Watermark Lodging Trust (WRMK) 10-K 28 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 21, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
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 2022 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	2021
Document Fiscal Period Focus	FY
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		167,689,164
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		61,095,773

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, NY
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments in real estate:
Hotels, at cost	$ 2,956,929	$ 3,315,792
Accumulated depreciation	(383,337)	(356,328)
Net investments in hotels	2,573,592	2,959,464
Equity investments in real estate	12,705	18,639
Operating lease right-of-use assets	43,671	40,729
Cash and cash equivalents	249,478	160,383
Intangible assets, net	69,464	72,285
Restricted cash	99,000	91,081
Accounts receivable, net	82,925	46,010
Other assets	30,690	30,735
Total assets	3,161,525	3,419,326
Liabilities and Equity
Non-recourse debt, net	1,958,741	2,169,902
Mandatorily redeemable preferred stock	256,731	214,158
Accounts payable, accrued expenses and other liabilities	190,701	174,217
Operating lease liabilities	83,089	74,633
Total liabilities	2,489,262	2,632,910
Commitments and contingencies (Note 10)
Equity
Additional paid-in capital	1,642,495	1,655,554
Distributions and accumulated losses	(994,634)	(911,863)
Accumulated other comprehensive income (loss)	148	(724)
Total stockholders’ equity	648,238	743,195
Noncontrolling interests	24,025	43,221
Total equity	672,263	786,416
Total liabilities and equity	3,161,525	3,419,326
Class A Common Stock
Equity
Common stock	168	167
Class T Common Stock
Equity
Common stock	$ 61	$ 61

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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)	167,689,164	167,441,281
Common shares, outstanding (shares)	167,689,164	167,441,281
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)	61,095,773	61,102,438
Common shares, outstanding (shares)	61,095,773	61,102,438

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Hotel Revenues
Business interruption income	$ 545,000	$ 942,000	$ 4,338,000
Revenues	655,920,000	279,101,000	611,063,000
Expenses
Property taxes, insurance, rent and other	95,844,000	79,879,000	72,236,000
General and administrative	67,870,000	42,353,000	54,831,000
Sales and marketing	50,308,000	29,013,000	57,330,000
Repairs and maintenance	28,427,000	19,683,000	19,932,000
Depreciation and amortization	117,434,000	114,490,000	76,621,000
Total Hotel Operating Expenses	639,400,000	434,327,000	540,814,000
Corporate general and administrative expenses	31,023,000	23,845,000	12,202,000
(Gain) loss on property-related insurance claims, net	(1,571,000)	(2,520,000)	372,000
Transaction costs	1,515,000	18,448,000	2,783,000
Impairment charges	0	120,220,000	0
Asset management fees to affiliate	0	3,795,000	14,052,000
Total Expenses	670,367,000	598,115,000	570,223,000
Operating (Loss) Income before net gain on sale of real estate	(14,447,000)	(319,014,000)	40,840,000
Net gain on sale of real estate	108,216,000	2,738,000	30,918,000
Operating Income (Loss)	93,769,000	(316,276,000)	71,758,000
Interest expense	(166,163,000)	(125,782,000)	(65,861,000)
Net loss on extinguishment of debt	(13,581,000)	(22,000)	(2,711,000)
Net gain on change in control of interests	8,612,000	22,250,000	0
Equity in losses of equity method investment in real estate, net	(5,575,000)	(35,026,000)	(1,018,000)
Other income (expense)	(501,000)	954,000	253,000
Bargain purchase gain	0	78,696,000	0
(Loss) income before income taxes	(83,439,000)	(375,206,000)	2,421,000
(Provision for) benefit from income taxes	(3,553,000)	7,930,000	(3,152,000)
Net Loss	(86,992,000)	(367,276,000)	(731,000)
Loss (Income) attributable to noncontrolling interests	4,221,000	17,148,000	(10,167,000)
Net Loss Attributable to the Company	(82,771,000)	(350,128,000)	(10,898,000)
Preferred dividends	0	(1,742,000)	0
Net Loss Attributable to Common Stockholders, Basic	(82,771,000)	(351,870,000)	(10,898,000)
Net Income (Loss) Available to Common Stockholders, Diluted	(82,771,000)	(351,870,000)	(10,898,000)
Net loss attributable to Common Stockholders, Basic	(82,771,000)	(351,870,000)	(10,898,000)
Net loss attributable to Common Stockholders, Diluted	(82,771,000)	(351,870,000)	(10,898,000)
Class A Common Stock
Expenses
Net Loss Attributable to Common Stockholders, Basic	(60,659,000)	(274,928,000)	(10,898,000)
Net Income (Loss) Available to Common Stockholders, Diluted	(60,659,000)	(274,928,000)	(10,898,000)
Net loss attributable to Common Stockholders, Basic	(60,659,000)	(274,928,000)	(10,898,000)
Net loss attributable to Common Stockholders, Diluted	$ (60,659,000)	$ (274,928,000)	$ (10,898,000)
Basic weighted-average shares outstanding (shares)	167,609,507	157,288,346	128,978,410
Diluted weighted-average shares outstanding (shares)	167,609,507	157,288,346	128,978,410
Basic loss per share (usd per share)	$ (0.36)	$ (1.73)	$ (0.08)
Diluted loss per share (usd per share)	$ (0.36)	$ (1.73)	$ (0.08)
Class T Common Stock
Expenses
Net Loss Attributable to Common Stockholders, Basic	$ (22,112,000)	$ (76,942,000)	$ 0
Net Income (Loss) Available to Common Stockholders, Diluted	(22,112,000)	(76,942,000)	0
Net loss attributable to Common Stockholders, Basic	(22,112,000)	(76,942,000)	0
Net loss attributable to Common Stockholders, Diluted	$ (22,112,000)	$ (76,942,000)	$ 0
Basic weighted-average shares outstanding (shares)	61,096,711	43,957,081	0
Diluted weighted-average shares outstanding (shares)	61,096,711	43,957,081	0
Basic loss per share (usd per share)	$ (0.36)	$ (1.74)	$ 0
Diluted loss per share (usd per share)	$ (0.36)	$ (1.74)	$ 0
Rooms
Hotel Revenues
Revenue from customer contracts	$ 423,634,000	$ 171,544,000	$ 387,769,000
Expenses
Costs related to sales	95,927,000	50,540,000	86,060,000
Food and beverage
Hotel Revenues
Revenue from customer contracts	154,927,000	68,292,000	166,315,000
Expenses
Costs related to sales	113,806,000	61,532,000	114,239,000
Other operating revenue
Hotel Revenues
Revenue from customer contracts	76,814,000	38,323,000	52,641,000
Expenses
Costs related to sales	28,501,000	14,724,000	27,669,000
Utilities
Expenses
Costs related to sales	21,019,000	15,677,000	15,032,000
Management fees
Expenses
Costs related to sales	$ 20,264,000	$ 6,436,000	$ 16,864,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Comprehensive Loss
Net Loss	$ (86,992)	$ (367,276)	$ (731)
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivative instruments	875	(532)	130
Comprehensive Loss	(86,117)	(367,808)	(601)
Amounts Attributable to Noncontrolling Interests
Net loss (income)	4,221	17,148	(10,167)
Unrealized gain on derivative instruments	(22)	(20)	(16)
Comprehensive loss (income) attributable to noncontrolling interests	4,199	17,128	(10,183)
Comprehensive Loss Attributable to Common Stockholders	$ (81,918)	$ (350,680)	$ (10,784)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Class T Common Stock	Common StockClass A Common Stock	Common StockClass T Common Stock	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive (Loss) Income	Total Stockholders’ Equity	Noncontrolling Interests
Beginning balance (shares) at Dec. 31, 2018				127,144,688	0
Beginning balance, value at Dec. 31, 2018	$ 757,382			$ 127	$ 0	$ 1,174,900	$ (471,130)	$ (286)	$ 703,611	$ 53,771
Statement of Equity
Net loss	(731)						(10,898)		(10,898)	10,167
Shares issued to affiliates (shares)				1,236,528
Shares issued to affiliates	14,115			$ 1		14,114			14,115
Shares issued, net of offering costs (shares)				3,760,578
Shares issued, net of offering costs	42,902			$ 4		42,898			42,902
Shares issued under share incentive plans (in shares)				22,742
Shares issued under share incentive plans	370					370			370
Stock-based compensation to directors (in shares)				18,400
Stock-based compensation to directors	210					210			210
Contributions from noncontrolling interests	175									175
Distributions to noncontrolling interests	(13,152)									(13,152)
Fair value adjustment on reclassification of Series A Preferred Stock	0
Distributions declared	(80,719)						(80,719)		(80,719)
Other comprehensive income	130							114	114	16
Repurchase of shares (shares)				(2,099,071)
Repurchase of shares	(22,803)			$ (2)		(22,801)			(22,803)
Ending balance (shares) at Dec. 31, 2019				130,083,865	0
Ending balance, value at Dec. 31, 2019	697,879			$ 130	$ 0	1,209,691	(562,747)	(172)	646,902	50,977
Statement of Equity
Net loss	(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)			$ 3		(65,464)			(65,461)	12,861
Merger consideration (shares)				94,480,247
Merger consideration	462,009			$ 95		496,485			496,580	(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			$ 1		10,514			10,515
Shares issued under share incentive plans (in shares)				63,490
Shares issued under share incentive plans	1,276					1,276			1,276
Stock-based compensation to directors (in 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		2,754
Preferred dividends	(1,742)						(1,742)		(1,742)
Other comprehensive income	(532)							(552)	(552)	20
Repurchase of shares (shares)				(229,745)	(72,820)
Repurchase of shares	(1,950)			$ (1)		(1,949)			(1,950)
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			$ 167	$ 61	1,655,554	(911,863)	(724)	743,195	43,221
Statement of Equity
Net loss	(86,992)						(82,771)		(82,771)	(4,221)
Shares issued under share incentive plans (in shares)				140,721
Shares issued under share incentive plans	2,069			$ 1		2,068			2,069
Stock-based compensation to directors (in shares)				108,892
Stock-based compensation to directors	600					600			600
Contributions from noncontrolling interests	376									376
Distributions to noncontrolling interests	(7,107)									(7,107)
Purchase of membership interest from noncontrolling interest	(23,930)					(15,683)		19	(15,664)	(8,266)
Fair value adjustment on reclassification of Series A Preferred Stock	0
Other comprehensive income	875							853	853	22
Repurchase of shares (shares)				(1,730)	(6,665)
Repurchase of shares	(44)					(44)			(44)
Ending balance (shares) at Dec. 31, 2021		167,689,164	61,095,773	167,689,164	61,095,773
Ending balance, value at Dec. 31, 2021	$ 672,263			$ 168	$ 61	$ 1,642,495	$ (994,634)	$ 148	$ 648,238	$ 24,025

CONSOLIDATED STATEMENTS OF EQ_2

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows — Operating Activities
Net Loss	$ (86,992,000)	$ (367,276,000)	$ (731,000)
Adjustments to net loss:
Depreciation and amortization	117,434,000	114,490,000	76,621,000
Net gain on sale of real estate	(108,216,000)	(2,738,000)	(30,918,000)
Amortization of fair value adjustments, deferred financing costs and other	41,707,000	30,229,000	3,237,000
Net loss on extinguishment of debt	13,581,000	22,000	2,711,000
Net gain on change in control of interests	(8,612,000)	(22,250,000)	0
Equity in losses of equity method investments in real estate, net	5,575,000	35,026,000	1,018,000
Amortization of stock-based compensation	3,286,000	1,816,000	705,000
(Gain) loss on property-related insurance claims, net	(1,571,000)	(2,520,000)	372,000
Business interruption income	(545,000)	(942,000)	(4,338,000)
Impairment charges	0	120,220,000	0
Bargain purchase gain	0	(78,696,000)	0
Asset management fees to affiliates settled in shares	0	3,656,000	14,052,000
Net changes in other assets and liabilities	20,647,000	8,538,000	8,822,000
Net decrease in operating lease right-of-use assets	5,405,000	4,887,000	6,688,000
Funding of remediation work due to property damage	(3,852,000)	(1,025,000)	(9,234,000)
Insurance proceeds for remediation work due to property damage	2,638,000	2,907,000	3,106,000
Net increase in operating lease liabilities	1,244,000	1,064,000	1,335,000
(Repayment) receipt of key money and other deferred incentive payments	(748,000)	715,000	500,000
Business interruption insurance proceeds	545,000	942,000	4,338,000
Decrease in due to related parties and affiliates	(269,000)	(3,086,000)	(3,540,000)
Distributions of earnings from equity method investments	0	0	3,442,000
Net Cash Provided by (Used in) Operating Activities	1,257,000	(154,021,000)	78,186,000
Cash Flows — Investing Activities
Proceeds from sale of real estate investments	438,419,000	89,398,000	185,990,000
Capital expenditures	(28,739,000)	(23,951,000)	(37,227,000)
Property insurance proceeds	3,785,000	4,239,000	12,802,000
Acquisition of remaining interest in Hyatt French Quarter Venture	(2,098,000)	0	0
Distributions from equity investments in excess of cumulative equity income	1,751,000	0	11,804,000
Capital contributions to equity investments in real estate	(1,039,000)	(6,620,000)	(3,835,000)
Payment of Watermark commitment fee	0	(1,151,000)	(2,950,000)
Repayments of loan receivable	0	58,000	232,000
Net Cash Provided by Investing Activities	414,980,000	171,448,000	166,816,000
Cash Flows — Financing Activities
Scheduled payments and prepayments of mortgage principal	(469,053,000)	(142,433,000)	(207,103,000)
Proceeds from mortgage financing	195,376,000	81,308,000	86,805,000
Purchase of membership interest from noncontrolling interest	(23,930,000)	0	0
Distributions to noncontrolling interests	(7,107,000)	0	(13,152,000)
Debt extinguishment costs	(6,765,000)	(1,000)	(1,884,000)
Deferred financing costs	(6,364,000)	(15,169,000)	(3,447,000)
Payment of distribution and shareholder servicing fee	(798,000)	(3,406,000)	0
Other financing activities, net	(538,000)	188,000	(247,000)
Repurchase of shares	(44,000)	(1,950,000)	(22,806,000)
Proceeds from issuance of mandatorily redeemable preferred stock and warrants	0	200,000,000	0
Distributions paid	0	(20,357,000)	(80,260,000)
Net proceeds from issuance of shares	0	10,553,000	42,903,000
Repayment of WPC Credit Facility	0	0	(46,637,000)
Proceeds from WPC Credit Facility	0	0	5,000,000
Net Cash (Used in) Provided by Financing Activities	(319,223,000)	108,733,000	(240,828,000)
Change in Cash and Cash Equivalents and Restricted Cash During the Year
Net increase in cash and cash equivalents and restricted cash	97,014,000	126,160,000	4,174,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	348,478,000	251,464,000	125,304,000
Supplemental Cash Flow Information
Interest paid, net of amounts capitalized	108,938,000	67,579,000	65,235,000
Income taxes paid	4,290,000	1,933,000	4,568,000
Hyatt Centric French Quarter Venture
Adjustments to net loss:
Net gain on change in control of interests	(8,600,000)
Cash Flows — Investing Activities
Cash and restricted cash acquired in the Merger	2,901,000	0	0
Merger
Adjustments to net loss:
Net gain on change in control of interests		(22,300,000)
Bargain purchase gain		(78,700,000)
Cash Flows — Investing Activities
Cash and restricted cash acquired in the Merger	$ 0	$ 109,475,000	$ 0

