Watermark Lodging Trust (WRMK) 10-K 12 Mar 21 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 05, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-55461
Entity Registrant Name	WATERMARK LODGING TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-5765413
Entity Address, Address Line One	150 N. Riverside Plaza
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	847
Local Phone Number	482-8600
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Documents Incorporated by Reference	The registrant incorporates by reference its definitive Proxy Statement with respect to its 2021 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of its fiscal year, into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001609471
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		167,466,774
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		61,096,230

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments in real estate:
Hotels, at cost	$ 3,315,792	$ 2,008,496
Accumulated depreciation	(356,328)	(298,949)
Net investments in hotels	2,959,464	1,709,547
Equity investments in real estate	18,639	100,297
Operating lease right-of-use assets	40,729	45,727
Cash and cash equivalents	160,383	70,605
Intangible assets, net	72,285	64,786
Restricted cash	91,081	54,699
Accounts receivable, net	46,010	23,753
Other assets	30,735	25,277
Total assets	3,419,326	2,094,691
Liabilities and Equity
Non-recourse debt, net	2,169,902	1,206,067
Mandatorily redeemable preferred stock	214,158	0
Accounts payable, accrued expenses and other liabilities	174,027	94,849
Operating lease liabilities	74,633	71,733
Due to related parties and affiliates	190	3,806
Distributions payable	0	20,357
Total liabilities	2,632,910	1,396,812
Commitments and contingencies (Note 11)
Equity
Additional paid-in capital	1,655,554	1,209,691
Distributions and accumulated losses	(911,863)	(562,747)
Accumulated other comprehensive loss	(724)	(172)
Total stockholders’ equity	743,195	646,902
Noncontrolling interests	43,221	50,977
Total equity	786,416	697,879
Total liabilities and equity	3,419,326	2,094,691
Class A Common Stock
Liabilities and Equity
Common stock	167	130
Class T Common Stock
Liabilities and Equity
Common stock	$ 61	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Class A Common Stock
Common stock, par share value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common stock, shares, issued (shares)	167,441,281	130,083,865
Common shares, outstanding (shares)	167,441,281	130,083,865
Class T Common Stock
Common stock, par share value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common stock, shares, issued (shares)	61,102,438	0
Common shares, outstanding (shares)	61,102,438	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Hotel Revenues
Business interruption income	$ 942,000	$ 4,338,000	$ 23,579,000
Revenues	279,101,000	611,063,000	613,887,000
Expenses
Property taxes, insurance, rent and other	79,879,000	72,236,000	62,586,000
General and administrative	42,353,000	54,831,000	53,417,000
Sales and marketing	29,013,000	57,330,000	57,763,000
Repairs and maintenance	19,683,000	19,932,000	19,857,000
Depreciation and amortization	114,490,000	76,621,000	77,170,000
Costs related to sales	434,327,000	540,814,000	531,212,000
Impairment charges	120,220,000	0	0
Corporate general and administrative expenses	23,845,000	12,202,000	11,602,000
Transaction costs	18,448,000	2,783,000	0
Asset management fees to affiliate	3,795,000	14,052,000	14,136,000
(Gain) loss on property-related insurance claims	(2,520,000)	372,000	(1,340,000)
Total Expenses	598,115,000	570,223,000	555,610,000
Operating (Loss) Income before net gain on sale of real estate	(319,014,000)	40,840,000	58,277,000
Net gain on sale of real estate	2,738,000	30,918,000	31,260,000
Operating (Loss) Income	(316,276,000)	71,758,000	89,537,000
Interest expense	(125,782,000)	(65,861,000)	(66,597,000)
Bargain purchase gain	78,696,000	0	0
Equity in losses of equity method investment in real estate, net	(35,026,000)	(1,018,000)	(1,315,000)
Net gain on change in control of interests	22,250,000	0	0
Other income (expense)	954,000	253,000	(493,000)
Net loss on extinguishment of debt	(22,000)	(2,711,000)	(511,000)
(Loss) income before income taxes	(375,206,000)	2,421,000	20,621,000
Benefit from (provision for) income taxes	7,930,000	(3,152,000)	(4,877,000)
Net (Loss) Income	(367,276,000)	(731,000)	15,744,000
Loss (Income) attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $0, $7,095 and $5,142, respectively)	17,148,000	(10,167,000)	(7,688,000)
Net (Loss) Income Attributable to the Company	(350,128,000)	(10,898,000)	8,056,000
Preferred dividends	(1,742,000)	0	0
Net (Loss) Income Attributable to Common Stockholders	(351,870,000)	(10,898,000)	8,056,000
Class A Common Stock
Expenses
Net (Loss) Income Attributable to Common Stockholders	$ (274,928,000)	$ (10,898,000)	$ 8,056,000
Basic and diluted weighted-average shares outstanding (shares)	157,288,346	128,978,410	126,915,817
Basic and diluted (loss) income per share (usd per share)	$ (1.73)	$ (0.08)	$ 0.06
Class T Common Stock
Expenses
Net (Loss) Income Attributable to Common Stockholders	$ (76,942,000)	$ 0	$ 0
Basic and diluted weighted-average shares outstanding (shares)	43,957,081	0	0
Basic and diluted (loss) income per share (usd per share)	$ (1.74)	$ 0	$ 0
Rooms
Hotel Revenues
Revenue from customer contracts	$ 171,544,000	$ 387,769,000	$ 385,189,000
Expenses
Costs related to sales excluding depreciation	50,540,000	86,060,000	88,761,000
Food and beverage
Hotel Revenues
Revenue from customer contracts	68,292,000	166,315,000	159,020,000
Expenses
Costs related to sales excluding depreciation	61,532,000	114,239,000	112,708,000
Other operating revenue
Hotel Revenues
Revenue from customer contracts	38,323,000	52,641,000	46,099,000
Expenses
Costs related to sales excluding depreciation	14,724,000	27,669,000	26,400,000
Utilities
Expenses
Costs related to sales excluding depreciation	15,677,000	15,032,000	14,701,000
Management fees
Expenses
Costs related to sales excluding depreciation	$ 6,436,000	$ 16,864,000	$ 17,849,000

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Advisor
Available cash distribution	$ 0	$ 7,095	$ 5,142

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Comprehensive Loss
Net (Loss) Income	$ (367,276)	$ (731)	$ 15,744
Other Comprehensive (Loss) Income
Unrealized (loss) gain on derivative instruments	(532)	130	158
Comprehensive (Loss) Income	(367,808)	(601)	15,902
Amounts Attributable to Noncontrolling Interests
Net loss (income)	17,148	(10,167)	(7,688)
Unrealized (gain) loss on derivative instruments	(20)	(16)	11
Comprehensive loss (income) attributable to noncontrolling interests	17,128	(10,183)	(7,677)
Comprehensive (Loss) Income Attributable to Common Stockholders	$ (350,680)	$ (10,784)	$ 8,225

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Class T Common Stock	Total Stockholders’ Equity	Common StockClass A Common Stock	Common StockClass T Common Stock	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance (shares) at Dec. 31, 2017					125,504,814	0
Beginning balance, value at Dec. 31, 2017	$ 807,888			$ 753,451	$ 125	$ 0	$ 1,153,665	$ (399,884)	$ (455)	$ 54,437
Statement of Equity
Net (loss) income	15,744			8,056				8,056		7,688
Shares issued to affiliates (shares)					1,233,591
Shares issued to affiliates	14,235			14,235	$ 1		14,234
Shares issued, net of offering costs (shares)					3,805,862
Shares issued, net of offering costs	43,869			43,869	$ 4		43,865
Distributions to noncontrolling interests	(8,343)									(8,343)
Shares issued under share incentive plans (shares)					17,275
Shares issued under share incentive plans	278			278			278
Stock based compensation to directors (shares)					15,745
Stock-based compensation to directors	180			180			180
Fair value adjustment on reclassification of Series A Preferred Stock	0
Distributions declared	(79,302)			(79,302)				(79,302)
Other comprehensive (loss) income	158			169					169	(11)
Repurchase of shares (shares)					(3,432,599)
Repurchase of shares	(37,325)			(37,325)	$ (3)		(37,322)
Ending balance (shares) at Dec. 31, 2018					127,144,688	0
Ending balance, value at Dec. 31, 2018	757,382			703,611	$ 127	$ 0	1,174,900	(471,130)	(286)	53,771
Statement of Equity
Net (loss) income	(731)			(10,898)				(10,898)		10,167
Shares issued to affiliates (shares)					1,236,528
Shares issued to affiliates	14,115			14,115	$ 1		14,114
Shares issued, net of offering costs (shares)					3,760,578
Shares issued, net of offering costs	42,902			42,902	$ 4		42,898
Contributions to noncontrolling interests	175									175
Distributions to noncontrolling interests	(13,152)									(13,152)
Shares issued under share incentive plans (shares)					22,742
Shares issued under share incentive plans	370			370			370
Stock based compensation to directors (shares)					18,400
Stock-based compensation to directors	210			210			210
Fair value adjustment on reclassification of Series A Preferred Stock	0
Distributions declared	(80,719)			(80,719)				(80,719)
Other comprehensive (loss) income	130			114					114	16
Repurchase of shares (shares)					(2,099,071)
Repurchase of shares	(22,803)			(22,803)	$ (2)		(22,801)
Ending balance (shares) at Dec. 31, 2019		130,083,865	0		130,083,865	0
Ending balance, value at Dec. 31, 2019	697,879			646,902	$ 130	$ 0	1,209,691	(562,747)	(172)	50,977
Statement of Equity
Net (loss) income	(367,276)			(350,128)				(350,128)		(17,148)
Shares issued to affiliates (shares)					417,261
Shares issued to affiliates	4,761			4,761			4,761
Redemption of special general partnership interest (shares)					2,840,549
Redemption of special general partnership interest	(52,600)			(65,461)	$ 3		(65,464)			12,861
Merger consideration (shares)					94,480,247
Merger consideration	462,009			496,580	$ 95		496,485			(34,571)
Merger recapitalization (shares)					(61,175,258)	61,175,258
Merger recapitalization	0				$ (61)	$ 61
Shares issued, net of offering costs (shares)					925,762
Shares issued, net of offering costs	10,515			10,515	$ 1		10,514
Shares issued under share incentive plans (shares)					63,490
Shares issued under share incentive plans	1,276			1,276			1,276
Stock based compensation to directors (shares)					35,110
Stock-based compensation to directors	240			240			240
Contributions from noncontrolling interests	725									725
Issuance of warrants	30,357									30,357
Fair value adjustment on reclassification of Series A Preferred Stock	2,754			2,754
Preferred dividends	(1,742)			(1,742)				(1,742)
Other comprehensive (loss) income	(532)			(552)					(552)	20
Repurchase of shares (shares)					(229,745)	(72,820)
Repurchase of shares	(1,950)			(1,950)	$ (1)		(1,949)
Ending balance (shares) at Dec. 31, 2020		167,441,281	61,102,438		167,441,281	61,102,438
Ending balance, value at Dec. 31, 2020	$ 786,416			$ 743,195	$ 167	$ 61	$ 1,655,554	$ (911,863)	$ (724)	$ 43,221

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Class A Common Stock
Distributions declared per share (usd per share)	$ 0.6260	$ 0.6260
Class T Common Stock
Distributions declared per share (usd per share)	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows — Operating Activities
Net (Loss) Income	$ (367,276,000)	$ (731,000)	$ 15,744,000
Adjustments to net (loss) income:
Impairment charges	120,220,000	0	0
Depreciation and amortization	114,490,000	76,621,000	77,170,000
Bargain purchase gain	(78,696,000)	0	0
Equity in losses of equity method investments in real estate, net	35,026,000	1,018,000	1,315,000
Amortization of fair value adjustments, deferred financing costs and other	30,229,000	3,237,000	3,014,000
Net gain on change in control of interests	(22,250,000)	0	0
Asset management fees to affiliates settled in shares	3,656,000	14,052,000	14,136,000
Net gain on sale of real estate	(2,738,000)	(30,918,000)	(31,260,000)
(Gain) loss on property-related insurance claims	(2,520,000)	372,000	(1,340,000)
Amortization of stock-based compensation	1,816,000	705,000	558,000
Business interruption income	(942,000)	(4,338,000)	(23,579,000)
Net loss on extinguishment of debt	22,000	2,711,000	511,000
Straight-line rent adjustments			6,030,000
Net changes in other assets and liabilities	8,538,000	8,822,000	5,521,000
Net decrease in operating lease right-of-use assets	4,887,000	6,688,000
(Decrease) increase in due to related parties and affiliates	(3,086,000)	(3,540,000)	1,935,000
Insurance proceeds for remediation work due to property damage	2,907,000	3,106,000	5,555,000
Net increase in operating lease liabilities	1,064,000	1,335,000
Funding of remediation work	(1,025,000)	(9,234,000)	(10,746,000)
Business interruption insurance proceeds	942,000	4,338,000	14,446,000
Receipt of key money and other deferred incentive payments	715,000	500,000	58,000
Distributions of earnings from equity method investments	0	3,442,000	3,788,000
Net Cash (Used in) Provided by Operating Activities	(154,021,000)	78,186,000	82,856,000
Cash Flows — Investing Activities
Cash and restricted cash acquired in the Merger	109,475,000	0	0
Proceeds from sale of real estate investments	89,398,000	185,990,000	156,646,000
Capital expenditures	(23,951,000)	(37,227,000)	(73,393,000)
Capital contributions to equity investments in real estate	(6,620,000)	(3,835,000)	(732,000)
Hurricane-related and other property insurance proceeds	4,239,000	12,802,000	15,556,000
Payment of Watermark commitment fee	(1,151,000)	(2,950,000)	0
Repayments of loan receivable	58,000	232,000	312,000
Distributions from equity investments in excess of cumulative equity income	0	11,804,000	14,238,000
Net Cash Provided by Investing Activities	171,448,000	166,816,000	112,627,000
Cash Flows — Financing Activities
Proceeds from issuance of mandatorily redeemable preferred stock and warrants	200,000,000	0	0
Scheduled payments and prepayments of mortgage principal	(142,433,000)	(207,103,000)	(170,425,000)
Proceeds from mortgage financing	81,308,000	86,805,000	75,250,000
Distributions paid	(20,357,000)	(80,260,000)	(79,045,000)
Deferred financing costs	(15,169,000)	(3,447,000)	(2,320,000)
Net proceeds from issuance of shares	10,553,000	42,903,000	43,868,000
Payment of distribution and shareholder servicing fee	(3,406,000)	0	0
Repurchase of shares	(1,950,000)	(22,806,000)	(37,321,000)
Other financing activities, net	187,000	(2,131,000)	(1,393,000)
Repayment of WPC Credit Facility	0	(46,637,000)	(37,000,000)
Distributions to noncontrolling interests	0	(13,152,000)	(8,343,000)
Proceeds from WPC Credit Facility	0	5,000,000	10,000,000
Net Cash Provided by (Used in) Financing Activities	108,733,000	(240,828,000)	(206,729,000)
Change in Cash and Cash Equivalents and Restricted Cash During the Year
Net increase (decrease) in cash and cash equivalents and restricted cash	126,160,000	4,174,000	(11,246,000)
Cash and cash equivalents and restricted cash, beginning of year	125,304,000	121,130,000	132,376,000
Cash and cash equivalents and restricted cash, end of year	251,464,000	125,304,000	121,130,000
Supplemental Cash Flow Information
Interest paid, net of amounts capitalized	67,579,000	65,235,000	61,295,000
Income taxes paid	$ 1,933,000	$ 4,568,000	$ 2,312,000

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Organization Watermark Lodging Trust, Inc. (“WLT”), formerly known as Carey Watermark Investors 2 Incorporated (“CWI 2”), is a self-managed, 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. Substantially all of our assets and liabilities are held by, and all of our operations are conducted through CWI 2 OP, LP (the “Operating Partnership”) and we are a general partner and a limited partner of, and own a 99.0% capital interest in, the Operating Partnership, as of December 31, 2020. Watermark Capital Partners, LLC (“Watermark Capital”), which is 100% owned by Mr. Michael G. Medzigian, our Chief Executive Officer, held the remaining 1.0% in the Operating Partnership as of December 31, 2020. Until April 13, 2020, we were managed by Carey Lodging Advisors, LLC (the “Former Advisor”), an indirect subsidiary of W. P. Carey Inc. (“WPC”). The Former Advisor managed our overall portfolio, including providing oversight and strategic guidance to the independent hotel operators that managed our hotels. CWA, LLC (the “CWI 1 Subadvisor”), a subsidiary of Watermark Capital, provided services to the Former Advisor, primarily relating to acquiring, managing, financing and disposing of our hotels and overseeing the independent operators that managed the day-to-day operations of our hotels. In addition, the CWI 1 Subadvisor provided us with the services of our Chief Executive Officer, subject to the approval of our independent directors. We held ownership interests in 31 hotels as of December 31, 2020, including 29 hotels that we consolidate (“Consolidated Hotels”) and two hotels that we record as equity investments (“Unconsolidated Hotels”). July Capital Raise On July 21, 2020, we entered into a securities purchase agreement (the “Purchase Agreement”) with ACP Watermark Investment LLC (the “Purchaser”) and, solely with respect to a guaranty, certain other parties thereto. Pursuant to the Purchase Agreement, the Company, in a private placement made in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended, agreed to issue and sell to the Purchaser 200,000 shares of 12% Series B Cumulative Redeemable Preferred Stock, liquidation preference $1,000.00 per share (the “Series B Preferred Stock”) and warrants (the “Warrants”) to purchase 16,778,446 units of limited partnership interest of the Operating Partnership (“OP Units”) (“Warrant Units”), for an aggregate purchase price of $200.0 million (the “July Capital Raise”). See Note 15 for additional information on the Series B Preferred Stock and Warrants. The Purchaser has also committed to provide, upon satisfaction of certain conditions, up to an additional $250.0 million to purchase additional shares of the Series B Preferred Stock during the 18 months following the consummation of the July Capital Raise, of which $150.0 million is allocated to working capital needs and other general corporate purposes and $100.0 million is allocated to approved acquisitions. The July Capital Raise closed on July 24, 2020. Among other terms of the Series B Preferred Stock, the Series B Preferred Stock generally prohibits the Company from paying distributions on common stock or redeeming common stock unless the Company has first paid all accrued dividends (and dividends thereon) on the Series B Preferred Stock in cash for all past dividend periods and the current dividend period. There are certain exceptions for the payment of dividends on common stock required for the Company to maintain its REIT qualification, special circumstances redemptions of common stock and redemptions of common stock that are funded with proceeds from issuances of common stock under the Company's distribution reinvestment plan. Additionally, the Company appointed two designees of the Purchaser as members of the Board of Directors at the closing of the July Capital Raise. COVID-19, Management’s Plans and Liquidity In March 2020, the World Health Organization declared the outbreak of the novel coronavirus (“COVID-19”) to be a global pandemic. The COVID-19 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 March 12, 2021, 30 of our hotels are open but the majority are operating at significantly reduced levels of occupancy, staffing and expenses, and operations at our remaining one hotel are fully suspended. While we have seen improving demand at some of our properties as certain 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. In addition, resurgences of COVID-19 in certain areas where our hotels are located may cause us to have to suspend operations at hotels that have remained open or reopened until the resurgence subsides. Given the uncertainty as to the ultimate severity and duration of the COVID‑19 pandemic 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. We have taken actions to help mitigate the effects of the COVID-19 pandemic on our operating results and to preserve our liquidity at both the operating level and corporate level, including: • Completing the July Capital Raise transaction, as discussed above; • Significantly reducing hotel operating costs: in March, April and May 2020, we suspended all operations at 16 hotels and significantly reduced operations at the remaining hotels, primarily by reducing staffing, furloughing employees, eliminating non-essential amenities and services and closing several floors and food and beverage outlets. One of these hotels reopened in May, seven hotels reopened in June, five hotels reopened in July and two hotels reopened in August; • Working with our lenders on debt forbearance plans, as discussed below; • Suspending distributions on, and redemptions of, our common stock, subject to limited exceptions; • Actively pursuing certain asset sales; • 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 reserve 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 the Board of Directors. As of December 31, 2020, we had cash and cash equivalents of $160.4 million. Additionally, under the terms of our agreements with the investors in the July Capital Raise, we have the option to require such investors to purchase up to $150.0 million aggregate liquidation preference of additional shares of Series B Preferred Stock during the 18 months after the closing of the July Capital Raise for additional working capital needs, including the repayment, refinancing or restructuring of indebtedness, subject to our satisfaction of customary conditions. As of December 31, 2020, the mortgage loans for our Consolidated Hotels had an aggregate principal balance totaling $2.2 billion outstanding, 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 aggregating $8.5 million 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 $2.2 billion of indebtedness outstanding as of December 31, 2020, approximately $811.4 million is scheduled to mature during the 12 months after the date of this Report. We have worked with our lenders on debt forbearance plans and sought relief to defer interest and principal payments and temporarily waive the application of certain cash flow covenants. As of March 12, 2021, we have executed loan modifications on 24 of our 29 Consolidated Hotel mortgage loans, aggregating $1.9 billion of indebtedness, which had resulted in a temporary deferral of interest and principal payments and/or the granting of temporary covenant relief, which generally lasted for periods ranging from three months to four months. Although these loan modifications have generally expired, we are continuing to work with our lenders on longer-term modifications that will help preserve our liquidity. In addition, we refinanced or extended the maturity date of six Consolidated Hotel mortgage loans, aggregating $467.1 million of indebtedness, to address loans with near-term mortgage maturities. As of December 31, 2020, we have effectively entered into cash management agreements with the lenders on 27 of our 29 mortgage loans either because the minimum debt service coverage ratio was not met or as a result of a loan modification agreement. The cash management agreements generally permit cash generated from the operations of each hotel to fund the hotel’s operating expenses, debt service, taxes and insurance but restrict distributions of excess cash flow, if any, to the Company to fund corporate expenses. If the Company is unable to repay, refinance or extend maturing mortgage loans, we may choose to market these assets for sale or the lenders may declare events of default and seek to foreclose on the underlying hotels or we may also seek to surrender properties back to the 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. During the year ended December 31, 2020, we sold two hotels with an aggregate contractual sales price of $93.0 million, and we received net aggregate proceeds of $34.8 million after the repayment of the related mortgage loans. We recognized a net gain of $2.7 million on the sale of these hotels. We may choose to market additional assets for sale.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations, which are included in Transaction costs in the consolidated statements of operations. See Note 3 for the valuation methodologies, inputs, and assumptions used to estimate the fair value of the assets acquired, the liabilities assumed, and the noncontrolling interests acquired in the Merger (as defined in Note 3 ). Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired and that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, or when there are adverse changes in the demand for lodging due to declining national or local economic conditions. We may incur impairment charges on long-lived assets, including real estate, related intangible assets and equity investments. Our policies and estimates for evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, net operating income (“NOI”), residual values and holding periods. Our investment objective is to hold properties on a long-term basis. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group is primarily determined using market information from outside sources such as broker quotes or recent comparable sales. If relevant market information is not available or is not deemed appropriate, we perform a future net cash flow analysis, discounted for the inherent risk associated with each investment, using estimates such as capitalization rates, discount rates, capital expenditures and net operating income at the respective hotel properties, including estimates of future income growth. Equity Investments in Real Estate — We evaluate our equity investments in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value. We estimate the fair value of the hotel property using the methodologies discussed above and estimate the fair value of the debt using a discounted cash flow model with rates that take into account the interest rate risk. We also consider the value of the underlying collateral, taking into account the quality of the collateral and the then-current interest rate. Other Accounting Policies Basis of Presentation and Consolidation — The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). 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. We apply the accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Certain decision-making rights within a loan or joint-venture agreement can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. As of December 31, 2020 and 2019, we considered three and five entities to be VIEs, of which we consolidated three and four, respectively, 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): December 31, 2020 2019 Net investments in hotels $ 461,142 $ 494,304 Intangible assets, net 36,234 37,045 Total assets 520,833 566,075 Non-recourse debt, net $ 327,597 $ 341,263 Total liabilities 354,193 376,004 Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. Use of Estimates — 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. Cash and Cash Equivalents and Restricted Cash — Our cash is held in the custody of several financial institutions, and these balances, at times, exceed federally-insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. Restricted cash consists primarily of amounts escrowed pursuant to the terms of our mortgage debt to fund planned renovations and improvements, property taxes, insurance, and normal replacement of furniture, fixtures and equipment at our hotels. 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): December 31, 2020 2019 2018 Cash and cash equivalents $ 160,383 $ 70,605 $ 66,593 Restricted cash 91,081 54,699 54,537 Total cash and cash equivalents and restricted cash $ 251,464 $ 125,304 $ 121,130 Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. Real Estate — We carry land, buildings and personal property at cost less accumulated depreciation. We capitalize improvements and we expense replacements, maintenance and repairs that do not improve or extend the life of the respective assets as incurred. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, and repairs and maintenance are expensed as incurred. We capitalize interest and certain other costs, such as incremental labor costs relating to hotels undergoing major renovations and redevelopments. Gain/Loss on Sale — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets and control of the properties is transferred. Equity Investments in Real Estate — We classify distributions received from equity method investments using the cumulative earnings approach. Distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities. Other Assets and Liabilities — Other assets consists primarily of prepaid expenses, costs related to the internalization of Watermark Capital representing goodwill as of December 31, 2020 ( N ote 4 ) and hotel inventories in the consolidated financial statements. Other liabilities, which are included in Accounts payable, accrued expenses and other liabilities, consists primarily of unamortized key money, hotel advance deposits, sales and use and occupancy taxes payable, deferred tax liabilities and accrued income taxes. Deferred Financing Costs — Deferred financing costs represent costs to obtain mortgage financing. We amortize these charges to interest expense over the term of the related mortgage using a method which approximates the effective interest method. Deferred financing costs are presented in the consolidated balance sheets as a direct deduction from the carrying amount of that debt liability. Segments — We operate in one business segment, hospitality, with domestic investments. Hotel Revenue Recognition — Revenue consists of amounts derived from hotel operations, including the sale of rooms, food and beverage and revenue from other operating departments, such as parking, spa, resort fees and gift shops, and is presented on a disaggregated basis on the consolidated statements of operations. These revenues are recorded net of any sales or occupancy taxes, which are collected from our guests as earned. All rebates or discounts are recorded as a reduction in revenue and there are no material contingent obligations with respect to rebates or discounts offered by us. We recognize revenue when control of the promised good or service is transferred to the guest, in an amount that reflects the consideration we expect to receive in exchange for the promised good or service. Room revenue is generated through contracts with guests whereby the guest agrees to pay a daily rate for the right to use a hotel room and applicable amenities for an agreed upon length of stay. Our contract performance obligations are fulfilled at the end of the day that the guest is provided the room and revenue is recognized daily at the contract rate. Food and beverage revenue, including restaurant and banquet and catering services, are recognized at a point in time once food and beverage has been provided. Other operating department revenue for services such as parking, spa and other ancillary services, is recognized at a point in time when the goods and services are provided to the guest. We may engage third parties to provide certain services at the hotel, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenues as appropriate (i.e., gross vs. net). Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some guests prepaying for their rooms prior to the stay. For package revenue, where ancillary guest services are included with the guests’ hotel reservations in a package arrangement, we allocate revenue based on the stand-alone selling price for each of the components of the package. We applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant. Capitalized Costs — We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and incremental labor costs relating to hotels undergoing major renovations and redevelopments. We begin capitalizing interest as we incur disbursements, and capitalize other costs when activities necessary to prepare the asset ready for its intended use are underway. We cease capitalizing these costs when construction is substantially complete. Depreciation and Amortization — We compute depreciation for hotels and related building improvements using the straight-line method over the estimated useful lives of the properties (limited to 40 years for buildings and ranging from four years up to the remaining life of the building at the time of addition for building improvements), site improvements (generally four one Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis. Income Taxes — We elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. 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. We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for our investments and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal, state and local income taxes. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation and timing differences of certain income and expense recognitions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors ( Note 14 ). We recognize deferred income taxes in certain of our subsidiaries taxable in the United States. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes as described in Note 14 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit). Share-Based Payments — We have granted restricted stock units (“RSUs”) to certain employees (and prior to the Merger, employees of our former subadvisor). RSUs issued to employees generally vest over three years, and are subject to continued employment. We also issued Class A common stock to our directors as part of their director compensation. The expense recognized for share-based payment transactions for awards made to directors is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. Share-based payment transactions for awards made to employees are based on the fair value of the shares on the date of grant. We recognize these compensation costs only for those shares expected to vest on a straight-line basis over the requisite service period of the award. We include share-based payment transactions within Corporate general and administrative expense. Income Attributable to Noncontrolling Interests — Earnings attributable to noncontrolling interests are 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. (Loss) Income Per Share — (Loss) income per share, as presented, represents both basic and diluted per-share amounts for all periods presented in the consolidated financial statements. We calculate (loss) income per share using the two-class method to reflect the different classes of our outstanding common stock. (Loss) income per basic share of common stock is calculated by dividing Net (loss) income attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding during the year. The allocation of Net (loss) income attributable to common stockholders is calculated based on the weighted-average shares outstanding for Class A common stock and Class T common stock for the years ended December 31, 2020, 2019 and 2018, as applicable. Recent Accounting Requirements The following Accounting Standards Updates (“ASU”), promulgated by the Financial Accounting Standards Board (“FASB”), are applicable to us: Pronouncements Adopted as of December 31, 2020 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . 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.

