Watermark Lodging Trust (WRMK) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 05, 2022
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-55461
Entity Registrant Name	WATERMARK LODGING TRUST, INC.
Entity Incorporation, State	MD
Entity Tax Identification Number	46-5765413
Entity Address, Street	150 N. Riverside Plaza
Entity Address, City	Chicago,
Entity Address, State	IL
Entity Address, Postal Zip Code	60606
City Area Code	847
Local Phone Number	482-8600
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
Entity Shell Company	false
Entity Central Index Key	0001609471
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Class A
Document Information
Entity Common Stock, Shares Outstanding		168,067,403
Class T
Document Information
Entity Common Stock, Shares Outstanding		61,095,773

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments in real estate:
Hotels, at cost	$ 2,962,592	$ 2,956,929
Accumulated depreciation	(407,282)	(383,337)
Net investments in hotels	2,555,310	2,573,592
Equity investment in real estate	11,425	12,705
Operating lease right-of-use assets	42,077	43,671
Cash and cash equivalents	178,705	249,478
Intangible assets, net	68,766	69,464
Restricted cash	106,032	99,000
Accounts receivable, net	89,467	82,925
Other assets	36,531	30,690
Total assets	3,088,313	3,161,525
Liabilities
Non-recourse debt, net	1,961,382	1,958,741
Mandatorily redeemable preferred stock	204,387	256,731
Accounts payable, accrued expenses and other liabilities	205,854	190,701
Operating lease liabilities	83,229	83,089
Total liabilities	2,454,852	2,489,262
Commitments and contingencies (Note 9)
Equity
Additional paid-in capital	1,643,271	1,642,495
Distributions and accumulated losses	(1,034,721)	(994,634)
Accumulated other comprehensive income	4,297	148
Total stockholders’ equity	613,076	648,238
Noncontrolling interests	20,385	24,025
Total equity	633,461	672,263
Total liabilities and equity	3,088,313	3,161,525
Class A
Equity
Common stock	168	168
Class T
Equity
Common stock	$ 61	$ 61

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Class A
Equity
Common stock, par share value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common stock, shares, issued (shares)	167,689,164	167,689,164
Common shares, outstanding (shares)	167,689,164	167,689,164
Class T
Equity
Common stock, par share value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common stock, shares, issued (shares)	61,095,773	61,095,773
Common shares, outstanding (shares)	61,095,773	61,095,773

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Hotel Revenues
Business interruption income	$ 0	$ 545
Total Hotel Revenues	190,094	96,273
Expenses
Property taxes, insurance, rent and other	25,133	24,224
General and administrative	19,169	12,286
Sales and marketing	14,264	8,480
Repairs and maintenance	7,618	5,557
Depreciation and amortization	26,045	31,882
Total Hotel Operating Expenses	175,662	126,186
Corporate general and administrative expenses	7,478	7,257
Loss (gain) on property-related insurance claims, net	250	(1,166)
Total Expenses	183,390	132,277
Operating Income (Loss)	6,704	(36,004)
Interest expense	(34,537)	(42,383)
Loss on extinguishment of debt	(13,863)	0
Equity in losses of equity method investments in real estate, net	(1,670)	(3,920)
Other income, net	469	77
Loss before income taxes	(42,897)	(82,230)
Provision for income taxes	(531)	(125)
Net Loss	(43,428)	(82,355)
Loss attributable to noncontrolling interests	3,341	6,788
Net Loss Attributable to Common Stockholders	(40,087)	(75,567)
Net loss attributable to Common Stockholders, Basic	(40,087)	(75,567)
Net loss attributable to Common Stockholders, Diluted	(40,087)	(75,567)
Class A
Expenses
Net Loss Attributable to Common Stockholders	(29,382)	(55,367)
Net loss attributable to Common Stockholders, Basic	(29,382)	(55,367)
Net loss attributable to Common Stockholders, Diluted	$ (29,382)	$ (55,367)
Basic weighted-average shares outstanding (in shares)	167,689,164	167,466,809
Diluted weighted-average shares outstanding (in shares)	167,689,164	167,466,809
Basic loss per share (usd per share)	$ (0.18)	$ (0.33)
Diluted loss per share (usd per share)	$ (0.18)	$ (0.33)
Class T
Expenses
Net Loss Attributable to Common Stockholders	$ (10,705)	$ (20,200)
Net loss attributable to Common Stockholders, Basic	(10,705)	(20,200)
Net loss attributable to Common Stockholders, Diluted	$ (10,705)	$ (20,200)
Basic weighted-average shares outstanding (in shares)	61,095,773	61,099,580
Diluted weighted-average shares outstanding (in shares)	61,095,773	61,099,580
Basic loss per share (usd per share)	$ (0.18)	$ (0.33)
Diluted loss per share (usd per share)	$ (0.18)	$ (0.33)
Rooms
Hotel Revenues
Hotel Revenues	$ 118,308	$ 61,250
Expenses
Cost of services	27,350	14,627
Food and beverage
Hotel Revenues
Hotel Revenues	49,961	21,463
Expenses
Cost of services	36,432	17,167
Other operating revenue
Hotel Revenues
Hotel Revenues	21,825	13,015
Expenses
Cost of services	7,712	4,783
Management fees
Expenses
Cost of services	6,399	2,513
Utilities
Expenses
Cost of services	$ 5,540	$ 4,667