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Organization Watermark Lodging Trust, Inc. (“WLT” or the “Company”), 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 owned a 99.0% capital interest in, the Operating Partnership, as of December 31, 2021. 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, 2021. On April 13, 2020, a direct, wholly-owned subsidiary (“Merger Sub”) of Carey Watermark Investors 2 Incorporated (“CWI 2”) merged with and into Carey Watermark Investors Incorporated (“CWI 1”) in an all-stock transaction in which the former stockholders of CWI 1 became stockholders of CWI 2 (the “Merger”). After giving effect to the Merger, CWI 1 became a wholly owned subsidiary of CWI 2 and CWI 2 changed its name to WLT. Concurrently with the closing of the Merger, CWI 2 completed an internalization transaction through which it became self-managed. Until April 13, 2020, we were managed by Carey Lodging Advisors, LLC (the “Advisor”), an indirect subsidiary of W. P. Carey Inc. (“WPC”). The 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 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 25 hotels as of December 31, 2021, including 24 hotels that we consolidated (“Consolidated Hotels”) and one hotel that we recorded as an equity investment (“Unconsolidated Hotel”). COVID-19, Management’s Plans and Liquidity The novel coronavirus (“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 28, 2022, all of our hotels are open but many are operating at significantly reduced levels of occupancy and staffing. Although results improved relative to 2020, we cannot estimate with certainty when travel demand will fully recover or how new variants of COVID-19 could impact recovery. We have generally seen improving demand at our properties as government-imposed restrictions and limitations on travel and large gatherings have loosened and as the vaccines have become more widely available. We expect the recovery to occur unevenly across our portfolio, with hotels that cater to business travel recovering more slowly than resort properties. Governmental and business efforts to encourage or mandate vaccinations, and public adoption rates of vaccines, impact the recovery from the COVID-19 pandemic and may have disruptive effects on certain segments of the labor market. Individual ability or desire to travel and corporate travel policies will continue to be impacted by the COVID-19 pandemic and affect the recovery of our properties. The ultimate severity and duration of the COVID-19 pandemic and its effects, and the emergence of variants, are uncertain, including whether COVID-19 will become endemic or cyclical in nature. Given these uncertainties, we cannot estimate with reasonable certainty the impact on our business, financial condition or near- or long-term financial or operational results. As of December 31, 2021 , we had cash and cash equivalents of $249.5 million . As of December 31, 2021 , the mortgage loans for our Consolidated Hotels had an aggregate principal balance totaling $2.0 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 $17.0 million for items such as property taxes, deferred debt service and amounts drawn from furniture, fixtures and equipment reserves to pay expenses, in connection with loan modification agreements. We have continued to work with our lenders to address loans with near-term mortgage maturities and during the year ended December 31, 2021, have refinanced or extended the maturity date of 11 Consolidated Hotel mortgage loans, aggregating $1.0 billion of indebtedness. Of the $2.0 billion aggregate principal balance indebtedness outstanding as of December 31, 2021 , approximately $1.2 billion is scheduled to mature during the 12 months after the date of this Report, which included a total of $121.7 million that has been refinanced subsequent to December 31, 2021 ( Note 16 ) . 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. Our primary cash uses through December 31 , 2022 are expected to be payment of debt service, costs associated with the refinancing or restructuring of indebtedness, fu nding corporate and hotel level operations, payment of real estate taxes and insurance, payment of preferred stock dividends and redemption of the Series A Preferred Stock, as defined in Note 14 . Our primary capital sources to meet such uses are expected to be funds generated by hotel operations, cash on hand and proceeds from additional asset sales.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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 ). See N ote 4 for the valuation methodologies, inputs, and assumptions used to estimate the fair value of the assets acquired and the liabilities assumed in the acquisition of the remaining 20% interest in the Hyatt Centric French Quarter Venture. 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, 2021 and 2020, we considered one and three entities to be VIEs, all of which we consolidated 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, 2021 2020 Net investments in hotels $ 264,984 $ 461,142 Intangible assets, net 28,819 36,234 Total assets 315,088 520,833 Non-recourse debt, net $ 178,029 $ 327,597 Total liabilities 201,557 354,193 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, 2021 2020 2019 Cash and cash equivalents $ 249,478 $ 160,383 $ 70,605 Restricted cash 99,000 $ 91,081 54,699 Total cash and cash equivalents and restricted cash $ 348,478 $ 251,464 $ 125,304 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, 2021 ( Note 15 ) 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. Leases — Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments may consist of payments based on a percentage of revenue and increases as a result of Consumer Price Index or other comparable indices. Lease expense for operating lease payments is recognized on a straight-line basis over the term of the lease. The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term. 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 real estate investment trust (“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 13 ). 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 13 ). 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. Loss (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 Per Share — Loss per share, as presented, represents both basic and diluted per-share amounts for all periods presented in the consolidated financial statements. We calculate loss per share using the two-class method to reflect the different classes of our outstanding common stock. Loss per basic share of common stock is calculated by dividing Net loss 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 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, 2021, 2020 and 2019, as applicable.

Merger of CWI 1 and CWI 2

Merger of CWI 1 and CWI 2	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Merger of CWI 1 and CWI 2	Merger of CWI 1 and CWI 2 On April 13, 2020, Merger Sub merged, with and into CWI 1, in an all-stock transaction to create WLT. 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 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 14 ), 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 Advisor, and the existing sub‑advisory agreements, as amended, between the 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 owned 100% of this hotel. (b) Upon closing of the Merger, the Company owned 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 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. 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 have 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 incurred in connection with the Merger and related transactions 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 Transaction costs $ 18,448 $ 2,783

Net Investments in Hotels

Net Investments in Hotels	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Net Investments in Hotels	Net Investments in Hotels Net investments in hotels are summarized as follows (in thousands): December 31, 2021 2020 Buildings $ 2,002,614 $ 2,289,031 Land 574,648 627,296 Building and site improvements 187,019 194,162 Furniture, fixtures and equipment 166,316 193,517 Construction in progress 26,332 11,786 Hotels, at cost 2,956,929 3,315,792 Less: Accumulated depreciation (383,337) (356,328) Net investments in hotels $ 2,573,592 $ 2,959,464 During the years ended December 31, 2021 and 2020, we retired fully depreciated furniture, fixtures and equipment aggregating $22.6 million and $24.9 million, respectively, and recorded net write-offs of fixed assets resulting from property damage insurance claims of $8.5 million and $5.5 million, respectively. Depreciation expense was $114.4 million, $111.8 million and $75.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, 2020 and 2019, accrued capital expenditures were $1.0 million, $0.5 million and $2.5 million, respectively, representing non-cash investing activity. 2021 Hotel Acquisition On April 6, 2021, we acquired the remaining 20% interest in the Hyatt Centric French Quarter Venture from an unaffiliated third party for $2.1 million, which includes real estate and other hotel assets, net of assumed liabilities with a fair value totaling $11.3 million, as detailed in the table that follows, bringing our ownership interest to 100%. We also refinanced the $29.7 million non-recourse mortgage loan on the property ( Note 9 ). Subsequent to the acquisition, we consolidated our real estate interest in the hotel. We previously accounted for our interest in this venture under the equity method of accounting. Due to the change in control of this investment, we recorded a net gain on change in control of interest of $8.6 million, reflecting the difference between our carrying value and the preliminary estimated fair value of our previously held equity investment on April 6, 2021. This acquisition was accounted for as a business combination in accordance with authoritative accounting guidance. We allocated the fair value of the hotel at acquisition based on the estimated fair value of the assets acquired and the liabilities assumed. 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, 2021 (in thousands): Purchase Assets acquired at fair value: Net investment in hotel $ 39,500 Operating lease right-of-use assets 9,302 Cash and cash equivalents 529 Intangible assets 500 Restricted cash 2,372 Accounts receivable, net 967 Other assets 1,292 Total Assets 54,462 Liabilities assumed at fair value: Non-recourse debt, net (29,698) Accounts payable, accrued expenses and other liabilities (4,177) Operating lease liabilities (9,302) Total Liabilities (43,177) Total Identifiable Net Assets acquired at fair value 11,285 Fair value of WLT’s equity interest in jointly-owned investment prior to acquisition (9,187) Total cash consideration $ 2,098 From April 6, 2021 through December 31, 2021 Revenues $ 6,116 Net loss $ (3,936) 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 hotel — The Company estimated the fair values of the land, building and site improvement, and furniture, fixtures, and equipment at the hotel property by using a combination of the income capitalization and sales comparison approaches. These valuation methodologies are based on significant Level 3 inputs in the fair value hierarchy, such as capitalization rates, discount rates, and net operating income at the respective hotel properties, including estimates of future income growth. 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. Leases — The estimated fair value of operating lease ROU assets and lease liabilities was based on the present value of lease payments over the lease term at the date of acquisition. We used our incremental borrowing rate at the date of acquisition to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determined our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term. Cash and cash equivalents, restricted cash, accounts receivable, net, other assets and accounts payable, accrued expenses and other liabilities —The carrying amounts of the assets acquired, the liabilities assumed, and the equity interests acquired approximate fair value because of their short term maturities. 2021 Property Dispositions On May 5, 2021, the Sheraton Austin Hotel at the Capitol Venture sold the Sheraton Austin Hotel at the Capitol to an unaffiliated third-party. The venture received net proceeds of approximately $36.4 million from the sale after the repayment of the related mortgage loan. We previously owned an 80% controlling interest in the venture and consolidated our real estate interest in the hotel. During the year ended December 31, 2021, we recognized a gain on sale of $18.1 million and a loss on extinguishment of debt of $0.7 million in connection with this transaction. On July 7, 2021, we sold our 100% ownership interest in the Courtyard Pittsburgh Shadyside to an unaffiliated third-party and received net proceeds after the repayment of the related mortgage loan of approximately $3.2 million. During the year ended December 31, 2021, we recognized a gain on sale of $5.2 million and a loss on extinguishment of debt of $1.1 million in connection with this transaction. On October 19, 2021, we sold our 100% ownership interest in the Westin Minneapolis to an unaffiliated third-party and received net proceeds after the repayment of the related mortgage loan of approximately $8.7 million. During the year ended December 31, 2021, we recognized a gain on sale of $18.5 million and a loss on extinguishment of debt of $0.7 million in connection with this transaction. On December 16, 2021, we sold our 100% ownership interest in the Hilton Garden Inn/Homewood Suites Atlanta Midtown, Hyatt Place Austin Downtown and Courtyard Nashville Downtown to an unaffiliated third-party and received net proceeds after the repayment of the related mortgage loans of approximately $127.8 million. During the year ended December 31, 2021, we recognized a gain on sale of $66.4 million and a loss on extinguishment of debt of $6.3 million in connection with this transaction. 2020 Property Dispositions On June 8, 2020, we sold our 100% ownership interest in the Hutton Hotel Nashville to an unaffiliated third party and received net proceeds after the repayment of the related mortgage loan of approximately $26.8 million. 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 and received 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. 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, 2021 and 2019. 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 and as if the acquisition of the remaining 20% interest in the Hyatt Centric French Quarter Venture, had occurred on January 1, 2020. 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 these transactions had taken place on the date listed above, nor is it indicative of the results of operations for future periods. The unaudited consolidated pro forma financial information is as follows (in thousands): Years Ended December 31, 2021 2020 2019 Pro forma total revenues $ 657,194 $ 373,071 $ 1,061,517 Pro forma net (loss) income $ (95,829) $ (450,464) $ 62,039 Pro forma net (loss) income attributable to Common Stockholders $ (91,608) $ (429,607) $ 59,120 Pro forma (loss) income per Class A share: Net (loss) income attributable to Common Stockholders $ (67,136) $ (314,636) $ 43,657 Basic and diluted pro forma weighted-average shares outstanding 167,609,507 167,566,465 166,464,081 Basic and diluted pro forma (loss) income per share $ (0.40) $ (1.88) $ 0.26 Pro forma (loss) income per Class T share: Net (loss) income attributable to Common Stockholders $ (24,472) $ (114,971) $ 15,463 Basic and diluted pro forma weighted-average shares outstanding 61,096,711 61,173,069 60,499,745 Basic and diluted pro forma (loss) income per share $ (0.40) $ (1.88) $ 0.26 Pro forma net (loss) income attributable to Common Stockholders r eflects 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 and the following income and expenses related to the acquisition of the remaining interest in the Hyatt Centric French Quarter Venture as if it had taken place on January 1, 2020: (i) gain on change in control of interests of $8.6 million.

Equity Investments in Real Esta

Equity Investments in Real Estate	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Real Estate	Equity Investments in Real Estate As of December 31, 2021, we owned an equity interest in one Unconsolidated Hotel with an unrelated third party. We did not control the venture that owns this hotel, but we exercised significant influence over it. We accounted for this investment 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 incur and other-than-temporary impairment charges, if any). Under the conventional approach of accounting for equity method investments, an investor applies its percentage ownership interest to the venture’s net income or loss to determine the investor’s share of the earnings or losses of the venture. This approach is inappropriate if the venture’s capital structure gives different rights and priorities to its investors. Therefore, we followed the hypothetical liquidation at book value (“HLBV”) method in determining our share of the ventures’ earnings or losses for the reporting period as this method better reflects our claim on the ventures’ book value at the end of each reporting period. Earnings for our equity method investments were recognized in accordance with each respective investment agreement and, where applicable, based upon the allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period. The following table sets forth our ownership interests in our equity investments in real estate and their respective carrying values. The carrying values of these ventures are affected by the timing and nature of distributions (dollars in thousands): Unconsolidated Hotels State Number % Owned Hotel Type Carrying Value at December 31, 2021 2020 Ritz-Carlton Philadelphia Venture (a) PA 301 60.0 % Full-service $ 12,705 $ 18,157 Hyatt Centric French Quarter Venture (b) LA 254 80.0 % Full-service — 482 555 $ 12,705 $ 18,639 ___________ (a) We contributed $1.0 million to this investment during the year ended December 31, 2021. During the year ended December 31, 2021, we also received distributions totaling $1.8 million representing a return of previous capital contributions. (b) We contributed $0.9 million to this investment during the first quarter of 2021. On April 6, 2021, we acquired the remaining 20% interest in the Hyatt Centric French Quarter Venture from an unaffiliated third party. Upon completion of the acquisition, the Company consolidates its 100% interest in this hotel ( Note 4 ). 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, 2021 2020 2019 Ritz-Carlton Philadelphia Venture $ (4,718) $ (13,038) $ (513) Hyatt Centric French Quarter Venture (a) (857) (962) 1,137 Ritz-Carlton Bacara, Santa Barbara Venture (b) (c) — (20,968) (3,947) Marriott Sawgrass Golf Resort & Spa Venture (b) — (58) 2,305 Total equity in losses of equity method investments in $ (5,575) $ (35,026) $ (1,018) ___________ (a) On April 6, 2021, we acquired the remaining 20% interest in the Hyatt Centric French Quarter Venture from an unaffiliated third party. Upon completion of the acquisition, the Company consolidates its 100% interest in 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 acquisition. ( Note 4 ). (b) 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. (c) 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. No other-than-temporary impairment charges were recognized during the years ended December, 31, 2021 or December 31, 2019. As of December 31, 2021 and 2020, the unamortized basis differences on our equity investments were $1.5 million and $2.1 million, respectively. Net amortization of the basis differences reduced the carrying values of our equity investments by $0.2 million, $0.2 million and $0.3 million during the years ended December 31, 2021, 2020 and 2019, respectively. The following tables present combined summarized financial information of our equity method investment entities. Summarized financial information provided represents the total amounts attributable to the investment and does not represent our proportionate share (in thousands): December 31, 2021 2020 Real estate, net $ 77,164 $ 111,405 Other assets 5,596 12,467 Total assets 82,760 123,872 Debt 63,916 94,105 Other liabilities 7,347 21,723 Total liabilities 71,263 115,828 Members’ equity $ 11,497 $ 8,044 Years Ended December 31, 2021 2020 2019 Revenues $ 22,834 $ 19,444 $ 201,570 Expenses 29,571 37,227 207,987 Net loss attributable to equity method investments $ (6,737) $ (17,783) $ (6,417)