Merger of CWI 1 and CWI 2

Merger of CWI 1 and CWI 2	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Merger of CWI 1 and CWI 2	Merger of CWI 1 and CWI 2 On April 13, 2020, a direct, wholly-owned subsidiary (“Merger Sub”) of CWI 2 merged, with and into Carey Watermark Investors Incorporated (“CWI 1”), in an all-stock transaction to create WLT (the “Merger”). 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 CWI 2, CWI 1 and Merger Sub. 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 RSUs of CWI 1 outstanding and unvested immediately prior to the effective time were converted into an RSU of WLT with respect to a whole number of shares of WLT Class A common stock equal to (i) the number of shares of CWI 1 common stock subject to such unvested RSU of CWI 1, multiplied by (ii) the exchange ratio. Immediately following the effective time of the Merger, the internalization of the management of the 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, LP, the Operating Partnership, WPC, Carey Watermark Holdings, LLC, CLA Holdings, LLC, Carey REIT II, Inc., WPC Holdco LLC, Carey Watermark Holdings 2, LLC, the Former Advisor, Watermark Capital, the CWI 1 Subadvisor and CWA2, LLC (the “CWI 2 Subadvisor” and together with CWI 1 Subadvisor, the “Subadvisors”). In accordance with the Internalization Agreement, CWI OP, LP and the Operating Partnership redeemed the special general partnership interests held by Carey Watermark Holdings, LLC and Carey Watermark Holdings 2, LLC in CWI OP, LP 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) ( Note 15 ), and (z) 2,417,996 limited partnership units in the Operating Partnership, to affiliates of Watermark Capital. Following the Redemption, Carey Watermark Holdings, LLC and Carey Watermark Holdings 2, LLC have no further liability or obligation pursuant to the limited partnership agreements of CWI OP, LP 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 Former Advisor, and the existing sub‑advisory agreements, as amended, between the Former Advisor and the Subadvisors (as applicable), were automatically terminated. The secured credit facilities entered into by CWI OP, LP 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. The Merger was accounted for as a business combination in accordance with current authoritative accounting guidance. CWI 1 was the accounting acquirer in the Merger as (i) CWI 1’s pre-merger stockholders had a majority of the voting power in the Company after the Merger and (ii) CWI 1 was significantly larger than CWI 2 when considering assets and revenues. As CWI 1 was the accounting acquirer while CWI 2 was the legal acquirer, the Merger was accounted for as a reverse acquisition, and therefore, the historical financial information included in the Company’s financial statements as of any date, or for any periods prior to April 13, 2020, represents the pre-merger information of CWI 1. The financial statements of the Company, as set forth herein, represent a continuation of the financial information of CWI 1 as the accounting acquirer, except that the equity structure of WLT is adjusted to reflect the equity structure of the legal acquirer, CWI 2, including for comparative periods, by applying the exchange ratio of 0.9106. As a result of the Merger, the Company acquired an ownership interest in the following 12 hotel properties: Hotels State Number % Acquired Hotel Type Charlotte Marriott City Center NC 446 100% Full-Service Courtyard Nashville Downtown TN 192 100% Select-Service Embassy Suites by Hilton Denver-Downtown/Convention Center CO 403 100% Full-Service Le Méridien Arlington VA 154 100% Full-Service Marriott Sawgrass Golf Resort & Spa (a) FL 514 50% Resort Renaissance Atlanta Midtown Hotel GA 304 100% Full-Service Ritz-Carlton Bacara, Santa Barbara (a) CA 358 60% Resort Ritz-Carlton Key Biscayne (b) FL 443 19.3% Resort Ritz-Carlton San Francisco CA 336 100% Full-Service San Diego Marriott La Jolla CA 376 100% Full-Service San Jose Marriott CA 510 100% Full-Service Seattle Marriott Bellevue WA 384 100% Full-Service 4,420 ___________ (a) Upon closing of the Merger, the Company owns 100% of this hotel. (b) Upon closing of the Merger, the Company owns 66.7% of this hotel. As the Merger is accounted for as a reverse acquisition, the fair value of the consideration transferred is measured based upon the number of shares of CWI 1 common stock, as the accounting acquirer, would theoretically have to issue to the stockholders of CWI 2 to achieve the same ratio of ownership in the combined company upon completion of the Merger and applying the fair value per implied share of CWI 1 common stock issued in consideration. As a result, the implied shares of CWI 1 common stock issued in consideration was computed based on the number of outstanding shares of CWI 2 Class A and Class T common stock prior to the Merger divided by the exchange ratio of 0.9106. (Dollars in thousands, except per share amounts) Total Merger Consideration Outstanding shares of CWI 2 Class A and Class T common stock prior to the Merger 94,480,247 Exchange ratio 0.9106 Implied shares of CWI 1 common stock issued in consideration 103,756,037 Fair value per implied share of CWI 1 common stock issued in consideration $ 4.83271 Fair value of implied shares of CWI 1 common stock issued in consideration 501,423 Fair value of noncontrolling interest acquired (39,414) Fair value of purchase consideration $ 462,009 The following tables present a summary of assets acquired and liabilities assumed in this business combination, at the date of acquisition; as well as and revenues and earnings thereon, from the date of acquisition through December 31, 2020 (in thousands): Purchase Assets Net investments in hotels $ 1,556,383 Operating lease right-of-use assets 974 Cash and cash equivalents 71,881 Intangible assets 10,200 Restricted cash 37,594 Accounts receivable, net 25,664 Other assets 15,593 Total Assets 1,718,289 Liabilities Non-recourse debt, net (1,002,753) Accounts payable, accrued expenses and other liabilities (97,843) Operating lease liabilities (1,874) Due to related parties and affiliates (1,520) Total Liabilities (1,103,990) Total Identifiable Net Assets 614,299 Fair value of CWI 1's equity interests in jointly-owned investments with CWI 2 prior to the merger (73,594) Bargain purchase gain (78,696) Fair value of purchase consideration $ 462,009 From April 13, 2020 through December 31, 2020 Revenues $ 69,545 Net loss $ (150,176) We recognized a bargain purchase gain of $78.7 million in connection with the Merger resulting from the estimated fair values of the assets acquired net of liabilities assumed exceeding the consideration paid. The Company used the following valuation methodologies, inputs, and assumptions to estimate the fair value of the assets acquired, the liabilities assumed, and the noncontrolling interests acquired: Net Investments in Hotels — The Company estimated the fair values of the land, buildings and site improvements, and furniture, fixtures, and equipment at the hotel properties by using a combination of the income capitalization and sales comparison approaches. These valuation methodologies are based on significant unobservable Level 3 inputs in the fair value hierarchy, such as capitalization rates, discount rates, capital expenditures and net operating income at the respective hotel properties, including estimates of future income growth. Intangible Assets — The Company estimated the fair market value of the trade name through a relief-from-royalty discounted cash flow method whereby the Company valued the avoided third-party license payment for the right to employ the asset to earn benefits. The relief-from-royalty discounted cash flow method applies an estimated royalty rate to forecasted future cash flows, discounted to present value and includes estimates of net sales growth, discount rate and royalty fee, which are valuation methodologies based on significant unobservable Level 3 inputs in the fair value hierarchy. Our intangibles are included in Intangible assets, net in the consolidated financial statements. Amortization of intangibles is included in Depreciation and amortization in the consolidated financial statements. In connection with the Merger, we recorded intangibles comprised as follows (life in years, dollars in thousands): Weighted-Average Life Amount Amortizable Intangible Assets Trade name 8.0 $ 9,400 In-place leases 3.2 800 Total intangible assets $ 10,200 Non-Recourse Debt — 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, which are Level 3 inputs in the fair value hierarchy. We recognized a discount of approximately $69.5 million on the mortgage loans assumed in the Merger, which is included in non-recourse debt, net in the consolidated balance sheet. The discount is amortized over the remaining terms of the respective debt instruments as adjustments to interest expense in the consolidated statements of operations. Noncontrolling Interest — The Company estimated the fair value of the consolidated joint venture by using the same valuation methodologies for the investment in hotel properties noted above. The Company then recognized the fair value of the noncontrolling interest in the consolidated joint venture based on the joint venture partner's ownership interest in the consolidated joint venture. This valuation methodology is based on Level 3 inputs and assumptions in the fair value hierarchy. Cash and cash equivalents, restricted cash, accounts receivable, net, other assets, accounts payable, accrued expenses and other liabilities, and due to related parties and affiliates —The carrying amounts of the assets acquired, the liabilities assumed, and the equity interests acquired approximate fair value because of their short term maturities. The fair value per implied share of CWI 1 common stock issued in consideration was calculated using estimated fair values of the land, buildings and site improvements, and furniture, fixtures, and equipment of the CWI 1 hotel properties as of April 13, 2020 and estimates of the fair market value of the CWI 1 mortgage debt at the same date, based upon the methodologies discussed above, then adjusted to reflect CWI 1’s ownership interest in joint venture properties, including adjustments to appropriately capture specific joint venture promote structures. The shares used in the calculation represent the outstanding shares of CWI 1 immediately prior to the Merger. Transaction costs are costs incurred in connection with the Merger and related transactions and included legal, accounting, financial advisory and other transaction costs. These costs were expensed as incurred in the consolidated statements of operations. (Dollars in thousands) Years Ended December 31, 2020 2019 2018 Transaction costs $ 18,448 $ 2,783 $ — Pro Forma Financial Information The following unaudited consolidated pro forma financial information presents the results of operations as if the Merger had taken place on January 1, 2019. The unaudited consolidated pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the Merger had taken place on January 1, 2019, nor is it indicative of the results of operations for future periods. The unaudited consolidated pro forma financial information is as follows (dollars in thousands, except per share amounts): Years Ended December 31, 2020 2019 Pro forma total revenues $ 365,395 $ 1,061,517 Pro forma total hotel operating expenses (a) $ 524,854 $ 923,792 Pro forma net (loss) income $ (454,749) $ 62,039 Pro forma net (loss) income attributable to Common Stockholders (b) $ (433,892) $ 59,120 Pro forma (loss) income per Class A share: Net (loss) income attributable to Common Stockholders $ (317,775) $ 43,657 Basic and diluted pro forma weighted-average shares outstanding 167,566,465 166,464,081 Basic and diluted pro forma (loss) income per share $ (1.90) $ 0.26 Pro forma (loss) income per Class T share: Net (loss) income attributable to Common Stockholders $ (116,117) $ 15,463 Basic and diluted pro forma weighted-average shares outstanding 61,173,069 60,499,745 Basic and diluted pro forma (loss) income per share $ (1.90) $ 0.26 __________ (a) Includes pro forma depreciation and amortization expense of $130.2 million and $143.0 million for the year ended December 31, 2020 and 2019, respectively. (b) The pro forma net (loss) income attributable to Common Stockholders through the year ended December 31, 2020 reflects the following income and expenses related to the Merger as if the Merger had taken place on January 1, 2019: (i) bargain purchase gain of $78.7 million, (ii) transaction costs of $27.5 million through December 31, 2020 and (iii) net gain on change in control of interests of $22.3 million. Compensation Mr. Medzigian, the Company’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 Company through July 15, 2020. Mr. Medzigian agreed to continue to reduce his annual base salary payable by the Company, with a reduction of 25% from July 15, 2020 through September 30, 2020.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Agreements with Our Former Advisor and Affiliates Prior to the Merger, we had an advisory agreement with the Former 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. The Former Advisor also had a subadvisory agreement with the CWI 1 Subadvisor (the “Subadvisory Agreement”) whereby the Former Advisor paid 20% of its fees earned under the Advisory Agreement to the CWI 1 Subadvisor in return for certain personnel services. Upon completion of the Merger on April 13, 2020 ( Note 3 ), 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 Former Advisor, the Subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Years Ended December 31, 2020 2019 2018 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 3,795 $ 14,052 $ 14,136 Personnel and overhead reimbursements 3,567 6,571 6,392 Available Cash Distributions — 7,095 5,142 Interest expense — 1,319 1,367 Disposition fees — 130 300 $ 7,362 $ 29,167 $ 27,337 Other Transaction Fees Incurred Watermark commitment agreement $ — $ 4,101 $ — Capitalized loan refinancing fees — 1,235 653 $ — $ 5,336 $ 653 The following table presents a summary of amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): December 31, 2020 2019 Amounts Due to Related Parties and Affiliates Reimbursable costs due to our Former Advisor $ 190 $ 1,524 Watermark commitment agreement — 1,151 Other amounts due to our Former Advisor — 1,105 Due to other related parties and affiliates — 26 $ 190 $ 3,806 Asset Management Fees, Disposition Fees and Loan Refinancing Fees Prior to the Merger, we paid the Former Advisor an annual asset management fee equal to 0.50% of the aggregate average market value of our investments, as described in the Advisory Agreement. The Former 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 the Former Advisor elected to receive all or a portion of its fees in shares of our 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”). Upon completion of the Merger on April 13, 2020 ( Note 3 ), the Advisory Agreement was terminated and these fees ceased being incurred. For the years ended December 31, 2020, 2019 and 2018, we settled $4.8 million, $14.1 million and $14.2 million, respectively, of asset management fees in shares of our common stock at the Former Advisor’s election. As of December 31, 2020, the Former Advisor owned 12,208,243 shares (5.3%) of our total outstanding common stock. Asset management fees are included in Asset management fees to affiliate in the consolidated financial statements. Available Cash Distributions Prior to the Merger, Carey Watermark Holdings, LLC’s special general partner interest entitled it to receive distributions of 10% of Available Cash (as defined in the limited partnership agreement of CWI OP, LP) (“Available Cash Distributions”) generated by CWI OP, LP, subject to certain limitations. Available Cash Distributions are included in (Income) loss attributable to noncontrolling interests in the consolidated financial statements. In connection with the Internalization ( Note 3 ), the CWI OP, LP and the Operating Partnership redeemed the special general partnership interests held by Carey Watermark Holdings, LLC and Carey Watermark Holdings 2, LLC in CWI OP, LP and the Operating Partnership, respectively, as further described in Note 3 . Following the Redemption, Carey Watermark Holdings, LLC and Carey Watermark Holdings 2, LLC have no further liability or obligation pursuant to the limited partnership agreements of CWI OP, LP or the Operating Partnership, respectively. Personnel and Overhead Reimbursements Prior to the Merger, under the terms of the Advisory Agreement, the Former Advisor generally allocated expenses of dedicated and shared resources, including the cost of personnel, rent and related office expenses, between us and CWI 2, based on total pro rata hotel revenues on a quarterly basis. Pursuant to the Subadvisory Agreement, after we reimbursed the Former Advisor, it would subsequently reimburse the CWI 1 Subadvisor for personnel costs and other charges, including the services of our Chief Executive Officer, subject to the approval of our Board of Directors. These reimbursements are included in Corporate general and administrative expenses and Due to related parties and affiliates in the consolidated financial statements. We also granted RSUs to employees of the CWI 1 Subadvisor pursuant to our 2010 Equity Incentive Plan. Upon completion of the Merger on April 13, 2020 ( Note 3 ), both the Advisory Agreement and Subadvisory Agreement were terminated and those expenses ceased being incurred. Subsequent to the Merger, subject to the terms of the Transition Services Agreement, as discussed below, WPC is paid its costs of providing services under this agreement and will be reimbursed for all expenses of providing the services. Other Transactions with Affiliates Watermark Commitment Agreement On October 1, 2019, we, CWI 2, Watermark Capital and Mr. Medzigian, entered into a commitment agreement pursuant to which we and CWI 2 agreed to pay Watermark Capital a total of $6.95 million in consideration of the commitments of Watermark Capital 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 2 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). As of December 31, 2020, $6.95 million was included in Other assets in the consolidated balance sheet, representing goodwill related to the internalization of Watermark Capital. As of December 31, 2019, $4.2 million was included in Other assets in the consolidated balance sheet as a deferred cost, representing the portion of the payment allocated to us. We performed our annual test for impairment as of December 31, 2020 for goodwill recorded and found no impairment indicated. Transition Services Agreement 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 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, with some services surviving for an additional period of time. 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 Company all of the services that Watermark Capital provided to CWI 2 prior to the Merger and for the Company to provide certain services to Watermark Capital or its affiliates. Except with respect to particular services provided by the Company to Watermark Capital, the term of the Transition Services Agreement has expired. The Company, in its respective capacity as service provider under such Transition Services Agreement, will be paid its respective costs of providing the services and will be reimbursed for all expenses of providing the services. Working Capital Facility