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Loss	$ (43,428)	$ (82,355)
Other Comprehensive Income
Unrealized gain on derivative instruments	4,149	239
Comprehensive Loss	(39,279)	(82,116)
Amounts Attributable to Noncontrolling Interests
Net loss	3,341	6,788
Unrealized gain on derivative instruments	0	(2)
Comprehensive loss attributable to noncontrolling interests	3,341	6,786
Comprehensive Loss Attributable to Common Stockholders	$ (35,938)	$ (75,330)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Class A	Class T	Common StockClass A	Common StockClass T	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Income (Loss)	Total Stockholders’ Equity	Noncontrolling Interests
Beginning balance (shares) at Dec. 31, 2020				167,441,281	61,102,438
Beginning 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	(82,355)						(75,567)		(75,567)	(6,788)
Shares issued under share incentive plans	296					296			296
Stock-based compensation to directors (shares)				27,223
Stock-based compensation to directors	150					150			150
Other comprehensive income	239							237	237	2
Repurchase of shares (shares)				(1,730)	(6,665)
Repurchase of shares	(44)					(44)			(44)
Ending balance (shares) at Mar. 31, 2021				167,466,774	61,095,773
Ending balance, value at Mar. 31, 2021	704,702			$ 167	$ 61	1,655,956	(987,430)	(487)	668,267	36,435
Beginning balance (shares) at Dec. 31, 2021		167,689,164	61,095,773	167,689,164	61,095,773
Beginning balance, value at Dec. 31, 2021	672,263			$ 168	$ 61	1,642,495	(994,634)	148	648,238	24,025
Statement of Equity
Net loss	(43,428)						(40,087)		(40,087)	(3,341)
Shares issued under share incentive plans	776					776			776
Distributions to noncontrolling interests	(299)									(299)
Other comprehensive income	4,149							4,149	4,149
Ending balance (shares) at Mar. 31, 2022		167,689,164	61,095,773	167,689,164	61,095,773
Ending balance, value at Mar. 31, 2022	$ 633,461			$ 168	$ 61	$ 1,643,271	$ (1,034,721)	$ 4,297	$ 613,076	$ 20,385

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows — Operating Activities
Net Loss	$ (43,428)	$ (82,355)
Adjustments to net loss:
Depreciation and amortization	26,045	31,882
Net loss on extinguishment of debt	13,863	0
Amortization of fair value adjustments, deferred financing costs and other	6,409	11,560
Equity in losses of equity method investments in real estate, net	1,670	3,920
Amortization of stock-based compensation expense	776	446
Loss (gain) on property-related insurance claims	250	(1,166)
Business interruption income	0	(545)
Net changes in other assets and liabilities	9,422	5,822
Net decrease in operating lease right-of-use assets	1,571	1,245
Funding of remediation work	(917)	(36)
Insurance proceeds for remediation work due to property damage	585	16
Net increase in operating lease liabilities	140	97
Repayment of key money and other deferred incentive payments	0	(748)
Business interruption insurance proceeds	0	545
Decrease in due to related parties and affiliates	0	(206)
Net Cash Provided by (Used in) Operating Activities	16,386	(29,523)
Cash Flows — Investing Activities
Capital expenditures	(7,853)	(4,717)
Capital contributions to equity investments in real estate	(390)	(790)
Property insurance proceeds	273	1,309
Net Cash Used in Investing Activities	(7,970)	(4,198)
Cash Flows — Financing Activities
Payments and prepayments of mortgage principal	(211,995)	(5,889)
Proceeds from mortgage financings	209,979	839
Redemption of Series A Preferred Stock	(65,000)	0
Deferred financing costs	(4,253)	(602)
Other financing activities, net	(589)	56
Distributions to noncontrolling interests	(299)	0
Payment of distribution and shareholder servicing fee	0	(798)
Repurchase of shares	0	(44)
Net Cash Used in Financing Activities	(72,157)	(6,438)
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Net decrease in cash and cash equivalents and restricted cash	(63,741)	(40,159)
Cash and cash equivalents and restricted cash, beginning of period	348,478	251,464
Cash and cash equivalents and restricted cash, end of period	$ 284,737	$ 211,305

