applicable), were automatically terminated. The secured credit facilities entered into by CWI OP or the Operating Partnership (as applicable) as borrower, and CWI 1 or CWI 2 (as applicable) as guarantor, with WPC as lender, each matured at the time of the expiration of such existing advisory agreements and the applicable loan agreements and loan documents were terminated. Neither CWI 1 nor CWI 2 had any outstanding obligations under the respective facilities. Pursuant to the Transition Services Agreement dated as of October 22, 2019 entered into between CWI 2 and WPC, WPC will continue to make available to the Combined Company all of the services that WPC provided to CWI 2 prior to the Merger. The term of the transition services agreement is generally 12 months from the effective date of the internalization transaction. WPC will be paid its costs of providing the services and will be reimbursed for all expenses of providing the services. Pursuant to the Transition Services Agreement dated as of October 22, 2019 entered into between CWI 2 and Watermark Capital, Watermark Capital will continue to make available to the Combined Company all of the services that Watermark Capital provided to CWI 2 prior to the Merger and for the Combined Company to provide certain services to Watermark Capital or its affiliates. Except with respect to particular services provided by the Combined Company to Watermark Capital, the term of the transition services agreement is 12 months from the effective date of the internalization transaction. Watermark Capital or the Combined Company, in their respective capacities as service providers under such transition services agreement, will be paid their respective costs of providing the services and will be reimbursed for all expenses of providing the services. Mr. Medzigian, CWI 1’s and WLT's Chief Executive Officer, entered into an employment agreement with WLT that took effect at the closing of the Merger, effected pursuant to the Employment Agreement, dated as of October 22, 2019, pursuant to which Mr. Medzigian is entitled to receive, among other things, an annual base salary of $775,000 , an annual cash bonus opportunity equal to 150% of his annual base salary based on performance goals, and an award of RSUs of WLT common stock equal to $6.0 million . Mr. Medzigian subsequently entered into a letter agreement with CWI 2 to confirm his agreement to reduce by 50% the pro rata portion of Mr. Medzigian’s annual base salary payable by the Combined Company through July 15, 2020. As of the date of this Report, we have not completed our initial accounting for the Merger, including the determination of the fair value of the assets acquired and liabilities assumed. The acquired assets and liabilities and related operating activity from the date of acquisition will be included in our consolidated financial statements as of and for the six months ended June 30, 2020, as well as consolidated pro forma financial information for the Merger. Disposition Activity On June 8, 2020, the Combined Company sold its 100% ownership interest in the Hutton Hotel Nashville to an unaffiliated third-party for a contractual sales price of $70.0 million , with net proceeds of approximately $26.8 million after the repayment of the related mortgage loan. Tax Restructuring On April 20, 2020, the TRS’s that were previously wholly-owned by CWI 1 were contributed into the wholly-owned WLT combined TRS in a tax-free restructuring. This restructuring will result in a single federal tax filing for the WLT combined TRS, which will include the contributed entities. The WLT combined TRS will value the deferred tax assets and liabilities of the combined entities based on the WLT combined TRS’s deferred tax rate. COVID-19 The ongoing effects of the COVID-19 pandemic on our operations continue to have a material adverse impact on our financial results. Given the impact to lodging demand, we continue to take actions to help mitigate the effects of the COVID-19 pandemic on our operating results and to preserve liquidity. See Note 1 for further details regarding managements plans and liquidity.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”).
Basis of Consolidation	Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity (“VIE”), and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2019 Annual Report. At both March 31, 2020 and December 31, 2019 , we considered two entities to be VIEs, of which we consolidated one , as we are considered the primary beneficiary. The following table presents a summary of selected financial data of consolidated VIEs included in the consolidated balance sheets (in thousands): March 31, 2020 December 31, 2019 Net investments in hotels $ 122,610 $ 123,833 Total assets 145,967 145,218 Non-recourse debt, net $ 88,856 $ 88,747 Total liabilities 107,321 104,046
Recent Accounting Pronouncements	Pronouncements Adopted as of March 31, 2020 In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . Accounting Standards Update (“ASU”) 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses . ASU 2016-13 replaces the “incurred loss” model with an “expected loss” model, resulting in the earlier recognition of credit losses even if the risk of loss is remote. This standard applies to financial assets measured at amortized cost and certain other instruments, including loans receivable. This standard does not apply to receivables arising from operating leases, which are within the scope of Topic 842 . We adopted this guidance for our interim and annual periods beginning January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements.
Equity Method Investments in Real Estate	Under the conventional approach of accounting for equity method investments, an investor applies its percentage ownership interest to the venture’s net income or loss to determine the investor’s share of the earnings or losses of the venture. This approach is inappropriate if the venture’s capital structure gives different rights and priorities to its investors. Therefore, we followed the hypothetical liquidation at book value (“HLBV”) method in determining our share of these ventures’ earnings or losses for the reporting period as this method better reflects our claim on the ventures’ book value at the end of each reporting period. Earnings for our equity method investments were recognized in accordance with each respective investment agreement and, where applicable, based upon the allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.
Fair Value of Financial Instruments	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments, including interest rate caps and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis Derivative Assets — Our derivative assets, which are included in Other assets in the consolidated financial statements, are comprised of interest rate caps and swaps ( Note 7 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings and thresholds. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of selected financial data of consolidated VIEs included in the consolidated balance sheets (in thousands): March 31, 2020 December 31, 2019 Net investments in hotels $ 122,610 $ 123,833 Total assets 145,967 145,218 Non-recourse debt, net $ 88,856 $ 88,747 Total liabilities 107,321 104,046
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2020 December 31, 2019 Cash and cash equivalents $ 73,047 $ 81,713 Restricted cash 32,251 30,062 Total cash and cash equivalents and restricted cash $ 105,298 $ 111,775
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2020 December 31, 2019 Cash and cash equivalents $ 73,047 $ 81,713 Restricted cash 32,251 30,062 Total cash and cash equivalents and restricted cash $ 105,298 $ 111,775