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets are summarized as follows (dollars in thousands): December 31, 2021 December 31, 2020 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 $ (11,037) $ 61,363 $ 72,400 $ (9,529) $ 62,871 Trade name 8 9,400 (2,024) 7,376 9,400 (844) 8,556 Other intangible assets 5 - 17 1,013 (288) 725 1,633 (775) 858 Total intangible assets, net $ 82,813 $ (13,349) $ 69,464 $ 83,433 $ (11,148) $ 72,285 Net amortization of intangibles was $3.0 million, $2.7 million and $1.5 million for the years ended December 31, 2021, 2020 and 2019, 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, 2021, 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 2022 $ 2,811 2023 2,808 2024 2,808 2025 2,726 2026 2,709 Thereafter 55,602 Total $ 69,464

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
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 8 ). 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, 2021 or 2020. 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 $2.0 billion and $2.2 billion as of December 31, 2021 and 2020, respectively, and an estimated fair value of $2.0 billion and $2.2 billion as of December 31, 2021 and 2020, 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 $55.1 million and $201.7 million as of December 31, 2021, respectively, and $52.0 million and $162.1 million, respectively, as of December 31, 2020, respectively, and estimated fair values of $65.0 million and $247.0 million as of December 31, 2021, respectively, and $54.2 million and $194.9 million, respectively, as of December 31, 2020. 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, 2021 and 2020. Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) We 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 our 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 4 and Note 5

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2021
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 2021 2020 2021 2020 Interest rate caps Other assets $ 381 $ 9 $ — $ — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (2,023) (5,080) $ 381 $ 9 $ (2,023) $ (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, 2021 and 2020, no cash collateral had been posted nor received for any of our derivative positions. We recognized unrealized income of $0.2 million and unrealized losses of $1.0 million and $0.2 million in Other comprehensive income (loss) on derivatives in connection with our interest rate swaps and caps during the years ended December 31, 2021, 2020, and 2019, respectively. We reclassified $0.7 million, $0.4 million, and $0.3 million from Other comprehensive income (loss) on derivatives into Interest expense during the years ended December 31, 2021, 2020 and 2019, respectively. Amounts reported in Other comprehensive income (loss) 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, 2021, we estimated that $0.1 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, 2021 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, 2021 Interest rate swaps 2 $ 185,295 $ (2,023) Interest rate caps 10 627,955 381 $ (1,642) Credit Risk-Related Contingent Features 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, 2021, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $2.3 million and $5.3 million as of December 31, 2021 and 2020, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these

Debt

Debt	12 Months Ended
	Dec. 31, 2021
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) 2021 2020 Fixed rate 3.8% – 4.9% 06/21 (b) – 08/23 $ 951,318 $ 1,286,839 Variable rate (c) 2.3%– 9.0% 03/22 – 12/24 1,007,423 883,063 $ 1,958,741 $ 2,169,902 ___________ (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) See discussion below on the Courtyard Times Square West mortgage loan, which matured on June 1, 2021. (c) The interest rate range presented for these mortgage loans reflect the rates in effect as of December 31, 2021 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, 2021, we have effectively entered into cash management agreements with the lenders on 18 of our 24 Consolidated Hotel 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. Financing Activity During 2021 On 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 remain unchanged. This refinancing was accounted for as a loan modification and no gain or loss was recognized. On March 15, 2021, we refinanced the $45.5 million Equinox Golf Resort & Spa non-recourse mortgage loan, which extended the maturity date of the loan from March 1, 2021 to March 1, 2023. The principal balance and interest rate remain unchanged. This refinancing was accounted for as a loan modification and no gain or loss was recognized. On April 6, 2021, we refinanced the $29.7 million Hyatt Centric French Quarter New Orleans non-recourse mortgage loan, which extended the maturity date of the loan from April 26, 2021 to April 6, 2023 and provides for a one-year extension option, subject to certain conditions. The principal balance remains unchanged and the loan has a floating annual interest rate that is subject to an interest rate cap. This refinancing was accounted for as a loan modification and no gain or loss was recognized. On May 7, 2021, we refinanced the Ritz-Carlton Fort Lauderdale $47.0 million senior mortgage loan and the $28.3 million mezzanine loan with new mortgage loans of up to $61.1 million for the senior mortgage loan and up to $16.9 million for the mezzanine loan, with an aggregate $76.0 million funded at closing, comprised of $59.5 million for the senior mortgage loan and $16.5 million for the mezzanine loan. The loans have a maturity date of June 1, 2024, with two one-year extension options, subject to certain conditions. We recognized a loss on extinguishment of debt of $0.1 million during the year ended December 31, 2021. On June 8, 2021, we refinanced the Seattle Marriott Bellevue $96.1 million non-recourse mortgage loan with a new mortgage loan of $104.8 million with a floating annual interest rate that is subject to an interest rate cap and a maturity date of June 8, 2024, with two one-year extension options, subject to certain conditions. We recognized a loss on extinguishment of debt of $4.8 million during the year ended December 31, 2021. On June 9, 2021, we refinanced the Ritz-Carlton Santa Barbara, Bacara $175.0 million senior mortgage loan and the $55.0 million mezzanine loan, which extended the maturity dates of each loan from September 28, 2021 to September 28, 2022, and included principal paydowns of $4.2 million and $1.3 million, respectively. The interest rates remain unchanged. This refinancing was accounted for as a loan modification and no gain or loss was recognized. On August 12, 2021, we refinanced the $49.0 million Renaissance Atlanta Midtown Hotel non-recourse mortgage loan, which extended the maturity date of the loan from August 8, 2021 to August 8, 2022 and provided for a one-year extension option, subject to certain conditions. The principal balance and interest rate remained unchanged. This refinancing was accounted for as a loan modification and no gain or loss was recognized. On November 10, 2021, we refinanced the $140.9 million Ritz Carlton San Francisco mortgage loan with a $149.2 million mortgage loan. The loan has a maturity date of November 1, 2024, with two one-year extension options, subject to certain conditions. This refinancing was accounted for as a loan modification and no gain or loss was recognized. 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, 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, 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. Courtyard Times Square West The $58.6 million outstanding mortgage loan on Courtyard Times Square West matured on June 1, 2021 and we have not paid off the outstanding principal balance. The loan does not have any cross-default provisions with our other mortgage obligations. We are currently in the process of exploring various options as it relates to this asset, including but not limited to, surrendering the property back to the lender. Scheduled Debt Principal Payments Scheduled debt principal payments during each of the next five calendar years following December 31, 2021 are as follows (in thousands): Years Ending December 31, Total 2022 $ 1,117,973 2023 531,889 2024 329,910 2025 — 2026 — Total principal payments 1,979,772 Unamortized debt discount (13,411) Unamortized deferred financing costs (7,620) Total $ 1,958,741

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesAs of December 31, 2021, 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, 2021, our hotel properties were operated pursuant to long-term management agreements with nine different management companies, with initial terms ranging from five Franchise Agreements 11 of our hotel properties operated under franchise or license agreements with national brands that are separate from our management agreements. As of December 31, 2021, we had eight franchise agreements with Marriott-owned brands, one with Hilton-owned brands, one with InterContinental Hotels-owned brands and one with a Hyatt-owned brand related to our hotels. Our typical franchise agreement provides for a term of 15 to 25 years. Three 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 4.0% of room revenues as marketing and reservation system contributions for the system-wide benefit of brand hotels. Franchise fees are included in sales and marketing expense in our consolidated financial statements. We incurred franchise fee expense, including amortization of deferred franchise fees, of $8.7 million, $4.7 million and $16.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. Capital Expenditures and Reserve Funds With respect to our hotels that are operated under management or franchise agreements with major international hotel brands and for most of our hotels subject to mortgage loans, we are obligated to maintain furniture, fixtures and equipment reserve accounts for future capital expenditures 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, 2021 and 2020, $58.7 million and $51.0 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 $1.3 million is subject to replenishment requirements as of December 31, 2021. 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, 2021, 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, 2021 totaled $39.1 million. Funding for a renovation will first come from our furniture, fixtures and equipment reserve accounts, to the extent permitted by the terms of the management agreement. Should these reserves be unavailable or insufficient to cover the cost of the renovation, we will fund all or the remaining portion of the renovation with existing cash resources or other sources of available capital, including cash flow from operations. 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 89 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, 2021 2020 Fixed lease cost $ 13,307 $ 11,911 Variable lease cost (a) 416 125 Total lease cost $ 13,723 $ 12,036 ___________ (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, 2021 2020 Operating lease ROU assets $ 43,671 $ 40,729 Operating lease liabilities 83,089 $ 74,633 Weighted-average remaining lease term 66.7 years 67.0 years Weighted-average discount rate 9.6 % 9.1 % Cash paid for operating lease liabilities included in Net cash provided by (used in) operating activities totaled $6.8 million and $6.0 million for the years ended December 31, 2021 and 2020, respectively. Undiscounted Cash Flows A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet as of December 31, 2021 is as follows (in thousands): Years Ending December 31, Total 2022 $ 6,949 2023 6,391 2024 6,233 2025 6,324 2026 6,474 Thereafter through 2110 1,068,232 Total lease payments 1,100,603 Less: amount of lease payments representing interest (1,017,514) Present value of future lease payments/lease obligations $ 83,089

Loss Per Share and Equity

Loss Per Share and Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Loss Per Share and Equity	Loss Per Share and Equity Loss Per Share The computation of basic and diluted loss per share is as follows (in thousands, except share and per share amounts): Years Ended December 31, 2021 2020 2019 Net loss attributable to the Company $ (82,771) $ (350,128) $ (10,898) Preferred dividends — (1,742) — Fair value adjustment on reclassification of Series A Preferred Stock — 2,754 — Net loss attributable to Common Stockholders including amounts attributable to fair value adjustment $ (82,771) $ (349,116) $ (10,898) Year Ended December 31, 2021 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 167,609,507 $ (60,659) $ (0.36) Class T common stock 61,096,711 (22,112) (0.36) Net loss attributable to Common Stockholders $ (82,771) 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) ___________ (a) For purposes of determining the weighted-average number of shares of Class A common stock outstanding and loss 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 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 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, 2021 or December 31, 2019. The distribution and shareholder servicing fee was 1.0% of the estimated net asset value of our Class T common stock; it accrued daily and was 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. Purchase of Membership Interest On November 9, 2021, we acquired the remaining 30% membership interest in the Ritz-Carlton Fort Lauderdale Venture from an unaffiliated third party for $23.9 million bringing our ownership interest to 100%. Our acquisition of the additional interest in the venture is accounted for as an equity transaction, and we recorded an adjustment of $15.7 million to Additional paid-in capital in our consolidated statement of equity for the year ended December 31, 2021 reflecting to the difference between the carrying value and the purchase price. No gain or loss was recognized in the consolidated statement of operations related to the acquisition of the remaining interest. In connection with the acquisition, we incurred costs associated with the termination of related agreements totaling $1.2 million, which are included in transaction costs in our consolidated statement of operations for the year ended December 31, 2021. 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, 2021 the Operating Partnership had 231,202,933 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, 2021, 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, 2021. The noncontrolling interest is included in noncontrolling interest on the consolidated balance sheet as of December 31, 2021. 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 2021 2020 2019 Beginning balance $ (724) $ (172) $ (286) Other comprehensive income (loss) before reclassifications 206 (959) (153) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 669 421 280 Equity in losses of equity method investments in real estate, net — 6 3 Total 669 427 283 Net current period other comprehensive income (loss) 875 (532) 130 Net current period other comprehensive income attributable to noncontrolling interests (22) (20) (16) Reclassification to additional-paid in capital relating to purchase of remaining 30% membership interest in Ritz-Carlton Fort Lauderdale Venture 19 — — Ending balance $ 148 $ (724) $ (172) 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: 2020 2019 Class A (a) Class T Class A (a) Class T Return of capital $ 0.1565 $ — $ 0.4125 $ — Capital gain — — 0.1556 — Ordinary income — — 0.0579 — Total distributions paid $ 0.1565 $ — $ 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 ). No distributions were declared or paid during the year ended December 31, 2021.

Share-Based Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2021
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 5,500,000 shares may be granted, of which 3,488,337 shares remained available for future grants as of December 31, 2021. A summary of the stock-based award activity for the years ended December 31, 2021 , 2020 and 2019 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, 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 January 1, 2020 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 January 1, 2021 847,330 9.44 — — Granted 1,136,106 5.51 18,148 5.51 Vested (b) (253,011) 6.21 (18,148) 5.51 Forfeited (116,213) 5.64 — — Nonvested at December 31, 2021 (c) 1,614,212 7.45 — — ___________ (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 that were issued to employees (and prior to the Merger, employees of the former Subadvisor) and directors was $1.7 million, $1.3 million and $0.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. (c) We currently expect to recognize compensation expense totaling approximately $8.8 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 2.17 years as of December 31, 2021. Stock-Based Compensation Expense For the years ended December 31, 2021, 2020, and 2019, 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 $3.3 million, $1.8 million and $0.7 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, 2021
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 results in a single federal tax filing for the WLT combined TRS, which includes 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 provision for (benefit from) income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2021 2020 2019 Federal Current $ 114 $ (8,165) $ 1,415 Deferred 1,985 581 1,168 2,099 (7,584) 2,583 State and Local Current 2,687 180 427 Deferred (1,233) (526) 142 1,454 (346) 569 Total Provision (Benefit) $ 3,553 $ (7,930) $ 3,152 Deferred income taxes as of December 31, 2021 and 2020 consist of the following (in thousands): December 31, 2021 2020 Deferred Tax Assets Net operating loss carryforwards $ 48,801 $ 40,224 Accrued vacation payable and deferred rent 9,533 9,369 Interest expense limitation 2,116 1,286 Deferred revenue — key money 1,217 1,128 Operating lease liabilities 1,109 1,329 Gift card liability 184 531 Other — — Total deferred income taxes 62,960 53,867 Valuation allowance (53,301) (42,047) Total deferred tax assets 9,659 11,820 Deferred Tax Liabilities Villa rental management agreement (7,140) (6,967) Fixed assets and intangibles (2,103) (4,676) Operating lease ROU assets (1,062) (1,244) Business interruption insurance proceeds (559) (555) Other (276) — Deferred rent (10) — Total deferred tax liabilities (11,150) (13,442) Net Deferred Tax Liability $ (1,491) $ (1,622) 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, 2021 2020 2019 Pre-tax (loss) income from taxable subsidiaries $ (31,387) $ (139,598) $ 6,674 Federal provision at statutory tax rate (a) $ (6,591) $ (29,315) $ 1,402 Valuation allowance 11,673 22,726 2,418 Income not subject to federal tax (3,319) 3,152 210 State and local taxes, net of federal provision 1,454 (6,207) (122) Return to provision true-up 965 1,731 (469) Rate change (436) 2,438 — Other (219) (472) (1) Non-deductible expenses 26 25 81 Tax benefit net operating loss carryback — (2,008) — Tax credit — — (367) Total provision (benefit) $ 3,553 $ (7,930) $ 3,152 ___________ (a) The applicable statutory tax rate was 21% for the years ended December 31, 2021, 2020 and 2019. 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, 2021 and 2020, we recorded a valuation allowance of $53.3 million and $42.0 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 as of both December 31, 2021 and 2020, which are included in Other assets in the consolidated balance sheets, and other deferred tax liability balances of $1.5 million and $1.3 million as of December 31, 2021 and 2020, 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 2017 through 2020 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, 2021
Equity [Abstract]
Mandatorily Redeemable Preferred Stock	Mandatorily Redeemable Preferred Stock At both December 31, 2021 and 2020, 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. On January 25, 2022, the Company redeemed the 1,300,000 shares of Series A Preferred Stock at the liquidation preference of $50.00 per share for a total of $65.0 million. All accrued and unpaid dividends, which totaled $0.1 million, were paid at closing. Series B Preferred Stock and Warrants 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 our 12% Series B Cumulative Redeemable Preferred Stock, liquidation preference $1,000.00 per share 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 2020 Capital Raise”), both of which were issued on July 24, 2020. 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 $13.7 million and $19.8 million as of December 31, 2021 and December 31, 2020, respectively. 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). The purchaser had 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 2020 Capital Raise, although no additional purchase of shares were made. 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. 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. During the year ended December 31, 2021, we declared and paid dividends totaling $31.3 million, which approximated fair value, in the form of 31,255 additional shares of Series B Preferred Stock. 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 during the year ended December 31, 2020. Dividends accrued included in interest expense in the consolidated financial statements related to our Series A and Series B Preferred Stock as of December 31, 2021 and 2020 totaled $6.5 million and $12.0 million, respectively. The following table presents the carrying value of our Series A and Series B Preferred Stock: Series A Preferred Stock at Series B Preferred Stock at December 31, December 31, 2021 2020 2021 2020 Liquidation value $ 65,000 $ 65,000 $ 231,255 $ 200,000 Fair value discount (14,310) (14,310) (30,358) (30,358) 50,690 50,690 200,897 169,642 Accumulated amortization of fair value discount 4,364 1,336 8,740 2,675 Deferred financing costs — — (11,177) (11,169) Accumulated amortization of deferred financing costs — — 3,217 984 $ 55,054 $ 52,026 $ 201,677 $ 162,132