Net Investments in Hotels

Net Investments in Hotels	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Net Investments in Hotels	Net Investments in Hotels Net investments in hotels are summarized as follows (in thousands): December 31, 2020 2019 Buildings $ 2,289,031 $ 1,400,251 Land 627,296 331,681 Building and site improvements 194,162 160,726 Furniture, fixtures and equipment 193,517 103,920 Construction in progress 11,786 11,918 Hotels, at cost 3,315,792 2,008,496 Less: Accumulated depreciation (356,328) (298,949) Net investments in hotels $ 2,959,464 $ 1,709,547 During the years ended December 31, 2020 and 2019, we retired fully depreciated furniture, fixtures and equipment aggregating $24.9 million and $12.4 million, respectively, and recorded net write-offs of fixed assets resulting from property damage insurance claims of $5.5 million and $2.8 million, respectively. Depreciation expense was $111.8 million, $75.1 million and $75.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. 2020 Property Dispositions On June 8, 2020, we sold our 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 after the repayment of the related mortgage loan of approximately $26.8 million, including the release of $0.4 million of restricted cash. We recognized a loss on sale of $0.5 million during the year ended December 31, 2020 in connection with this transaction. On August 27, 2020, the Lake Arrowhead Resort and Spa venture sold the Lake Arrowhead Resort and Spa to an unaffiliated third party for a contractual sales price of $23.0 million, with net proceeds after the repayment of the related mortgage loan of approximately $8.0 million. We owned a 97.35% controlling ownership interest in the venture. We recognized a gain on sale of $3.2 million during the year ended December 31, 2020 in connection with this transaction. 2019 Property Dispositions On September 17, 2019, we sold our 100% ownership interest in the Courtyard San Diego Mission Valley to an unaffiliated third party for a contractual sales price of $79.0 million, with net proceeds after the repayment of the related mortgage loan of approximately $33.6 million, including the release of $1.4 million of restricted cash. We recognized a gain on sale of $5.9 million and a loss on extinguishment of debt of $0.3 million during the year ended December 31, 2019 in connection with this transaction. On October 9, 2019, the Hilton Garden Inn New Orleans French Quarter/CBD venture sold the hotel to an unaffiliated third party for a contractual sales price of $26.0 million, with net proceeds after the repayment of the related mortgage loan of approximately $11.4 million, including the release of $1.1 million of restricted cash. We owned an 88% controlling ownership interest in the venture. We recognized a gain on sale of $10.1 million and a loss on extinguishment of debt of $0.5 million during the year ended December 31, 2019 in connection with this transaction. On November 21, 2019, we sold our 100% ownership interest in the Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center to an unaffiliated third party for a contractual sales price of $85.5 million with net proceeds after the repayment of the related mortgage loan of approximately $34.1 million, including the release of $3.1 million of restricted cash. We recognized a gain on sale of $14.9 million and a loss on extinguishment of debt of $1.8 million during the year ended December 31, 2019 in connection with this transaction. Impairments As a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on our hotel operations, we reviewed all of our hotel properties for impairment and recognized impairment charges during the year ended December 31, 2020 totaling $120.2 million on six Consolidated Hotels with an aggregate fair value measurement of $266.6 million before impairment charges in order to reduce the carrying value of the properties to their estimated fair values. For five of the hotel properties, the fair value measurements were determined using a future net cash flow analysis, discounted for the inherent risk associated with each investment and for one property, the fair value measurement approximated its estimated selling price. No impairments were recognized during the years ended December 31, 2019 and 2018. Construction in Progress As of December 31, 2020 and 2019, construction in progress, recorded at cost, was $11.8 million and $11.9 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, fixture and equipment, as applicable, and depreciation will commence.

Equity Investments in Real Esta

Equity Investments in Real Estate	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Real Estate	Equity Investments in Real Estate As of December 31, 2020, we owned equity interests in two Unconsolidated Hotels with unrelated third parties. 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 Former Advisor that we incurred 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 follow 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 are 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 % Owned Hotel Type Carrying Value at December 31, 2020 2019 Ritz-Carlton Philadelphia Venture (a) PA 301 60.0 % Full-service $ 18,157 $ 27,247 Hyatt Centric French Quarter Venture (b) LA 254 80.0 % Full-service 482 505 Ritz-Carlton Bacara, Santa Barbara Venture (c) CA 358 40.0 % Resort — 51,965 Marriott Sawgrass Golf Resort & Spa Venture (c) FL 514 50.0 % Resort — 20,580 1,427 $ 18,639 $ 100,297 ___________ (a) We contributed $3.9 million to this investment during the year ended December 31, 2020. (b) We contributed $0.9 million to this investment during the year ended December 31, 2020. (c) Upon completion of the Merger on April 13, 2020, the Company consolidates its 100% real estate interest in this hotel. 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 amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Unconsolidated Hotels Years Ended December 31, 2020 2019 2018 Ritz-Carlton Bacara, Santa Barbara Venture (a) (b) $ (20,968) $ (3,947) $ (4,879) Ritz-Carlton Philadelphia Venture (13,038) (513) (985) Hyatt Centric French Quarter Venture (962) 1,137 2,072 Marriott Sawgrass Golf Resort & Spa Venture (a) (58) 2,305 1,971 Westin Atlanta Venture (c) — — 506 Total equity in losses of equity method investments in $ (35,026) $ (1,018) $ (1,315) ___________ (a) Upon closing of the Merger on April 13, 2020, the Company owns 100% of this hotel and consolidates its real estate interest in this hotel therefore these amounts represent the equity in (losses) earnings for the respective periods prior to the Merger. (b) Includes an other-than-temporary impairment charge of $17.8 million recognized on this investment during the year ended December 31, 2020 to reduce the carrying value of our equity investment in the venture to its estimated fair value. (c ) On October 19, 2017, the venture sold the Westin Atlanta Perimeter North to an unaffiliated third party. Our share of equity in earnings during the year ended December 31, 2018 was the result of additional cash distributions received in this period in connection with the disposition. No other-than-temporary impairment charges were recognized during the years ended December 31, 2019 and 2018. As of December 31, 2020 and 2019, the unamortized basis differences on our equity investments were $2.1 million and $6.3 million, respectively. Net amortization of the basis differences reduced the carrying values of our equity investments by $0.2 million, $0.3 million and $0.3 million during the years ended December 31, 2020, 2019 and 2018, respectively. The following tables present combined summarized financial information of our equity method investment entities. Amounts provided are the total amounts attributable to the ventures since our respective dates of acquisition and do not represent our proportionate share (in thousands): December 31, 2020 2019 Real estate, net $ 111,405 $ 600,956 Other assets 12,467 61,027 Total assets 123,872 661,983 Debt 94,105 411,407 Other liabilities 21,723 68,497 Total liabilities 115,828 479,904 Members’ equity $ 8,044 $ 182,079 Years Ended December 31, 2020 2019 2018 Revenues $ 19,444 $ 201,570 $ 203,202 Expenses 37,227 207,987 210,334 Net loss attributable to equity method investments $ (17,783) $ (6,417) $ (7,132)

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets are summarized as follows (dollars in thousands): December 31, 2020 December 31, 2019 Amortization Period (Years) Gross Carrying Amount Accumulated Net Carrying Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Villa/condo rental programs 45 - 55 $ 72,400 $ (9,529) $ 62,871 $ 72,400 $ (8,025) $ 64,375 Trade name 8 9,400 (844) 8,556 — — — Other intangible assets 1 - 10 1,633 (775) 858 855 (444) 411 Total intangible assets, net $ 83,433 $ (11,148) $ 72,285 $ 73,255 $ (8,469) $ 64,786 Net amortization of intangibles was $2.7 million, $1.5 million and $1.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. Amortization of intangibles is included in Depreciation and amortization in the consolidated financial statements. Based on the intangible assets recorded as of December 31, 2020, scheduled annual amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Total 2021 $ 3,062 2022 2,842 2023 2,839 2024 2,833 2025 2,683 Thereafter 58,026 Total $ 72,285

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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 inputs are unobservable and are corroborated by little or no market data, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis Derivative Assets and Liabilities — Our derivative assets, which are included in Other assets in the consolidated financial statements, are comprised of interest rate caps and our derivative liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, are comprised of interest rate swaps ( Note 9 ). 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 years ended December 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 and (expenses) in the consolidated financial statements. Our non-recourse debt, which we have classified as Level 3, had a carrying value of $2.2 billion and $1.2 billion as of December 31, 2020 and 2019, respectively, and an estimated fair value of $2.2 billion and $1.2 billion as of December 31, 2020 and 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. Our Series A and Series B preferred stock, which we have classified as Level 3, had carrying values of $52.0 million and $162.1 million as of December 31, 2020, respectively, and estimated fair values of $54.2 million and $194.9 million as of December 31, 2020, respectively. We determined the estimated fair value using a discounted cash flow analysis of the interest and anticipated redemption payments associated with the preferred stock. We estimated that our other financial assets and liabilities had fair values that approximated their carrying values at both December 31, 2020 and 2019. Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) The Company estimated the fair values of our long-lived real estate and related intangible assets either using Level 3 inputs or the selling price of a hotel property based upon an executed purchase and sales agreement, using a combination of the income capitalization and sales comparison approaches, specifically utilizing a discounted cash flow analysis and recent comparable sales transactions. The estimate of the fair value of the assets acquired in the Merger, as discussed in Note 3 and the evaluation of the assets for potential impairment, as discussed below, required the Company’s management to exercise significant judgment and make certain key assumptions, including, but not limited to, the following: (i) capitalization rate; (ii) discount rate; (iii) net operating income; and (iv) number of years the property will be held or benefit realized. There are inherent uncertainties in making these estimates, including the impact of the COVID-19 pandemic. For our estimate of the fair value of the assets acquired in the Merger and impairment tests for our long-lived real estate and related intangible assets during the year ended December 31, 2020, we used discount rates ranging from 7.0% to 10.5%, with a weighted-average rate of 8.4%, and capitalization rates ranging from 5.0% to 8.5%, with a weighted-average rate of 6.5%. 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 and Note 6 for a description of impairment charges recognized during the year ended December 31, 2020. No impairments were recognized during the years ended December 31, 2019 or 2018. See Note 15

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 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 When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates. We have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include: (i) a counterparty to a hedging arrangement defaulting on its obligation and (ii) a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment, as well as the approval, reporting and monitoring of derivative financial instrument activities. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings. 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 December 31, Liability Derivatives Fair Value at December 31, Balance Sheet Location 2020 2019 2020 2019 Interest rate caps Other assets $ 9 $ 18 $ — $ — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (5,080) — $ 9 $ 18 $ (5,080) $ — 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. At both December 31, 2020 and 2019, no cash collateral had been posted nor received for any of our derivative positions. We recognized unrealized losses of $1.0 million, $0.2 million and $0.3 million in Other comprehensive (loss) income on derivatives in connection with our interest rate swaps and caps during the years ended December 31, 2020, 2019, and 2018, respectively. We reclassified 0.4 million, $0.3 million, and $0.4 million from Other comprehensive (loss) income on derivatives into Interest expense during the years ended December 31, 2020, 2019 and 2018, respectively. Amounts reported in Other comprehensive (loss) income related to our interest rate swaps and caps will be reclassified to Interest expense as interest expense is incurred on our variable-rate debt. As of December 31, 2020, we estimated that $0.5 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 as of December 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 December 31, 2020 Interest rate swaps 2 $ 187,550 $ (5,080) Interest rate caps 9 427,745 9 $ (5,071) 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 December 31, 2020. As of December 31, 2020, both our total credit exposure and the maximum exposure to any single counterparty were 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. As of December 31, 2020, we had not been declared in default on any of our derivative obligations. The

Debt

Debt	12 Months Ended
	Dec. 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): Carrying Amount at December 31, Interest Rate Range Current Maturity Date Range (a) 2020 2019 Fixed rate 3.6% – 5.9% 03/21 – 04/24 $ 1,286,839 $ 884,849 Variable rate (b) 2.4% – 8.5% 06/21 – 11/23 883,063 321,218 $ 2,169,902 $ 1,206,067 ___________ (a) Many of our mortgage loans have extension options, which are subject to certain conditions. The maturity dates in the table do not reflect the extension options. (b) The interest rate range presented for these mortgage loans reflect the rates in effect as of December 31, 2020 through the use of an interest rate swap or cap, when applicable. 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. As of December 31, 2020, we have effectively entered into cash management agreements with the lenders on 27 of our 29 mortgage loans either because the minimum debt service coverage ratio was not met or as a result of a loan modification agreement. We have worked with our lenders on debt forbearance plans and sought relief to defer interest and principal payments and temporarily waive the application of certain cash flow covenants. See Note 1 for further discussion. Financing Activity During 2020 During the fourth quarter of 2020, we refinanced the $43.6 million Le Meridien Dallas, The Stoneleigh non-recourse mortgage loan with a new mortgage loan totaling $47.0 million. The loan has a floating annual interest rate of LIBOR plus 6.7% (subject to an interest rate cap) and a maturity date of October 1, 2023, with one one-year extension option, which is subject to certain conditions. We recognized a loss on extinguishment of debt of less than $0.1 million on this refinancing. During the fourth quarter of 2020, we also refinanced the $27.3 million Sanderling Resort and Spa non-recourse mortgage loan with a new mortgage loan totaling $30.8 million. The loan has a floating annual interest rate of LIBOR plus 8.0% (subject to an interest rate cap) and a maturity date of November 1, 2023, with two one-year extension options, which are subject to certain conditions. We recognized a loss on extinguishment of debt of less than $0.1 million on this refinancing. Financing Activity During 2019 During the fourth quarter of 2019, we refinanced the $93.9 million Hawks Cay Resort mortgage loan with a new mortgage loan of up to $115.7 million, of which $95.3 million was funded at closing. The loan has a floating annual interest rate of LIBOR plus 2.8% (subject to an interest rate cap) and a maturity date of November 15, 2022, with three one-year extension options. This refinancing was accounted for as a loan modification and no gain or loss was recognized. During the third quarter of 2019, we refinanced the $10.0 million Hilton Garden Inn New Orleans French Quarter/CBD mortgage loan with a new mortgage loan of up to $18.0 million, of which $15.0 million was funded at closing. The loan has a floating annual interest rate of LIBOR plus 2.8% (subject to an interest rate cap) and a maturity date of July 1, 2022, with two one-year extension options. No gain or loss was recognized on the extinguishment of debt. This hotel was subsequently sold on October 9, 2019. During the second quarter of 2019, we refinanced the $67.0 million Sheraton Austin Hotel at the Capitol mortgage loan with a new mortgage loan that has a maximum principal amount of $92.4 million, of which we drew $68.4 million at closing, with the remaining balance available to fund planned renovations at the hotel. The loan has a floating annual interest rate of LIBOR plus 3.5% (subject to an interest rate cap) and a maturity date of July 9, 2022 with two one-year extension options. We recognized a loss on extinguishment of debt of $0.1 million on this refinancing. Scheduled Debt Principal Payments Scheduled debt principal payments during each of the next five calendar years following December 31, 2020 are as follows (in thousands): Years Ending December 31, Total 2021 $ 692,590 2022 1,103,602 2023 376,776 2024 50,252 2025 — Total principal payments 2,223,220 Unamortized debt discount (46,466) Unamortized deferred financing costs (6,852) Total $ 2,169,902

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 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 December 31, 2020, our hotel properties were operated pursuant to long-term management agreements with eleven different management companies, with initial terms ranging from 5 to 40 years. For hotels operated with separate franchise agreements, each management company receives a base management fee, generally ranging from 1.5% to 3.5% of hotel revenues. Twelve 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 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 $6.4 million, $16.9 million and $17.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. Franchise Agreements Seventeen of our hotel properties operated under franchise or license agreements with national brands that are separate from our management agreements. As of December 31, 2020, we had 12 franchise agreements with Marriott-owned brands, two with Hilton-owned brands, one with InterContinental Hotels-owned brands and two with a Hyatt-owned brand related to our hotels. Our typical franchise agreement provides for a term of 15 to 25 years. Two of our hotels are not operated with a hotel brand so the hotels do not have franchise agreements. Generally, our franchise agreements provide for a license fee, or royalty, of 3.0% to 6.0% of room revenues and, if applicable, 2.0% to 3.0% of food and beverage revenue. In addition, we generally pay 1.0% to 4.5% 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 $4.7 million, $16.4 million and $16.2 million for the years ended December 31, 2020, 2019 and 2018, 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 at these hotels, sufficient to cover the cost of routine improvements and alterations at the 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 3.0% and 5.0% of the respective hotel’s total gross revenue. As of December 31, 2020 and 2019, $51.0 million and $34.6 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 had used a portion of the available restricted cash reserves to cover operating costs at our properties, of which $4.9 million is subject to replenishment requirements. 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. As of December 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 as of December 31, 2020 totaled $16.2 million. As discussed in Note 1 , we have significantly reduced our planned renovation activity by either canceling or deferring this activity to future periods, other than completing projects that are near completion. 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. Leases Lease Obligations We recognize an operating ROU asset and a corresponding lease liability for ground lease arrangements, hotel parking leases and various hotel equipment leases for which we are the lessee. Our leases have remaining lease terms ranging from less than one year to 86 years (excluding extension options not reasonably certain of being exercised). Lease Cost Certain information related to the total lease cost for operating leases is as follows (in thousands): Years Ended December 31, 2020 2019 Fixed lease cost $ 11,911 $ 13,592 Variable lease cost (a) 125 815 Total lease cost $ 12,036 $ 14,407 ___________ (a) Our variable lease payments consist of payments based on a percentage of revenue. Other Information Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): December 31, 2020 2019 Operating lease ROU assets $ 40,729 $ 45,727 Operating lease liabilities 74,633 71,733 Weighted-average remaining lease term 67.0 years 69.0 years Weighted-average discount rate 9.1 % 9.1 % Cash paid for operating lease liabilities included in Net cash (used in) provided by operating activities totaled $6.0 million and $5.5 million for the years ended December 31, 2020 and 2019. Undiscounted Cash Flows A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet as of December 31, 2020 is as follows (in thousands): Years Ending December 31, Total 2021 $ 6,089 2022 6,101 2023 5,803 2024 5,720 2025 5,472 Thereafter through 2107 892,384 Total lease payments 921,569 Less: amount of lease payments representing interest (846,936) Present value of future lease payments/lease obligations $ 74,633

Loss Per Share and Equity

Loss Per Share and Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Loss Per Share and Equity	Loss Per Share and Equity (Loss) Income Per Share The computation of basic and diluted earnings per share is as follows (in thousands, except share and per share amounts): Years Ended December 31, 2020 2019 2018 Net (loss) income attributable to the Company $ (350,128) $ (10,898) $ 8,056 Preferred dividends (1,742) — — Fair value adjustment on reclassification of Series A Preferred Stock 2,754 — — Net (loss) income attributable to Common Stockholders including amounts attributable to fair value adjustment $ (349,116) $ (10,898) $ 8,056 Year Ended December 31, 2020 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock (a) 157,288,346 $ (272,776) $ (1.73) Class T common stock 43,957,081 (76,340) (1.74) Net loss attributable to Common Stockholders including amounts attributable to fair value adjustment $ (349,116) Year Ended December 31, 2019 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock (a) 128,978,410 $ (10,898) $ (0.08) Class T common stock — — — Net loss attributable to Common Stockholders $ (10,898) Year Ended December 31, 2018 Basic and Diluted Weighted-Average Allocation of Income Basic and Diluted Income Class A common stock (a) 126,915,817 $ 8,056 $ 0.06 Class T common stock — — — Net income attributable to Common Stockholders $ 8,056 ___________ (a) For purposes of determining the weighted-average number of shares of Class A common stock outstanding and loss (income) per share, amounts for the periods prior to the Merger have been adjusted to give effect to the exchange ratio of 0.9106 ( Note 3 ). The allocation of Net (loss) income attributable to common 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 $0.1 million for the year ended December 31, 2020 since this fee is only applicable to holders of Class T common stock. No such fees were incurred for the years ended December 31, 2019 and 2018. 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 ceased 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 reached 10.0% of the gross offering proceeds. We paid distribution and shareholder servicing fees to selected dealers of $3.4 million during the year ended December 31, 2020. Noncontrolling Interest in the Operating Partnership We consolidate the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. As of December 31, 2020 the Operating Partnership had 230,961,715 OP Units outstanding, of which 99.0% of the outstanding OP Units were owned by the Company, and the noncontrolling 1.0% ownership interest was owned by Mr. Medzigian. As of December 31, 2020, Mr. Medzigian owned 2,417,996 OP Units. The outstanding OP Units held by Mr. Medzigian are exchangeable on a one-for-one basis into shares of WLT Class A common stock. Additionally, we had 16,778,446 Warrant Units outstanding as of December 31, 2020. The noncontrolling interest is included in noncontrolling interest on the consolidated balance sheet as of December 31, 2020. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Years Ended December 31, Gains and Losses on Derivative Instruments 2020 2019 2018 Beginning balance $ (172) $ (286) $ (455) Other comprehensive loss before reclassifications (959) (153) (290) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 421 280 448 Equity in losses of equity method investments in real estate, net 6 3 — Total 427 283 448 Net current period other comprehensive (loss) income (532) 130 158 Net current period other comprehensive (income) loss attributable to noncontrolling interests (20) (16) 11 Ending balance $ (724) $ (172) $ (286) Distributions Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. Our distributions per share are summarized as follows: Years Ended December 31, 2020 2019 2018 Class A (a) Class T Class A (a) Class T Class A (a) Class T Return of capital $ 0.1565 $ — $ 0.4125 $ — $ 0.5380 $ — Capital gain — — 0.1556 — — — Ordinary income — — 0.0579 — 0.0880 — Total distributions paid $ 0.1565 $ — $ 0.6260 $ — $ 0.6260 $ — ___________ (a) The distributions per share for the periods prior to the Merger have been adjusted to give effect to the exchange ratio of 0.9106 ( Note 3 ). In the first quarter of 2020, we paid out the common stock distributions that our Board of Directors declared in the fourth quarter of 2019 in an aggregate amount of $20.4 million. No distributions were declared during the year ended December 31, 2020.