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables present a summary of fees we paid, expenses we reimbursed and distributions we made to our Advisor, the Subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Three Months Ended March 31, 2020 2019 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 2,683 $ 2,683 Personnel and overhead reimbursements 1,140 1,100 Available Cash Distributions — 1,938 $ 3,823 $ 5,721 Other Transaction Fees Incurred Capitalized loan refinancing fees $ 296 $ — The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): March 31, 2020 December 31, 2019 Amounts Due to Related Parties and Affiliates Reimbursable costs due to our Advisor $ 1,036 $ 956 Asset management fees and other to our Advisor 98 894 Watermark commitment agreement — 800 Due to other related parties and affiliates — 136 $ 1,134 $ 2,786

Net Investments in Hotels (Tabl

Net Investments in Hotels (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands): March 31, 2020 December 31, 2019 Buildings $ 1,090,307 $ 1,090,693 Land 236,078 236,078 Furniture, fixtures and equipment 94,880 93,333 Building and site improvements 47,036 42,318 Construction in progress 4,072 6,466 Hotels, at cost 1,472,373 1,468,888 Less: Accumulated depreciation (169,410 ) (157,581 ) Net investments in hotels $ 1,302,963 $ 1,311,307
Weather Related Disruptions	Below is a summary of the items that comprised the (gain) loss recognized by the venture related to Hurricane Irma (in thousands): Three Months Ended March 31, 2020 2019 Net write-off of fixed assets $ 743 $ 3,043 Decrease to property damage insurance receivables (743 ) (3,053 ) Gain on hurricane-related property damage $ — $ (10 )

Equity Investments in Real Es_2

Equity Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table sets forth our ownership interests in our equity investments in real estate and their respective carrying values. The carrying values of these ventures are affected by the timing and nature of distributions (dollars in thousands): Unconsolidated Hotels State Number of Rooms % Owned Hotel Type Carrying Value at March 31, 2020 December 31, 2019 Ritz-Carlton Bacara, Santa Barbara Venture (a) (b) CA 358 60.0 % Resort $ 48,640 $ 77,837 Ritz-Carlton Key Biscayne Venture (c) (d) FL 443 19.3 % Resort 36,468 35,332 801 $ 85,108 $ 113,169 ___________ (a) At March 31, 2020, this investment represented a tenancy-in-common interest with the remaining 40.0% interest owned by CWI 1. Upon completion of the Merger on April 13, 2020, the Combined Company consolidates its real estate interest in this hotel. (b) We contributed $1.4 million to this investment during the three months ended March 31, 2020, which included funding for the hotel’s renovation. We recognized an other-than-temporary impairment charge of $26.7 million on this investment during the three months ended March 31, 2020 to reduce the carrying value of our equity investment in the venture to its estimated fair value. (c) At March 31, 2020, a 47.4% interest in this venture was owned by CWI 1, with the remaining 33.3% interest retained by the original owner. Upon completion of the Merger on April 13, 2020, the Combined Company consolidates its real estate interest in this hotel. The number of rooms presented includes 141 condo-hotel units that participate in the resort rental program. (d) No cash distributions were received from this investment during the three months ended March 31, 2020. This investment is considered a VIE ( Note 2 ). We do not consolidate this entity because we are not the primary beneficiary and the nature of our involvement in the activities of the entity allows us to exercise significant influence but does not give us power over decisions that significantly affect the economic performance of the entity. The following table sets forth our share of equity in (losses) earnings from our Unconsolidated Hotels, which is based on the HLBV model, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Three Months Ended March 31, Unconsolidated Hotels 2020 2019 Ritz-Carlton Bacara, Santa Barbara Venture (a) $ (30,575 ) $ (2,964 ) Ritz-Carlton Key Biscayne Venture 1,136 1,622 Total equity in losses of equity method investments in real estate, net $ (29,439 ) $ (1,342 ) ___________ (a) Includes an other-than-temporary impairment charge of $26.7 million recognized on this investment during the three months ended March 31, 2020 to reduce the carrying value of our equity investment in the venture to its estimated fair value. The following tables present combined summarized financial information of our equity investments in real estate. Amounts provided are the total amounts attributable to the ventures and do not represent our proportionate share (in thousands): March 31, 2020 December 31, 2019 Real estate, net $ 632,768 $ 636,372 Other assets 68,104 64,130 Total assets 700,872 700,502 Debt 412,922 413,538 Other liabilities 52,214 50,973 Total liabilities 465,136 464,511 Members’ equity $ 235,736 $ 235,991 Three Months Ended March 31, 2020 2019 Revenues $ 42,608 $ 50,837 Expenses (45,163 ) (49,944 ) Net (loss) income attributable to equity method investments $ (2,555 ) $ 893