Business

Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business 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 March 31, 2022. 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 March 31, 2022. We held ownership interests in 25 hotels as of March 31, 2022, including 24 hotels that we consolidated (“Consolidated Hotels”) and one hotel that we recorded as an equity investment (“Unconsolidated Hotels”). Proposed Merger On May 6, 2022, the Company, along with the Operating Partnership, entered into a definitive merger agreement with affiliates of private real estate funds managed by Brookfield (“Brookfield”) under which Brookfield will acquire all of the outstanding shares of common stock of the Company in an all-cash transaction. Completion of the transaction is subject to certain closing conditions, including the approval of our shareholders. The proposed transaction is expected to close in the fourth quarter of 2022. See Note 13 for further information. COVID-19, Management’s Plans and Liquidity The COVID-19 pandemic has had a material adverse effect on our business, results of operations, financial condition and cash flows and will continue to do so for the reasonably foreseeable future. As of May 12, 2022, all of our hotels are open but many are operating at significantly reduced levels of occupancy and staffing. Although results improved relative to 2021, 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 continue 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, have impacted and continue to impact the recovery from the COVID-19 pandemic and have had and may continue to 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 March 31, 2022, we had cash and cash equivalents of $178.7 million. As of March 31, 2022, 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 $25.0 million for items such as taxes, deferred debt service and amounts drawn from furniture, fixtures and equipment reserves to pay expenses, in connection with loan modification agreements. We have continued to work with our lenders to address loans with near-term mortgage maturities and have refinanced or extended the maturity date of four Consolidated Hotel mortgage loans, aggregating $285.4 million of indebtedness, during the three months ended March 31, 2022. Of the $2.0 billion aggregate principal balance indebtedness outstanding as of March 31, 2022, approximately $1.1 billion is scheduled to mature during the 12 months after the date of this Report, which included a total of $251.9 million that has been refinanced subsequent to March 31, 2022 . 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.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation The unaudited 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”) and in conformity with the rules and regulations of the SEC applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations, statements of comprehensive loss, statements of equity and statements of cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements of and accompanying notes for the year ended December 31, 2021, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity (“VIE”), and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2021 Annual Report. As of both March 31, 2022 and December 31, 2021, we considered one entity to be a VIE, which we consolidated as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIE included in the consolidated balance sheets (in thousands): March 31, 2022 December 31, 2021 Net investments in hotels $ 263,692 $ 264,984 Intangible assets, net 28,655 28,819 Total assets 324,555 315,088 Non-recourse debt, net $ 177,450 $ 178,029 Total liabilities 202,439 201,557 Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents $ 178,705 $ 249,478 Restricted cash 106,032 99,000 Total cash and cash equivalents and restricted cash $ 284,737 $ 348,478

Net Investments in Hotels

Net Investments in Hotels	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Net Investments in Hotels	Net Investments in Hotels Net investments in hotels are summarized as follows (in thousands): March 31, 2022 December 31, 2021 Buildings $ 2,001,119 $ 2,002,614 Land 574,648 574,648 Building and site improvements 188,228 187,019 Furniture, fixtures and equipment 166,537 166,316 Construction in progress 32,060 26,332 Hotels, at cost 2,962,592 2,956,929 Less: Accumulated depreciation (407,282) (383,337) Net investments in hotels $ 2,555,310 $ 2,573,592 During the three months ended March 31, 2022 and 2021, we retired fully depreciated furniture, fixtures and equipment aggregating $1.0 million and $5.9 million, respectively. During the three months ended March 31, 2022 and 2021, we recorded net write-offs of fixed assets resulting from property damage insurance claims of $1.6 million and $0.1 million, respectively. Depreciation expense was $25.3 million and $31.1 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021, accrued capital expenditures were $1.8 million and $1.0 million, respectively, representing non-cash investing activity.