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Pre-Merger Agreements with Our Advisor and Affiliates Prior to the Merger, we had an advisory agreement with the 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 Advisor also had a subadvisory agreement with the CWI 1 Subadvisor (the “Subadvisory Agreement”) whereby the 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 Advisor, the CWI 1 Subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Years Ended December 31, 2021 2020 2019 Amounts Included in the Consolidated Statements of Operations Personnel and overhead reimbursements $ 279 $ 3,567 $ 6,571 Asset management fees — 3,795 14,052 Available Cash Distributions — — 7,095 Interest expense — — 1,319 Disposition fees — — 130 $ 279 $ 7,362 $ 29,167 Other Transaction Fees Incurred Watermark commitment agreement $ — $ — $ 4,101 Capitalized loan refinancing fees — — 1,235 $ — $ — $ 5,336 Personnel and Overhead Reimbursements Prior to the Merger, under the terms of the Advisory Agreement, the 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 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. Asset Management Fees, Disposition Fees and Loan Refinancing Fees Prior to the Merger, we paid the 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 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 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 the most recently published estimated net asset value per share. 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 and 2019, we settled $4.8 million and $14.1 million, respectively, of asset management fees in shares of our common stock at the Advisor’s election. No such fees were earned during the year ended December 31, 2021. 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. 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 both December 31, 2021 and 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. We performed our annual test for impairment as of December 31, 2021 for goodwill recorded and found no impairment indicated. Post-Merger Transactions with Affiliates Transition Services Agreement Pursuant to the Transition Services Agreement dated as of October 22, 2019 entered into between CWI 2 and WPC, WPC continued to make available to the Company all of the services that WPC provided to CWI 2 prior to the Merger and was paid its costs of providing the services and reimbursed for all expenses of providing the services. The term of the Transition Services Agreement was generally 12 months from the effective date of the internalization transaction, with certain services surviving for up to 18 months. The Transition Services Agreement expired on October 13, 2021; however, WPC and WLT entered into a side letter to address certain ongoing matters of an administrative nature. As of December 31, 2020, the amount due to WPC was $0.2 million. No amounts were outstanding as of December 31, 2021. 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.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 14, 2022, we refinanced the $81.4 million San Diego Marriott La Jolla non-recourse mortgage loan with a new mortgage loan of $97.7 million, of which $83.2 million was funded at closing. The loan has a maturity date of January 2025, with two one-year extension options, subject to certain conditions. On January 21, 2022, we refinanced the $87.1 million San Jose Marriott non-recourse mortgage loan and the $34.6 million Le Méridien Arlington non-recourse mortgage loan with a new mortgage loan of $135.5 million encumbering both hotels, with $126.2 million funded at closing. The hotels encumbered by the mortgage loan are cross-collateralized. The loan has a floating annual interest rate, subject to an interest rate cap, and a maturity date of January 2025, with two one-year extension options, subject to certain conditions. On January 25, 2022, the Company redeemed the 1,300,000 shares of Series A Preferred Stock at the liquidation preference of $50.00 per share for a total of $65.0 million. All accrued and unpaid dividends, which totaled $0.1 million, were paid at closing.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019 (in thousands) Description Balance at Other Deductions Balance at Year Ended December 31, 2021 Valuation reserve for deferred tax assets $ 42,047 $ 14,859 $ (3,605) $ 53,301 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

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
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, 2021 (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 Holiday Inn Manhattan 6th Ave Chelsea $ 73,940 30,023 81,398 3,022 (33,812) 19,897 60,736 80,633 17,101 2008 Jun 2013 4 – 40 yrs. Fairmont Sonoma Mission Inn & Spa 57,630 17,657 66,593 6,150 (119) 17,657 72,624 90,281 18,723 1927 Jul 2013 4 – 40 yrs. Marriott Raleigh City Center 65,332 — 68,405 8,516 (40) — 76,881 76,881 18,509 2008 Aug 2013 4 – 40 yrs. Hawks Cay Resort 94,958 25,800 73,150 54,411 (35,221) 25,800 92,340 118,140 24,375 1960 Oct 2013 4 – 40 yrs. Renaissance Chicago Downtown 79,995 — 132,198 33,707 (2,661) — 163,244 163,244 44,435 1991 Dec 2013 4 – 40 yrs. Courtyard Times Square West 58,631 — 87,438 511 (5,121) — 82,828 82,828 16,636 2013 May 2014 4 – 40 yrs. Sanderling Resort 30,199 9,800 23,677 10,164 (180) 9,800 33,661 43,461 9,384 1985 Oct 2014 4 – 40 yrs. Marriott Kansas City Country Club Plaza 37,321 5,100 48,748 8,802 (44) 5,100 57,506 62,606 13,208 1987 Nov 2014 4 – 40 yrs. Westin Pasadena 84,215 22,785 112,215 8,411 (4) 22,785 120,622 143,407 22,754 1989 Mar 2015 4 – 40 yrs. Ritz-Carlton Key Biscayne 178,029 117,200 154,182 21,247 1,017 118,656 174,990 293,646 33,631 2001 May 2015 4 – 40 yrs. Ritz-Carlton Fort Lauderdale 74,759 22,100 74,422 10,982 716 22,380 85,840 108,220 17,302 2007 Jun 2015 4 – 40 yrs. Le Méridien Dallas, The Stoneleigh 46,087 9,400 57,989 1,997 21 9,400 60,007 69,407 9,944 1923 Nov 2015 4 – 40 yrs. Equinox Golf Resort & Spa 44,634 15,000 59,235 8,883 (35,991) 7,273 39,854 47,127 12,157 1853 Feb 2016 4 – 40 yrs. Charlotte Marriott City Center 101,475 22,700 109,300 10 — 22,700 109,310 132,010 4,725 1983 Apr 2020 4– 40 yrs. Embassy Suites by Hilton Denver-Downtown/Convention Center 92,788 15,400 92,600 388 — 15,400 92,988 108,388 4,044 2010 Apr 2020 4 – 40 yrs. Le Méridien Arlington 34,562 8,000 30,000 96 — 8,000 30,096 38,096 1,350 2007 Apr 2020 4 – 40 yrs. Marriott Sawgrass Golf Resort & Spa 87,049 24,800 116,627 841 (4,196) 24,800 113,272 138,072 6,050 1987 Apr 2020 4 – 40 yrs. Renaissance Atlanta Midtown Hotel 48,555 10,900 56,900 174 — 10,900 57,074 67,974 2,480 2009 Apr 2020 4 – 40 yrs. Ritz-Carlton Bacara, Santa Barbara 224,325 81,700 202,700 286 — 81,700 202,986 284,686 10,898 2000 Apr 2020 4 – 40 yrs. Ritz-Carlton San Francisco 147,267 83,201 133,000 124 — 83,200 133,125 216,325 5,798 1991 Apr 2020 4 – 40 yrs. San Diego Marriott La Jolla 77,328 20,800 89,900 494 44 20,800 90,438 111,238 4,080 1985 Apr 2020 4 – 40 yrs. San Jose Marriott 87,112 24,600 115,900 293 — 24,600 116,193 140,793 5,084 2003 Apr 2020 4 – 40 yrs. Seattle Marriott Bellevue 103,188 23,800 91,100 270 — 23,800 91,370 115,170 4,023 2015 Apr 2020 4 – 40 yrs. Hyatt Centric French Quarter New Orleans 29,362 — 37,900 2 (6,254) — 31,648 31,648 659 1849 Apr 2021 4 – 40 yrs. $ 1,958,741 $ 590,766 $ 2,115,577 $ 179,781 $ (121,845) $ 574,648 $ 2,189,633 $ 2,764,281 $ 307,350 ___________ (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, 2021 2020 2019 Beginning balance $ 3,110,489 $ 1,892,658 $ 2,056,770 Dispositions (383,088) (106,206) (180,339) Assets acquired 37,900 — — Improvements 8,912 13,342 19,116 Write-off of fully depreciated assets (1,613) (2,313) (105) Write-off of assets damaged by hurricane and other (8,319) (5,869) (2,784) Assets acquired in the Merger — 1,436,027 — Impairments — (117,150) — Ending balance $ 2,764,281 $ 3,110,489 $ 1,892,658 Reconciliation of Accumulated Depreciation for Hotels Years Ended December 31, 2021 2020 2019 Beginning balance $ 292,396 $ 246,816 $ 217,050 Depreciation expense 74,461 70,306 55,992 Dispositions (57,894) (22,413) (26,121) Write-off of fully depreciated assets (1,613) (2,313) (105) Ending balance $ 307,350 $ 292,396 $ 246,816 As of December 31, 2021, the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $3.3 billion.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 ). See N ote 4
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, 2021 ( Note 15 ) and hotel inventories in the consolidated financial statements. Other liabilities, which are included in Accounts payable, accrued expenses and other liabilities, consists primarily
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.
Leases	Leases — Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments may consist of payments based on a percentage of revenue and increases as a result of Consumer Price Index or other comparable indices. Lease expense for operating lease payments is recognized on a straight-line basis over the term of the lease. The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term.
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 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 real estate investment trust (“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 13 ). 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 13
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	Loss (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 Per Share	Loss Per Share — Loss per share, as presented, represents both basic and diluted per-share amounts for all periods presented in the consolidated financial statements. We calculate loss per share using the two-class method to reflect the different classes of our outstanding common stock. Loss per basic share of common stock is calculated by dividing Net loss 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 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, 2021, 2020 and 2019, as applicable.
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 8 ).

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 Net investments in hotels $ 264,984 $ 461,142 Intangible assets, net 28,819 36,234 Total assets 315,088 520,833 Non-recourse debt, net $ 178,029 $ 327,597 Total liabilities 201,557 354,193
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, 2021 2020 2019 Cash and cash equivalents $ 249,478 $ 160,383 $ 70,605 Restricted cash 99,000 $ 91,081 54,699 Total cash and cash equivalents and restricted cash $ 348,478 $ 251,464 $ 125,304
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, 2021 2020 2019 Cash and cash equivalents $ 249,478 $ 160,383 $ 70,605 Restricted cash 99,000 $ 91,081 54,699 Total cash and cash equivalents and restricted cash $ 348,478 $ 251,464 $ 125,304

Merger of CWI 1 and CWI 2 (Tabl

Merger of CWI 1 and CWI 2 (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [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 owned 100% of this hotel. (b) Upon closing of the Merger, the Company owned 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 Transaction costs $ 18,448 $ 2,783 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, 2021 (in thousands): Purchase Assets acquired at fair value: Net investment in hotel $ 39,500 Operating lease right-of-use assets 9,302 Cash and cash equivalents 529 Intangible assets 500 Restricted cash 2,372 Accounts receivable, net 967 Other assets 1,292 Total Assets 54,462 Liabilities assumed at fair value: Non-recourse debt, net (29,698) Accounts payable, accrued expenses and other liabilities (4,177) Operating lease liabilities (9,302) Total Liabilities (43,177) Total Identifiable Net Assets acquired at fair value 11,285 Fair value of WLT’s equity interest in jointly-owned investment prior to acquisition (9,187) Total cash consideration $ 2,098
Schedule of Actual and Pro Forma Income	From April 13, 2020 through December 31, 2020 Revenues $ 69,545 Net loss $ (150,176) From April 6, 2021 through December 31, 2021 Revenues $ 6,116 Net loss $ (3,936) Years Ended December 31, 2021 2020 2019 Pro forma total revenues $ 657,194 $ 373,071 $ 1,061,517 Pro forma net (loss) income $ (95,829) $ (450,464) $ 62,039 Pro forma net (loss) income attributable to Common Stockholders $ (91,608) $ (429,607) $ 59,120 Pro forma (loss) income per Class A share: Net (loss) income attributable to Common Stockholders $ (67,136) $ (314,636) $ 43,657 Basic and diluted pro forma weighted-average shares outstanding 167,609,507 167,566,465 166,464,081 Basic and diluted pro forma (loss) income per share $ (0.40) $ (1.88) $ 0.26 Pro forma (loss) income per Class T share: Net (loss) income attributable to Common Stockholders $ (24,472) $ (114,971) $ 15,463 Basic and diluted pro forma weighted-average shares outstanding 61,096,711 61,173,069 60,499,745 Basic and diluted pro forma (loss) income per share $ (0.40) $ (1.88) $ 0.26
Schedule Of Intangible Assets Acquired	In connection with the Merger, we have 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

Net Investments in Hotels (Tabl

Net Investments in Hotels (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands): December 31, 2021 2020 Buildings $ 2,002,614 $ 2,289,031 Land 574,648 627,296 Building and site improvements 187,019 194,162 Furniture, fixtures and equipment 166,316 193,517 Construction in progress 26,332 11,786 Hotels, at cost 2,956,929 3,315,792 Less: Accumulated depreciation (383,337) (356,328) Net investments in hotels $ 2,573,592 $ 2,959,464
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 Transaction costs $ 18,448 $ 2,783 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, 2021 (in thousands): Purchase Assets acquired at fair value: Net investment in hotel $ 39,500 Operating lease right-of-use assets 9,302 Cash and cash equivalents 529 Intangible assets 500 Restricted cash 2,372 Accounts receivable, net 967 Other assets 1,292 Total Assets 54,462 Liabilities assumed at fair value: Non-recourse debt, net (29,698) Accounts payable, accrued expenses and other liabilities (4,177) Operating lease liabilities (9,302) Total Liabilities (43,177) Total Identifiable Net Assets acquired at fair value 11,285 Fair value of WLT’s equity interest in jointly-owned investment prior to acquisition (9,187) Total cash consideration $ 2,098
Schedule of Actual and Pro Forma Income	From April 13, 2020 through December 31, 2020 Revenues $ 69,545 Net loss $ (150,176) From April 6, 2021 through December 31, 2021 Revenues $ 6,116 Net loss $ (3,936) Years Ended December 31, 2021 2020 2019 Pro forma total revenues $ 657,194 $ 373,071 $ 1,061,517 Pro forma net (loss) income $ (95,829) $ (450,464) $ 62,039 Pro forma net (loss) income attributable to Common Stockholders $ (91,608) $ (429,607) $ 59,120 Pro forma (loss) income per Class A share: Net (loss) income attributable to Common Stockholders $ (67,136) $ (314,636) $ 43,657 Basic and diluted pro forma weighted-average shares outstanding 167,609,507 167,566,465 166,464,081 Basic and diluted pro forma (loss) income per share $ (0.40) $ (1.88) $ 0.26 Pro forma (loss) income per Class T share: Net (loss) income attributable to Common Stockholders $ (24,472) $ (114,971) $ 15,463 Basic and diluted pro forma weighted-average shares outstanding 61,096,711 61,173,069 60,499,745 Basic and diluted pro forma (loss) income per share $ (0.40) $ (1.88) $ 0.26