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments on our Consolidated Hotels	The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands): Derivatives Designated as Hedging Instruments Asset Derivatives Fair Value at Liability Derivatives Fair Value at Balance Sheet Location March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Interest rate caps Other assets $ 4 $ — $ — $ — Interest rate swap Other assets — 121 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (5,802 ) — $ 4 $ 121 $ (5,802 ) $ —
Schedule of Derivative Instruments	The interest rate swaps and caps that we had outstanding on our Consolidated Hotels at March 31, 2020 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Notional Fair Value at Interest Rate Derivatives Instruments Amount March 31, 2020 Interest rate swaps 2 $ 188,300 $ (5,802 ) Interest rate caps 3 171,078 4 $ (5,798 )

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the non-recourse debt, net on our Consolidated Hotel investments (dollars in thousands): Current Carrying Amount at Consolidated Hotels Interest Rate Rate Type Maturity Date March 31, 2020 December 31, 2019 Le Méridien Arlington (a) (b) 4.33% Variable 6/2020 $ 34,703 $ 34,755 San Jose Marriott (a) (b) 4.33% Variable 7/2020 87,287 87,460 Renaissance Atlanta Midtown Hotel (a) (c) 3.26% Variable 8/2021 48,653 48,589 Ritz-Carlton San Francisco 4.59% Fixed 2/2022 142,897 142,923 Charlotte Marriott City Center 4.53% Fixed 6/2022 102,674 102,636 Courtyard Nashville Downtown 4.15% Fixed 9/2022 54,863 54,965 Marriott Sawgrass Golf Resort & Spa (a) (c) 3.76% Variable 11/2022 88,856 88,747 Embassy Suites by Hilton Denver-Downtown/Convention Center 3.90% Fixed 12/2022 97,625 98,073 Seattle Marriott Bellevue (a) (c) 4.19% Variable 1/2023 97,383 97,895 San Diego Marriott La Jolla 4.13% Fixed 8/2023 84,064 84,422 $ 839,005 $ 840,465 ___________ (a) These mortgage loans have variable interest rates, which have effectively been capped or converted to fixed rates through the use of interest rate caps or swaps ( Note 7 ). The interest rates presented for these mortgage loans reflect the rates in effect at March 31, 2020 through the use of an interest rate cap or swap, as applicable. (b) These mortgage loans have one -year extension options, which are subject to certain conditions. The maturity dates in the table do not reflect the extension option. In connection with loan modification agreements, we have extended the maturity dates of these loans to October 28, 2020. (c) These mortgage loans have two one -year extension options, which are subject to certain conditions. The maturity dates in the table do not reflect the extension options.
Scheduled Debt Principal Payments	Scheduled debt principal payments during the remainder of 2020 and each of the next four calendar years following December 31, 2020 are as follows (in thousands): Years Ending December 31, Total 2020 (remainder) $ 127,414 2021 56,497 2022 488,617 2023 170,178 2024 — Total principal payments 842,706 Unamortized deferred financing costs (3,701 ) Total $ 839,005