Equity Investments in Real Esta

Equity Investments in Real Estate	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Real Estate	Equity Investments in Real EstateAs of March 31, 2022, 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 interest in our equity investment in real estate and its carrying value. The carrying value of this venture is affected by the timing and nature of distributions (dollars in thousands): Unconsolidated Hotels State Number % Owned Hotel Type Carrying Value at March 31, 2022 December 31, 2021 Ritz-Carlton Philadelphia Venture (a) PA 301 60.0 % Full-service $ 11,425 $ 12,705 ___________ (a) We contributed $0.4 million to this investment during the three months ended March 31, 2022. The following table sets forth our share of equity in losses from our Unconsolidated Hotels, which is based on the HLBV model, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Three Months Ended March 31, Unconsolidated Hotels 2022 2021 Ritz-Carlton Philadelphia Venture $ (1,670) $ (3,063) Hyatt Centric French Quarter Venture (a) — (857) Total equity in losses of equity method investments in real estate, net $ (1,670) $ (3,920) ___________ (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 owns 100% of this hotel and consolidates its real estate interest in this hotel therefore these amounts represent the equity in losses prior to the acquisition. No other-than-temporary impairment charges were recognized during the three months ended March 31, 2022 or 2021. As of March 31, 2022 and December 31, 2021, the unamortized basis difference on our equity investment was $1.4 million and $1.5 million, respectively. Net amortization of basis differences reduced the carrying values of our equity investments by less than $0.1 million durin g both the three months ended March 31, 2022 and 2021.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets are summarized as follows (dollars in thousands): March 31, 2022 December 31, 2021 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 $ (11,411) $ 60,989 $ 72,400 $ (11,037) $ 61,363 Trade name 8 9,400 (2,314) 7,086 9,400 (2,024) 7,376 Other intangible assets 5 - 17 900 (209) 691 1,013 (288) 725 Total intangible assets, net $ 82,700 $ (13,934) $ 68,766 $ 82,813 $ (13,349) $ 69,464 Net amortization of intangibles was $0.7 million and $0.8 million for the three months ended March 31, 2022 and 2021, respectively. Amortization of intangibles is included in Depreciation and amortization and Property tax, insurance, rent and other in the consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments, including interest rate caps and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis Derivative Assets 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 7 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings and thresholds. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. We did not have any transfers into or out of Level 1, Level 2 and Level 3 category of measurements during the three months ended March 31, 2022 or 2021. 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 (expense) in the consolidated financial statements. Our non-recourse debt, net which we have classified as Level 3, had a carrying value of $2.0 billion as of both March 31, 2022 and December 31, 2021, and an estimated fair value of $2.0 billion as of both March 31, 2022 and December 31, 2021. 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 B preferred stock, which we have classified as Level 3, had a carrying value of $204.4 million and $201.7 million as of March 31, 2022 and December 31, 2021, respectively, and an estimated fair value of $242.8 million and $247.0 million as of March 31, 2022 and December 31, 2021, respectively. Our Series A preferred stock, which we had classified as Level 3, had a carrying value of $55.1 million as of December 31, 2021 and an estimated fair value of $65.0 million as of December 31, 2021. 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. See Note 12 for further discussion. See Note 12 for information on the measurement of fair value of the Series A and Series B Preferred Stock and Warrants. We estimated that our other financial assets and liabilities had fair values that approximated their carrying values as of both March 31, 2022 and December 31, 2021. Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. Where the undiscounted cash flows for an asset are less than the asset’s carrying value when considering and evaluating the various alternative courses of action that may occur, we recognize an impairment charge to reduce the carrying value of the asset to its estimated fair value. Further, when we classify an asset as held for sale, we carry the asset at the lower of its current carrying value or its fair value, less estimated cost to sell. We did not recognize any impairment charges during the three months ended March 31, 2022 or 2021.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Use of Derivative Financial Instruments	Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are two main components of economic risk that impact us: interest rate risk and market risk. We are primarily subject to interest rate risk on our interest-bearing assets and liabilities. Market risk includes changes in the value of our properties and related loans. Derivative Financial Instruments There have been no significant changes in our derivative financial instruments policies from what was disclosed in the 2021 Annual Report. The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands): Derivatives Designated as Hedging Instruments Asset Derivatives Fair Value at Liability Derivatives Fair Value at Balance Sheet Location March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Interest rate caps Other assets $ 3,835 $ 381 $ — $ — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (406) (2,023) $ 3,835 $ 381 $ (406) $ (2,023) 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 March 31, 2022 and December 31, 2021, no cash collateral had been posted nor received for any of our derivative positions. We recognized unrealized gains of $4.0 million and $0.1 million in Other comprehensive income on derivatives in connection with our interest rate swaps and caps during the three months ended March 31, 2022 and 2021, respectively. We reclassifie d $0.2 million and $0.1 million from Other comprehensive income on derivatives into Interest expense during the three months ended March 31, 2022 and 2021, respectively. Amounts reported in Other comprehensive income related to our interest rate swap and caps will be reclassified to Interest expense as interest is incurred on our variable-rate debt. As of March 31, 2022, we estimated that an additional $0.8 million will be reclassified, resulting in a reduction to 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 March 31, 2022 and December 31, 2021 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Instruments at Notional Amount at Fair Value at Interest Rate Derivatives March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Interest rate caps 12 10 $ 858,772 $ 627,955 $ 3,835 $ 381 Interest rate swaps 2 2 185,295 185,295 (406) (2,023) $ 1,044,067 $ 813,250 $ 3,429 $ (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 both March 31, 2022 and 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 $0.6 million and $2.3 million as of March 31, 2022 and December 31, 2021, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions as of March 31, 2022 or December 31, 2021, we could have been required to settle our obligations under these agreements at their aggregate termination value of $0.6 million and $2.3 million, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
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 Interest Rate Range Current Maturity Date Range (a) March 31, 2022 December 31, 2021 Fixed rate 3.8% – 4.9% 06/21 (b) – 08/23 $ 870,478 $ 951,318 Variable rate (c) 2.5% – 9.0% 08/22 – 01/25 1,090,904 1,007,423 $ 1,961,382 $ 1,958,741 ___________ (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 March 31, 2022 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 March 31, 2022, 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 2022 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, with the remaining balance available to fund planned renovations at the hotel. 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. We recognized a loss on extinguishment of debt of $4.1 million during the three months ended March 31, 2022. 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, of which $126.2 million was funded at closing, with the remaining balance available to fund planned renovations at the hotel. 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. We recognized a loss on extinguishment of debt of less than $0.1 million during the three months ended March 31, 2022. On March 14, 2022, the $80.0 million outstanding non-recourse mortgage loan on Renaissance Chicago Downtown was modified to extend the maturity date from July 1, 2022 to January 1, 2023 and included a principal paydown of $4.0 million. This extension was accounted for as a loan modification and no gain or loss was recognized. 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 2021 to August 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 2021 to March 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. Courtyard Times Square West The $59.2 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 the remainder of 2022 and each of the next four calendar years following December 31, 2022 are as follows (in thousands): Years Ending December 31, Total 2022 (remainder) $ 910,965 2023 527,464 2024 329,910 2025 209,417 2026 — Total principal payments 1,977,756 Unamortized deferred financing costs (10,401) Unamortized fair value discount (5,973) Total $ 1,961,382