Equity Investments in Real Es_2

Equity Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of 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, 2021 2020 Ritz-Carlton Philadelphia Venture (a) PA 301 60.0 % Full-service $ 12,705 $ 18,157 Hyatt Centric French Quarter Venture (b) LA 254 80.0 % Full-service — 482 555 $ 12,705 $ 18,639 ___________ (a) We contributed $1.0 million to this investment during the year ended December 31, 2021. During the year ended December 31, 2021, we also received distributions totaling $1.8 million representing a return of previous capital contributions. (b) We contributed $0.9 million to this investment during the first quarter of 2021. On April 6, 2021, we acquired the remaining 20% interest in the Hyatt Centric French Quarter Venture from an unaffiliated third party. Upon completion of the acquisition, the Company consolidates its 100% interest in this hotel ( Note 4 ). 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, 2021 2020 2019 Ritz-Carlton Philadelphia Venture $ (4,718) $ (13,038) $ (513) Hyatt Centric French Quarter Venture (a) (857) (962) 1,137 Ritz-Carlton Bacara, Santa Barbara Venture (b) (c) — (20,968) (3,947) Marriott Sawgrass Golf Resort & Spa Venture (b) — (58) 2,305 Total equity in losses of equity method investments in $ (5,575) $ (35,026) $ (1,018) ___________ (a) On April 6, 2021, we acquired the remaining 20% interest in the Hyatt Centric French Quarter Venture from an unaffiliated third party. Upon completion of the acquisition, the Company consolidates its 100% interest in 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 acquisition. ( Note 4 ). (b) 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. (c) 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. December 31, 2021 2020 Real estate, net $ 77,164 $ 111,405 Other assets 5,596 12,467 Total assets 82,760 123,872 Debt 63,916 94,105 Other liabilities 7,347 21,723 Total liabilities 71,263 115,828 Members’ equity $ 11,497 $ 8,044 Years Ended December 31, 2021 2020 2019 Revenues $ 22,834 $ 19,444 $ 201,570 Expenses 29,571 37,227 207,987 Net loss attributable to equity method investments $ (6,737) $ (17,783) $ (6,417)

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-lived Intangible Assets	Intangible assets are summarized as follows (dollars in thousands): December 31, 2021 December 31, 2020 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 $ (11,037) $ 61,363 $ 72,400 $ (9,529) $ 62,871 Trade name 8 9,400 (2,024) 7,376 9,400 (844) 8,556 Other intangible assets 5 - 17 1,013 (288) 725 1,633 (775) 858 Total intangible assets, net $ 82,813 $ (13,349) $ 69,464 $ 83,433 $ (11,148) $ 72,285
Scheduled Annual Amortization of Intangibles	Based on the intangible assets recorded as of December 31, 2021, 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 2022 $ 2,811 2023 2,808 2024 2,808 2025 2,726 2026 2,709 Thereafter 55,602 Total $ 69,464

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
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 2021 2020 2021 2020 Interest rate caps Other assets $ 381 $ 9 $ — $ — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (2,023) (5,080) $ 381 $ 9 $ (2,023) $ (5,080)
Schedule of Derivative Instruments	The interest rate swaps and caps that we had outstanding on our Consolidated Hotels as of December 31, 2021 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, 2021 Interest rate swaps 2 $ 185,295 $ (2,023) Interest rate caps 10 627,955 381 $ (1,642)

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
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) 2021 2020 Fixed rate 3.8% – 4.9% 06/21 (b) – 08/23 $ 951,318 $ 1,286,839 Variable rate (c) 2.3%– 9.0% 03/22 – 12/24 1,007,423 883,063 $ 1,958,741 $ 2,169,902 ___________ (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) See discussion below on the Courtyard Times Square West mortgage loan, which matured on June 1, 2021. (c) The interest rate range presented for these mortgage loans reflect the rates in effect as of December 31, 2021 through the use of an interest rate swap or cap, when applicable.
Schedule of Debt Maturity	Scheduled debt principal payments during each of the next five calendar years following December 31, 2021 are as follows (in thousands): Years Ending December 31, Total 2022 $ 1,117,973 2023 531,889 2024 329,910 2025 — 2026 — Total principal payments 1,979,772 Unamortized debt discount (13,411) Unamortized deferred financing costs (7,620) Total $ 1,958,741

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 Fixed lease cost $ 13,307 $ 11,911 Variable lease cost (a) 416 125 Total lease cost $ 13,723 $ 12,036 ___________ (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, 2021 2020 Operating lease ROU assets $ 43,671 $ 40,729 Operating lease liabilities 83,089 $ 74,633 Weighted-average remaining lease term 66.7 years 67.0 years Weighted-average discount rate 9.6 % 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, 2021 is as follows (in thousands): Years Ending December 31, Total 2022 $ 6,949 2023 6,391 2024 6,233 2025 6,324 2026 6,474 Thereafter through 2110 1,068,232 Total lease payments 1,100,603 Less: amount of lease payments representing interest (1,017,514) Present value of future lease payments/lease obligations $ 83,089

Loss Per Share and Equity (Tabl

Loss Per Share and Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of basic and diluted loss per share is as follows (in thousands, except share and per share amounts): Years Ended December 31, 2021 2020 2019 Net loss attributable to the Company $ (82,771) $ (350,128) $ (10,898) Preferred dividends — (1,742) — Fair value adjustment on reclassification of Series A Preferred Stock — 2,754 — Net loss attributable to Common Stockholders including amounts attributable to fair value adjustment $ (82,771) $ (349,116) $ (10,898) Year Ended December 31, 2021 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 167,609,507 $ (60,659) $ (0.36) Class T common stock 61,096,711 (22,112) (0.36) Net loss attributable to Common Stockholders $ (82,771) 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) ___________ (a) For purposes of determining the weighted-average number of shares of Class A common stock outstanding and loss 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 ).
Schedule of 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 2021 2020 2019 Beginning balance $ (724) $ (172) $ (286) Other comprehensive income (loss) before reclassifications 206 (959) (153) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 669 421 280 Equity in losses of equity method investments in real estate, net — 6 3 Total 669 427 283 Net current period other comprehensive income (loss) 875 (532) 130 Net current period other comprehensive income attributable to noncontrolling interests (22) (20) (16) Reclassification to additional-paid in capital relating to purchase of remaining 30% membership interest in Ritz-Carlton Fort Lauderdale Venture 19 — — Ending balance $ 148 $ (724) $ (172)
Schedule of 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: 2020 2019 Class A (a) Class T Class A (a) Class T Return of capital $ 0.1565 $ — $ 0.4125 $ — Capital gain — — 0.1556 — Ordinary income — — 0.0579 — Total distributions paid $ 0.1565 $ — $ 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, 2021
Share-based Payment Arrangement [Abstract]
Schedule of RSU Activity	A summary of the stock-based award activity for the years ended December 31, 2021 , 2020 and 2019 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, 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 January 1, 2020 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 January 1, 2021 847,330 9.44 — — Granted 1,136,106 5.51 18,148 5.51 Vested (b) (253,011) 6.21 (18,148) 5.51 Forfeited (116,213) 5.64 — — Nonvested at December 31, 2021 (c) 1,614,212 7.45 — — ___________ (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 that were issued to employees (and prior to the Merger, employees of the former Subadvisor) and directors was $1.7 million, $1.3 million and $0.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. (c) We currently expect to recognize compensation expense totaling approximately $8.8 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 2.17 years as of December 31, 2021.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of our provision for (benefit from) income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2021 2020 2019 Federal Current $ 114 $ (8,165) $ 1,415 Deferred 1,985 581 1,168 2,099 (7,584) 2,583 State and Local Current 2,687 180 427 Deferred (1,233) (526) 142 1,454 (346) 569 Total Provision (Benefit) $ 3,553 $ (7,930) $ 3,152
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes as of December 31, 2021 and 2020 consist of the following (in thousands): December 31, 2021 2020 Deferred Tax Assets Net operating loss carryforwards $ 48,801 $ 40,224 Accrued vacation payable and deferred rent 9,533 9,369 Interest expense limitation 2,116 1,286 Deferred revenue — key money 1,217 1,128 Operating lease liabilities 1,109 1,329 Gift card liability 184 531 Other — — Total deferred income taxes 62,960 53,867 Valuation allowance (53,301) (42,047) Total deferred tax assets 9,659 11,820 Deferred Tax Liabilities Villa rental management agreement (7,140) (6,967) Fixed assets and intangibles (2,103) (4,676) Operating lease ROU assets (1,062) (1,244) Business interruption insurance proceeds (559) (555) Other (276) — Deferred rent (10) — Total deferred tax liabilities (11,150) (13,442) Net Deferred Tax Liability $ (1,491) $ (1,622)
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, 2021 2020 2019 Pre-tax (loss) income from taxable subsidiaries $ (31,387) $ (139,598) $ 6,674 Federal provision at statutory tax rate (a) $ (6,591) $ (29,315) $ 1,402 Valuation allowance 11,673 22,726 2,418 Income not subject to federal tax (3,319) 3,152 210 State and local taxes, net of federal provision 1,454 (6,207) (122) Return to provision true-up 965 1,731 (469) Rate change (436) 2,438 — Other (219) (472) (1) Non-deductible expenses 26 25 81 Tax benefit net operating loss carryback — (2,008) — Tax credit — — (367) Total provision (benefit) $ 3,553 $ (7,930) $ 3,152 ___________ (a) The applicable statutory tax rate was 21% for the years ended December 31, 2021, 2020 and 2019.

Mandatorily Redeemable Prefer_2

Mandatorily Redeemable Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule Of Mandatorily Redeemable Capital Stock	The following table presents the carrying value of our Series A and Series B Preferred Stock: Series A Preferred Stock at Series B Preferred Stock at December 31, December 31, 2021 2020 2021 2020 Liquidation value $ 65,000 $ 65,000 $ 231,255 $ 200,000 Fair value discount (14,310) (14,310) (30,358) (30,358) 50,690 50,690 200,897 169,642 Accumulated amortization of fair value discount 4,364 1,336 8,740 2,675 Deferred financing costs — — (11,177) (11,169) Accumulated amortization of deferred financing costs — — 3,217 984 $ 55,054 $ 52,026 $ 201,677 $ 162,132

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables present a summary of fees we paid, expenses we reimbursed and distributions we made to our Advisor, the CWI 1 Subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Years Ended December 31, 2021 2020 2019 Amounts Included in the Consolidated Statements of Operations Personnel and overhead reimbursements $ 279 $ 3,567 $ 6,571 Asset management fees — 3,795 14,052 Available Cash Distributions — — 7,095 Interest expense — — 1,319 Disposition fees — — 130 $ 279 $ 7,362 $ 29,167 Other Transaction Fees Incurred Watermark commitment agreement $ — $ — $ 4,101 Capitalized loan refinancing fees — — 1,235 $ — $ — $ 5,336

Business and Organization - Nar

Business and Organization - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)propertyloan	Mar. 10, 2022USD ($)	Jan. 21, 2022USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Business
Cash and cash equivalents	$ 249,478			$ 160,383	$ 70,605
Non-recourse debt, net	1,958,741			$ 2,169,902
Liabilities for corporate guarantees	$ 17,000
Number of mortgage loans extended | loan	11
Loans refinanced	$ 1,000,000
Current portion of long term debt	1,200,000
Subsequent Event | Mortgage loan | San Jose Marriott and Le Méridien Arlington
Business
Non-recourse debt, net			$ 135,500
Loans Repaid Or Refinanced		$ 121,700
Consolidated Properties
Business
Non-recourse debt, net	$ 2,000,000
Hotel
Business
Number of real estate properties | property	25			6
Hotel | Consolidated Properties
Business
Number of real estate properties | property	24
Hotel | Unconsolidated Properties
Business
Number of real estate properties | property	1
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, 2021variable_interest_entitysegment	Dec. 31, 2020variable_interest_entity
Summary of Significant Accounting Policies
Variable interest entities, count | variable_interest_entity	1	3
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, 2021	Dec. 31, 2020
Assets
Net investments in hotels	$ 2,573,592	$ 2,959,464
Intangible assets, net	69,464	72,285
Total assets	3,161,525	3,419,326
Liabilities
Non-recourse debt, net	1,958,741	2,169,902
Total liabilities	2,489,262	2,632,910
VIE
Assets
Net investments in hotels	264,984	461,142
Intangible assets, net	28,819	36,234
Total assets	315,088	520,833
Liabilities
Non-recourse debt, net	178,029	327,597
Total liabilities	$ 201,557	$ 354,193

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 249,478	$ 160,383	$ 70,605
Restricted cash	99,000	91,081	54,699
Total cash and cash equivalents and restricted cash	$ 348,478	$ 251,464	$ 125,304	$ 121,130

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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Exchange ratio		$ 0.9106
Preferred stock, par share value (usd per share)		$ 0.001	$ 0.001
Bargain purchase gain		$ 0	$ 78,696	$ 0
Class A Common Stock
Business Acquisition [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 [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 [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 [Line Items]
Common stock, par share value (usd per share)	$ 0.001
CWI | Class A Common Stock | W.P. Carey
Business Acquisition [Line Items]
Shares issued as consideration (shares)	2,840,549
CWI
Business Acquisition [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 [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)	Apr. 13, 2020property
CWI
Business Acquisition [Line Items]
Number of real estate properties	12
Unconsolidated Properties | Ritz-Carlton Bacara, Santa Barbara
Business Acquisition [Line Items]
% Acquired	100.00%
Unconsolidated Properties | Ritz-Carlton Key Biscayne
Business Acquisition [Line Items]
% Acquired	66.70%
Unconsolidated Properties | CWI
Business Acquisition [Line Items]
Number of Rooms	4,420
Unconsolidated Properties | CWI | Charlotte Marriott City Center
Business Acquisition [Line Items]
Number of Rooms	446
% Acquired	100.00%
Unconsolidated Properties | CWI | Courtyard Nashville Downtown
Business Acquisition [Line Items]
Number of Rooms	192
% Acquired	100.00%
Unconsolidated Properties | CWI | Embassy Suites by Hilton Denver-Downtown/Convention Center
Business Acquisition [Line Items]
Number of Rooms	403
% Acquired	100.00%
Unconsolidated Properties | CWI | Le Méridien Arlington
Business Acquisition [Line Items]
Number of Rooms	154
% Acquired	100.00%
Unconsolidated Properties | CWI | Marriott Sawgrass Golf Resort & Spa
Business Acquisition [Line Items]
Number of Rooms	514
% Acquired	50.00%
Unconsolidated Properties | CWI | Renaissance Atlanta Midtown Hotel
Business Acquisition [Line Items]
Number of Rooms	304
% Acquired	100.00%
Unconsolidated Properties | CWI | Ritz-Carlton Bacara, Santa Barbara
Business Acquisition [Line Items]
Number of Rooms	358
% Acquired	60.00%
Unconsolidated Properties | CWI | Ritz-Carlton Key Biscayne
Business Acquisition [Line Items]
Number of Rooms	443
% Acquired	19.30%
Unconsolidated Properties | CWI | Ritz-Carlton San Francisco
Business Acquisition [Line Items]
Number of Rooms	336
% Acquired	100.00%
Unconsolidated Properties | CWI | San Diego Marriott La Jolla
Business Acquisition [Line Items]
Number of Rooms	376
% Acquired	100.00%
Unconsolidated Properties | CWI | San Jose Marriott
Business Acquisition [Line Items]
Number of Rooms	510
% Acquired	100.00%
Unconsolidated Properties | CWI | Seattle Marriott Bellevue
Business Acquisition [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, 2021
Business Acquisition [Line Items]
Exchange ratio		$ 0.9106
CWI
Business Acquisition [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 WLT’s equity interest in jointly-owned investment prior to acquisition	(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
Business Combination and Asset Acquisition [Abstract]
Transaction costs	$ 18,448	$ 2,783