(Loss) Income Per Share and E_2

(Loss) Income Per Share and Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Loss Per Share	The following table presents (loss) income per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Basic and Diluted Weighted-Average Allocation of Income Basic and Diluted Income Per Share Class A common stock 33,093,096 $ (14,078 ) $ (0.43 ) 31,392,012 $ 398 $ 0.01 Class T common stock 61,103,150 (26,040 ) (0.43 ) 59,500,448 626 0.01 Net (loss) income attributable to WLT stockholders $ (40,118 ) $ 1,024
Reclassification out of Accumulated Other Comprehensive Income	The following table presents a reconciliation of changes in Accumulated other comprehensive (loss) income by component for the periods presented (in thousands): Three Months Ended March 31, Gains and Losses on Derivative Instruments 2020 2019 Beginning balance $ (157 ) $ 1,205 Other comprehensive loss before reclassifications (5,836 ) (228 ) Amounts reclassified from accumulated other comprehensive (loss) income to: Interest expense (62 ) (306 ) Equity in losses of equity method investments in real estate, net 21 — Total (41 ) (306 ) Net current period other comprehensive loss (5,877 ) (534 ) Net current period other comprehensive loss attributable to noncontrolling interests 1,388 — Ending balance $ (4,646 ) $ 671

Business - Narratives (Details)

Business - Narratives (Details) $ in Thousands	Jun. 08, 2020USD ($)	Jun. 30, 2020property	May 31, 2020property	Jun. 26, 2020USD ($)loanproperty	Jul. 31, 2017USD ($)	Mar. 31, 2020USD ($)property	Jun. 15, 2020USD ($)	Dec. 31, 2019USD ($)
Business
Capital interest ownership in operating partnership						99.985%
Unrestricted cash						$ 73,000
Non-recourse debt, net						839,005		$ 840,465
Common Class A
Business
Proceeds from issuance initial public offering					$ 280,300
Proceeds from DRIP						30,800
Common Class T
Business
Proceeds from issuance initial public offering					$ 571,000
Proceeds from DRIP						62,700
CWI 1
Business
Unrestricted cash						47,800
Non-recourse debt, net						1,200,000
CWI And CWI 2 Merger
Business
Non-recourse debt, net						2,000,000
Debt instruments with extension options						224,200
Current portion of long term debt						490,700
Aggregate indebtedness of loans under cash management agreements						$ 167,800
Subsequent Event
Business
Unrestricted cash							$ 102,300
Number of modified loans (loans) | loan				18
Number of mortgage loans ( loans) | loan				32
Number of loans refinanced				$ 1,300,000
Subsequent Event | CWI And CWI 2 Merger | Hutton Nashville
Business
Ownership percentage (percent)	100.00%
Contract sales price	$ 70,000
Net proceeds from sales of real estate	$ 26,800
Hotel
Business
Number of real estate properties (property) | property						12
Number of properties with suspended operations (property) | property						17
Hotel | Forecasted
Business
Number of properties reopened (property) | property		8
Hotel | Subsequent Event
Business
Number of properties operating below occupancy (property) | property				24
Number of properties fully suspended (property) | property				8
Number of properties reopened (property) | property			1
Consolidated Properties | Hotel
Business
Number of real estate properties (property) | property						10
Unconsolidated Properties | Hotel
Business
Number of real estate properties (property) | property						2
Unconsolidated Properties | Hotel | CWI 1
Business
Number of real estate properties (property) | property						1

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details)	Dec. 31, 2019vie
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable interest entities, count	2
Variable interest entities consolidated, count	1

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Net investments in hotels	$ 1,302,963	$ 1,311,307
Total assets	1,530,735	1,576,982
Liabilities
Non-recourse debt, net	839,005	840,465
Total liabilities	904,862	914,338
Variable Interest Entity
Assets
Net investments in hotels	122,610	123,833
Total assets	145,967	145,218
Liabilities
Non-recourse debt, net	88,856	88,747
Total liabilities	$ 107,321	$ 104,046

Basis of Presentation - Cash, C

Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 73,047	$ 81,713
Restricted cash	32,251	30,062
Total cash and cash equivalents and restricted cash	$ 105,298	$ 111,775	$ 106,572	$ 103,937