Share-Based Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Payments	Share-Based Payments Prior to the Merger, we maintained the 2010 Equity Incentive Plan, which authorized the issuance of stock-based awards to the officers and employees of our former Subadvisor, who performed services on our behalf. The 2010 Equity Incentive Plan provided for the grant of RSUs and dividend equivalent rights. We also maintained the Directors Incentive Plan — 2010 Incentive Plan, which authorized the issuance of stock-based awards to our independent directors. The Directors Incentive Plan — 2010 Incentive Plan provided for the grant of RSUs and dividend equivalent rights. Subsequent to the Merger, we maintain the 2015 Equity Incentive Plan, which authorizes the issuance of Class A shares of stock-based awards to our officers and employees. The 2015 Equity Incentive Plan provides for the grant of RSUs and dividend equivalent rights. A maximum of 2,000,000 shares may be granted, of which 895,940 shares remained available for future grants as of December 31, 2020. A summary of the stock-based award activity for the years ended December 31, 2020 , 2019 and 2018 follows: Former Subadvisor/WLT Employees Independent Directors Shares (a) Weighted-Average Grant Date Fair Value (a) Shares (a) Weighted-Average Grant Date Fair Value (a) Nonvested at January 1, 2018 55,482 $ 11.73 — $ — Granted 55,709 11.43 15,745 11.43 Vested (b) (26,011) 11.63 (15,745) 11.43 Forfeited (5,236) 11.54 — — Nonvested at January 1, 2019 79,944 11.56 — — Granted 63,932 11.41 18,400 11.41 Vested (b) (33,686) 11.61 (18,400) 11.41 Forfeited (2,399) 11.81 — — Nonvested at December 31, 2019 107,791 11.45 — — RSU’s of CWI 2 acquired in the Merger 74,075 11.23 Granted 808,970 9.35 35,111 6.84 Vested (b) (92,020) 11.35 (35,111) 6.84 Forfeited (51,486) 11.38 — — Nonvested at December 31, 2020 (c) 847,330 9.44 — — ___________ (a) The number of shares and the weighted-average grant date fair value for the periods prior to the Merger have been adjusted to give effect to the exchange ratio of 0.9106 ( Note 3 ). (b) RSUs issued to employees (and prior to the Merger, employees of the former Subadvisor) generally vest over three years, subject to continued employment and are forfeited if the recipient’s employment terminates prior to vesting. RSUs issued to independent directors vest immediately. The total fair value of shares vested was $1.0 million, $0.4 million and $0.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. (c) We currently expect to recognize compensation expense totaling approximately $6.7 million over the vesting period. The awards to employees (and prior to the Merger, employees of the former Subadvisor) of the Subadvisor had a weighted-average remaining contractual term of 2.82 years as of December 31, 2020. Stock-Based Compensation Expense For the years ended December 31, 2020, 2019, and 2018, we recognized share-based compensation expense related to RSU awards to employees of the Subadvisor under the 2010 Equity Incentive Plan, 2015 Equity Incentive Plan and equity compensation issued to our independent directors aggregating $1.8 million, $0.7 million and $0.6 million, respectively. Share-based compensation expense is included within Corporate general and administrative expenses in the consolidated financial statements. We have not recognized any income tax benefit in earnings for our share-based compensation arrangements since the inception of this plan.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a REIT, we are permitted to own lodging properties but are prohibited from operating these properties. In order to comply with applicable REIT qualification rules, we enter into leases for each of our lodging properties with TRSs (“TRS lessees”). The TRS lessees in turn contract with independent hotel management companies that manage day-to-day operations of our hotels under our oversight. Certain of our subsidiaries have elected TRS status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. On April 20, 2020, the TRSs 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 measures the deferred tax assets and liabilities of the combined entities based on the WLT combined TRS’s deferred tax rate. The components of our (benefit from) provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2020 2019 2018 Federal Current $ (8,165) $ 1,415 $ 2,255 Deferred 581 1,168 930 (7,584) 2,583 3,185 State and Local Current 180 427 592 Deferred (526) 142 1,100 (346) 569 1,692 Total (Benefit) Provision $ (7,930) $ 3,152 $ 4,877 Deferred income taxes as of December 31, 2020 and 2019 consist of the following (in thousands): December 31, 2020 2019 Deferred Tax Assets Net operating loss carryforwards $ 40,224 $ 8,381 Accrued vacation payable and deferred rent 9,369 2,534 Operating lease liabilities 1,329 1,446 Interest expense limitation 1,286 769 Deferred revenue — key money 1,128 351 Gift card liability 531 271 Fixed assets and intangibles — 416 Total deferred income taxes 53,867 14,168 Valuation allowance (42,047) (8,559) Total deferred tax assets 11,820 5,609 Deferred Tax Liabilities Villa rental management agreement (6,967) (6,574) Fixed assets and intangibles (4,676) — Operating lease ROU assets (1,244) (1,426) Other (212) (373) Deferred rent — (1,553) Total deferred tax liabilities (13,099) (9,926) Net Deferred Tax Liability $ (1,279) $ (4,317) A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the periods presented is as follows (dollars in thousands): Years Ended December 31, 2020 2019 2018 Pre-tax (loss) income from taxable subsidiaries $ (139,598) $ 6,674 $ 22,992 Federal provision at statutory tax rate (a) $ (29,315) $ 1,402 $ 4,828 Valuation allowance 22,726 2,418 1,782 State and local taxes, net of federal provision (6,207) (122) 655 Income not subject to federal tax 3,152 210 (2,529) Rate change 2,438 — — Tax benefit net operating loss carryback (2,008) — — Return to provision true-up 1,731 (469) (315) Other (472) (1) (48) Non-deductible expenses 25 81 204 Tax credit — (367) — Disposition of hotels — — 300 Total (benefit) provision $ (7,930) $ 3,152 $ 4,877 ___________ (a) The applicable statutory tax rate was 21% for the years ended December 31, 2020, 2019 and 2018. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction. If not utilized, our federal and state and local net operating losses will begin to expire in 2028. As of December 31, 2020 and 2019, we recorded a valuation allowance of $42.0 million and $8.6 million, respectively, related to these net operating loss carryforwards and other deferred tax assets. The net deferred tax liabilities in the table above are comprised of deferred tax asset balances, net of certain deferred tax liabilities and valuation allowances, of less than $0.1 million and $0.4 million as of December 31, 2020 and 2019, respectively, which are included in Other assets in the consolidated balance sheets, and other deferred tax liability balances of $1.3 million and $4.7 million as of December 31, 2020 and 2019, respectively, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated balance sheets. Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. Our tax returns are subject to audit by taxing authorities. The statute of limitations varies by jurisdiction and ranges from three to four years. Such audits can often take years to complete and settle. The tax years 2016 through 2019 remain open to examination by the major taxing jurisdictions in which we are subject to income taxes.

Mandatorily Redeemable Preferre

Mandatorily Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Mandatorily Redeemable Preferred Stock	Mandatorily Redeemable Preferred Stock At both December 31, 2020 and 2019, we had authorized 50,000,000 shares of preferred stock, $0.001 par value per share. Series A Preferred Stock As discussed in Note 3 , as consideration for the Redemption and the other transactions contemplated by the Internalization Agreement, affiliates of WPC were issued 1,300,000 shares of WLT Series A preferred stock, $0.001 par value per share, with a liquidation preference of $50.00 per share (the “Series A Preferred Stock”). Dividends Dividends are comprised of cumulative preferential dividends that holders of the Series A Preferred Stock are entitled to receive at a rate of 5% per year, with the rate increasing to 7% on the second anniversary of the Merger and increasing to 8% on the third anniversary of the Merger. Dividends accrue annually. Any dividend payable on the Series A Preferred Stock will be computed on the basis of a 360-day year consisting of twelve 30-day months. Redemption Partial Redemption – On both April 13, 2023 and April 13, 2024, the holders of the Series A Preferred Stock may elect to have the Company redeem 25% of the shares of the Series A Preferred Stock outstanding as of the respective dates for cash at a redemption price per share equal to $50.00, plus all accrued and unpaid dividends thereon up to and including the date of redemption, without interest, to the extent the Company has funds legally available therefor. Full Redemption – At the earlier of April 13, 2025 or a redemption event (as defined in the Articles Supplementary governing the Series A Preferred Stock), the holders of the Series A Preferred Stock may elect to have the Company redeem all of the outstanding shares of the Series A Preferred Stock for cash at a redemption price per share equal to $50.00, plus all accrued and unpaid dividends thereon up to and including the date of redemption, without interest, to the extent the Company has funds legally available therefor. Series B Preferred Stock and Warrants On July 24, 2020, we issued 200,000 shares of our newly designated Series B Preferred Stock, with a liquidation preference of $1,000.00 per share and Warrants to purchase 16,778,446 Warrant Units, for an aggregate purchase price of $200.0 million. The Warrant exercise price is $0.01 per Warrant Unit, and the Warrants expire on July 24, 2027. The Warrant Units are recorded as noncontrolling interest in the consolidated balance sheet totaling $19.8 million as of December 31, 2020, discussed further below. The Warrants require that, if the Operating Partnership pays any distribution to holders of OP Units, then the Operating Partnership shall concurrently distribute the same securities, cash, indebtedness, rights or other property to the holders of Warrants as if the Warrants had been exercised into Warrant Units on the date of such distribution. The Warrants include a call option that will allow the Company to purchase Warrants, Warrant Units and Common Stock issued on redemption of Warrant Units from the Purchaser or its transferees at a specified call price until the Common Stock is approved for trading on any securities exchange registered as a national securities exchange under Section 6 of the Securities and Exchange Act of 1934, as amended (or the equivalent thereof in a jurisdiction outside the United States). Dividends The holders are entitled to receive cumulative dividends per share of Series B Preferred Stock at the rate of 12% per year. Dividends can be paid in cash or in the form of additional shares of Series B Preferred Stock with the value thereof equal to the liquidation preference of such shares, at the option of the Company. The dividends are cumulative, compound quarterly and accrue, whether or not earned or declared, from and after the date of issue. Redemption On July 24, 2025, the Company is obligated to redeem all shares of Series B Preferred Stock at a redemption price, payable in cash, equal to the then applicable liquidation preference plus all accrued and unpaid dividends. The Company, at its option, may redeem for cash, in whole or in part from time to time, any or all of the outstanding shares of Series B Preferred Stock upon giving the notice described in the Articles Supplementary governing the Series B Preferred Stock at a price determined in the Articles Supplementary. Accounting Treatment ASC 480, “Distinguishing Liabilities from Equity”, generally requires liability classification for financial instruments that are certain to be redeemed, represent obligations to purchase shares of stock or represent obligations to issue a variable number of common shares. Upon issuance of the Series A Preferred Stock during the second quarter of 2020, we concluded that the Series A Preferred Stock was not within the scope of ASC 480 because none of the three conditions for liability classification was present and we recorded it in the mezzanine equity section and accreted it to its redemption value through charges to stockholders’ equity using the effective interest method as redemption was probable. As a result of the issuance of the Series B Preferred Stock during the third quarter of 2020, which we concluded was within the scope of ASC 480 and recorded it as a liability as a result of its certainty to be redeemed, we reevaluated the classification of our Series A Preferred Stock and because of certain protective provisions that prohibit the Company from purchasing or redeeming capital stock of the Company for as long as any shares of Series A Preferred Stock remain outstanding (as more fully described in the Articles Supplementary governing the Series A Preferred Stock), we concluded that Series A Preferred Stock was now certain to be redeemed and this modification resulted in the reclassification of the Series A Preferred Stock from mezzanine to a liability and we recognized a decrease to distributions and accumulated losses of $2.8 million representing the difference between the carrying value and estimated fair value. Dividends accrued included in interest expense in the consolidated financial statements related to our Series A and Series B Preferred Stock for the year ended December 31, 2020 totaled $12.0 million. The following table presents the carrying value of our Series A and Series B Preferred Stock: December 31, 2020 Series A Series B Preferred Stock Preferred Stock Total Liquidation value $ 65,000 $ 200,000 $ 265,000 Fair value discount (14,310) (30,358) (44,668) 50,690 169,642 220,332 Accumulated amortization of fair value discount 1,336 2,675 4,011 Deferred financing costs — (11,169) (11,169) Accumulated amortization of deferred financing costs — 984 984 $ 52,026 $ 162,132 $ 214,158

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Revenues $ 114,978 $ 20,297 $ 73,668 $ 70,158 Operating expenses 249,644 106,145 124,559 117,767 Net loss (169,145) (17,547) (88,090) (92,494) (Income) loss attributable to noncontrolling interests (860) 2,994 6,714 8,300 Preferred dividends — (1,341) (401) — Net loss attributable to common stockholders (a) $ (170,005) $ (15,894) $ (81,777) $ (84,194) Basic and diluted loss per share — Class A common stock (b) (c) $ (1.30) $ (0.07) $ (0.35) $ (0.37) Basic and diluted loss per share — Class T common stock (c) $ — $ (0.07) $ (0.35) $ (0.37) Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 152,190 $ 166,053 $ 151,118 $ 141,702 Operating expenses 144,862 148,253 140,005 137,103 Net (loss) income (9,786) 1,317 (1,576) 9,314 Income attributable to noncontrolling interests (4,578) (1,018) (878) (3,693) Preferred dividends — — — — Net (loss) income attributable to common stockholders $ (14,364) $ 299 $ (2,454) $ 5,621 Basic and diluted (loss) income per share — Class A common stock (b) (c) $ (0.11) $ — $ (0.02) $ 0.04 Basic and diluted income per share — Class T common stock $ — $ — $ — $ — ___________ (a) Results for the first quarter of 2020 include impairment charges of $120.2 million and results for the second quarter of 2020 include a bargain purchase gain of $78.7 million and net gain on change in control of interests of $22.3 million, both related to the Merger. (b) For purposes of determining the weighted-average number of shares of Class A common stock outstanding and loss (income) per share, amounts for the periods prior to the Merger have been adjusted to give effect to the exchange ratio of 0.9106 ( Note 3 ). (c) The sum of the quarterly loss per share for the year ended December 31, 2020 does not agree to the annual loss per share primarily due to the theoretical number of shares of common stock issued in connection with the Merger ( Note 3 ). The sum of the quarterly (loss) income per share for the year ended December 31, 2019 does not agree to the annual (loss) income per share, as the quarterly computation utilizes weighted average shares outstanding during that quarter and the annual computation utilizes weighted average shares outstanding during the year.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn March 5, 2021 we refinanced the $190.0 million Ritz-Carlton Key Biscayne non-recourse mortgage loan, which extended the maturity date of the loan from August 1, 2021 to August 1, 2023. The principal balance and interest rate of 4% remain unchanged.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2020, 2019 and 2018 (in thousands) Description Balance at Other Deductions Balance at Year Ended December 31, 2020 Valuation reserve for deferred tax assets $ 8,559 $ 38,809 $ (5,321) $ 42,047 Year Ended December 31, 2019 Valuation reserve for deferred tax assets $ 6,140 $ 2,824 $ (405) $ 8,559 Year Ended December 31, 2018 Valuation reserve for deferred tax assets $ 4,359 $ 2,966 $ (1,185) $ 6,140

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2020 (in thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition (a) (Decrease) Increase In Net Investments (b) Gross Amount at which Carried at Close of Period (c) Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Accumulated Depreciation (c) Date of Date Courtyard Pittsburgh Shadyside $ 15,414 $ 3,515 $ 25,833 $ 1,939 $ (10,166) $ 2,132 $ 18,989 $ 21,121 $ 5,949 2003 Mar 2013 4 – 40 yrs. Holiday Inn Manhattan 6th Ave Chelsea 72,559 30,023 81,398 2,999 (33,812) 19,896 60,712 80,608 15,662 2008 Jun 2013 4 – 40 yrs. Fairmont Sonoma Mission Inn & Spa 59,425 17,657 66,593 6,365 (119) 17,657 72,839 90,496 16,365 1927 Jul 2013 4 – 40 yrs. Marriott Raleigh City Center 66,274 — 68,405 8,506 (40) — 76,871 76,871 15,895 2008 Aug 2013 4 – 40 yrs. Hawks Cay Resort 94,593 25,800 73,150 54,203 (34,811) 25,800 92,542 118,342 20,684 1960 Oct 2013 4 – 40 yrs. Renaissance Chicago Downtown 83,461 — 132,198 33,694 (2,311) — 163,581 163,581 38,593 1991 Dec 2013 4 – 40 yrs. Hyatt Place Austin Downtown 53,089 9,100 73,700 2,112 (11) 9,100 75,801 84,901 12,755 2013 Apr 2014 4 – 40 yrs. Courtyard Times Square West 53,473 — 87,438 464 (5,121) — 82,781 82,781 14,506 2013 May 2014 4 – 40 yrs. Sheraton Austin Hotel at the Capitol 69,362 18,210 78,703 7,566 (46) 18,210 86,223 104,433 16,240 1986 May 2014 4 – 40 yrs. Sanderling Resort 29,869 9,800 23,677 9,935 (180) 9,800 33,432 43,232 7,870 1985 Oct 2014 4 – 40 yrs. Marriott Kansas City Country Club Plaza 37,864 5,100 48,748 8,699 (44) 5,100 57,403 62,503 11,109 1987 Nov 2014 4 – 40 yrs. Westin Minneapolis 40,462 6,405 57,105 1,521 (28,398) 3,206 33,427 36,633 8,371 2007 Feb 2015 4 – 40 yrs. Westin Pasadena 86,309 22,785 112,215 7,518 (4) 22,785 119,729 142,514 19,096 1989 Mar 2015 4 – 40 yrs. Hilton Garden Inn/Homewood Suites Atlanta Midtown 36,274 5,700 47,680 505 (25) 5,700 48,160 53,860 6,906 2012 Apr 2015 4 – 40 yrs. Ritz-Carlton Key Biscayne 183,003 117,200 154,182 21,233 1,017 118,656 174,976 293,632 27,931 2001 May 2015 4 – 40 yrs. Ritz-Carlton Fort Lauderdale 74,966 22,100 74,422 10,179 716 22,380 85,037 107,417 14,331 2007 Jun 2015 4 – 40 yrs. Le Méridien Dallas, The Stoneleigh 45,597 9,400 57,989 1,952 21 9,400 59,962 69,362 8,350 1923 Nov 2015 4 – 40 yrs. Equinox, a Luxury Collection Golf Resort & Spa 45,035 15,000 59,235 6,081 (35,991) 7,273 37,052 44,325 10,637 1853 Feb 2016 4 – 40 yrs. Charlotte Marriott City Center 98,085 22,700 109,300 10 — 22,700 109,310 132,010 1,971 1983 Apr 2020 4– 40 yrs. Courtyard Nashville Downtown 52,399 14,300 67,800 34 7 14,300 67,841 82,141 1,180 1998 Apr 2020 4 – 40 yrs. Embassy Suites by Hilton Denver-Downtown/Convention Center 88,223 15,400 92,600 44 — 15,400 92,644 108,044 1,675 2010 Apr 2020 4 – 40 yrs. Le Méridien Arlington 34,479 8,000 30,000 34 — 8,000 30,034 38,034 562 2007 Apr 2020 4 – 40 yrs. Marriott Sawgrass Golf Resort & Spa 83,644 24,800 116,627 57 (2,892) 24,800 113,792 138,592 2,309 1987 Apr 2020 4 – 40 yrs. Renaissance Atlanta Midtown Hotel 47,806 10,900 56,900 19 — 10,900 56,919 67,819 1,025 2009 Apr 2020 4 – 40 yrs. Ritz-Carlton Bacara, Santa Barbara 224,314 81,700 202,700 87 — 81700 202,787 284,487 4,536 2000 Apr 2020 4 – 40 yrs. Ritz-Carlton San Francisco 138,813 83,201 133,000 — — 83,201 133,000 216,201 2,404 1991 Apr 2020 4 – 40 yrs. San Diego Marriott La Jolla 76,676 20,800 89,900 108 44 20,800 90,052 110,852 1,706 1985 Apr 2020 4 – 40 yrs. San Jose Marriott 86,920 24,600 115,900 167 — 24,600 116,067 140,667 2,113 2003 Apr 2020 4 – 40 yrs. Seattle Marriott Bellevue 91,514 23,800 91,100 130 — 23,800 91,230 115,030 1,665 2015 Apr 2020 4 – 40 yrs. $ 2,169,902 $ 647,996 $ 2,428,498 $ 186,161 $ (152,166) $ 627,296 $ 2,483,193 $ 3,110,489 $ 292,396 ___________ (a) Consists of the cost of improvements subsequent to acquisition, including construction costs primarily for renovations pursuant to our contractual obligations. (b) The net decrease in net investments was primarily due to impairment charges, as well as write-offs of fixed assets resulting from property damage insurance claims. NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliation of Hotels Years Ended December 31, 2020 2019 2018 Beginning balance $ 1,892,658 $ 2,056,770 $ 2,036,454 Assets acquired in the Merger 1,436,027 — — Impairments (117,150) — — Dispositions (106,206) (180,339) (23,280) Improvements 13,342 19,116 52,752 Write-off of assets damaged by hurricane and other (5,869) (2,784) (8,905) Write-off of fully depreciated assets (2,313) (105) (251) Ending balance $ 3,110,489 $ 1,892,658 $ 2,056,770 Reconciliation of Accumulated Depreciation for Hotels Years Ended December 31, 2020 2019 2018 Beginning balance $ 246,816 $ 217,050 $ 165,509 Depreciation expense 70,306 55,992 53,758 Dispositions (22,413) (26,121) (1,966) Write-off of fully depreciated assets (2,313) (105) (251) Ending balance $ 292,396 $ 246,816 $ 217,050 As of December 31, 2020, the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $3.7 billion.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Accounting for Acquisitions	Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations, which are included in Transaction costs in the consolidated statements of operations. See Note 3 for the valuation methodologies, inputs, and assumptions used to estimate the fair value of the assets acquired, the liabilities assumed, and the noncontrolling interests acquired in the Merger (as defined in Note 3
Impairments	Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired and that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, or when there are adverse changes in the demand for lodging due to declining national or local economic conditions. We may incur impairment charges on long-lived assets, including real estate, related intangible assets and equity investments. Our policies and estimates for evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, net operating income (“NOI”), residual values and holding periods. Our investment objective is to hold properties on a long-term basis. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group is primarily determined using market information from outside sources such as broker quotes or recent comparable sales. If relevant market information is not available or is not deemed appropriate, we perform a future net cash flow analysis, discounted for the inherent risk associated with each investment, using estimates such as capitalization rates, discount rates, capital expenditures and net operating income at the respective hotel properties, including estimates of future income growth. Equity Investments in Real Estate — We evaluate our equity investments in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value. We estimate the fair value of the hotel property using the methodologies discussed above and estimate the fair value of the debt using a discounted cash flow model with rates that take into account the interest rate risk. We also consider the value of the underlying collateral, taking into account the quality of the collateral and the then-current interest rate.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation — The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). 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. We apply the accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Certain decision-making rights within a loan or joint-venture agreement can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets.
Reclassifications	Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation.
Use of Estimates	Use of Estimates — 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.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash — Our cash is held in the custody of several financial institutions, and these balances, at times, exceed federally-insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. Restricted cash consists primarily of amounts escrowed pursuant to the terms of our mortgage debt to fund planned renovations and improvements, property taxes, insurance, and normal replacement of furniture, fixtures and equipment at our hotels.
Shares Repurchases	Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors.
Real Estate	Real Estate — We carry land, buildings and personal property at cost less accumulated depreciation. We capitalize improvements and we expense replacements, maintenance and repairs that do not improve or extend the life of the respective assets as incurred. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, and repairs and maintenance are expensed as incurred. We capitalize interest and certain other costs, such as incremental labor costs relating to hotels undergoing major renovations and redevelopments. Gain/Loss on Sale —
Equity Investments in Real Estate	Equity Investments in Real Estate — We classify distributions received from equity method investments using the cumulative earnings approach. Distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities.
Other Assets and Liabilities	Other Assets and Liabilities — Other assets consists primarily of prepaid expenses, costs related to the internalization of Watermark Capital representing goodwill as of December 31, 2020 ( N ote 4 ) and hotel inventories in the consolidated financial statements. Other liabilities, which are included in Accounts payable, accrued expenses and other liabilities, consists primarily of unamortized key money, hotel advance deposits, sales and use and occupancy taxes payable, deferred tax liabilities and accrued income taxes.
Deferred Financing Cost	Deferred Financing Costs — Deferred financing costs represent costs to obtain mortgage financing. We amortize these charges to interest expense over the term of the related mortgage using a method which approximates the effective interest method. Deferred financing costs are presented in the consolidated balance sheets as a direct deduction from the carrying amount of that debt liability.
Hotel Revenue Recognition	Hotel Revenue Recognition — Revenue consists of amounts derived from hotel operations, including the sale of rooms, food and beverage and revenue from other operating departments, such as parking, spa, resort fees and gift shops, and is presented on a disaggregated basis on the consolidated statements of operations. These revenues are recorded net of any sales or occupancy taxes, which are collected from our guests as earned. All rebates or discounts are recorded as a reduction in revenue and there are no material contingent obligations with respect to rebates or discounts offered by us. We recognize revenue when control of the promised good or service is transferred to the guest, in an amount that reflects the consideration we expect to receive in exchange for the promised good or service. Room revenue is generated through contracts with guests whereby the guest agrees to pay a daily rate for the right to use a hotel room and applicable amenities for an agreed upon length of stay. Our contract performance obligations are fulfilled at the end of the day that the guest is provided the room and revenue is recognized daily at the contract rate. Food and beverage revenue, including restaurant and banquet and catering services, are recognized at a point in time once food and beverage has been provided. Other operating department revenue for services such as parking, spa and other ancillary services, is recognized at a point in time when the goods and services are provided to the guest. We may engage third parties to provide certain services at the hotel, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenues as appropriate (i.e., gross vs. net). Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some guests prepaying for their rooms prior to the stay. For package revenue, where ancillary guest services are included with the guests’ hotel reservations in a package arrangement, we allocate revenue based on the stand-alone selling price for each of the components of the package. We applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant.
Capitalized Costs	Capitalized Costs — We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and incremental labor costs relating to hotels undergoing major renovations and redevelopments. We begin capitalizing interest as we incur disbursements, and capitalize other costs when activities necessary to prepare the asset ready for its intended use are underway. We cease capitalizing these costs when construction is substantially complete.
Depreciation and Amortization	Depreciation and Amortization — We compute depreciation for hotels and related building improvements using the straight-line method over the estimated useful lives of the properties (limited to 40 years for buildings and ranging from four years up to the remaining life of the building at the time of addition for building improvements), site improvements (generally four one
Derivative Instruments	Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis.
Income Taxes	Income Taxes — We elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. 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. We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for our investments and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal, state and local income taxes. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation and timing differences of certain income and expense recognitions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors ( Note 14 ). We recognize deferred income taxes in certain of our subsidiaries taxable in the United States. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes as described in Note 14
Share-Based Payments	Share-Based Payments — We have granted restricted stock units (“RSUs”) to certain employees (and prior to the Merger, employees of our former subadvisor). RSUs issued to employees generally vest over three years, and are subject to continued employment. We also issued Class A common stock to our directors as part of their director compensation. The expense recognized for share-based payment transactions for awards made to directors is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. Share-based payment transactions for awards made to employees are based on the fair value of the shares on the date of grant. We recognize these compensation costs only for those shares expected to vest on a straight-line basis over the requisite service period of the award. We include share-based payment transactions within Corporate general and administrative expense.
Income Attributable to Noncontrolling Interests	Income Attributable to Noncontrolling Interests — Earnings attributable to noncontrolling interests are 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.
(Loss) Income Per Share	(Loss) Income Per Share — (Loss) income per share, as presented, represents both basic and diluted per-share amounts for all periods presented in the consolidated financial statements. We calculate (loss) income per share using the two-class method to reflect the different classes of our outstanding common stock. (Loss) income per basic share of common stock is calculated by dividing Net (loss) income attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding during the year. The allocation of Net (loss) income attributable to common stockholders is calculated based on the weighted-average shares outstanding for Class A common stock and Class T common stock for the years ended December 31, 2020, 2019 and 2018, as applicable.
Recent Accounting Requirements	Recent Accounting Requirements The following Accounting Standards Updates (“ASU”), promulgated by the Financial Accounting Standards Board (“FASB”), are applicable to us: Pronouncements Adopted as of December 31, 2020 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . 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.
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 inputs are unobservable and are corroborated by little or no market data, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis Derivative Assets and Liabilities — Our derivative assets, which are included in Other assets in the consolidated financial statements, are comprised of interest rate caps and our derivative liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, are comprised of interest rate swaps ( Note 9 ).