Net Investments in Hotels - Pro

Net Investments in Hotels - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment, Net
Buildings	$ 2,002,614	$ 2,289,031
Land	574,648	627,296
Building and site improvements	187,019	194,162
Furniture, fixtures and equipment	166,316	193,517
Construction in progress	26,332	11,786
Hotels, at cost	2,956,929	3,315,792
Less: Accumulated depreciation	(383,337)	(356,328)
Net investments in hotels	$ 2,573,592	$ 2,959,464

Net Investments in Hotels - Acq

Net Investments in Hotels - Acquisitions (Details) - USD ($) $ in Thousands	Apr. 06, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Assets retired		$ 22,600	$ 24,900
Asset impairment charges		8,500	5,500
Depreciation		114,400	111,800	$ 75,100
Increase in accrued capital expenditures		1,000	500	2,500
Acquisition of remaining interest in Hyatt French Quarter Venture		2,098	0	0
Loans refinanced		1,000,000
Net gain on change in control of interests		8,612	22,250	$ 0
Hyatt Centric French Quarter Venture
Business Acquisition [Line Items]
Acquisition of remaining interest in Hyatt French Quarter Venture	$ 2,100
Total Identifiable Net Assets	11,285
Loans refinanced	29,700
Net gain on change in control of interests	$ 8,600	$ 8,600
CWI 1 and CWI 2 Merged entity
Business Acquisition [Line Items]
Net gain on change in control of interests			$ 22,300
Hyatt Centric French Quarter Venture | Hyatt Centric French Quarter Venture
Business Acquisition [Line Items]
Acquired (percentage)	20.00%
Ownership interest (percentage)	100.00%

Net Investments in Hotels - Ass

Net Investments in Hotels - Assets Acquired and Liabilities Assumed (Details) - Hyatt Centric French Quarter Venture $ in Thousands	Apr. 06, 2021USD ($)
Assets acquired at fair value:
Net investments in hotels	$ 39,500
Operating lease right-of-use assets	9,302
Cash and cash equivalents	529
Intangible assets	500
Restricted cash	2,372
Accounts receivable, net	967
Other assets	1,292
Total Assets	54,462
Liabilities assumed at fair value:
Non-recourse debt, net	(29,698)
Accounts payable, accrued expenses and other liabilities	(4,177)
Operating lease liabilities	(9,302)
Total Liabilities	(43,177)
Total Identifiable Net Assets	11,285
Fair value of WLT’s equity interest in jointly-owned investment prior to acquisition	(9,187)
Total cash consideration	$ 2,098

Net Investments in Hotels - Act

Net Investments in Hotels - Actual Revenue and Income (Details) - Hyatt Centric French Quarter Venture $ in Thousands	9 Months Ended
	Dec. 31, 2021USD ($)
Business Acquisition [Line Items]
Revenues	$ 6,116
Net loss	$ (3,936)

Net Investments in Hotels - Dis

Net Investments in Hotels - Disposals and Impairments (Details)	Dec. 16, 2021USD ($)	Oct. 19, 2021USD ($)	Jul. 07, 2021USD ($)	May 05, 2021USD ($)	Aug. 27, 2020USD ($)	Jun. 08, 2020USD ($)	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate investments							$ 438,419,000	$ 89,398,000	$ 185,990,000
Net gain on sale of real estate							108,216,000	2,738,000	30,918,000
Net loss on extinguishment of debt							(13,581,000)	(22,000)	(2,711,000)
Impairment charges							$ 0	120,220,000	$ 0
Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges								$ 120,200,000
Number of real estate properties | property							25	6
Real estate fair value								$ 266,600,000
Sold | Sheraton Austin Hotel At The Capitol
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate investments				$ 36,400,000
Net gain on sale of real estate							$ 18,100,000
Net loss on extinguishment of debt							700,000
Sold | Sheraton Austin Hotel At The Capitol | Sheraton Austin Hotel At The Capitol
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest				80.00%
Sold | Courtyard Pittsburgh Shadyside
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate investments			$ 3,200,000
Net gain on sale of real estate							5,200,000
Net loss on extinguishment of debt							(1,100,000)
Sold | Courtyard Pittsburgh Shadyside | Courtyard Pittsburgh Shadyside
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest			100.00%
Sold | Westin Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate investments		$ 8,700,000
Net gain on sale of real estate							18,500,000
Net loss on extinguishment of debt							(700,000)
Sold | Westin Minneapolis | Westin Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest		100.00%
Sold | Hilton Garden Inn/Homewood Suites Atlanta Midtown, Hyatt Place Austin Downtown and Courtyard Nashville Downtown
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate investments	$ 127,800,000
Net gain on sale of real estate							66,400,000
Net loss on extinguishment of debt							$ (6,300,000)
Sold | Hilton Garden Inn/Homewood Suites Atlanta Midtown, Hyatt Place Austin Downtown and Courtyard Nashville Downtown | Hilton Garden Inn/Homewood Suites Atlanta Midtown, Hyatt Place Austin Downtown and Courtyard Nashville Downtown
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest	100.00%
Sold | Hutton Hotel Nashville
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate investments						$ 26,800,000
Net gain on sale of real estate								(500,000)
Sold | Hutton Hotel Nashville | Hutton Hotel Nashville
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest						100.00%
Sold | Lake Arrowhead Resort And Spa
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate investments					$ 8,000,000
Net gain on sale of real estate								$ 3,200,000
Sold | Lake Arrowhead Resort And Spa | Lake Arrowhead Resort And Spa
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest					97.35%

Net Investments in Hotels - P_2

Net Investments in Hotels - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 06, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Bargain purchase gain		$ 0	$ 78,696	$ 0
Net gain on change in control of interests		8,612	22,250	0
CWI, CWI 2 Merger and Hyatt Centric French Quarter Venture
Business Acquisition [Line Items]
Pro forma total revenues		657,194	373,071	1,061,517
Pro forma net (loss) income		(95,829)	(450,464)	62,039
Net (loss) income attributable to Common Stockholders		(91,608)	(429,607)	59,120
CWI 1 and CWI 2 Merged entity
Business Acquisition [Line Items]
Bargain purchase gain			78,700
Transaction costs			27,500
Net gain on change in control of interests			22,300
Hyatt Centric French Quarter Venture
Business Acquisition [Line Items]
Net gain on change in control of interests	$ 8,600	8,600
Hyatt Centric French Quarter Venture | Hyatt Centric French Quarter Venture
Business Acquisition [Line Items]
Acquired (percentage)	20.00%
Class A Common Stock | CWI, CWI 2 Merger and Hyatt Centric French Quarter Venture
Business Acquisition [Line Items]
Net (loss) income attributable to Common Stockholders		$ (67,136)	$ (314,636)	$ 43,657
Basic pro forma weighted-average shares outstanding (in shares)		167,609,507	167,566,465	166,464,081
Diluted pro forma weighted-average shares outstanding (in shares)		167,609,507	167,566,465	166,464,081
Basic pro forma (loss) income per share (usd per share)		$ (0.40)	$ (1.88)	$ 0.26
Diluted pro forma (loss) income per share (usd per share)		$ (0.40)	$ (1.88)	$ 0.26
Class T Common Stock | CWI, CWI 2 Merger and Hyatt Centric French Quarter Venture
Business Acquisition [Line Items]
Net (loss) income attributable to Common Stockholders		$ (24,472)	$ (114,971)	$ 15,463
Basic pro forma weighted-average shares outstanding (in shares)		61,096,711	61,173,069	60,499,745
Diluted pro forma weighted-average shares outstanding (in shares)		61,096,711	61,173,069	60,499,745
Basic pro forma (loss) income per share (usd per share)		$ (0.40)	$ (1.88)	$ 0.26
Diluted pro forma (loss) income per share (usd per share)		$ (0.40)	$ (1.88)	$ 0.26

Equity Investments in Real Es_3

Equity Investments in Real Estate - Narratives (Details)	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Other than temporary impairments	$ 0		$ 0
Aggregate unamortized basis difference on equity investments	1,500,000	$ 2,100,000
Amortization of basis differences	$ 200,000	$ 200,000	$ 300,000
Hotel
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	25	6
Unconsolidated Properties | Hotel
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	1

Equity Investments in Real Es_4

Equity Investments in Real Estate - Ownership Interest in Equity Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)roomproperty	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Apr. 06, 2021	Apr. 13, 2020
Schedule of Equity Method Investments [Line Items]
Equity investments in real estate	$ 12,705	$ 18,639
Capital contributions to equity investments in real estate	1,039	6,620	$ 3,835
Distributions of earnings from equity method investments	$ 0	0	$ 3,442
Hyatt Centric French Quarter Venture | Hyatt Centric French Quarter Venture
Schedule of Equity Method Investments [Line Items]
Acquired (percentage)				20.00%
Ownership interest (percentage)				100.00%
Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Number of Rooms | room	555
Equity investments in real estate	$ 12,705	18,639
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	$ 12,705	18,157
Capital contributions to equity investments in real estate	1,000
Distributions of earnings from equity method investments	$ (1,800)
Unconsolidated Properties | Hyatt Centric French Quarter Venture
Schedule of Equity Method Investments [Line Items]
Number of Rooms | property	254
% Owned	80.00%
Equity investments in real estate	$ 0	$ 482
Capital contributions to equity investments in real estate	$ 900
Unconsolidated Properties | Ritz-Carlton Bacara | Ritz-Carlton Bacara
Schedule of Equity Method Investments [Line Items]
% Owned					100.00%

Equity Investments in Real Es_5

Equity Investments in Real Estate - Earnings From Unconsolidated Hotel (Details ) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity Method Investment, Financial Statement, Reported Amounts
Equity in losses of equity method investment in real estate, net	$ (5,575,000)	$ (35,026,000)	$ (1,018,000)
Other than temporary impairments	0		0
Unconsolidated Properties
Equity Method Investment, Financial Statement, Reported Amounts
Equity in losses of equity method investment in real estate, net	(5,575,000)	(35,026,000)	(1,018,000)
Unconsolidated Properties | Ritz-Carlton Philadelphia Venture
Equity Method Investment, Financial Statement, Reported Amounts
Equity in losses of equity method investment in real estate, net	$ (4,718,000)	(13,038,000)	(513,000)
% 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	$ (857,000)	(962,000)	1,137,000
% Owned	80.00%
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	$ 0	(20,968,000)	(3,947,000)
Other than temporary impairments	17,800,000
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	$ 0	$ (58,000)	$ 2,305,000

Equity Investments in Real Es_6

Equity Investments in Real Estate - Summarized Balance Sheet of Equity Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Real estate, net	$ 2,573,592	$ 2,959,464
Other assets	30,690	30,735
Total assets	3,161,525	3,419,326
Total liabilities	2,489,262	2,632,910
Total stockholders’ equity	648,238	743,195
Unconsolidated Properties | Equity Method Investment
Schedule of Equity Method Investments [Line Items]
Real estate, net	77,164	111,405
Other assets	5,596	12,467
Total assets	82,760	123,872
Debt	63,916	94,105
Other liabilities	7,347	21,723
Total liabilities	71,263	115,828
Total stockholders’ equity	$ 11,497	$ 8,044

Equity Investments in Real Es_7

Equity Investments in Real Estate - Summarized Income Statement of Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Revenues	$ 655,920	$ 279,101	$ 611,063
Expenses	670,367	598,115	570,223
Net Loss	(86,992)	(367,276)	(731)
Unconsolidated Properties | Equity Method Investment
Schedule of Equity Method Investments [Line Items]
Revenues	22,834	19,444	201,570
Expenses	29,571	37,227	207,987
Net Loss	$ (6,737)	$ (17,783)	$ (6,417)

Intangible Assets - Schedule of

Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 82,813	$ 83,433
Accumulated Amortization	(13,349)	(11,148)
Net Carrying Amount	69,464	72,285
Villa/condo rental programs
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	72,400	72,400
Accumulated Amortization	(11,037)	(9,529)
Net Carrying Amount	$ 61,363	62,871
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	9,400
Accumulated Amortization	(2,024)	(844)
Net Carrying Amount	7,376	8,556
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,013	1,633
Accumulated Amortization	(288)	(775)
Net Carrying Amount	$ 725	$ 858
Other intangible assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	5 years
Other intangible assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	17 years

Intangible Assets - Narratives

Intangible Assets - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortization of intangibles	$ 3	$ 2.7	$ 1.5

Intangible Assets - Scheduled A

Intangible Assets - Scheduled Annual Amortization of Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 2,811
2023	2,808
2024	2,808
2025	2,726
2026	2,709
Thereafter	55,602
Net Carrying Amount	$ 69,464	$ 72,285

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mandatorily redeemable preferred stock	$ 256,731,000	$ 214,158,000
Impairment charges	$ 0	120,220,000	$ 0
Discount rates | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate, measurement inputs (percentage)	0.070
Discount rates | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate, measurement inputs (percentage)	0.105
Discount rates | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate, measurement inputs (percentage)	0.084
Capitalization rates | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate, measurement inputs (percentage)	0.050
Capitalization rates | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate, measurement inputs (percentage)	0.085
Capitalization rates | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate, measurement inputs (percentage)	0.065
Level 3 | Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non recourse debt	$ 2,000,000,000	2,200,000,000
Level 3 | Carrying value | Series A Preferred Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mandatorily redeemable preferred stock	55,100,000	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	201,700,000	162,100,000
Level 3 | Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non recourse debt	2,000,000,000	2,200,000,000
Level 3 | Fair value | Series A Preferred Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mandatorily redeemable preferred stock	65,000,000	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	$ 247,000,000	$ 194,900,000

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - Designated as hedging instrument - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value
Asset derivative at fair value	$ 381	$ 9
Liability derivative at fair value	(2,023)	(5,080)
Other assets | Interest rate caps
Derivatives, Fair Value
Asset derivative at fair value	381	9
Liability derivative at fair value	0	0
Accounts payable, accrued expenses and other liabilities | Interest rate swaps
Derivatives, Fair Value
Asset derivative at fair value	0	0
Liability derivative at fair value	$ (2,023)	$ (5,080)

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative
Collateral posted	$ 0	$ 0
Interest expense	166,163,000	125,782,000	$ 65,861,000
Estimated amount of derivative income to be classified from OCI to income	100,000
Derivatives in net liability position	(2,300,000)	(5,300,000)
Assets needed for immediate settlement	(2,300,000)	(5,600,000)
AOCI Including Portion Attributable to Noncontrolling Interest
Derivative
Other comprehensive income (loss) before reclassifications	(206,000)	959,000	153,000
AOCI Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income
Derivative
Interest expense	$ 669,000	$ 421,000	$ 280,000

Risk Management and Use of De_5

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) - Designated as hedging instrument - Cash Flow Hedging	Dec. 31, 2021USD ($)instrument
Derivative
Fair Value	$ (1,642,000)
Interest rate swaps
Derivative
Number of Instruments | instrument	2
Derivative, Notional Amount	$ 185,295,000
Fair Value	$ (2,023,000)
Interest rate caps
Derivative
Number of Instruments | instrument	10
Derivative, Notional Amount	$ 627,955,000
Fair Value	$ 381,000

Debt - Summary of Non-recourse

Debt - Summary of Non-recourse and Limited-recourse Debt on Consolidated Hotels (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Non-recourse debt, net	$ 1,958,741	$ 2,169,902
Fixed rate
Business Acquisition [Line Items]
Non-recourse debt, net	$ 951,318	1,286,839
Fixed rate | Minimum
Business Acquisition [Line Items]
Fixed rate	3.80%
Fixed rate | Maximum
Business Acquisition [Line Items]
Fixed rate	4.90%
Variable rate
Business Acquisition [Line Items]
Non-recourse debt, net	$ 1,007,423	$ 883,063
Variable rate | Minimum
Business Acquisition [Line Items]
Variable rate	2.30%
Variable rate | Maximum
Business Acquisition [Line Items]
Variable rate	9.00%

Debt - Narratives (Details)

Debt - Narratives (Details)

Nov. 10, 2021USD ($)extension

Aug. 12, 2021USD ($)

Jun. 09, 2021USD ($)

Jun. 08, 2021USD ($)property

May 07, 2021USD ($)property

Apr. 06, 2021USD ($)