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	Jan. 15, 2020USD ($)	Oct. 25, 2019USD ($)	Oct. 01, 2019USD ($)property	Mar. 31, 2020USD ($)propertyinvestmentshares	Mar. 31, 2019USD ($)	Apr. 13, 2020	Dec. 31, 2019USD ($)	Oct. 19, 2017USD ($)
Related Party Transaction
Percentage of fees earned by advisor paid to subadvisor				25.00%
Subordinated incentive distribution (percentage)				30.00%
Percentage of asset management fees (percentage)				0.55%
Acquisition fees to affiliates settled				$ 3,500,000	$ 2,600,000
Percentage of available cash distribution to advisor (percent)				10.00%
Payment for business liquidation services	$ 800,000	$ 2,000,000
Ritz-Carlton Bacara, Santa Barbara Venture | Unconsolidated Properties
Related Party Transaction
Ownership percentage				60.00%
Subsequent Event | Marriott Sawgrass Golf Resort and Spa | Unconsolidated Properties
Related Party Transaction
Ownership percentage						100.00%
Subsequent Event | Ritz-Carlton Bacara, Santa Barbara Venture | Unconsolidated Properties
Related Party Transaction
Ownership percentage						100.00%
Working Capital Facility | Revolver
Related Party Transaction
Maximum borrowing capacity								$ 25,000,000
Working capital facility outstanding				$ 0			$ 0
Hotel
Related Party Transaction
Number of real estate properties (property) | property				12
Hotel | Unconsolidated Properties
Related Party Transaction
Number of real estate properties (property) | property				2
CWI And CWI 2 Merger
Related Party Transaction
Payment for business liquidation services	$ 1,950,000	$ 5,000,000
CWI And CWI 2 Merger | CEO
Related Party Transaction
Watermark commitment charges			$ 6,950,000
W.P. Carey | Hotel
Related Party Transaction
Number of real estate properties (property) | property			2
Affiliated Entity | Advisor
Related Party Transaction
Common shares, outstanding (shares) | shares				3,811,189
Percentage of common stock held by related party (percent)				4.00%
Affiliated Entity | CWI
Related Party Transaction
Number of jointly owned investments | investment				3
Maximum
Related Party Transaction
Disposition fees (percentage)				1.50%
Loan refinancing fees (percentage)				1.00%

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Amounts Included in the Consolidated Statements of Operations
Costs of services	$ 69,620	$ 75,569
Available Cash Distributions	0	1,938
Affiliated Entity
Amounts Included in the Consolidated Statements of Operations
Personnel and overhead reimbursements	1,140	1,100
Available Cash Distributions	0	1,938
Related party expenses included operating expenses	3,823	5,721
Other Transaction Fees Incurred
Capitalized loan refinancing fees	296	0
Affiliated Entity | Asset management fees
Amounts Included in the Consolidated Statements of Operations
Costs of services	$ 2,683	$ 2,683

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Amounts Due to Related Parties and Affiliates
Reimbursable costs due to our Advisor	$ 1,036	$ 956
Asset management fees and other to our Advisor	98	894
Watermark commitment agreement		800
Due to other related parties and affiliates		136
Due to related parties and affiliates	$ 1,134	$ 2,786

Net Investments in Hotels - Nar

Net Investments in Hotels - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Business Acquisition
Assets retired	$ 100	$ 1,500
Construction in progress	4,072		$ 6,466
Capitalized interest (less than)	100	$ 100
Accrued capital expenditures	$ 2,700		$ 1,400

Net Investments in Hotels - Pro

Net Investments in Hotels - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Buildings	$ 1,090,307	$ 1,090,693
Land	236,078	236,078
Furniture, fixtures and equipment	94,880	93,333
Building and site improvements	47,036	42,318
Construction in progress	4,072	6,466
Hotels, at cost	1,472,373	1,468,888
Less: Accumulated depreciation	(169,410)	(157,581)
Net investments in hotels	$ 1,302,963	$ 1,311,307

Net Investments in Hotels - Wea

Net Investments in Hotels - Weather Interruptions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Hurricane-Related Disruptions
Gain on hurricane-related property damage	$ 0	$ (10)
Marriott Sawgrass Golf Resort and Spa
Hurricane-Related Disruptions
Net write-off (write-up) of fixed assets	743	3,043
Decrease to property damage insurance receivables	(743)	(3,053)
Gain on hurricane-related property damage	$ 0	$ (10)

Equity Investments in Real Es_3

Equity Investments in Real Estate - Narratives (Details)	3 Months Ended
	Mar. 31, 2020USD ($)roomproperty	Mar. 31, 2019USD ($)
Schedule of Equity Method Investments
Other than temporary impairments	$ 0	$ 0
Number of rooms | room	801
Distributions of earnings from equity method investments	$ 0	461,000
Aggregate unamortized basis difference on equity investments	5,400,000
Amortization of basis differences	$ 100,000	$ 100,000
Hotel
Schedule of Equity Method Investments
Number of real estate properties (property) | property	12
Unconsolidated Properties | Ritz-Carlton Bacara, Santa Barbara Venture
Schedule of Equity Method Investments
Ownership percentage	60.00%
Contributions to equity method investments	$ (1,400,000)
Other than temporary impairments	$ 26,700,000
Number of rooms | room	358
Unconsolidated Properties | Ritz-Carlton Key Biscayne Venture
Schedule of Equity Method Investments
Ownership percentage	19.30%
Number of rooms | room	443
Distributions of earnings from equity method investments	$ 0
Unconsolidated Properties | Ritz-Carlton Key Biscayne Venture | Condo
Schedule of Equity Method Investments
Number of rooms | room	141
Unconsolidated Properties | Original Owner | Ritz-Carlton Key Biscayne Venture
Schedule of Equity Method Investments
Ownership percentage	33.30%
Unconsolidated Properties | CWI | Ritz-Carlton Bacara, Santa Barbara Venture
Schedule of Equity Method Investments
Ownership percentage	40.00%
Unconsolidated Properties | CWI | Ritz-Carlton Key Biscayne Venture
Schedule of Equity Method Investments
Ownership percentage	47.40%
Unconsolidated Properties | Hotel
Schedule of Equity Method Investments
Number of real estate properties (property) | property	2
Unconsolidated Properties | Hotel | CWI
Schedule of Equity Method Investments
Number of real estate properties (property) | property	1
Unconsolidated Properties | Hotel | Third Party | CWI
Schedule of Equity Method Investments
Number of real estate properties (property) | property	1