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2022, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us, including liens for which we may obtain a bond, provide collateral or provide an indemnity, but we do not expect the results of such proceedings to have a material adverse effect on our consolidated financial position, results of operations or cash flows. Hotel Management Agreements As of March 31, 2022, our hotel properties were operated pursuant to long-term management agreements with nine different management companies, with initial terms ranging from five Franchise Agreements Eleven of our hotel properties operated under franchise or license agreements with national brands that are separate from our management agreements. As of March 31, 2022, 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 agreements have initial terms ranging from 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 $2.2 million and $0.9 million for the three months ended March 31, 2022 and 2021, respectively. Capital Expenditures and Reserve Funds With respect to our hotels that are operated under management or franchise agreements with major international hotel brands and for most of our hotels subject to mortgage loans, we are obligated to maintain furniture, fixtures and equipment reserve accounts for future capital expenditures sufficient to cover the cost of routine improvements and alterations at these hotels. The amount funded into each of these reserve accounts is generally determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents for each of the respective hotels and typically ranges between 3.0% and 5.0% of the respective hotel’s total gross revenue. As of March 31, 2022 and December 31, 2021, $55.7 million and $58.7 million, respectively, was held in furniture, fixtures and equipment reserve accounts for future capital expenditures and is included in Restricted cash in the consolidated financial statements. In addition, due to the effects of the COVID-19 pandemic on our operations, we have been working with the brands, management companies and lenders and have 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 March 31, 2022. 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 March 31, 2022, 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 March 31, 2022 totaled $54.9 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 right-of-use 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 88 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): Three Months Ended March 31, 2022 2021 Fixed lease cost $ 3,474 $ 2,850 Variable lease cost (a) 84 28 Total lease cost $ 3,558 $ 2,878 ___________ (a) Our variable lease payments consist of payments based on a percentage of revenue.