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [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): December 31, 2020 2019 Net investments in hotels $ 461,142 $ 494,304 Intangible assets, net 36,234 37,045 Total assets 520,833 566,075 Non-recourse debt, net $ 327,597 $ 341,263 Total liabilities 354,193 376,004
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): December 31, 2020 2019 2018 Cash and cash equivalents $ 160,383 $ 70,605 $ 66,593 Restricted cash 91,081 54,699 54,537 Total cash and cash equivalents and restricted cash $ 251,464 $ 125,304 $ 121,130
Schedule of 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): December 31, 2020 2019 2018 Cash and cash equivalents $ 160,383 $ 70,605 $ 66,593 Restricted cash 91,081 54,699 54,537 Total cash and cash equivalents and restricted cash $ 251,464 $ 125,304 $ 121,130

Merger of CWI 1 and CWI 2 (Tabl

Merger of CWI 1 and CWI 2 (Tables)	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Schedule Of Acquired Properties	As a result of the Merger, the Company acquired an ownership interest in the following 12 hotel properties: Hotels State Number % Acquired Hotel Type Charlotte Marriott City Center NC 446 100% Full-Service Courtyard Nashville Downtown TN 192 100% Select-Service Embassy Suites by Hilton Denver-Downtown/Convention Center CO 403 100% Full-Service Le Méridien Arlington VA 154 100% Full-Service Marriott Sawgrass Golf Resort & Spa (a) FL 514 50% Resort Renaissance Atlanta Midtown Hotel GA 304 100% Full-Service Ritz-Carlton Bacara, Santa Barbara (a) CA 358 60% Resort Ritz-Carlton Key Biscayne (b) FL 443 19.3% Resort Ritz-Carlton San Francisco CA 336 100% Full-Service San Diego Marriott La Jolla CA 376 100% Full-Service San Jose Marriott CA 510 100% Full-Service Seattle Marriott Bellevue WA 384 100% Full-Service 4,420 ___________ (a) Upon closing of the Merger, the Company owns 100% of this hotel. (b) Upon closing of the Merger, the Company owns 66.7% of this hotel.
Schedule Total Consideration And Net Assets Acquired	As a result, the implied shares of CWI 1 common stock issued in consideration was computed based on the number of outstanding shares of CWI 2 Class A and Class T common stock prior to the Merger divided by the exchange ratio of 0.9106. (Dollars in thousands, except per share amounts) Total Merger Consideration Outstanding shares of CWI 2 Class A and Class T common stock prior to the Merger 94,480,247 Exchange ratio 0.9106 Implied shares of CWI 1 common stock issued in consideration 103,756,037 Fair value per implied share of CWI 1 common stock issued in consideration $ 4.83271 Fair value of implied shares of CWI 1 common stock issued in consideration 501,423 Fair value of noncontrolling interest acquired (39,414) Fair value of purchase consideration $ 462,009 The following tables present a summary of assets acquired and liabilities assumed in this business combination, at the date of acquisition; as well as and revenues and earnings thereon, from the date of acquisition through December 31, 2020 (in thousands): Purchase Assets Net investments in hotels $ 1,556,383 Operating lease right-of-use assets 974 Cash and cash equivalents 71,881 Intangible assets 10,200 Restricted cash 37,594 Accounts receivable, net 25,664 Other assets 15,593 Total Assets 1,718,289 Liabilities Non-recourse debt, net (1,002,753) Accounts payable, accrued expenses and other liabilities (97,843) Operating lease liabilities (1,874) Due to related parties and affiliates (1,520) Total Liabilities (1,103,990) Total Identifiable Net Assets 614,299 Fair value of CWI 1's equity interests in jointly-owned investments with CWI 2 prior to the merger (73,594) Bargain purchase gain (78,696) Fair value of purchase consideration $ 462,009 Years Ended December 31, 2020 2019 2018 Transaction costs $ 18,448 $ 2,783 $ —
Schedule Of Actual And Pro Forma Information	From April 13, 2020 through December 31, 2020 Revenues $ 69,545 Net loss $ (150,176) Years Ended December 31, 2020 2019 Pro forma total revenues $ 365,395 $ 1,061,517 Pro forma total hotel operating expenses (a) $ 524,854 $ 923,792 Pro forma net (loss) income $ (454,749) $ 62,039 Pro forma net (loss) income attributable to Common Stockholders (b) $ (433,892) $ 59,120 Pro forma (loss) income per Class A share: Net (loss) income attributable to Common Stockholders $ (317,775) $ 43,657 Basic and diluted pro forma weighted-average shares outstanding 167,566,465 166,464,081 Basic and diluted pro forma (loss) income per share $ (1.90) $ 0.26 Pro forma (loss) income per Class T share: Net (loss) income attributable to Common Stockholders $ (116,117) $ 15,463 Basic and diluted pro forma weighted-average shares outstanding 61,173,069 60,499,745 Basic and diluted pro forma (loss) income per share $ (1.90) $ 0.26 __________ (a) Includes pro forma depreciation and amortization expense of $130.2 million and $143.0 million for the year ended December 31, 2020 and 2019, respectively. (b) The pro forma net (loss) income attributable to Common Stockholders through the year ended December 31, 2020 reflects the following income and expenses related to the Merger as if the Merger had taken place on January 1, 2019: (i) bargain purchase gain of $78.7 million, (ii) transaction costs of $27.5 million through December 31, 2020 and (iii) net gain on change in control of interests of $22.3 million.
Schedule Of Intangible Assets Acquired	In connection with the Merger, we recorded intangibles comprised as follows (life in years, dollars in thousands): Weighted-Average Life Amount Amortizable Intangible Assets Trade name 8.0 $ 9,400 In-place leases 3.2 800 Total intangible assets $ 10,200

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 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 Former Advisor, the Subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Years Ended December 31, 2020 2019 2018 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 3,795 $ 14,052 $ 14,136 Personnel and overhead reimbursements 3,567 6,571 6,392 Available Cash Distributions — 7,095 5,142 Interest expense — 1,319 1,367 Disposition fees — 130 300 $ 7,362 $ 29,167 $ 27,337 Other Transaction Fees Incurred Watermark commitment agreement $ — $ 4,101 $ — Capitalized loan refinancing fees — 1,235 653 $ — $ 5,336 $ 653 The following table presents a summary of amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): December 31, 2020 2019 Amounts Due to Related Parties and Affiliates Reimbursable costs due to our Former Advisor $ 190 $ 1,524 Watermark commitment agreement — 1,151 Other amounts due to our Former Advisor — 1,105 Due to other related parties and affiliates — 26 $ 190 $ 3,806

Net Investments in Hotels (Tabl

Net Investments in Hotels (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands): December 31, 2020 2019 Buildings $ 2,289,031 $ 1,400,251 Land 627,296 331,681 Building and site improvements 194,162 160,726 Furniture, fixtures and equipment 193,517 103,920 Construction in progress 11,786 11,918 Hotels, at cost 3,315,792 2,008,496 Less: Accumulated depreciation (356,328) (298,949) Net investments in hotels $ 2,959,464 $ 1,709,547

Equity Investments in Real Es_2

Equity Investments in Real Estate (Tables)	12 Months Ended
	Dec. 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 % Owned Hotel Type Carrying Value at December 31, 2020 2019 Ritz-Carlton Philadelphia Venture (a) PA 301 60.0 % Full-service $ 18,157 $ 27,247 Hyatt Centric French Quarter Venture (b) LA 254 80.0 % Full-service 482 505 Ritz-Carlton Bacara, Santa Barbara Venture (c) CA 358 40.0 % Resort — 51,965 Marriott Sawgrass Golf Resort & Spa Venture (c) FL 514 50.0 % Resort — 20,580 1,427 $ 18,639 $ 100,297 ___________ (a) We contributed $3.9 million to this investment during the year ended December 31, 2020. (b) We contributed $0.9 million to this investment during the year ended December 31, 2020. (c) Upon completion of the Merger on April 13, 2020, the Company consolidates its 100% real estate interest in this hotel. 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 amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Unconsolidated Hotels Years Ended December 31, 2020 2019 2018 Ritz-Carlton Bacara, Santa Barbara Venture (a) (b) $ (20,968) $ (3,947) $ (4,879) Ritz-Carlton Philadelphia Venture (13,038) (513) (985) Hyatt Centric French Quarter Venture (962) 1,137 2,072 Marriott Sawgrass Golf Resort & Spa Venture (a) (58) 2,305 1,971 Westin Atlanta Venture (c) — — 506 Total equity in losses of equity method investments in $ (35,026) $ (1,018) $ (1,315) ___________ (a) Upon closing of the Merger on April 13, 2020, the Company owns 100% of this hotel and consolidates its real estate interest in this hotel therefore these amounts represent the equity in (losses) earnings for the respective periods prior to the Merger. (b) Includes an other-than-temporary impairment charge of $17.8 million recognized on this investment during the year ended December 31, 2020 to reduce the carrying value of our equity investment in the venture to its estimated fair value. (c ) On October 19, 2017, the venture sold the Westin Atlanta Perimeter North to an unaffiliated third party. Our share of equity in earnings during the year ended December 31, 2018 was the result of additional cash distributions received in this period in connection with the disposition. The following tables present combined summarized financial information of our equity method investment entities. Amounts provided are the total amounts attributable to the ventures since our respective dates of acquisition and do not represent our proportionate share (in thousands): December 31, 2020 2019 Real estate, net $ 111,405 $ 600,956 Other assets 12,467 61,027 Total assets 123,872 661,983 Debt 94,105 411,407 Other liabilities 21,723 68,497 Total liabilities 115,828 479,904 Members’ equity $ 8,044 $ 182,079 Years Ended December 31, 2020 2019 2018 Revenues $ 19,444 $ 201,570 $ 203,202 Expenses 37,227 207,987 210,334 Net loss attributable to equity method investments $ (17,783) $ (6,417) $ (7,132)

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-lived Intangible Assets	Intangible assets are summarized as follows (dollars in thousands): December 31, 2020 December 31, 2019 Amortization Period (Years) Gross Carrying Amount Accumulated Net Carrying Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Villa/condo rental programs 45 - 55 $ 72,400 $ (9,529) $ 62,871 $ 72,400 $ (8,025) $ 64,375 Trade name 8 9,400 (844) 8,556 — — — Other intangible assets 1 - 10 1,633 (775) 858 855 (444) 411 Total intangible assets, net $ 83,433 $ (11,148) $ 72,285 $ 73,255 $ (8,469) $ 64,786
Scheduled Annual Amortization of Intangibles	Based on the intangible assets recorded as of December 31, 2020, scheduled annual amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Total 2021 $ 3,062 2022 2,842 2023 2,839 2024 2,833 2025 2,683 Thereafter 58,026 Total $ 72,285

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 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 December 31, Liability Derivatives Fair Value at December 31, Balance Sheet Location 2020 2019 2020 2019 Interest rate caps Other assets $ 9 $ 18 $ — $ — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (5,080) — $ 9 $ 18 $ (5,080) $ —
Schedule of Derivative Instruments	The interest rate swaps and caps that we had outstanding on our Consolidated Hotels as of December 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 December 31, 2020 Interest rate swaps 2 $ 187,550 $ (5,080) Interest rate caps 9 427,745 9 $ (5,071)

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 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): Carrying Amount at December 31, Interest Rate Range Current Maturity Date Range (a) 2020 2019 Fixed rate 3.6% – 5.9% 03/21 – 04/24 $ 1,286,839 $ 884,849 Variable rate (b) 2.4% – 8.5% 06/21 – 11/23 883,063 321,218 $ 2,169,902 $ 1,206,067 ___________ (a) Many of our mortgage loans have extension options, which are subject to certain conditions. The maturity dates in the table do not reflect the extension options. (b) The interest rate range presented for these mortgage loans reflect the rates in effect as of December 31, 2020 through the use of an interest rate swap or cap, when applicable.
Debt Maturity Schedule	Scheduled debt principal payments during each of the next five calendar years following December 31, 2020 are as follows (in thousands): Years Ending December 31, Total 2021 $ 692,590 2022 1,103,602 2023 376,776 2024 50,252 2025 — Total principal payments 2,223,220 Unamortized debt discount (46,466) Unamortized deferred financing costs (6,852) Total $ 2,169,902

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Certain Information Related to the Total Lease Cost	Certain information related to the total lease cost for operating leases is as follows (in thousands): Years Ended December 31, 2020 2019 Fixed lease cost $ 11,911 $ 13,592 Variable lease cost (a) 125 815 Total lease cost $ 12,036 $ 14,407 ___________ (a) Our variable lease payments consist of payments based on a percentage of revenue. Other Information Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): December 31, 2020 2019 Operating lease ROU assets $ 40,729 $ 45,727 Operating lease liabilities 74,633 71,733 Weighted-average remaining lease term 67.0 years 69.0 years Weighted-average discount rate 9.1 % 9.1 %
Schedule of Liability Maturity	A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet as of December 31, 2020 is as follows (in thousands): Years Ending December 31, Total 2021 $ 6,089 2022 6,101 2023 5,803 2024 5,720 2025 5,472 Thereafter through 2107 892,384 Total lease payments 921,569 Less: amount of lease payments representing interest (846,936) Present value of future lease payments/lease obligations $ 74,633

Loss Per Share and Equity (Tabl

Loss Per Share and Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of basic and diluted earnings per share is as follows (in thousands, except share and per share amounts): Years Ended December 31, 2020 2019 2018 Net (loss) income attributable to the Company $ (350,128) $ (10,898) $ 8,056 Preferred dividends (1,742) — — Fair value adjustment on reclassification of Series A Preferred Stock 2,754 — — Net (loss) income attributable to Common Stockholders including amounts attributable to fair value adjustment $ (349,116) $ (10,898) $ 8,056 Year Ended December 31, 2020 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock (a) 157,288,346 $ (272,776) $ (1.73) Class T common stock 43,957,081 (76,340) (1.74) Net loss attributable to Common Stockholders including amounts attributable to fair value adjustment $ (349,116) Year Ended December 31, 2019 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock (a) 128,978,410 $ (10,898) $ (0.08) Class T common stock — — — Net loss attributable to Common Stockholders $ (10,898) Year Ended December 31, 2018 Basic and Diluted Weighted-Average Allocation of Income Basic and Diluted Income Class A common stock (a) 126,915,817 $ 8,056 $ 0.06 Class T common stock — — — Net income attributable to Common Stockholders $ 8,056 ___________ (a) For purposes of determining the weighted-average number of shares of Class A common stock outstanding and loss (income) per share, amounts for the periods prior to the Merger have been adjusted to give effect to the exchange ratio of 0.9106 ( Note 3 ).
Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Years Ended December 31, Gains and Losses on Derivative Instruments 2020 2019 2018 Beginning balance $ (172) $ (286) $ (455) Other comprehensive loss before reclassifications (959) (153) (290) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 421 280 448 Equity in losses of equity method investments in real estate, net 6 3 — Total 427 283 448 Net current period other comprehensive (loss) income (532) 130 158 Net current period other comprehensive (income) loss attributable to noncontrolling interests (20) (16) 11 Ending balance $ (724) $ (172) $ (286)
Distributions	Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. Our distributions per share are summarized as follows: Years Ended December 31, 2020 2019 2018 Class A (a) Class T Class A (a) Class T Class A (a) Class T Return of capital $ 0.1565 $ — $ 0.4125 $ — $ 0.5380 $ — Capital gain — — 0.1556 — — — Ordinary income — — 0.0579 — 0.0880 — Total distributions paid $ 0.1565 $ — $ 0.6260 $ — $ 0.6260 $ — ___________ (a) The distributions per share for the periods prior to the Merger have been adjusted to give effect to the exchange ratio of 0.9106 ( Note 3 ).