Equity Investments in Real Es_4

Equity Investments in Real Estate - Ownership Interest in Equity Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)room	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments
Number of Rooms | room	801
Carrying Value | $	$ 85,108	$ 113,169
Unconsolidated Properties | Ritz-Carlton Bacara, Santa Barbara Venture
Schedule of Equity Method Investments
Number of Rooms | room	358
Owned	60.00%
Hotel Type	Resort
Carrying Value | $	$ 48,640	77,837
Unconsolidated Properties | Ritz-Carlton Key Biscayne Venture
Schedule of Equity Method Investments
Number of Rooms | room	443
Owned	19.30%
Hotel Type	Resort
Carrying Value | $	$ 36,468	$ 35,332

Equity Investments in Real Es_5

Equity Investments in Real Estate - Earnings From Unconsolidated Hotels (Details ) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Equity Method Investments
Equity in losses of equity method investments in real estate, net	$ (29,439)	$ (1,342)
Unconsolidated Properties | Ritz-Carlton Bacara, Santa Barbara Venture
Schedule of Equity Method Investments
Equity in losses of equity method investments in real estate, net	(30,575)	(2,964)
Unconsolidated Properties | Ritz-Carlton Key Biscayne Venture
Schedule of Equity Method Investments
Equity in losses of equity method investments in real estate, net	$ 1,136	$ 1,622

Equity Investments in Real Es_6

Equity Investments in Real Estate - Summarized Balance Sheet of Equity Investments (Details) - Unconsolidated Properties - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Real estate, net	$ 632,768	$ 636,372
Other assets	68,104	64,130
Total assets	700,872	700,502
Debt	412,922	413,538
Other liabilities	52,214	50,973
Total liabilities	465,136	464,511
Members’ equity	$ 235,736	$ 235,991

Equity Investments in Real Es_7

Equity Investments in Real Estate - Summarized Income Statement of Equity Investments (Details) - Unconsolidated Properties - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenues	$ 42,608	$ 50,837
Expenses	(45,163)	(49,944)
Net (loss) income attributable to equity method investments	$ (2,555)	$ 893

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - Level 3 - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Reported Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	$ 839	$ 840.5
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	$ 783.2	$ 844.2

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - Designated as hedging instrument - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value
Derivative asset at fair value	$ 4	$ 121
Derivative liability at fair value	(5,802)	0
Interest rate caps | Other assets
Derivatives, Fair Value
Derivative asset at fair value	4	0
Interest rate swap(s) | Other assets
Derivatives, Fair Value
Derivative asset at fair value	0	121
Interest rate swap(s) | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability at fair value	$ (5,802)	$ 0

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Derivative
Collateral posted	$ 0		$ 0
Interest expense	9,627,000	$ 10,100,000
Estimated amount of derivative income to be reclassified from OCI to income	2,300,000
Collateral obligation	0
Total credit exposure on derivatives	100,000
Derivatives in net liability position	5,793,458.9		$ 0
Assets needed for immediate settlement	6,200,000
Single counterparty
Derivative
Total credit exposure on derivatives	100,000
AOCI Including Portion Attributable to Noncontrolling Interest
Derivative
Other comprehensive loss before reclassifications	(5,836,000)	(228,000)
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss
Derivative
Interest expense	$ (62,000)	$ (306,000)

Risk Management and Use of De_5

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) - Designated as hedging instrument - Cash Flow Hedging $ in Thousands	Mar. 31, 2020USD ($)instrument
Derivative
Fair Value	$ (5,798)
Interest rate swap(s)
Derivative
Number of Instruments | instrument	2
Notional Amount	$ 188,300
Fair Value	$ (5,802)
Interest rate caps
Derivative
Number of Instruments | instrument	3
Notional Amount	$ 171,078
Fair Value	$ 4