Mar. 15, 2021USD ($)

Mar. 05, 2021USD ($)

Dec. 31, 2020USD ($)property

Dec. 31, 2021USD ($)loan

Dec. 31, 2020USD ($)property

Dec. 31, 2019USD ($)

Jun. 01, 2021USD ($)

Debt Instrument [Line Items]

Number of mortgage loans under cash management agreements | loan

18

Number of mortgage loans count | loan

24

Loans refinanced

$ 1,000,000,000

Loss on extinguishment of debt

13,581,000

$ 22,000

$ 2,711,000

Non-recourse debt

$ 2,169,902,000

1,958,741,000

2,169,902,000

Scheduled payments and prepayments of mortgage principal

469,053,000

142,433,000

$ 207,103,000

Ritz-Carlton Key Biscayne | Mortgage loan

Debt Instrument [Line Items]

Loans refinanced

$ 190,000,000

Loss on extinguishment of debt

$ 0

Equinox Golf Resort & Spa | Mortgage loan

Debt Instrument [Line Items]

Loans refinanced

$ 45,500,000

Loss on extinguishment of debt

$ 0

Hyatt Centric French Quarter Venture | Mortgage loan

Debt Instrument [Line Items]

Loans refinanced

$ 29,700,000

Loss on extinguishment of debt

$ 0

Extension term

1 year

Ritz-Carlton Fort Lauderdale | Mortgage loan

Debt Instrument [Line Items]

Loss on extinguishment of debt

$ 100,000

Extension term

1 year

Proceeds from long term debt

$ 76,000,000

Number of extension options (extensions) | property

2

Ritz-Carlton Fort Lauderdale | Senior Mortgage Loan

Debt Instrument [Line Items]

Loans refinanced

$ 47,000,000

New mortgage loans (up to)

61,100,000

Proceeds from long term debt

59,500,000

Ritz-Carlton Fort Lauderdale | Mezzanine Loan

Debt Instrument [Line Items]

Loans refinanced

28,300,000

New mortgage loans (up to)

16,900,000

Proceeds from long term debt

$ 16,500,000

Seattle Marriott Bellevue | Mortgage loan

Debt Instrument [Line Items]

Loans refinanced

$ 96,100,000

Loss on extinguishment of debt

$ 4,800,000

Extension term

1 year

Number of extension options (extensions) | property

2

Non-recourse debt

$ 104,800,000

Ritz-Carlton Santa Barbara

Debt Instrument [Line Items]

Loss on extinguishment of debt

$ 0

Ritz-Carlton Santa Barbara | Senior Mortgage Loan

Debt Instrument [Line Items]

Loans refinanced

175,000,000

Scheduled payments and prepayments of mortgage principal

4,200,000

Ritz-Carlton Santa Barbara | Mezzanine Loan

Debt Instrument [Line Items]

Loans refinanced

55,000,000

Scheduled payments and prepayments of mortgage principal

$ 1,300,000

Renaissance Atlanta Midtown Hotel | Mortgage loan

Debt Instrument [Line Items]

Loans refinanced

$ 49,000,000

Loss on extinguishment of debt

$ 0

Extension term

1 year

Ritz-Carlton San Francisco | Mortgage loan

Debt Instrument [Line Items]

Loans refinanced

$ 140,900,000

Extension term

1 year

Number of extension options (extensions) | extension

2

Non-recourse debt

$ 149,200,000

Le Meridien Dallas | Mortgage loan

Debt Instrument [Line Items]

Loans refinanced

43,600,000

$ 43,600,000

Loss on extinguishment of debt

$ 100,000

Extension term

1 year

Number of extension options (extensions) | property

1

1

Non-recourse debt

$ 47,000,000

$ 47,000,000

Sanderling Resort and Spa | Mortgage loan

Debt Instrument [Line Items]

Loans refinanced

27,300,000

$ 27,300,000

Loss on extinguishment of debt

$ 100,000

Extension term

1 year

Number of extension options (extensions) | property

2

2

Non-recourse debt

$ 30,800,000

$ 30,800,000

Courtyard Times Square West | Mortgage loan

Debt Instrument [Line Items]

Non-recourse debt

$ 58,600,000

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long-term Debt
2022	$ 1,117,973
2023	531,889
2024	329,910
2025	0
2026	0
Total principal payments	1,979,772
Unamortized debt discount	(13,411)
Unamortized deferred financing costs	(7,620)
Total	$ 1,958,741	$ 2,169,902

Commitments and Contingencies -

Commitments and Contingencies - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)franchise_agreementproperty	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Loss Contingencies
Number of management companies | franchise_agreement	9
Number of management agreements | franchise_agreement	11
Properties under franchise or license agreement | property	11
Hotel with no franchise agreements | property	3
Cash reserves used, subject to replenishment requirements | $	$ 1,300
Contractual obligation | $	39,100
Operating lease payments | $	6,800	$ 6,000
Furniture, fixtures, and equipment
Loss Contingencies
Restricted cash | $	$ 58,700	51,000
Marriott Brand
Loss Contingencies
Properties under franchise or license agreement | property	8
Hilton Brand
Loss Contingencies
Properties under franchise or license agreement | property	1
InterContinental Hotels Brand
Loss Contingencies
Properties under franchise or license agreement | property	1
Hyatt Brand
Loss Contingencies
Properties under franchise or license agreement | property	1
Management fees
Loss Contingencies
Costs related to sales | $	$ 20,264	6,436	$ 16,864
Franchise
Loss Contingencies
Costs related to sales | $	$ 8,700	$ 4,700	$ 16,400
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	4.00%
Franchise agreement initial term	25 years
Marketing and reservation contribution rate	4.00%
Required FF&E percentages for future capital expenditures	5.00%
Operating lease contract term	89 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, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Fixed lease cost	$ 13,307	$ 11,911
Variable lease cost	416	125
Total lease cost	$ 13,723	$ 12,036

Commitments and Contingencies_3

Commitments and Contingencies - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use assets	$ 43,671	$ 40,729
Operating lease liabilities	$ 83,089	$ 74,633
Weighted-average remaining lease term	66 years 8 months 12 days	67 years
Weighted-average discount rate	9.60%	9.10%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
2022	$ 6,949
2023	6,391
2024	6,233
2025	6,324
2026	6,474
Thereafter through 2110	1,068,232
Total lease payments	1,100,603
Less: amount of lease payments representing interest	(1,017,514)
Present value of future lease payments/lease obligations	$ 83,089	$ 74,633

Loss Per Share and Equity - Sum

Loss Per Share and Equity - Summary of Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Net loss attributable to the Company	$ (82,771)	$ (350,128)	$ (10,898)
Preferred dividends	0	(1,742)	0
Fair value adjustment on reclassification of Series A Preferred Stock	0	2,754	0
Net loss attributable to Common Stockholders including amounts attributable to fair value adjustment, basic	(82,771)	(349,116)	(10,898)
Net loss attributable to Common Stockholders including amounts attributable to fair value adjustment, diluted	$ (82,771)	(349,116)	(10,898)
Exchange ratio	$ 0.9106
Class A Common Stock
Class of Stock [Line Items]
Net loss attributable to Common Stockholders including amounts attributable to fair value adjustment, basic	$ (60,659)	(272,776)	(10,898)
Net loss attributable to Common Stockholders including amounts attributable to fair value adjustment, diluted	$ (60,659)	$ (272,776)	$ (10,898)
Basic weighted-average shares outstanding (shares)	167,609,507	157,288,346	128,978,410
Diluted weighted-average shares outstanding (shares)	167,609,507	157,288,346	128,978,410
Basic loss per share (usd per share)	$ (0.36)	$ (1.73)	$ (0.08)
Diluted loss per share (usd per share)	(0.36)	(1.73)	(0.08)
Exchange ratio	$ 0.9106	$ 0.9106	$ 0.9106
Class T Common Stock
Class of Stock [Line Items]
Net loss attributable to Common Stockholders including amounts attributable to fair value adjustment, basic	$ (22,112)	$ (76,340)	$ 0
Net loss attributable to Common Stockholders including amounts attributable to fair value adjustment, diluted	$ (22,112)	$ (76,340)	$ 0
Basic weighted-average shares outstanding (shares)	61,096,711	43,957,081	0
Diluted weighted-average shares outstanding (shares)	61,096,711	43,957,081	0
Basic loss per share (usd per share)	$ (0.36)	$ (1.74)	$ 0
Diluted loss per share (usd per share)	$ (0.36)	$ (1.74)	$ 0

Loss Per Share and Equity - Nar

Loss Per Share and Equity - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 09, 2021
Distributions Per Share
Payment of distribution and shareholder servicing fee	$ (798,000)	$ (3,406,000)	$ 0
Purchase of membership interest from noncontrolling interest	(23,930,000)	0	0
Purchase of membership interest from noncontrolling interest	(23,930,000)
Additional paid-in capital	$ (1,642,495,000)	(1,655,554,000)
Transaction costs		18,448,000	2,783,000
Exchange ratio	1
Warrants outstanding (in units)	16,778,446
Common stock distributions		0
Additional Paid-In Capital
Distributions Per Share
Purchase of membership interest from noncontrolling interest	$ (15,683,000)
Ritz Carlton Fort Lauderdale Venture
Distributions Per Share
Purchase of membership interest from noncontrolling interest	(23,900,000)
Transaction costs	1,200,000
Ritz Carlton Fort Lauderdale Venture | Additional Paid-In Capital
Distributions Per Share
Purchase of membership interest from noncontrolling interest	$ (15,700,000)
Ritz Carlton Fort Lauderdale Venture | Ritz Carlton Fort Lauderdale Venture
Distributions Per Share
Acquired (percentage)				30.00%
Ownership interest (percentage)				100.00%
Watermark Lodging Trust Operating Partnership
Distributions Per Share
OP Units outstanding (in shares)	231,202,933
Capital interest ownership in operating partnership	99.00%
Watermark Lodging Trust Operating Partnership | Mr. Medzigian
Distributions Per Share
OP Units outstanding (in 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	$ 0	$ 100,000	$ 0
Class T Common Stock
Distributions Per Share
Distribution and shareholder servicing fee		1.00%
Underwriting compensation limit		10.00%
Payment of distribution and shareholder servicing fee		$ (3,400,000)

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, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 09, 2021
Reconciliation Of Accumulated Comprehensive Income
Beginning balance, value	$ 786,416	$ 697,879	$ 757,382
Interest expense	166,163	125,782	65,861
Equity in losses of equity method investments in real estate, net	(5,575)	(35,026)	(1,018)
Net current period other comprehensive income (loss)	875	(532)	130
Ending balance, value	672,263	786,416	697,879
Ritz Carlton Fort Lauderdale Venture | Ritz Carlton Fort Lauderdale Venture
Accumulated Other Comprehensive Income (Loss) [Line Items]
Acquired (percentage)				30.00%
Accumulated Other Comprehensive (Loss) Income
Reconciliation Of Accumulated Comprehensive Income
Beginning balance, value	(724)	(172)	(286)
Net current period other comprehensive income (loss)	853	(552)	114
Ending balance, value	148	(724)	(172)
AOCI Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	206	(959)	(153)
Total	669	427	283
Net current period other comprehensive income (loss)	875	(532)	130
AOCI Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income
Reconciliation Of Accumulated Comprehensive Income
Interest expense	669	421	280
Equity in losses of equity method investments in real estate, net	0	6	3
AOCI Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Net current period other comprehensive income attributable to noncontrolling interests	(22)	(20)	(16)
Reclassification to additional-paid in capital relating to purchase of remaining 30% membership interest in Ritz-Carlton Fort Lauderdale Venture	$ 19	$ 0	$ 0

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, 2021
Class of Stock [Line Items]
Exchange ratio			$ 0.9106
Class A Common Stock
Class of Stock [Line Items]
Total distributions paid (usd per share)	$ 0.1565	$ 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
Class A Common Stock | Capital gain
Class of Stock [Line Items]
Total distributions paid (usd per share)	0	0.1556
Class A Common Stock | Ordinary income
Class of Stock [Line Items]
Total distributions paid (usd per share)	0	0.0579
Class T Common Stock
Class of Stock [Line Items]
Total distributions paid (usd per share)	0	0
Class T Common Stock | Return of capital
Class of Stock [Line Items]
Total distributions paid (usd per share)	0	0
Class T Common Stock | Capital gain
Class of Stock [Line Items]
Total distributions paid (usd per share)	0	0
Class T Common Stock | Ordinary income
Class of Stock [Line Items]
Total distributions paid (usd per share)	$ 0	$ 0

Share-Based Payments - Narrativ

Share-Based Payments - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation	$ 3.3	$ 1.8	$ 0.7
RSU | 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Maximum shares authorized for 2015 Equity Incentive Plan (shares)	5,500,000
Shares available for grant (shares)	3,488,337

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted-Average Grant Date Fair Value
Exchange ratio	$ 0.9106
RSU
Weighted-Average Grant Date Fair Value
Vesting period	3 years
Fair value of vested stock	$ 1.7	$ 1.3	$ 0.6
Stock based compensation not yet recognized	$ 8.8
Weighted-average remaining contractual term	2 years 2 months 1 day
RSU | Former Subadvisor/WLT Employees
Shares
Beginning balance (shares)	847,330	107,791	79,944
RSU’s of CWI 2 acquired in the Merger (shares)		74,075
Granted (shares)	1,136,106	808,970	63,932
Vested (shares)	(253,011)	(92,020)	(33,686)
Forfeited (shares)	(116,213)	(51,486)	(2,399)
Ending balance (shares)	1,614,212	847,330	107,791
Weighted-Average Grant Date Fair Value
Beginning Balance, weighted average grant date fair value (usd per share)	$ 9.44	$ 11.45	$ 11.56
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)	5.51	9.35	11.41
Shares vested, weighted average grant date fair value (usd per share)	6.21	11.35	11.61
Shares forfeited, weighted average grant date fair value (usd per share)	5.64	11.38	11.81
Ending Balance, weighted average grant date fair value (usd per share)	$ 7.45	$ 9.44	$ 11.45
RSU | Independent Directors
Shares
Beginning balance (shares)	0	0	0
RSU’s of CWI 2 acquired in the Merger (shares)
Granted (shares)	18,148	35,111	18,400
Vested (shares)	(18,148)	(35,111)	(18,400)
Forfeited (shares)	0	0	0
Ending balance (shares)	0	0	0
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)	5.51	6.84	11.41
Shares vested, weighted average grant date fair value (usd per share)	5.51	6.84	11.41
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal
Current	$ 114	$ (8,165)	$ 1,415
Deferred	1,985	581	1,168
Total	2,099	(7,584)	2,583
State and Local
Current	2,687	180	427
Deferred	(1,233)	(526)	142
Total	1,454	(346)	569
Total Provision (Benefit)	$ 3,553	$ (7,930)	$ 3,152

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets
Net operating loss carryforwards	$ 48,801	$ 40,224
Accrued vacation payable and deferred rent	9,533	9,369
Interest expense limitation	2,116	1,286
Deferred revenue — key money	1,217	1,128
Operating lease liabilities	1,109	1,329
Gift card liability	184	531
Other	0	0
Total deferred income taxes	62,960	53,867
Valuation allowance	(53,301)	(42,047)
Total deferred tax assets	9,659	11,820
Deferred Tax Liabilities
Villa rental management agreement	(7,140)	(6,967)
Fixed assets and intangibles	(2,103)	(4,676)
Operating lease ROU assets	(1,062)	(1,244)
Business interruption insurance proceeds	(559)	(555)
Other	(276)	0
Deferred rent	(10)	0
Total deferred tax liabilities	(11,150)	(13,442)
Net Deferred Tax Liability	$ (1,491)	$ (1,622)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount
Pre-tax (loss) income from taxable subsidiaries	$ (31,387)	$ (139,598)	$ 6,674
Federal provision at statutory tax rate	(6,591)	(29,315)	1,402
Valuation allowance	11,673	22,726	2,418
Income not subject to federal tax	(3,319)	3,152	210
State and local taxes, net of federal provision	1,454	(6,207)	(122)
Return to provision true-up	965	1,731	(469)
Rate change	(436)	2,438	0
Other	(219)	(472)	(1)
Non-deductible expenses	26	25	81
Tax benefit net operating loss carryback	0	(2,008)	0
Tax credit	0	0	(367)
Total Provision (Benefit)	$ 3,553	$ (7,930)	$ 3,152