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of RSU Activity	A summary of the stock-based award activity for the years ended December 31, 2020 , 2019 and 2018 follows: Former Subadvisor/WLT Employees Independent Directors Shares (a) Weighted-Average Grant Date Fair Value (a) Shares (a) Weighted-Average Grant Date Fair Value (a) Nonvested at January 1, 2018 55,482 $ 11.73 — $ — Granted 55,709 11.43 15,745 11.43 Vested (b) (26,011) 11.63 (15,745) 11.43 Forfeited (5,236) 11.54 — — Nonvested at January 1, 2019 79,944 11.56 — — Granted 63,932 11.41 18,400 11.41 Vested (b) (33,686) 11.61 (18,400) 11.41 Forfeited (2,399) 11.81 — — Nonvested at December 31, 2019 107,791 11.45 — — RSU’s of CWI 2 acquired in the Merger 74,075 11.23 Granted 808,970 9.35 35,111 6.84 Vested (b) (92,020) 11.35 (35,111) 6.84 Forfeited (51,486) 11.38 — — Nonvested at December 31, 2020 (c) 847,330 9.44 — — ___________ (a) The number of shares and the weighted-average grant date fair value for the periods prior to the Merger have been adjusted to give effect to the exchange ratio of 0.9106 ( Note 3 ). (b) RSUs issued to employees (and prior to the Merger, employees of the former Subadvisor) generally vest over three years, subject to continued employment and are forfeited if the recipient’s employment terminates prior to vesting. RSUs issued to independent directors vest immediately. The total fair value of shares vested was $1.0 million, $0.4 million and $0.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. (c) We currently expect to recognize compensation expense totaling approximately $6.7 million over the vesting period. The awards to employees (and prior to the Merger, employees of the former Subadvisor) of the Subadvisor had a weighted-average remaining contractual term of 2.82 years as of December 31, 2020.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of our (benefit from) provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2020 2019 2018 Federal Current $ (8,165) $ 1,415 $ 2,255 Deferred 581 1,168 930 (7,584) 2,583 3,185 State and Local Current 180 427 592 Deferred (526) 142 1,100 (346) 569 1,692 Total (Benefit) Provision $ (7,930) $ 3,152 $ 4,877
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes as of December 31, 2020 and 2019 consist of the following (in thousands): December 31, 2020 2019 Deferred Tax Assets Net operating loss carryforwards $ 40,224 $ 8,381 Accrued vacation payable and deferred rent 9,369 2,534 Operating lease liabilities 1,329 1,446 Interest expense limitation 1,286 769 Deferred revenue — key money 1,128 351 Gift card liability 531 271 Fixed assets and intangibles — 416 Total deferred income taxes 53,867 14,168 Valuation allowance (42,047) (8,559) Total deferred tax assets 11,820 5,609 Deferred Tax Liabilities Villa rental management agreement (6,967) (6,574) Fixed assets and intangibles (4,676) — Operating lease ROU assets (1,244) (1,426) Other (212) (373) Deferred rent — (1,553) Total deferred tax liabilities (13,099) (9,926) Net Deferred Tax Liability $ (1,279) $ (4,317)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the periods presented is as follows (dollars in thousands): Years Ended December 31, 2020 2019 2018 Pre-tax (loss) income from taxable subsidiaries $ (139,598) $ 6,674 $ 22,992 Federal provision at statutory tax rate (a) $ (29,315) $ 1,402 $ 4,828 Valuation allowance 22,726 2,418 1,782 State and local taxes, net of federal provision (6,207) (122) 655 Income not subject to federal tax 3,152 210 (2,529) Rate change 2,438 — — Tax benefit net operating loss carryback (2,008) — — Return to provision true-up 1,731 (469) (315) Other (472) (1) (48) Non-deductible expenses 25 81 204 Tax credit — (367) — Disposition of hotels — — 300 Total (benefit) provision $ (7,930) $ 3,152 $ 4,877 ___________ (a) The applicable statutory tax rate was 21% for the years ended December 31, 2020, 2019 and 2018.

Mandatorily Redeemable Prefer_2

Mandatorily Redeemable Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule Of Mandatorily Redeemable Capital Stock	The following table presents the carrying value of our Series A and Series B Preferred Stock: December 31, 2020 Series A Series B Preferred Stock Preferred Stock Total Liquidation value $ 65,000 $ 200,000 $ 265,000 Fair value discount (14,310) (30,358) (44,668) 50,690 169,642 220,332 Accumulated amortization of fair value discount 1,336 2,675 4,011 Deferred financing costs — (11,169) (11,169) Accumulated amortization of deferred financing costs — 984 984 $ 52,026 $ 162,132 $ 214,158

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	(Dollars in thousands, except per share amounts) Three Months Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Revenues $ 114,978 $ 20,297 $ 73,668 $ 70,158 Operating expenses 249,644 106,145 124,559 117,767 Net loss (169,145) (17,547) (88,090) (92,494) (Income) loss attributable to noncontrolling interests (860) 2,994 6,714 8,300 Preferred dividends — (1,341) (401) — Net loss attributable to common stockholders (a) $ (170,005) $ (15,894) $ (81,777) $ (84,194) Basic and diluted loss per share — Class A common stock (b) (c) $ (1.30) $ (0.07) $ (0.35) $ (0.37) Basic and diluted loss per share — Class T common stock (c) $ — $ (0.07) $ (0.35) $ (0.37) Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 152,190 $ 166,053 $ 151,118 $ 141,702 Operating expenses 144,862 148,253 140,005 137,103 Net (loss) income (9,786) 1,317 (1,576) 9,314 Income attributable to noncontrolling interests (4,578) (1,018) (878) (3,693) Preferred dividends — — — — Net (loss) income attributable to common stockholders $ (14,364) $ 299 $ (2,454) $ 5,621 Basic and diluted (loss) income per share — Class A common stock (b) (c) $ (0.11) $ — $ (0.02) $ 0.04 Basic and diluted income per share — Class T common stock $ — $ — $ — $ — ___________ (a) Results for the first quarter of 2020 include impairment charges of $120.2 million and results for the second quarter of 2020 include a bargain purchase gain of $78.7 million and net gain on change in control of interests of $22.3 million, both related to the Merger. (b) For purposes of determining the weighted-average number of shares of Class A common stock outstanding and loss (income) per share, amounts for the periods prior to the Merger have been adjusted to give effect to the exchange ratio of 0.9106 ( Note 3 ). (c) The sum of the quarterly loss per share for the year ended December 31, 2020 does not agree to the annual loss per share primarily due to the theoretical number of shares of common stock issued in connection with the Merger ( Note 3 ). The sum of the quarterly (loss) income per share for the year ended December 31, 2019 does not agree to the annual (loss) income per share, as the quarterly computation utilizes weighted average shares outstanding during that quarter and the annual computation utilizes weighted average shares outstanding during the year.

Business and Organization - Nar

Business and Organization - Narratives (Details) $ / shares in Units, $ in Thousands	Mar. 12, 2021USD ($)loanproperty	Jul. 24, 2020USD ($)$ / sharesshares	Jul. 21, 2020USD ($)director$ / sharesshares	Aug. 31, 2020property	Jul. 31, 2020property	Jun. 30, 2020property	May 31, 2020property	Dec. 31, 2020USD ($)loanproperty	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Business
Proceeds from issuance of mandatorily redeemable preferred stock and warrants		$ 200,000	$ 200,000					$ 200,000	$ 0	$ 0
Designees | director			2
Cash and cash equivalents								160,383	70,605	66,593
Non-recourse debt, net								2,169,902	1,206,067
Liabilities for corporate guarantees								8,500
Current portion of long term debt								$ 811,400
Number of mortgage loans count | loan								29
Number of mortgage loans under cash management agreements | loan								27
Proceeds from sale of real estate investments								$ 89,398	185,990	156,646
Gain (loss) on sales of real estate								$ 2,738	$ 30,918	$ 31,260
Subsequent Event
Business
Number of modified loans (loans) | loan	24
Number of loans modified	$ 1,900,000
Number of mortgage loans extended | loan	6
Loans refinanced or extension of maturity date	$ 467,100
Subsequent Event | Minimum
Business
Covenant relief period	3 months
Subsequent Event | Maximum
Business
Covenant relief period	4 months
Warrant
Business
Amount of shares purchasable with exercise of warrant (shares) | shares			16,778,446
Series B Preferred Stock
Business
Preferred stock, share issued (shares) | shares		200,000	200,000
Preferred stock dividend rate			12.00%					12.00%
Preferred stock liquidation preference (usd per share) | $ / shares		$ 1,000	$ 1,000
Proceeds reserved for working capital and other general expenses			$ 150,000
Proceeds reserved for acquisition			100,000
Aggregate optional purchase requirement for investors								$ 150,000
Series B Preferred Stock | The Purchaser
Business
Purchase commitment			$ 250,000
Share repurchase term			18 months
Hotel
Business
Number of real estate properties | property								31
Number of properties with suspended operations | property								16
Number of properties reopened | property				2	5	7	1
Number of properties sold | property								2
Contract sales price								$ 93,000
Proceeds from sale of real estate investments								34,800
Gain (loss) on sales of real estate								$ 2,700
Hotel | Subsequent Event
Business
Number of properties operating below occupancy | property	30
Number of properties fully suspended | property	1
Hotel | Consolidated Properties
Business
Number of real estate properties | property								29
Hotel | Unconsolidated Properties
Business
Number of real estate properties | property								2
Watermark Lodging Trust Operating Partnership
Business
Capital interest ownership in operating partnership								99.00%
Watermark Lodging Trust Operating Partnership | CEO
Business
Capital interest ownership in operating partnership								1.00%
Watermark Capital | CEO
Business
Ownership interest								100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narratives (Details)	12 Months Ended
	Dec. 31, 2020variableInterestEntitysegment	Dec. 31, 2019variableInterestEntity
Summary of Significant Accounting Policies
Variable interest entities, count	3	5
Variable interest entities consolidated, count	3	4
Number of segments | segment	1
RSU
Depreciation and Amortization
Vesting period	3 years
Building | Maximum
Depreciation and Amortization
Fixed assets useful life	40 years
Building Improvements | Minimum
Depreciation and Amortization
Fixed assets useful life	4 years
Site Improvements | Minimum
Depreciation and Amortization
Fixed assets useful life	4 years
Site Improvements | Maximum
Depreciation and Amortization
Fixed assets useful life	15 years
Furniture, Fixtures, and Equipment | Minimum
Depreciation and Amortization
Fixed assets useful life	1 year
Furniture, Fixtures, and Equipment | Maximum
Depreciation and Amortization
Fixed assets useful life	12 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Net investments in hotels	$ 2,959,464	$ 1,709,547
Intangible assets, net	72,285	64,786
Total assets	3,419,326	2,094,691
Liabilities
Non-recourse debt, net	2,169,902	1,206,067
Total liabilities	2,632,910	1,396,812
VIE
Assets
Net investments in hotels	461,142	494,304
Intangible assets, net	36,234	37,045
Total assets	520,833	566,075
Liabilities
Non-recourse debt, net	327,597	341,263
Total liabilities	$ 354,193	$ 376,004

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 160,383	$ 70,605	$ 66,593
Restricted cash	91,081	54,699	54,537
Total cash and cash equivalents and restricted cash	$ 251,464	$ 125,304	$ 121,130	$ 132,376

Merger of CWI 1 and CWI 2 - Nar

Merger of CWI 1 and CWI 2 - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 13, 2020	Oct. 22, 2019	Sep. 30, 2020	Jul. 14, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Exchange ratio	$ 0.9106				$ 0.9106
Preferred stock, par share value (usd per share)					$ 0.001	$ 0.001
Bargain purchase gain					$ 78,696	$ 0	$ 0
CEO
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Officers salary		$ 775
Performance based annual bonus rate		150.00%
Decrease in performance based annual cash bonus rate				50.00%
Salary reduction			25.00%
CEO | RSU
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Share based compensation		$ 6,000
Class A Common Stock
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Common stock, par share value (usd per share)					$ 0.001	$ 0.001
Exchange ratio					$ 0.9106	$ 0.9106	$ 0.9106
CWI
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Exchange ratio	$ 0.9106
Shares issued as consideration (shares)	103,756,037
Bargain purchase gain	$ 78,700
Unamortized discount	$ 69,500
CWI | Series A Preferred Stock | W.P. Carey
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Shares issued as consideration (shares)	1,300,000
Preferred stock, par share value (usd per share)	$ 0.001
Preferred stock liquidation preference (usd per share)	$ 50
Shares issued as compensation in acquisition	$ 65,000
CWI | Class A Common Stock
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Common stock, par share value (usd per share)	$ 0.001
CWI | Class A Common Stock | W.P. Carey
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Shares issued as consideration (shares)	2,840,549
CWI
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Common stock, par share value (usd per share)	$ 0.001
Carey Watermark Investors 2 Operating Partnership | CWI | Class A Common Stock | Watermark Capital
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Shares issued as consideration (shares)	2,417,996

Merger of CWI 1 and CWI 2 - Acq

Merger of CWI 1 and CWI 2 - Acquired Properties (Details)	Dec. 31, 2020room	Apr. 13, 2020property
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms | room	1,427
CWI
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of real estate properties		12
Unconsolidated Properties | Ritz-Carlton Bacara, Santa Barbara
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
% Acquired		100.00%
Unconsolidated Properties | Ritz-Carlton Key Biscayne
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
% Acquired		66.70%
Unconsolidated Properties | CWI
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms		4,420
Unconsolidated Properties | CWI | Charlotte Marriott City Center
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms		446
% Acquired		100.00%
Unconsolidated Properties | CWI | Courtyard Nashville Downtown
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms		192
% Acquired		100.00%
Unconsolidated Properties | CWI | Embassy Suites by Hilton Denver-Downtown/Convention Center
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms		403
% Acquired		100.00%
Unconsolidated Properties | CWI | Le Méridien Arlington
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms		154
% Acquired		100.00%
Unconsolidated Properties | CWI | Marriott Sawgrass Golf Resort & Spa
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms		514
% Acquired		50.00%
Unconsolidated Properties | CWI | Renaissance Atlanta Midtown Hotel
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms		304
% Acquired		100.00%
Unconsolidated Properties | CWI | Ritz-Carlton Bacara, Santa Barbara
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms		358
% Acquired		60.00%
Unconsolidated Properties | CWI | Ritz-Carlton Key Biscayne
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms		443
% Acquired		19.30%
Unconsolidated Properties | CWI | Ritz-Carlton San Francisco
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms		336
% Acquired		100.00%
Unconsolidated Properties | CWI | San Diego Marriott La Jolla
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms		376
% Acquired		100.00%
Unconsolidated Properties | CWI | San Jose Marriott
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms		510
% Acquired		100.00%
Unconsolidated Properties | CWI | Seattle Marriott Bellevue
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Rooms		384
% Acquired		100.00%

Merger of CWI 1 and CWI 2 - Mer

Merger of CWI 1 and CWI 2 - Merger Consideration (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 13, 2020	Dec. 31, 2020
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Exchange ratio	$ 0.9106	$ 0.9106
CWI
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Outstanding shares of CWI 2 Class A and Class T common stock prior to the Merger (shares)	94,480,247
Exchange ratio	$ 0.9106
Implied shares of CWI 1 common stock issued in consideration (shares)	103,756,037
Fair value per implied share of CWI 1 common stock issued in consideration (per share)	$ 4.83271
Fair value of implied shares of CWI 1 common stock issued in consideration	$ 501,423
Fair value of noncontrolling interest acquired	(39,414)
Fair value of purchase consideration	$ 462,009

Merger of CWI 1 and CWI 2 - Ass

Merger of CWI 1 and CWI 2 - Assets Acquired and Liabilities Assumed (Details) - CWI $ in Thousands	Apr. 13, 2020USD ($)
Assets
Net investments in hotels	$ 1,556,383
Operating lease right-of-use assets	974
Cash and cash equivalents	71,881
Intangible assets	10,200
Restricted cash	37,594
Accounts receivable, net	25,664
Other assets	15,593
Total Assets	1,718,289
Liabilities
Non-recourse debt, net	(1,002,753)
Accounts payable, accrued expenses and other liabilities	(97,843)
Operating lease liabilities	(1,874)
Due to related parties and affiliates	(1,520)
Total Liabilities	(1,103,990)
Total Identifiable Net Assets	614,299
Fair value of CWI 1's equity interests in jointly-owned investments with CWI 2 prior to the merger	(73,594)
Bargain purchase gain	(78,696)
Fair value of purchase consideration	$ 462,009

Merger of CWI 1 and CWI 2 - Act

Merger of CWI 1 and CWI 2 - Actual Revenue and Income (Details) - CWI $ in Thousands	9 Months Ended
	Dec. 31, 2020USD ($)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$ 69,545
Net loss	$ (150,176)

Merger of CWI 1 and CWI 2 - Ide

Merger of CWI 1 and CWI 2 - Identifiable Intangible Assets Acquired (Details) - CWI $ in Thousands	Apr. 13, 2020USD ($)
Acquired Indefinite-lived Intangible Assets [Line Items]
Total intangible assets	$ 10,200
Trade name
Acquired Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Life	8 years
Total intangible assets	$ 9,400
In-place leases
Acquired Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Life	3 years 2 months 12 days
Total intangible assets	$ 800

Merger of CWI 1 and CWI 2 - Tra

Merger of CWI 1 and CWI 2 - Transaction Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Combinations [Abstract]
Transaction costs	$ 18,448	$ 2,783	$ 0

Merger of CWI 1 and CWI 2 - Pro

Merger of CWI 1 and CWI 2 - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 13, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Business Acquisition, Pro Forma Depreciation and Amortization			$ 130,200	$ 143,000
Bargain purchase gain			78,696	0	$ 0
Net gain on change in control of interests			22,250	0	$ 0
CWI
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma total revenues			365,395	1,061,517
Pro forma total hotel operating expenses			524,854	923,792
Net (loss) income attributable to Common Stockholders			(433,892)	59,120
Pro forma net (loss) income			(454,749)	62,039
Bargain purchase gain	$ 78,700
Transaction costs			27,500
Net gain on change in control of interests		$ 22,300
Class A Common Stock | CWI
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net (loss) income attributable to Common Stockholders			$ (317,775)	$ 43,657
Basic and diluted pro forma weighted-average shares outstanding (shares)			167,566,465	166,464,081
Basic and diluted pro forma (loss) income per share (usd per share)			$ (1.90)	$ 0.26
Class T Common Stock | CWI
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net (loss) income attributable to Common Stockholders			$ (116,117)	$ 15,463
Basic and diluted pro forma weighted-average shares outstanding (shares)			61,173,069	60,499,745
Basic and diluted pro forma (loss) income per share (usd per share)			$ (1.90)	$ 0.26

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	Apr. 13, 2020USD ($)propertyshares	Oct. 01, 2019USD ($)property	Dec. 31, 2020USD ($)propertyshares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 26, 2017USD ($)
Related Party Transaction
Percentage of fees earned by advisor paid to subadvisor	20.00%
Percentage of asset management fees			0.50%
Percentage of subordinated disposition fees (up to)			1.50%
Loan refinancing fee, percentage (up to)			1.00%
Acquisition fees to affiliates settled			$ 4,800,000	$ 14,100,000	$ 14,200,000
Percentage of available cash distribution to advisor			10.00%
Sold property | property		1
Deferred costs related to merger				4,200,000
Goodwill impairment loss			$ 0
Transaction service agreement, term			12 months
Hotel
Related Party Transaction
Number of real estate properties | property			31
CWI
Related Party Transaction
Common shares, outstanding (shares) | shares	94,480,247
Number of real estate properties | property	12
Goodwill			$ 6,950,000
CWI 1 and CWI 2 Merged entity | CEO
Related Party Transaction
Watermark commitment agreement		$ 6,950,000
W.P. Carey | Hotel
Related Party Transaction
Number of real estate properties | property		2
Revolving Credit Facility | Working Capital Facility
Related Party Transaction
Line of credit maximum borrowing capacity						$ 25,000,000
Outstanding balance	$ 0			0
Ritz-Carlton Bacara | Bridge Loan
Related Party Transaction
Line of credit maximum borrowing capacity						$ 75,000,000
Outstanding balance	$ 0			$ 0
Advisor
Related Party Transaction
Common shares, outstanding (shares) | shares			12,208,243
Percentage of common stock held by related party			5.30%

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amounts Included in the Consolidated Statements of Operations
Personnel and overhead reimbursements	$ 3,567	$ 6,571	$ 6,392
Available Cash Distributions	0	7,095	5,142
Interest expense	0	1,319	1,367
Disposition fees	0	130	300
Related party expenses included operating expenses	7,362	29,167	27,337
Other Transaction Fees Incurred
Watermark commitment agreement	0	4,101	0
Capitalized loan refinancing fees	0	1,235	653
Transaction Fees Incurred	0	5,336	653
Asset management fees
Amounts Included in the Consolidated Statements of Operations
Asset management fees	$ 3,795	$ 14,052	$ 14,136

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Reimbursable costs due to our Former Advisor	$ 190	$ 1,524
Watermark commitment agreement	0	1,151
Other amounts due to our Former Advisor	0	1,105
Due to other related parties and affiliates	0	26
Due to related parties and affiliates	$ 190	$ 3,806

Net Investments in Hotels - Pro

Net Investments in Hotels - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment, Net
Buildings	$ 2,289,031	$ 1,400,251
Land	627,296	331,681
Building and site improvements	194,162	160,726
Furniture, fixtures and equipment	193,517	103,920
Construction in progress	11,786	11,918
Hotels, at cost	3,315,792	2,008,496
Less: Accumulated depreciation	(356,328)	(298,949)
Net investments in hotels	$ 2,959,464	$ 1,709,547

Net Investments in Hotels - Nar

Net Investments in Hotels - Narratives (Details)	Aug. 27, 2020USD ($)	Jun. 08, 2020USD ($)	Nov. 21, 2019USD ($)	Oct. 09, 2019USD ($)	Sep. 17, 2019USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Business Acquisition
Assets retired							$ 24,900,000	$ 12,400,000
Asset impairment charges							5,500,000	2,800,000
Depreciation							111,800,000	75,100,000	$ 75,700,000
Proceeds from sale of real estate investments							89,398,000	185,990,000	156,646,000
Restricted cash							91,081,000	54,699,000	54,537,000
Gain (loss) on sales of real estate							2,738,000	30,918,000	31,260,000
Loss on extinguishment of debt							22,000	2,711,000	511,000
Impairment charges						$ 120,200,000	120,220,000	0	0
Construction in progress							11,786,000	11,918,000
Interest cost capitalized							500,000	1,600,000	2,600,000
Increase in accrued capital expenditures							500,000	2,500,000	$ 5,500,000
Hotel
Business Acquisition
Contract sales price							93,000,000
Proceeds from sale of real estate investments							34,800,000
Gain (loss) on sales of real estate							$ 2,700,000
Number of real estate properties | property							31
Hotel | Impaired Properties
Business Acquisition
Number of real estate properties | property							6
Real estate fair value							$ 266,600,000
Courtyard Nashville Downtown
Business Acquisition
Ownership interest		100.00%
Contract sales price		$ 70,000,000
Proceeds from sale of real estate investments		26,800,000
Restricted cash		$ 400,000
Gain (loss) on sales of real estate							(500,000)
Lake Arrowhead Resort And Spa
Business Acquisition
Ownership interest	97.35%
Contract sales price	$ 23,000,000
Proceeds from sale of real estate investments	$ 8,000,000
Gain (loss) on sales of real estate							$ 3,200,000
Courtyard San Diego Mission Valley
Business Acquisition
Ownership interest					100.00%
Contract sales price					$ 79,000,000
Proceeds from sale of real estate investments					33,600,000
Restricted cash					$ 1,400,000
Gain (loss) on sales of real estate								5,900,000
Loss on extinguishment of debt								300,000
Hilton Garden Inn New Orleans French Quarter
Business Acquisition
Ownership interest				88.00%
Contract sales price				$ 26,000,000
Proceeds from sale of real estate investments				11,400,000
Restricted cash				$ 1,100,000
Gain (loss) on sales of real estate								10,100,000
Loss on extinguishment of debt								500,000
Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center
Business Acquisition
Ownership interest			100.00%
Contract sales price			$ 85,500,000
Proceeds from sale of real estate investments			34,100,000
Restricted cash			$ 3,100,000
Gain (loss) on sales of real estate								14,900,000
Loss on extinguishment of debt								$ 1,800,000