Debt - Summary of Non-recourse

Debt - Summary of Non-recourse and Limited-recourse Debt on Consolidated Hotels (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Hotel Details
Non-recourse debt, net	$ 839,005	$ 840,465
Le Méridien Arlington
Hotel Details
Interest Rate	4.33%
Rate Type	Variable
Non-recourse debt, net	$ 34,703	34,755
San Jose Marriott
Hotel Details
Interest Rate	4.33%
Rate Type	Variable
Non-recourse debt, net	$ 87,287	87,460
Renaissance Atlanta Midtown Hotel
Hotel Details
Interest Rate	3.26%
Rate Type	Variable
Non-recourse debt, net	$ 48,653	48,589
Ritz-Carlton San Francisco
Hotel Details
Interest Rate	4.59%
Rate Type	Fixed
Non-recourse debt, net	$ 142,897	142,923
Charlotte Marriott City Center
Hotel Details
Interest Rate	4.53%
Rate Type	Fixed
Non-recourse debt, net	$ 102,674	102,636
Courtyard Nashville Downtown
Hotel Details
Interest Rate	4.15%
Rate Type	Fixed
Non-recourse debt, net	$ 54,863	54,965
Marriott Sawgrass Golf Resort and Spa
Hotel Details
Interest Rate	3.76%
Rate Type	Variable
Non-recourse debt, net	$ 88,856	88,747
Embassy Suites Denver Downtown Convention Center
Hotel Details
Interest Rate	3.90%
Rate Type	Fixed
Non-recourse debt, net	$ 97,625	98,073
Seattle Marriott Bellevue
Hotel Details
Interest Rate	4.19%
Rate Type	Variable
Non-recourse debt, net	$ 97,383	97,895
San Diego Marriott La Jolla
Hotel Details
Interest Rate	4.13%
Rate Type	Fixed
Non-recourse debt, net	$ 84,064	$ 84,422

Debt - Narratives (Details)

Debt - Narratives (Details)	3 Months Ended
	Mar. 31, 2020USD ($)extension	Mar. 31, 2019USD ($)
Debt Instrument
Repayments of secured debt | $	$ 1,981,000	$ 821,000
San Jose Marriott
Debt Instrument
Option extension period	1 year
Effective interest rate (percent)	4.33%
Le Méridien Arlington
Debt Instrument
Option extension period	1 year
Effective interest rate (percent)	4.33%
Marriott Sawgrass Golf Resort and Spa
Debt Instrument
Option extension period	1 year
Number of extension options | extension	2
Effective interest rate (percent)	3.76%
Renaissance Atlanta Midtown Hotel
Debt Instrument
Option extension period	1 year
Number of extension options | extension	2
Effective interest rate (percent)	3.26%
Seattle Marriott Bellevue
Debt Instrument
Option extension period	1 year
Number of extension options | extension	2
Repayments of secured debt | $	$ 97,700,000
Proceeds from mortgage financing | $	$ 98,800,000
Effective interest rate (percent)	4.19%
Seattle Marriott Bellevue | LIBOR
Debt Instrument
Variable interest rate (percent)	2.70%

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Long-term Debt
2020 (remainder)	$ 127,414
2021	56,497
2022	488,617
2023	170,178
2024	0
Total principal payments	842,706
Unamortized deferred financing costs	(3,701)
Total	$ 839,005	$ 840,465

Commitments and Contingencies -

Commitments and Contingencies - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)agreementmanagement_companyproperty	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Loss Contingencies
Number of management companies | management_company	3
Number of management agreements | agreement	6
Properties under franchise or license agreement (properties) | property	4
Restricted cash	$ 32,251		$ 30,062
Unpaid commitments	11,600
Furniture and fixtures
Loss Contingencies
Restricted cash	$ 30,900		$ 26,700
Food and beverage revenue
Loss Contingencies
License and royalty fees (percentage)	3.00%
Marriott Brand
Loss Contingencies
Franchise agreements, count | agreement	3
Hilton Brand
Loss Contingencies
Franchise agreements, count | agreement	1
Management fees
Loss Contingencies
Cost of services	$ 2,052	$ 3,478
Franchises
Loss Contingencies
Cost of services	$ 1,000	$ 1,300
Minimum
Loss Contingencies
Hotel management contract term	5 years
Base hotel management fee (percentage)	2.50%
Base hotel management fee including benefit of franchise agreement (percentage)	3.00%
Franchise agreement initial term	20 years
Marketing and reservation contribution rate (percentage)	1.00%
Required FF&E percentages for future capital expenditures (percentage)	3.00%
Minimum | Room revenue
Loss Contingencies
License and royalty fees (percentage)	3.00%
Maximum
Loss Contingencies
Hotel management contract term	40 years
Base hotel management fee (percentage)	3.00%
Base hotel management fee including benefit of franchise agreement (percentage)	7.00%
Franchise agreement initial term	25 years
Marketing and reservation contribution rate (percentage)	4.00%
Required FF&E percentages for future capital expenditures (percentage)	5.00%
Maximum | Room revenue
Loss Contingencies
License and royalty fees (percentage)	6.00%