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax [Line Items]
Valuation allowance	$ 53,301	$ 42,047
Deferred tax liabilities	1,491	1,622
Other assets
Deferred Tax [Line Items]
Deferred tax asset (less than)	100	100
Accounts payable, accrued expenses and other liabilities
Deferred Tax [Line Items]
Deferred tax liabilities	$ 1,500	$ 1,300

Mandatorily Redeemable Prefer_3

Mandatorily Redeemable Preferred Stock - Narratives (Details) - USD ($)	Jan. 25, 2022	Jul. 21, 2020	Apr. 13, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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
Proceeds from issuance of mandatorily redeemable preferred stock and warrants				$ 0	$ 200,000,000	$ 0
Warrant exercise price (usd per warrant unit)		$ 0.01
Fair value adjustment on reclassification of Series A Preferred Stock				0	2,754,000	$ 0
Warrant Units
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants Units recorded in noncontrolling interest				13,700,000	19,800,000
CWI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued as consideration (shares)			103,756,037
ACP Watermark Investment LLC
Accumulated Other Comprehensive Income (Loss) [Line Items]
Proceeds from issuance of mandatorily redeemable preferred stock and warrants		$ 200,000,000
ACP Watermark Investment LLC | Warrant Units
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant subscription (in shares)		16,778,446
Series A and Series B Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Dividends accrued				$ 6,500,000	$ 12,000,000
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%
Preferred redeemable shares			25.00%
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%
Redemption price (usd per share)			$ 50
Series A Preferred Stock | W.P. Carey | Subsequent Event
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock liquidation preference (usd per share)	$ 50
Shares issued as consideration (shares)	1,300,000
Shares issued as compensation in acquisition	$ 65,000,000
Dividends paid	$ 100,000
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
Preferred stock dividend rate		12.00%		12.00%
Declared and paid dividends				$ 31,300,000
Dividends additional shares (in shares)				31,255
Series B Preferred Stock | ACP Watermark Investment LLC
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock subscription (in shares)		200,000
Preferred stock, value, additional commitment subscriptions		$ 250,000,000
Share repurchase term (term)		18 months

Mandatorily Redeemable Prefer_4

Mandatorily Redeemable Preferred Stock - Schedule Of Mandatorily Redeemable Capital Stock (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Mandatorily redeemable preferred stock	$ 256,731	$ 214,158
Series A Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Liquidation value	65,000	65,000
Fair value discount	(14,310)	(14,310)
Fair value	50,690	50,690
Accumulated amortization of fair value discount	4,364	1,336
Deferred financing costs	0	0
Accumulated amortization of deferred financing costs	0	0
Mandatorily redeemable preferred stock	55,054	52,026
Series B Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Liquidation value	231,255	200,000
Fair value discount	(30,358)	(30,358)
Fair value	200,897	169,642
Accumulated amortization of fair value discount	8,740	2,675
Deferred financing costs	(11,177)	(11,169)
Accumulated amortization of deferred financing costs	3,217	984
Mandatorily redeemable preferred stock	$ 201,677	$ 162,132

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	Apr. 13, 2020property	Oct. 22, 2019	Oct. 01, 2019USD ($)property	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
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				$ 0	$ 4,800,000	$ 14,100,000
Percentage of available cash distribution to advisor				10.00%
Sold property | property			1
Goodwill impairment loss				$ 0
Transaction service agreement, term		12 months
Maximum
Related Party Transaction
Transaction service agreement, term		18 months
Hotel
Related Party Transaction
Number of real estate properties | property				25	6
CWI
Related Party Transaction
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
W.P. Carey
Related Party Transaction
Due to affiliate				$ 0	$ 200,000

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amounts Included in the Consolidated Statements of Operations
Asset management fees	$ 639,400	$ 434,327	$ 540,814
Affiliated Entity
Amounts Included in the Consolidated Statements of Operations
Personnel and overhead reimbursements	279	3,567	6,571
Available Cash Distributions	0	0	7,095
Interest expense	0	0	1,319
Disposition fees	0	0	130
Related party expenses included operating expenses	279	7,362	29,167
Other Transaction Fees Incurred
Watermark commitment agreement	0	0	4,101
Capitalized loan refinancing fees	0	0	1,235
Transaction Fees Incurred	0	0	5,336
Affiliated Entity | Asset management fees
Amounts Included in the Consolidated Statements of Operations
Asset management fees	$ 0	$ 3,795	$ 14,052

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Mar. 14, 2022USD ($)	Jan. 25, 2022USD ($)$ / sharesshares	Jan. 21, 2022USD ($)extension	Jan. 14, 2022USD ($)extension	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Subsequent Event [Line Items]
Loans refinanced					$ 1,000,000
Non-recourse debt, net					1,958,741	$ 2,169,902
Principal paydown					$ 469,053	$ 142,433	$ 207,103
Subsequent Event | W.P. Carey | Series A Preferred Stock
Subsequent Event [Line Items]
Shares issued as consideration (shares) | shares		1,300,000
Preferred stock liquidation preference (usd per share) | $ / shares		$ 50
Shares issued as compensation in acquisition		$ 65,000
Dividends paid		$ 100
Subsequent Event | Mortgage loan | Renaissance Chicago Downtown
Subsequent Event [Line Items]
Loans refinanced	$ 80,000
Principal paydown	$ 4,000
Subsequent Event | San Diego Marriott La Jolla | Mortgage loan
Subsequent Event [Line Items]
Loans refinanced				$ 81,400
Non-recourse debt, net				97,700
Proceeds from long term debt				$ 83,200
Extension option | extension				2
Extension term				1 year
Subsequent Event | San Jose Marriott and Le Méridien Arlington | Mortgage loan
Subsequent Event [Line Items]
Non-recourse debt, net			$ 135,500
Proceeds from long term debt			$ 126,200
Extension option | extension			2
Extension term			1 year
Subsequent Event | San Jose Marriott | Mortgage loan
Subsequent Event [Line Items]
Loans refinanced			$ 87,100
Subsequent Event | Le Méridien Arlington | Mortgage loan
Subsequent Event [Line Items]
Loans refinanced			$ 34,600

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 42,047	$ 8,559	$ 6,140
Other Additions	14,859	38,809	2,824
Deductions	(3,605)	(5,321)	(405)
Balance at End of Year	$ 53,301	$ 42,047	$ 8,559

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,958,741
Initial Cost to Company
Land	590,766
Buildings	2,115,577
Costs Capitalized Subsequent to Acquisition	179,781
(Decrease) Increase In Net Investments	(121,845)
Gross Amount at which Carried at Close of Period
Land	574,648
Buildings	2,189,633
Total	2,764,281	$ 3,110,489	$ 1,892,658	$ 2,056,770
Accumulated Depreciation	307,350	$ 292,396	$ 246,816	$ 217,050
Holiday Inn Manhattan 6th Ave Chelsea
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	73,940
Initial Cost to Company
Land	30,023
Buildings	81,398
Costs Capitalized Subsequent to Acquisition	3,022
(Decrease) Increase In Net Investments	(33,812)
Gross Amount at which Carried at Close of Period
Land	19,897
Buildings	60,736
Total	80,633
Accumulated Depreciation	$ 17,101
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
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
Fairmont Sonoma Mission Inn & Spa
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 57,630
Initial Cost to Company
Land	17,657
Buildings	66,593
Costs Capitalized Subsequent to Acquisition	6,150
(Decrease) Increase In Net Investments	(119)
Gross Amount at which Carried at Close of Period
Land	17,657
Buildings	72,624
Total	90,281
Accumulated Depreciation	$ 18,723
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
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
Marriott Raleigh City Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 65,332
Initial Cost to Company
Land	0
Buildings	68,405
Costs Capitalized Subsequent to Acquisition	8,516
(Decrease) Increase In Net Investments	(40)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	76,881
Total	76,881
Accumulated Depreciation	$ 18,509
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
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
Hawks Cay Resort
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 94,958
Initial Cost to Company
Land	25,800
Buildings	73,150
Costs Capitalized Subsequent to Acquisition	54,411
(Decrease) Increase In Net Investments	(35,221)
Gross Amount at which Carried at Close of Period
Land	25,800
Buildings	92,340
Total	118,140
Accumulated Depreciation	$ 24,375
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
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
Renaissance Chicago Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 79,995
Initial Cost to Company
Land	0
Buildings	132,198
Costs Capitalized Subsequent to Acquisition	33,707
(Decrease) Increase In Net Investments	(2,661)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	163,244
Total	163,244
Accumulated Depreciation	$ 44,435
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
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
Courtyard Times Square West
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 58,631
Initial Cost to Company
Land	0
Buildings	87,438
Costs Capitalized Subsequent to Acquisition	511
(Decrease) Increase In Net Investments	(5,121)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	82,828
Total	82,828
Accumulated Depreciation	$ 16,636
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
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
Sanderling Resort
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 30,199
Initial Cost to Company
Land	9,800
Buildings	23,677
Costs Capitalized Subsequent to Acquisition	10,164
(Decrease) Increase In Net Investments	(180)
Gross Amount at which Carried at Close of Period
Land	9,800
Buildings	33,661
Total	43,461
Accumulated Depreciation	$ 9,384
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
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
Marriott Kansas City Country Club Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 37,321
Initial Cost to Company
Land	5,100
Buildings	48,748
Costs Capitalized Subsequent to Acquisition	8,802
(Decrease) Increase In Net Investments	(44)
Gross Amount at which Carried at Close of Period
Land	5,100
Buildings	57,506
Total	62,606
Accumulated Depreciation	$ 13,208
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
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
Westin Pasadena
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 84,215
Initial Cost to Company
Land	22,785
Buildings	112,215
Costs Capitalized Subsequent to Acquisition	8,411
(Decrease) Increase In Net Investments	(4)
Gross Amount at which Carried at Close of Period
Land	22,785
Buildings	120,622
Total	143,407
Accumulated Depreciation	$ 22,754
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
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
Ritz-Carlton Key Biscayne
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 178,029
Initial Cost to Company
Land	117,200
Buildings	154,182
Costs Capitalized Subsequent to Acquisition	21,247
(Decrease) Increase In Net Investments	1,017
Gross Amount at which Carried at Close of Period
Land	118,656
Buildings	174,990
Total	293,646
Accumulated Depreciation	$ 33,631
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 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 Fort Lauderdale
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 74,759
Initial Cost to Company
Land	22,100
Buildings	74,422
Costs Capitalized Subsequent to Acquisition	10,982
(Decrease) Increase In Net Investments	716
Gross Amount at which Carried at Close of Period
Land	22,380
Buildings	85,840
Total	108,220
Accumulated Depreciation	$ 17,302
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
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
Le Méridien Dallas, The Stoneleigh
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 46,087
Initial Cost to Company
Land	9,400
Buildings	57,989
Costs Capitalized Subsequent to Acquisition	1,997
(Decrease) Increase In Net Investments	21
Gross Amount at which Carried at Close of Period
Land	9,400
Buildings	60,007
Total	69,407
Accumulated Depreciation	$ 9,944
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
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
Equinox Golf Resort & Spa
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 44,634
Initial Cost to Company
Land	15,000
Buildings	59,235
Costs Capitalized Subsequent to Acquisition	8,883
(Decrease) Increase In Net Investments	(35,991)
Gross Amount at which Carried at Close of Period
Land	7,273
Buildings	39,854
Total	47,127
Accumulated Depreciation	$ 12,157
Equinox 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
Equinox 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
Charlotte Marriott City Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 101,475
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	$ 4,725
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
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
Embassy Suites by Hilton Denver-Downtown/Convention Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 92,788
Initial Cost to Company
Land	15,400
Buildings	92,600
Costs Capitalized Subsequent to Acquisition	388
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	15,400
Buildings	92,988
Total	108,388
Accumulated Depreciation	$ 4,044
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
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
Le Méridien Arlington
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 34,562
Initial Cost to Company
Land	8,000
Buildings	30,000
Costs Capitalized Subsequent to Acquisition	96
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	8,000
Buildings	30,096
Total	38,096
Accumulated Depreciation	$ 1,350
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
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
Marriott Sawgrass Golf Resort & Spa
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 87,049
Initial Cost to Company
Land	24,800
Buildings	116,627
Costs Capitalized Subsequent to Acquisition	841
(Decrease) Increase In Net Investments	(4,196)
Gross Amount at which Carried at Close of Period
Land	24,800
Buildings	113,272
Total	138,072
Accumulated Depreciation	$ 6,050
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
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
Renaissance Atlanta Midtown Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 48,555
Initial Cost to Company
Land	10,900
Buildings	56,900
Costs Capitalized Subsequent to Acquisition	174
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	10,900
Buildings	57,074
Total	67,974
Accumulated Depreciation	$ 2,480
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
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
Ritz-Carlton Bacara, Santa Barbara
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 224,325
Initial Cost to Company
Land	81,700
Buildings	202,700
Costs Capitalized Subsequent to Acquisition	286
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	81,700
Buildings	202,986
Total	284,686
Accumulated Depreciation	$ 10,898
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 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 San Francisco
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 147,267
Initial Cost to Company
Land	83,201
Buildings	133,000
Costs Capitalized Subsequent to Acquisition	124
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	83,200
Buildings	133,125
Total	216,325
Accumulated Depreciation	$ 5,798
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
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
San Diego Marriott La Jolla
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 77,328
Initial Cost to Company
Land	20,800
Buildings	89,900
Costs Capitalized Subsequent to Acquisition	494
(Decrease) Increase In Net Investments	44
Gross Amount at which Carried at Close of Period
Land	20,800
Buildings	90,438
Total	111,238
Accumulated Depreciation	$ 4,080
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 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 Jose Marriott
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 87,112
Initial Cost to Company
Land	24,600
Buildings	115,900
Costs Capitalized Subsequent to Acquisition	293
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	24,600
Buildings	116,193
Total	140,793
Accumulated Depreciation	$ 5,084
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
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
Seattle Marriott Bellevue
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 103,188
Initial Cost to Company
Land	23,800
Buildings	91,100
Costs Capitalized Subsequent to Acquisition	270
(Decrease) Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	23,800
Buildings	91,370
Total	115,170
Accumulated Depreciation	$ 4,023
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
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
Hyatt Centric French Quarter New Orleans
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 29,362
Initial Cost to Company
Land	0
Buildings	37,900
Costs Capitalized Subsequent to Acquisition	2
(Decrease) Increase In Net Investments	(6,254)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	31,648
Total	31,648
Accumulated Depreciation	$ 659
Hyatt Centric French Quarter New Orleans | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hyatt Centric French Quarter New Orleans | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 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, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 3,110,489	$ 1,892,658	$ 2,056,770
Dispositions	(383,088)	(106,206)	(180,339)
Assets acquired	37,900	0	0
Improvements	8,912	13,342	19,116
Write-off of fully depreciated assets	(1,613)	(2,313)	(105)
Write-off of assets damaged by hurricane and other	(8,319)	(5,869)	(2,784)
Assets acquired in the Merger	0	1,436,027	0
Impairments	0	(117,150)	0
Ending balance	2,764,281	3,110,489	1,892,658
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	292,396	246,816	217,050
Depreciation expense	74,461	70,306	55,992
Dispositions	(57,894)	(22,413)	(26,121)
Write-off of fully depreciated assets	(1,613)	(2,313)	(105)
Ending balance	$ 307,350	$ 292,396	$ 246,816

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) $ in Billions	Dec. 31, 2021USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Federal income tax basis	$ 3.3