Equity Investments in Real Es_3

Equity Investments in Real Estate - Narratives (Details)	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Other than temporary impairments		$ 0	$ 0
Aggregate unamortized basis difference on equity investments	$ 2,100,000	6,300,000
Amortization of basis differences	$ 200,000	$ 300,000	$ 300,000
Hotel
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	31
Unconsolidated Properties | Hotel
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	2

Equity Investments in Real Es_4

Equity Investments in Real Estate - Ownership Interest in Equity Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)room	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Apr. 13, 2020
Schedule of Equity Method Investments [Line Items]
Number of Rooms | room	1,427
Equity investments in real estate	$ 18,639	$ 100,297
Contributions	$ 6,620	3,835	$ 732
Unconsolidated Properties | Ritz-Carlton Philadelphia Venture
Schedule of Equity Method Investments [Line Items]
Number of Rooms | room	301
% Owned	60.00%
Equity investments in real estate	$ 18,157	27,247
Contributions	$ 3,900
Unconsolidated Properties | Hyatt Centric French Quarter Venture
Schedule of Equity Method Investments [Line Items]
Number of Rooms | room	254
% Owned	80.00%
Equity investments in real estate	$ 482	505
Contributions	$ 900
Unconsolidated Properties | Ritz-Carlton Bacara, Santa Barbara Venture
Schedule of Equity Method Investments [Line Items]
Number of Rooms | room	358
% Owned	40.00%			100.00%
Equity investments in real estate	$ 0	51,965
Unconsolidated Properties | Marriott Sawgrass Golf Resort & Spa Venture
Schedule of Equity Method Investments [Line Items]
Number of Rooms | room	514
% Owned	50.00%
Equity investments in real estate	$ 0	$ 20,580

Equity Investments in Real Es_5

Equity Investments in Real Estate - Earnings From Unconsolidated Hotel (Details ) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 13, 2020
Equity Method Investment, Financial Statement, Reported Amounts
Equity in losses of equity method investment in real estate, net	$ (35,026,000)	$ (1,018,000)	$ (1,315,000)
Other than temporary impairments		0	0
Unconsolidated Properties | Ritz-Carlton Bacara, Santa Barbara
Equity Method Investment, Financial Statement, Reported Amounts
Equity in losses of equity method investment in real estate, net	$ (20,968,000)	(3,947,000)	(4,879,000)
% Owned	40.00%			100.00%
Other than temporary impairments	$ 17,800,000
Unconsolidated Properties | Ritz-Carlton Philadelphia Venture
Equity Method Investment, Financial Statement, Reported Amounts
Equity in losses of equity method investment in real estate, net	$ (13,038,000)	(513,000)	(985,000)
% Owned	60.00%
Unconsolidated Properties | Hyatt Centric French Quarter Venture
Equity Method Investment, Financial Statement, Reported Amounts
Equity in losses of equity method investment in real estate, net	$ (962,000)	1,137,000	2,072,000
% Owned	80.00%
Unconsolidated Properties | Marriott Sawgrass Golf Resort & Spa Venture
Equity Method Investment, Financial Statement, Reported Amounts
Equity in losses of equity method investment in real estate, net	$ (58,000)	2,305,000	1,971,000
% Owned	50.00%
Unconsolidated Properties | Westin Atlanta Venture
Equity Method Investment, Financial Statement, Reported Amounts
Equity in losses of equity method investment in real estate, net	$ 0	$ 0	$ 506,000

Equity Investments in Real Es_6

Equity Investments in Real Estate - Summarized Balance Sheet of Equity Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Real estate, net	$ 2,959,464	$ 1,709,547
Other assets	30,735	25,277
Total assets	3,419,326	2,094,691
Total liabilities	2,632,910	1,396,812
Total stockholders’ equity	743,195	646,902
Unconsolidated Properties | Equity Method Investment
Schedule of Equity Method Investments [Line Items]
Real estate, net	111,405	600,956
Other assets	12,467	61,027
Total assets	123,872	661,983
Debt	94,105	411,407
Other liabilities	21,723	68,497
Total liabilities	115,828	479,904
Total stockholders’ equity	$ 8,044	$ 182,079

Equity Investments in Real Es_7

Equity Investments in Real Estate - Summarized Income Statement of Equity Investments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Revenues									$ 279,101	$ 611,063	$ 613,887
Expenses	$ 117,767	$ 124,559	$ 106,145	$ 249,644	$ 137,103	$ 140,005	$ 148,253	$ 144,862
Net (Loss) Income	$ (92,494)	$ (88,090)	$ (17,547)	$ (169,145)	$ 9,314	$ (1,576)	$ 1,317	$ (9,786)	(367,276)	(731)	15,744
Unconsolidated Properties | Equity Method Investment
Schedule of Equity Method Investments [Line Items]
Revenues									19,444	201,570	203,202
Expenses									37,227	207,987	210,334
Net (Loss) Income									$ (17,783)	$ (6,417)	$ (7,132)

Intangible Assets - Schedule of

Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 83,433	$ 73,255
Accumulated Amortization	(11,148)	(8,469)
Net Carrying Amount	72,285	64,786
Villa/condo rental programs
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	72,400	72,400
Accumulated Amortization	(9,529)	(8,025)
Net Carrying Amount	$ 62,871	64,375
Villa/condo rental programs | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	45 years
Villa/condo rental programs | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	55 years
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	8 years
Gross Carrying Amount	$ 9,400	0
Accumulated Amortization	(844)	0
Net Carrying Amount	8,556	0
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,633	855
Accumulated Amortization	(775)	(444)
Net Carrying Amount	$ 858	$ 411
Other intangible assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	1 year
Other intangible assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	10 years

Intangible Assets - Narratives

Intangible Assets - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortization of intangibles	$ 2.7	$ 1.5	$ 1.7

Intangible Assets - Scheduled A

Intangible Assets - Scheduled Annual Amortization of Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 3,062
2022	2,842
2023	2,839
2024	2,833
2025	2,683
Thereafter	58,026
Net Carrying Amount	$ 72,285	$ 64,786

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mandatorily redeemable preferred stock		$ 214,158,000	$ 0
Impairment charges	$ 120,200,000	$ 120,220,000	0	$ 0
Measurement Input, Discount Rate | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate, measurement inputs (percentage)		0.070
Measurement Input, Discount Rate | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate, measurement inputs (percentage)		0.105
Measurement Input, Discount Rate | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate, measurement inputs (percentage)		0.084
Measurement Input Capitalization Rate | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate, measurement inputs (percentage)		0.050
Measurement Input Capitalization Rate | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate, measurement inputs (percentage)		0.085
Measurement Input Capitalization Rate | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate, measurement inputs (percentage)		6.5
Level 3 | Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non recourse debt		$ 2,200,000,000	1,200,000,000
Level 3 | Carrying value | Series A Preferred Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mandatorily redeemable preferred stock		52,000,000
Level 3 | Carrying value | Series B Preferred Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mandatorily redeemable preferred stock		162,100,000
Level 3 | Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non recourse debt		2,200,000,000	$ 1,200,000,000
Level 3 | Fair value | Series A Preferred Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mandatorily redeemable preferred stock		54,200,000
Level 3 | Fair value | Series B Preferred Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mandatorily redeemable preferred stock		$ 194,900,000

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative
Collateral posted	$ 0	$ 0
Interest expense	125,782,000	65,861,000	$ 66,597,000
Estimated amount of derivative income to be classified from OCI to income	500,000
Maximum credit exposure	0
Derivatives in net liability position	(5,300,000)	0
Assets needed for immediate settlement	(5,600,000)
Single counterparty
Derivative
Maximum credit exposure	100,000
AOCI Including Portion Attributable to Noncontrolling Interest
Derivative
Other comprehensive loss before reclassifications	959,000	153,000	290,000
AOCI Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income
Derivative
Interest expense	$ 421,000	$ 280,000	$ 448,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - Designated as hedging instrument - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value
Asset derivative at fair value	$ 9	$ 18
Liability derivative at fair value	(5,080)	0
Other assets | Interest rate caps
Derivatives, Fair Value
Asset derivative at fair value	9	18
Accounts payable, accrued expenses and other liabilities | Interest rate swaps
Derivatives, Fair Value
Liability derivative at fair value	$ (5,080)	$ 0

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	Dec. 31, 2020USD ($)instrument
Derivative
Fair Value	$ (5,071)
Interest rate swaps
Derivative
Number of Instruments | instrument	2
Derivative, Notional Amount	$ 187,550
Fair Value	$ (5,080)
Interest rate caps
Derivative
Number of Instruments | instrument	9
Derivative, Notional Amount	$ 427,745
Fair Value	$ 9

Debt - Summary of Non-recourse

Debt - Summary of Non-recourse and Limited-recourse Debt on Consolidated Hotels (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition
Non-recourse debt, net	$ 2,169,902	$ 1,206,067
Fixed rate
Business Acquisition
Non-recourse debt, net	$ 1,286,839	884,849
Fixed rate | Minimum
Business Acquisition
Interest rate	3.60%
Fixed rate | Maximum
Business Acquisition
Interest rate	5.90%
Variable rate
Business Acquisition
Non-recourse debt, net	$ 883,063	$ 321,218
Variable rate | Minimum
Business Acquisition
Interest rate	2.40%
Variable rate | Maximum
Business Acquisition
Interest rate	8.50%

Debt - Narratives (Details)

Debt - Narratives (Details)	3 Months Ended				12 Months Ended
	Dec. 31, 2020USD ($)loanproperty	Dec. 31, 2019USD ($)property	Sep. 30, 2019USD ($)property	Jun. 30, 2019USD ($)property	Dec. 31, 2020USD ($)loanproperty	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)
Business Acquisition
Number of mortgage loans under cash management agreements | loan	27				27
Number of mortgage loans count | loan	29				29
Repayments of secured debt					$ 142,433,000	$ 207,103,000	$ 170,425,000
Loss on extinguishment of debt					22,000	2,711,000	$ 511,000
Non-recourse debt	$ 2,169,902,000	$ 1,206,067,000			$ 2,169,902,000	$ 1,206,067,000
Le Meridien Dallas
Business Acquisition
Repayments of secured debt	$ 43,600,000
Number of extension options | property	1				1
Option extension period	1 year
Loss on extinguishment of debt	$ 100,000
Le Meridien Dallas | Maximum
Business Acquisition
Non-recourse debt	$ 47,000,000				$ 47,000,000
Le Meridien Dallas | LIBOR
Business Acquisition
Spread on variable rate (percent)	6.70%
Sanderling Resort and Spa
Business Acquisition
Repayments of secured debt	$ 27,300,000
Number of extension options | property	2				2
Option extension period	1 year
Loss on extinguishment of debt	$ 100,000
Sanderling Resort and Spa | Maximum
Business Acquisition
Non-recourse debt	$ 30,800,000				$ 30,800,000
Sanderling Resort and Spa | LIBOR
Business Acquisition
Spread on variable rate (percent)	8.00%
Hawks Cay Resort
Business Acquisition
Repayments of secured debt		$ 93,900,000
Number of extension options | property		3				3
Option extension period		1 year
Loss on extinguishment of debt		$ 0
Proceeds from long term debt		95,300,000
Hawks Cay Resort | Maximum
Business Acquisition
Non-recourse debt		$ 115,700,000				$ 115,700,000
Hawks Cay Resort | LIBOR
Business Acquisition
Spread on variable rate (percent)		2.80%
Hilton Garden Inn New Orleans French Quarter
Business Acquisition
Repayments of secured debt			$ 10,000,000
Number of extension options | property			2
Option extension period			1 year
Loss on extinguishment of debt			$ 0
Proceeds from long term debt			15,000,000
Hilton Garden Inn New Orleans French Quarter | Maximum
Business Acquisition
Non-recourse debt			$ 18,000,000
Hilton Garden Inn New Orleans French Quarter | LIBOR
Business Acquisition
Spread on variable rate (percent)			2.80%
Sheraton Austin Hotel at the Capitol
Business Acquisition
Repayments of secured debt				$ 67,000,000
Number of extension options | property				2
Option extension period				1 year
Loss on extinguishment of debt				$ 100,000
Proceeds from long term debt				68,400,000
Sheraton Austin Hotel at the Capitol | Maximum
Business Acquisition
Non-recourse debt				$ 92,400,000
Sheraton Austin Hotel at the Capitol | LIBOR
Business Acquisition
Spread on variable rate (percent)				3.50%

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Long-term Debt
2021	$ 692,590
2022	1,103,602
2023	376,776
2024	50,252
2025	0
Total principal payments	2,223,220
Unamortized debt discount	(46,466)
Unamortized deferred financing costs	(6,852)
Total	$ 2,169,902	$ 1,206,067

Commitments and Contingencies -

Commitments and Contingencies - Narratives (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)propertyfranchiseAgreementmanagementCompany	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Loss Contingencies
Number of management companies | managementCompany	11
Number of management agreements | franchiseAgreement	12
Properties under franchise or license agreement | property	17
Hotel with no franchise agreements | property	2
Cash reserves used, subject to replenishment requirements	$ 4.9
Contractual obligation	16.2
Operating lease payments	6	$ 5.5
Furniture, fixtures, and equipment
Loss Contingencies
Restricted cash	$ 51	34.6
Marriott Brand
Loss Contingencies
Franchise agreements, count | franchiseAgreement	12
Hilton Brand
Loss Contingencies
Franchise agreements, count | franchiseAgreement	2
InterContinental Hotels Brand
Loss Contingencies
Franchise agreements, count | franchiseAgreement	1
Hyatt Brand
Loss Contingencies
Franchise agreements, count | franchiseAgreement	2
Management fees
Loss Contingencies
Costs related to sales	$ 6.4	16.9	$ 17.8
Franchise
Loss Contingencies
Costs related to sales	$ 4.7	$ 16.4	$ 16.2
Minimum
Loss Contingencies
Hotel management contract term	5 years
Base hotel management fee, percentage	1.50%
Base hotel management fee Including benefit of franchise agreement, percentage	3.00%
Franchise agreement initial term	15 years
Marketing and reservation contribution rate	1.00%
Required FF&E percentages for future capital expenditures	3.00%
Operating lease contract term	1 year
Minimum | Room Revenue
Loss Contingencies
License and royalty fees, percentage	3.00%
Minimum | Food and Beverage Revenue
Loss Contingencies
License and royalty fees, percentage	2.00%
Maximum
Loss Contingencies
Hotel management contract term	40 years
Base hotel management fee, percentage	3.50%
Base hotel management fee Including benefit of franchise agreement, percentage	7.00%
Franchise agreement initial term	25 years
Marketing and reservation contribution rate	4.50%
Required FF&E percentages for future capital expenditures	5.00%
Operating lease contract term	86 years
Maximum | Room Revenue
Loss Contingencies
License and royalty fees, percentage	6.00%
Maximum | Food and Beverage Revenue
Loss Contingencies
License and royalty fees, percentage	3.00%

Commitments and Contingencies_2

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Fixed lease cost	$ 11,911	$ 13,592
Variable lease cost	125	815
Total lease cost	$ 12,036	$ 14,407

Commitments and Contingencies_3

Commitments and Contingencies - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use assets	$ 40,729	$ 45,727
Operating lease liabilities	$ 74,633	$ 71,733
Weighted-average remaining lease term	67 years	69 years
Weighted-average discount rate	9.10%	9.10%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
2021	$ 6,089
2022	6,101
2023	5,803
2024	5,720
2025	5,472
Thereafter through 2107	892,384
Total lease payments	921,569
Less: amount of lease payments representing interest	(846,936)
Present value of future lease payments/lease obligations	$ 74,633	$ 71,733

Loss Per Share and Equity - Sum

Loss Per Share and Equity - Summary of Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 13, 2020
Class of Stock [Line Items]
Net (loss) income attributable to the Company									$ (350,128)	$ (10,898)	$ 8,056
Preferred dividends	$ 0	$ (401)	$ (1,341)	$ 0	$ 0	$ 0	$ 0	$ 0	(1,742)	0	0
Fair value adjustment on reclassification of Series A Preferred Stock									2,754	0	0
Net (loss) income attributable to Common Stockholders including amounts attributable to fair value adjustment									(349,116)	(10,898)	8,056
Allocation of Loss	$ (84,194)	$ (81,777)	$ (15,894)	$ (170,005)	$ 5,621	$ (2,454)	$ 299	$ (14,364)	$ (351,870)	$ (10,898)	$ 8,056
Exchange ratio	$ 0.9106								$ 0.9106			$ 0.9106
Class A Common Stock
Class of Stock [Line Items]
Net (loss) income attributable to Common Stockholders including amounts attributable to fair value adjustment									$ (272,776)
Basic and diluted weighted-average shares outstanding (shares)									157,288,346	128,978,410	126,915,817
Allocation of Loss									$ (274,928)	$ (10,898)	$ 8,056
Basic and diluted (loss) income per share (usd per share)	(0.37)	$ (0.35)	$ (0.07)	$ (1.30)	$ 0.04	$ (0.02)	$ 0	$ (0.11)	$ (1.73)	$ (0.08)	$ 0.06
Exchange ratio	0.9106				0.9106				$ 0.9106	$ 0.9106	$ 0.9106
Class T Common Stock
Class of Stock [Line Items]
Net (loss) income attributable to Common Stockholders including amounts attributable to fair value adjustment									$ (76,340)
Basic and diluted weighted-average shares outstanding (shares)									43,957,081	0	0
Allocation of Loss									$ (76,942)	$ 0	$ 0
Basic and diluted (loss) income per share (usd per share)	$ (0.37)	$ (0.35)	$ (0.07)	$ 0	$ 0	$ 0	$ 0	$ 0	$ (1.74)	$ 0	$ 0

Loss Per Share and Equity - Nar

Loss Per Share and Equity - Narratives (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 24, 2020
Distributions Per Share
Payment of distribution and shareholder servicing fee		$ (3,406,000)	$ 0	$ 0
Exchange ratio		1
Class of warrant, outstanding		16,778,446			16,778,446
Common stock distributions	$ 20,400,000	$ 0
Watermark Lodging Trust Operating Partnership
Distributions Per Share
Common shares, outstanding (shares)		230,961,715
Capital interest ownership in operating partnership		99.00%
Watermark Lodging Trust Operating Partnership | CEO
Distributions Per Share
Common shares, outstanding (shares)		2,417,996
Capital interest ownership in operating partnership		1.00%
Class A Common Stock
Distributions Per Share
Interest expense incurred from shareholder servicing fee		$ 100,000	$ 0	$ 0
Common shares, outstanding (shares)	130,083,865	167,441,281	130,083,865
Class T Common Stock
Distributions Per Share
Distribution and shareholder servicing fee		1.00%
Underwriting compensation limit		10.00%
Common shares, outstanding (shares)	0	61,102,438	0

Loss Per Share and Equity - Rec

Loss Per Share and Equity - Reclassifications of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation Of Accumulated Comprehensive Income
Beginning balance, value	$ 697,879	$ 757,382	$ 807,888
Interest expense	125,782	65,861	66,597
Equity in losses of equity method investments in real estate, net	(35,026)	(1,018)	(1,315)
Net current period other comprehensive (loss) income	(532)	130	158
Ending balance, value	786,416	697,879	757,382
Accumulated Other Comprehensive Loss
Reconciliation Of Accumulated Comprehensive Income
Beginning balance, value	(172)	(286)	(455)
Net current period other comprehensive (loss) income	(552)	114	169
Ending balance, value	(724)	(172)	(286)
AOCI Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive loss before reclassifications	(959)	(153)	(290)
Total	427	283	448
Net current period other comprehensive (loss) income	(532)	130	158
AOCI Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income
Reconciliation Of Accumulated Comprehensive Income
Interest expense	421	280	448
Equity in losses of equity method investments in real estate, net	6	3	0
AOCI Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Net current period other comprehensive (income) loss attributable to noncontrolling interests	$ (20)	$ (16)	$ 11

Loss Per Share and Equity - Dis

Loss Per Share and Equity - Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 13, 2020
Class of Stock [Line Items]
Exchange ratio	$ 0.9106			$ 0.9106
Class A Common Stock
Class of Stock [Line Items]
Total distributions paid (usd per share)	0.1565	$ 0.6260	$ 0.6260
Exchange ratio	0.9106	0.9106	0.9106
Class A Common Stock | Return of capital
Class of Stock [Line Items]
Total distributions paid (usd per share)	0.1565	0.4125	0.5380
Class A Common Stock | Capital gain
Class of Stock [Line Items]
Total distributions paid (usd per share)	0	0.1556	0
Class A Common Stock | Ordinary income
Class of Stock [Line Items]
Total distributions paid (usd per share)	0	0.0579	0.0880
Class T Common Stock
Class of Stock [Line Items]
Total distributions paid (usd per share)	0	0	0
Class T Common Stock | Return of capital
Class of Stock [Line Items]
Total distributions paid (usd per share)	0	0	0
Class T Common Stock | Capital gain
Class of Stock [Line Items]
Total distributions paid (usd per share)	0	0	0
Class T Common Stock | Ordinary income
Class of Stock [Line Items]
Total distributions paid (usd per share)	$ 0	$ 0	$ 0

Share-Based Payments - Narrativ

Share-Based Payments - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation	$ 1.8	$ 0.7	$ 0.6
RSU | 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Maximum shares authorized for 2015 Equity Incentive Plan (shares)	2,000,000
Shares available for grant (shares)	895,940