Loss Per Share and Equity

Loss Per Share and Equity	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Loss Per Share and Equity	Loss Per Share and Equity Loss Per Share The following table presents loss per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Per Share Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 167,689,164 $ (29,382) $ (0.18) 167,466,809 $ (55,367) $ (0.33) Class T common stock 61,095,773 (10,705) (0.18) 61,099,580 (20,200) (0.33) Net loss attributable to Common Stockholders $ (40,087) $ (75,567) 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. 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 both March 31, 2022 and 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 beneficially owned by Mr. Medzigian as of both period ends. As of both March 31, 2022 and December 31, 2021, Mr. Medzigian indirectly owned 2,417,996 OP Units. The outstanding OP Units indirectly 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 both March 31, 2022 and December 31, 2021. The noncontrolling interest is included in noncontrolling interest on the consolidated balance sheet. Reclassifications Out of Accumulated Other Comprehensive Income (Loss) The following table presents a reconciliation of changes in Accumulated other comprehensive income (loss) by component for the periods presented (in thousands): Three Months Ended March 31, Gains on Derivative Instruments 2022 2021 Beginning balance $ 148 $ (724) Other comprehensive income before reclassifications 3,978 90 Amounts reclassified from accumulated other comprehensive income to: Interest expense 171 149 Total 171 149 Net current period other comprehensive income 4,149 239 Net current period other comprehensive income attributable to noncontrolling interests — (2) Ending balance $ 4,297 $ (487)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We elected to be treated as a REIT and believe that we have been organized and have operated in such a manner to maintain our qualification as a REIT for federal and state income tax purposes. As a REIT, we are generally not subject to corporate level federal income taxes on earnings distributed to our stockholders. Since inception, we have distributed at least 100% of our taxable income annually and intend to do so for the tax year ending December 31, 2022, if applicable. Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three months ended March 31, 2022. We conduct business in various states and municipalities within the United States, and, as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. As a result, we are subject to certain state and local taxes and a provision for such taxes is included in the consolidated financial statements. Certain of our subsidiaries have elected taxable REIT subsidiary (“TRS”) status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. The accompanying consolidated financial statements include an interim tax provision for our TRSs for the three months ended March 31, 2022 and 2021. Current income tax expense was $0.1 million for both the three months ended March 31, 2022 and 2021. We have calculated the provision for income taxes during interim periods by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the interim per iod.

Mandatorily Redeemable Preferre

Mandatorily Redeemable Preferred Stock	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Mandatorily Redeemable Preferred Stock	Mandatorily Redeemable Preferred Stock As of both March 31, 2022 and December 31, 2021 , we had authorized 50,000,000 shares of preferred stock, $0.001 par value per share. Series A Preferred Stock On April 13, 2020, we 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”) to WPC. 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 redemption. We recognized a loss of $9.7 million during the three months ended March 31, 2022 related to the write-off of the unamortized fair value discount at the date of redemption, which is included in Loss on extinguishment of debt in the consolidated statement of operations. 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 12% Series B Cumulative Redeemable Preferred Stock, liquidation preference $1,000.00 per share (the “Series B Preferred Stock”) and warrants (the “Warrants”) to purchase 16,778,446 units of limited partnership interest of the Operating Partnership (“OP Units”) (“Warrant Units”), for an aggregate purchase price of $200.0 million (the “July 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 sheets totaling $10.7 million and $13.7 million as of March 31, 2022 and December 31, 2021, 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). 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. 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. In the event of a change of control, as defined in the Articles Supplementary, the holders have the right, but not the obligation, to require the Company to redeem for cash, in whole or in part, the outstanding shares of Series B Preferred Stock owned by the holder at the applicable Optional Redemption Price in effect at the date of the Fundamental Change Notice, as defined in the Articles Supplementary. 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. Dividends accrued included in interest expense in the consolidated financial statements related to our Series A and Series B Preferred Stock as of March 31, 2022 and December 31, 2021 totale d $5.9 million and $6.5 million, respectively . The following table presents the carrying value of our Series A and Series B Preferred Stock as of March 31, 2022 and December 31, 2021: Series A Preferred Stock at Series B Preferred Stock at March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Liquidation value $ — $ 65,000 $ 231,255 $ 231,255 Fair value discount — (14,310) (30,358) (30,358) — 50,690 200,897 200,897 Accumulated amortization of fair value discount — 4,364 10,235 8,740 Deferred financing costs — — (10,177) (11,177) Accumulated amortization of deferred financing costs — — 3,432 3,217 $ — $ 55,054 $ 204,387 $ 201,677