(Loss) Income Per Share and E_3

(Loss) Income Per Share and Equity - Summary of Loss Per Share and Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income (Loss) Per Share
Allocation of Loss	$ (40,118)	$ 1,024
Common Class A
Income (Loss) Per Share
Basic and Diluted Weighted-Average Shares Outstanding (shares)	33,093,096	31,392,012
Allocation of Loss	$ (14,078)	$ 398
Basic and Diluted (Loss) Income Per Share (usd per share)	$ (0.43)	$ 0.01
Common Class T
Income (Loss) Per Share
Basic and Diluted Weighted-Average Shares Outstanding (shares)	61,103,150	59,500,448
Allocation of Loss	$ (26,040)	$ 626
Basic and Diluted (Loss) Income Per Share (usd per share)	$ (0.43)	$ 0.01

(Loss) Income Per Share and E_4

(Loss) Income Per Share and Equity - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Class of Stock
Payment of distribution and shareholder servicing fees	$ 1,200	$ 1,400
Distributions payable	0		$ 11,616
Common Class A
Class of Stock
Accretion of interest on annual distribution and shareholder servicing fee	$ 100	$ 100
Common Class T
Class of Stock
Distribution and shareholder servicing fee (percent)	1.00%
Underwriting compensation limit (percent)	10.00%

(Loss) Income Per Share and E_5

(Loss) Income Per Share and Equity - Reclassifications of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reconciliation Of Accumulated Comprehensive Income
Beginning balance, value	$ 662,644	$ 696,403
Interest expense	9,627	10,100
Equity in losses of equity method investments in real estate, net	(29,439)	(1,342)
Net current period other comprehensive loss	(5,877)	(534)
Ending balance, value	625,873	697,154
Accumulated Other Comprehensive (Loss) Income
Reconciliation Of Accumulated Comprehensive Income
Beginning balance, value	(157)	1,205
Net current period other comprehensive loss	(4,489)	(534)
Ending balance, value	(4,646)	671
AOCI Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive loss before reclassifications	(5,836)	(228)
Total	(41)	(306)
Net current period other comprehensive loss	(5,877)	(534)
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive income (loss) to:
Reconciliation Of Accumulated Comprehensive Income
Interest expense	(62)	(306)
Equity in losses of equity method investments in real estate, net	21	0
AOCI Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Net current period other comprehensive loss attributable to noncontrolling interests	$ 1,388	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Percentage of taxable income distributed	100.00%
Current benefit, operating loss carryforward	$ 3.8
Current income tax (benefit) expense	(3.3)	$ 1.1
Deferred income tax benefit	$ 1.2	$ 2.4

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jun. 08, 2020	Apr. 13, 2020	Oct. 22, 2019	Mar. 31, 2020	Dec. 31, 2019
Subsequent Event
Preferred stock, par share value (usd per share)				$ 0.001	$ 0.001
CEO | RSUs
Subsequent Event
Sharre based compensation			$ 6,000,000
CWI And CWI 2 Merger | CEO
Subsequent Event
Officers salary			$ 775,000
Performance based annual bonus rate (percent)			150.00%
Decrease in performace based annual cash bonus rate (percent)				50.00%
Common Class A
Subsequent Event
Common stock, par share value (usd per share)				$ 0.001	$ 0.001
Subsequent Event | CWI And CWI 2 Merger | Hutton Nashville
Subsequent Event
Ownership percentage (percent)	100.00%
Contract sales price	$ 70,000,000
Net proceeds from sales of real estate	$ 26,800,000
Subsequent Event | Common Stock | CWI 1
Subsequent Event
Common stock, par share value (usd per share)		$ 0.001
Subsequent Event | Common Class A | CWI 1
Subsequent Event
Common stock, par share value (usd per share)		0.001
Share conversion rate (per share)		$ 0.9106
Subsequent Event | Common Class A | CWI 1 | W.P. Carey
Subsequent Event
Shares issued as compensation in acquisition (shares)		2,840,549
Subsequent Event | Common Class A | CWI 1 | CWI 2 OP | Watermark Capital
Subsequent Event
Shares issued as compensation in acquisition (shares)		2,417,996
Subsequent Event | Series A Preferred Stock | CWI 1 | W.P. Carey
Subsequent Event
Shares issued as compensation in acquisition (shares)		1,300,000
Preferred stock, par share value (usd per share)		$ 0.001
Preferred stock liquidatoin preferernce (usd per share)		$ 50
Shares issued as compensation in acquisition		$ 65,000,000