Share-Based Payments - Summary

Share-Based Payments - Summary of the Stock-Based Award Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 13, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Exchange ratio	$ 0.9106			$ 0.9106
Former Subadvisor/WLT Employees
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Weighted-average remaining contractual term	2 years 9 months 25 days
Former Subadvisor/WLT Employees | 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Stock based compensation not yet recognized	$ 6.7
RSU
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Vesting period	3 years
Fair value of vested stock	$ (1)	$ (0.4)	$ (0.3)
RSU | Former Subadvisor/WLT Employees
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Beginning balance (shares)	107,791	79,944	55,482
Granted (shares)	808,970	63,932	55,709
Vested (shares)	(92,020)	(33,686)	(26,011)
Forfeited (shares)	(51,486)	(2,399)	(5,236)
Ending balance (shares)	847,330	107,791	79,944
RSU’s of CWI 2 acquired in the Merger (shares)	74,075
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Beginning Balance, weighted average grant date fair value (usd per share)	$ 11.45	$ 11.56	$ 11.73
RSU’s of CWI 2 acquired in the Merger, weighted average grant date fair value (usd per share)	11.23
Shares granted, weighted average grant date fair value (usd per share)	9.35	11.41	11.43
Shares vested, weighted average grant date fair value (usd per share)	11.35	11.61	11.63
Shares forfeited, weighted average grant date fair value (usd per share)	11.38	11.81	11.54
Ending Balance, weighted average grant date fair value (usd per share)	$ 9.44	$ 11.45	$ 11.56
RSU | Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Beginning balance (shares)	0	0	0
Granted (shares)	35,111	18,400	15,745
Vested (shares)	(35,111)	(18,400)	(15,745)
Forfeited (shares)	0	0	0
Ending balance (shares)	0	0	0
RSU’s of CWI 2 acquired in the Merger (shares)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Beginning Balance, weighted average grant date fair value (usd per share)	$ 0	$ 0	$ 0
RSU’s of CWI 2 acquired in the Merger, weighted average grant date fair value (usd per share)
Shares granted, weighted average grant date fair value (usd per share)	6.84	11.41	11.43
Shares vested, weighted average grant date fair value (usd per share)	6.84	11.41	11.43
Shares forfeited, weighted average grant date fair value (usd per share)	0	0	0
Ending Balance, weighted average grant date fair value (usd per share)	$ 0	$ 0	$ 0

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Federal
Current	$ (8,165)	$ 1,415	$ 2,255
Deferred	581	1,168	930
Total	(7,584)	2,583	3,185
State and Local
Current	180	427	592
Deferred	(526)	142	1,100
Total	(346)	569	1,692
Total (Benefit) Provision	$ (7,930)	$ 3,152	$ 4,877

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets
Net operating loss carryforwards	$ 40,224	$ 8,381
Accrued vacation payable and deferred rent	9,369	2,534
Operating lease liabilities	1,329	1,446
Interest expense limitation	1,286	769
Deferred revenue — key money	1,128	351
Gift card liability	531	271
Fixed assets and intangibles	0	416
Total deferred income taxes	53,867	14,168
Valuation allowance	(42,047)	(8,559)
Total deferred tax assets	11,820	5,609
Deferred Tax Liabilities
Villa rental management agreement	(6,967)	(6,574)
Fixed assets and intangibles	(4,676)	0
Operating lease ROU assets	(1,244)	(1,426)
Other	(212)	(373)
Deferred rent	0	(1,553)
Total deferred tax liabilities	(13,099)	(9,926)
Net Deferred Tax Liability	$ (1,279)	$ (4,317)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Amount
Pre-tax (loss) income from taxable subsidiaries	$ (139,598)	$ 6,674	$ 22,992
Federal provision at statutory tax rate	(29,315)	1,402	4,828
Valuation allowance	22,726	2,418	1,782
State and local taxes, net of federal provision	(6,207)	(122)	655
Income not subject to federal tax	3,152	210	(2,529)
Rate change	2,438	0	0
Tax benefit net operating loss carryback	(2,008)	0	0
Return to provision true-up	1,731	(469)	(315)
Other	(472)	(1)	(48)
Non-deductible expenses	25	81	204
Tax credit	0	(367)	0
Disposition of hotels	0	0	300
Total (Benefit) Provision	$ (7,930)	$ 3,152	$ 4,877

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax [Line Items]
Valuation allowance	$ 42,047	$ 8,559
Deferred tax liabilities	1,279	4,317
Other assets
Deferred Tax [Line Items]
Deferred tax asset (less than)	100	400
Accounts payable, accrued expenses and other liabilities
Deferred Tax [Line Items]
Deferred tax liabilities	$ 1,300	$ 4,700

Mandatorily Redeemable Prefer_3

Mandatorily Redeemable Preferred Stock - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 24, 2020	Jul. 21, 2020	Apr. 13, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized (shares)				50,000,000	50,000,000
Preferred stock, par share value (usd per share)				$ 0.001	$ 0.001
Class of warrant, outstanding	16,778,446			16,778,446
Proceeds from issuance of mandatorily redeemable preferred stock and warrants	$ 200,000	$ 200,000		$ 200,000	$ 0	$ 0
Warrant exercise price (usd per warrant unit)	$ 0.01
Fair value adjustment on reclassification of Series A Preferred Stock				2,754	0	$ 0
Dividends accrued				0	(20,357)
Fair value				220,332
Preferred stock, value, issued
Reported Value
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant fair value	$ 30,400			19,800
Fair Value
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant fair value	33,200
CWI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued as consideration (shares)			103,756,037
Series A Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair value				$ 50,690
Series A Preferred Stock | Reported Value
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair value	$ 50,700
Series A Preferred Stock | Period One
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock dividend rate				5.00%
Preferred redeemable shares				25.00%
Redemption price (usd per share)				$ 50
Series A Preferred Stock | Period Two
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock dividend rate				7.00%
Redemption price (usd per share)				$ 50
Series A Preferred Stock | Period Three
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock dividend rate				8.00%
Series A Preferred Stock | W.P. Carey | CWI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, par share value (usd per share)			$ 0.001
Shares issued as consideration (shares)			1,300,000
Preferred stock liquidation preference (usd per share)			$ 50
Series B Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock liquidation preference (usd per share)	$ 1,000	$ 1,000
Preferred stock dividend rate		12.00%		12.00%
Preferred stock, share issued (shares)	200,000	200,000
Fair value				$ 169,642
Preferred stock, value, issued	$ 169,600
Series B Preferred Stock | Fair Value
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair value	$ 185,800
Series A and Series B Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Dividends accrued				$ (12,000)

Mandatorily Redeemable Prefer_4

Mandatorily Redeemable Preferred Stock (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Liquidation value	$ 265,000
Fair value discount	(44,668)
Fair value	220,332
Accumulated amortization of fair value discount	4,011
Deferred financing costs	(11,169)
Accumulated amortization of deferred financing costs	984
Mandatorily redeemable preferred stock	214,158	$ 0
Series A Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Liquidation value	65,000
Fair value discount	(14,310)
Fair value	50,690
Accumulated amortization of fair value discount	1,336
Deferred financing costs	0
Accumulated amortization of deferred financing costs	0
Mandatorily redeemable preferred stock	52,026
Series B Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Liquidation value	200,000
Fair value discount	(30,358)
Fair value	169,642
Accumulated amortization of fair value discount	2,675
Deferred financing costs	(11,169)
Accumulated amortization of deferred financing costs	984
Mandatorily redeemable preferred stock	$ 162,132

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($)	Apr. 13, 2020	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Selected Quarterly Financial Data
Revenues		$ 70,158,000	$ 73,668,000	$ 20,297,000	$ 114,978,000	$ 141,702,000	$ 151,118,000	$ 166,053,000	$ 152,190,000
Operating expenses		117,767,000	124,559,000	106,145,000	249,644,000	137,103,000	140,005,000	148,253,000	144,862,000
Net (loss) income		(92,494,000)	(88,090,000)	(17,547,000)	(169,145,000)	9,314,000	(1,576,000)	1,317,000	(9,786,000)	$ (367,276,000)	$ (731,000)	$ 15,744,000
(Income) loss attributable to noncontrolling interests		8,300,000	6,714,000	2,994,000	(860,000)	(3,693,000)	(878,000)	(1,018,000)	(4,578,000)	17,148,000	(10,167,000)	(7,688,000)
Preferred dividends		0	(401,000)	(1,341,000)	0	0	0	0	0	(1,742,000)	0	0
Net (Loss) Income Attributable to Common Stockholders		$ (84,194,000)	$ (81,777,000)	$ (15,894,000)	(170,005,000)	$ 5,621,000	$ (2,454,000)	$ 299,000	$ (14,364,000)	(351,870,000)	(10,898,000)	8,056,000
Impairment charges					120,200,000					120,220,000	0	0
Bargain purchase gain										78,696,000	0	0
Net gain on change in control of interests										$ 22,250,000	0	0
Exchange ratio	$ 0.9106	$ 0.9106								$ 0.9106
CWI
Selected Quarterly Financial Data
Bargain purchase gain	$ 78,700,000
Net gain on change in control of interests					$ 22,300,000
Exchange ratio	$ 0.9106
Class A Common Stock
Selected Quarterly Financial Data
Net (Loss) Income Attributable to Common Stockholders										$ (274,928,000)	$ (10,898,000)	$ 8,056,000
Basic and diluted (loss) income per share (usd per share)		(0.37)	$ (0.35)	$ (0.07)	$ (1.30)	$ 0.04	$ (0.02)	$ 0	$ (0.11)	$ (1.73)	$ (0.08)	$ 0.06
Exchange ratio		0.9106				0.9106				$ 0.9106	$ 0.9106	$ 0.9106
Class T Common Stock
Selected Quarterly Financial Data
Net (Loss) Income Attributable to Common Stockholders										$ (76,942,000)	$ 0	$ 0
Basic and diluted (loss) income per share (usd per share)		$ (0.37)	$ (0.35)	$ (0.07)	$ 0	$ 0	$ 0	$ 0	$ 0	$ (1.74)	$ 0	$ 0

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Thousands	Mar. 05, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Repayments of secured debt		$ 142,433	$ 207,103	$ 170,425
Ritz-Carlton Key Biscayne | Subsequent Event
Subsequent Event [Line Items]
Repayments of secured debt	$ 190,000
Interest rate	4.00%

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 8,559	$ 6,140	$ 4,359
Other Additions	38,809	2,824	2,966
Deductions	(5,321)	(405)	(1,185)
Balance at End of Year	$ 42,047	$ 8,559	$ 6,140

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,169,902
Initial Cost to Company
Land	647,996
Buildings	2,428,498
Costs Capitalized Subsequent to Acquisition	186,161
(Decrease) Increase In Net Investments	(152,166)
Gross Amount at which Carried at Close of Period
Land	627,296
Buildings	2,483,193
Total	3,110,489	$ 1,892,658	$ 2,056,770	$ 2,036,454
Accumulated Depreciation	292,396	$ 246,816	$ 217,050	$ 165,509
Courtyard Pittsburgh Shadyside
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	15,414
Initial Cost to Company
Land	3,515
Buildings	25,833
Costs Capitalized Subsequent to Acquisition	1,939
(Decrease) Increase In Net Investments	(10,166)
Gross Amount at which Carried at Close of Period
Land	2,132
Buildings	18,989
Total	21,121
Accumulated Depreciation	$ 5,949
Courtyard Pittsburgh Shadyside | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Courtyard Pittsburgh Shadyside | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Holiday Inn Manhattan 6th Ave Chelsea
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 72,559
Initial Cost to Company
Land	30,023
Buildings	81,398
Costs Capitalized Subsequent to Acquisition	2,999
(Decrease) Increase In Net Investments	(33,812)
Gross Amount at which Carried at Close of Period
Land	19,896
Buildings	60,712
Total	80,608
Accumulated Depreciation	$ 15,662
Holiday Inn Manhattan 6th Ave Chelsea | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Holiday Inn Manhattan 6th Ave Chelsea | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Fairmont Sonoma Mission Inn & Spa
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 59,425
Initial Cost to Company
Land	17,657
Buildings	66,593
Costs Capitalized Subsequent to Acquisition	6,365
(Decrease) Increase In Net Investments	(119)
Gross Amount at which Carried at Close of Period
Land	17,657
Buildings	72,839
Total	90,496
Accumulated Depreciation	$ 16,365
Fairmont Sonoma Mission Inn & Spa | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Fairmont Sonoma Mission Inn & Spa | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Marriott Raleigh City Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 66,274
Initial Cost to Company
Land	0
Buildings	68,405
Costs Capitalized Subsequent to Acquisition	8,506
(Decrease) Increase In Net Investments	(40)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	76,871
Total	76,871
Accumulated Depreciation	$ 15,895
Marriott Raleigh City Center | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Marriott Raleigh City Center | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hawks Cay Resort
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 94,593
Initial Cost to Company
Land	25,800
Buildings	73,150
Costs Capitalized Subsequent to Acquisition	54,203
(Decrease) Increase In Net Investments	(34,811)
Gross Amount at which Carried at Close of Period
Land	25,800
Buildings	92,542
Total	118,342
Accumulated Depreciation	$ 20,684
Hawks Cay Resort | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hawks Cay Resort | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Renaissance Chicago Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 83,461
Initial Cost to Company
Land	0
Buildings	132,198
Costs Capitalized Subsequent to Acquisition	33,694
(Decrease) Increase In Net Investments	(2,311)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	163,581
Total	163,581
Accumulated Depreciation	$ 38,593
Renaissance Chicago Downtown | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Renaissance Chicago Downtown | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hyatt Place Austin Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 53,089
Initial Cost to Company
Land	9,100
Buildings	73,700
Costs Capitalized Subsequent to Acquisition	2,112
(Decrease) Increase In Net Investments	(11)
Gross Amount at which Carried at Close of Period
Land	9,100
Buildings	75,801
Total	84,901
Accumulated Depreciation	$ 12,755
Hyatt Place Austin Downtown | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hyatt Place Austin Downtown | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Courtyard Times Square West
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 53,473
Initial Cost to Company
Land	0
Buildings	87,438
Costs Capitalized Subsequent to Acquisition	464
(Decrease) Increase In Net Investments	(5,121)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	82,781
Total	82,781
Accumulated Depreciation	$ 14,506
Courtyard Times Square West | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Courtyard Times Square West | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Sheraton Austin Hotel at the Capitol
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 69,362
Initial Cost to Company
Land	18,210
Buildings	78,703
Costs Capitalized Subsequent to Acquisition	7,566
(Decrease) Increase In Net Investments	(46)
Gross Amount at which Carried at Close of Period
Land	18,210
Buildings	86,223
Total	104,433
Accumulated Depreciation	$ 16,240
Sheraton Austin Hotel at the Capitol | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Sheraton Austin Hotel at the Capitol | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Sanderling Resort
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 29,869
Initial Cost to Company
Land	9,800
Buildings	23,677
Costs Capitalized Subsequent to Acquisition	9,935
(Decrease) Increase In Net Investments	(180)
Gross Amount at which Carried at Close of Period
Land	9,800
Buildings	33,432
Total	43,232
Accumulated Depreciation	$ 7,870
Sanderling Resort | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Sanderling Resort | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Marriott Kansas City Country Club Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 37,864
Initial Cost to Company
Land	5,100
Buildings	48,748
Costs Capitalized Subsequent to Acquisition	8,699
(Decrease) Increase In Net Investments	(44)
Gross Amount at which Carried at Close of Period
Land	5,100
Buildings	57,403
Total	62,503
Accumulated Depreciation	$ 11,109
Marriott Kansas City Country Club Plaza | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Marriott Kansas City Country Club Plaza | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Westin Minneapolis
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 40,462
Initial Cost to Company
Land	6,405
Buildings	57,105
Costs Capitalized Subsequent to Acquisition	1,521
(Decrease) Increase In Net Investments	(28,398)
Gross Amount at which Carried at Close of Period
Land	3,206
Buildings	33,427
Total	36,633
Accumulated Depreciation	$ 8,371
Westin Minneapolis | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Westin Minneapolis | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Westin Pasadena
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 86,309
Initial Cost to Company
Land	22,785
Buildings	112,215
Costs Capitalized Subsequent to Acquisition	7,518
(Decrease) Increase In Net Investments	(4)
Gross Amount at which Carried at Close of Period
Land	22,785
Buildings	119,729
Total	142,514
Accumulated Depreciation	$ 19,096
Westin Pasadena | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Westin Pasadena | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hilton Garden Inn/Homewood Suites Atlanta Midtown
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 36,274
Initial Cost to Company
Land	5,700
Buildings	47,680
Costs Capitalized Subsequent to Acquisition	505
(Decrease) Increase In Net Investments	(25)
Gross Amount at which Carried at Close of Period
Land	5,700
Buildings	48,160
Total	53,860
Accumulated Depreciation	$ 6,906
Hilton Garden Inn/Homewood Suites Atlanta Midtown | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hilton Garden Inn/Homewood Suites Atlanta Midtown | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Ritz-Carlton Key Biscayne
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 183,003
Initial Cost to Company
Land	117,200
Buildings	154,182
Costs Capitalized Subsequent to Acquisition	21,233
(Decrease) Increase In Net Investments	1,017
Gross Amount at which Carried at Close of Period
Land	118,656
Buildings	174,976
Total	293,632
Accumulated Depreciation	$ 27,931
Ritz-Carlton Key Biscayne | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Ritz-Carlton Key Biscayne | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Ritz-Carlton Fort Lauderdale
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 74,966
Initial Cost to Company
Land	22,100
Buildings	74,422
Costs Capitalized Subsequent to Acquisition	10,179
(Decrease) Increase In Net Investments	716
Gross Amount at which Carried at Close of Period
Land	22,380
Buildings	85,037
Total	107,417
Accumulated Depreciation	$ 14,331
Ritz-Carlton Fort Lauderdale | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Ritz-Carlton Fort Lauderdale | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Le Méridien Dallas, The Stoneleigh
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 45,597
Initial Cost to Company
Land	9,400
Buildings	57,989
Costs Capitalized Subsequent to Acquisition	1,952
(Decrease) Increase In Net Investments	21
Gross Amount at which Carried at Close of Period
Land	9,400
Buildings	59,962
Total	69,362
Accumulated Depreciation	$ 8,350
Le Méridien Dallas, The Stoneleigh | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Le Méridien Dallas, The Stoneleigh | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Equinox, a Luxury Collection Golf Resort & Spa
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 45,035
Initial Cost to Company
Land	15,000
Buildings	59,235
Costs Capitalized Subsequent to Acquisition	6,081
(Decrease) Increase In Net Investments	(35,991)
Gross Amount at which Carried at Close of Period
Land	7,273
Buildings	37,052
Total	44,325
Accumulated Depreciation	$ 10,637
Equinox, a Luxury Collection Golf Resort & Spa | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Equinox, a Luxury Collection Golf Resort & Spa | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Charlotte Marriott City Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 98,085
Initial Cost to Company
Land	22,700
Buildings	109,300
Costs Capitalized Subsequent to Acquisition	10
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	22,700
Buildings	109,310
Total	132,010
Accumulated Depreciation	$ 1,971
Charlotte Marriott City Center | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Charlotte Marriott City Center | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Courtyard Nashville Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 52,399
Initial Cost to Company
Land	14,300
Buildings	67,800
Costs Capitalized Subsequent to Acquisition	34
(Decrease) Increase In Net Investments	7
Gross Amount at which Carried at Close of Period
Land	14,300
Buildings	67,841
Total	82,141
Accumulated Depreciation	$ 1,180
Courtyard Nashville Downtown | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Courtyard Nashville Downtown | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Embassy Suites by Hilton Denver-Downtown/Convention Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 88,223
Initial Cost to Company
Land	15,400
Buildings	92,600
Costs Capitalized Subsequent to Acquisition	44
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	15,400
Buildings	92,644
Total	108,044
Accumulated Depreciation	$ 1,675
Embassy Suites by Hilton Denver-Downtown/Convention Center | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Embassy Suites by Hilton Denver-Downtown/Convention Center | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Le Méridien Arlington
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 34,479
Initial Cost to Company
Land	8,000
Buildings	30,000
Costs Capitalized Subsequent to Acquisition	34
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	8,000
Buildings	30,034
Total	38,034
Accumulated Depreciation	$ 562
Le Méridien Arlington | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Le Méridien Arlington | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Marriott Sawgrass Golf Resort & Spa
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 83,644
Initial Cost to Company
Land	24,800
Buildings	116,627
Costs Capitalized Subsequent to Acquisition	57
(Decrease) Increase In Net Investments	(2,892)
Gross Amount at which Carried at Close of Period
Land	24,800
Buildings	113,792
Total	138,592
Accumulated Depreciation	$ 2,309
Marriott Sawgrass Golf Resort & Spa | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Marriott Sawgrass Golf Resort & Spa | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Renaissance Atlanta Midtown Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 47,806
Initial Cost to Company
Land	10,900
Buildings	56,900
Costs Capitalized Subsequent to Acquisition	19
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	10,900
Buildings	56,919
Total	67,819
Accumulated Depreciation	$ 1,025
Renaissance Atlanta Midtown Hotel | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Renaissance Atlanta Midtown Hotel | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Ritz-Carlton Bacara, Santa Barbara
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 224,314
Initial Cost to Company
Land	81,700
Buildings	202,700
Costs Capitalized Subsequent to Acquisition	87
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	81,700
Buildings	202,787
Total	284,487
Accumulated Depreciation	$ 4,536
Ritz-Carlton Bacara, Santa Barbara | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Ritz-Carlton Bacara, Santa Barbara | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Ritz-Carlton San Francisco
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 138,813
Initial Cost to Company
Land	83,201
Buildings	133,000
Costs Capitalized Subsequent to Acquisition	0
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	83,201
Buildings	133,000
Total	216,201
Accumulated Depreciation	$ 2,404
Ritz-Carlton San Francisco | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Ritz-Carlton San Francisco | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
San Diego Marriott La Jolla
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 76,676
Initial Cost to Company
Land	20,800
Buildings	89,900
Costs Capitalized Subsequent to Acquisition	108
(Decrease) Increase In Net Investments	44
Gross Amount at which Carried at Close of Period
Land	20,800
Buildings	90,052
Total	110,852
Accumulated Depreciation	$ 1,706
San Diego Marriott La Jolla | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
San Diego Marriott La Jolla | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
San Jose Marriott
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 86,920
Initial Cost to Company
Land	24,600
Buildings	115,900
Costs Capitalized Subsequent to Acquisition	167
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	24,600
Buildings	116,067
Total	140,667
Accumulated Depreciation	$ 2,113
San Jose Marriott | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
San Jose Marriott | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Seattle Marriott Bellevue
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 91,514
Initial Cost to Company
Land	23,800
Buildings	91,100
Costs Capitalized Subsequent to Acquisition	130
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	23,800
Buildings	91,230
Total	115,030
Accumulated Depreciation	$ 1,665
Seattle Marriott Bellevue | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Seattle Marriott Bellevue | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 1,892,658	$ 2,056,770	$ 2,036,454
Assets acquired in the Merger	1,436,027	0	0
Impairments	(117,150)	0	0
Dispositions	(106,206)	(180,339)	(23,280)
Improvements	13,342	19,116	52,752
Write-off of assets damaged by hurricane and other	(5,869)	(2,784)	(8,905)
Write-off of fully depreciated assets	(2,313)	(105)	(251)
Ending balance	3,110,489	1,892,658	2,056,770
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	246,816	217,050	165,509
Depreciation expense	70,306	55,992	53,758
Dispositions	(22,413)	(26,121)	(1,966)
Write-off of fully depreciated assets	(2,313)	(105)	(251)
Ending balance	$ 292,396	$ 246,816	$ 217,050

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) $ in Billions	Dec. 31, 2020USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Federal income tax basis	$ 3.7