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Proposed Merger On May 6, 2022, the Company, along with the Operating Partnership, entered into a definitive merger agreement with affiliates of private real estate funds managed by Brookfield, under which Brookfield will acquire all of the outstanding shares of common stock of the Company for $6.768 per Class A share and $6.699 per Class T share in an all-cash transaction, including the assumption of mortgage debt and Series B Preferred Stock and Warrants. Further details concerning the proposed merger are described in a Form 8-K that we filed with the SEC on May 9, 2022. Refinancings On April 29, 2022, we refinanced the $83.6 million Westin Pasadena non-recourse mortgage loan with a new mortgage loan of $86.4 million. The loan has a floating annual interest rate, subject to an interest rate cap, and a maturity date of May 2025, with two one-year extension options, subject to certain conditions. On May 11, 2022, we refinanced the $65.0 million Marriott Raleigh City Center non-recourse mortgage loan with a new mortgage loan of $68.0 million. The loan has a floating annual interest rate, subject to an interest rate cap, and a maturity date of May 2025, with two one-year extension options, subject to certain conditions. On May 11, 2022, we refinanced the $103.0 million Charlotte Marriott City Center non-recourse mortgage loan with a new senior mortgage loan of $86.0 million and a $22.0 million mezzanine loan. The loans have floating annual interest rates, subject to an interest rate cap, and

Basis of Presentation - (Polici

Basis of Presentation - (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The unaudited 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”) and in conformity with the rules and regulations of the SEC applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations, statements of comprehensive loss, statements of equity and statements of cash flows.
Basis of Consolidation	Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity (“VIE”), and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2021 Annual Report. As of both March 31, 2022 and December 31, 2021, we considered one entity to be a VIE, which we consolidated as we are considered the primary beneficiary.
Equity Investments in Real Estate	Under the conventional approach of accounting for equity method investments, an investor applies its percentage ownership interest to the venture’s net income or loss to determine the investor’s share of the earnings or losses of the venture. This approach is inappropriate if the venture’s capital structure gives different rights and priorities to its investors. Therefore, we followed the hypothetical liquidation at book value (“HLBV”) method in determining our share of 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.
Fair Value Measurements	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments, including interest rate caps and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis Derivative Assets 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 7 ).

Basis of Presentation - (Tables

Basis of Presentation - (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of selected financial data of the consolidated VIE included in the consolidated balance sheets (in thousands): March 31, 2022 December 31, 2021 Net investments in hotels $ 263,692 $ 264,984 Intangible assets, net 28,655 28,819 Total assets 324,555 315,088 Non-recourse debt, net $ 177,450 $ 178,029 Total liabilities 202,439 201,557
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents $ 178,705 $ 249,478 Restricted cash 106,032 99,000 Total cash and cash equivalents and restricted cash $ 284,737 $ 348,478
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): March 31, 2022 December 31, 2021 Cash and cash equivalents $ 178,705 $ 249,478 Restricted cash 106,032 99,000 Total cash and cash equivalents and restricted cash $ 284,737 $ 348,478

Net Investments in Hotels - (Ta

Net Investments in Hotels - (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands): March 31, 2022 December 31, 2021 Buildings $ 2,001,119 $ 2,002,614 Land 574,648 574,648 Building and site improvements 188,228 187,019 Furniture, fixtures and equipment 166,537 166,316 Construction in progress 32,060 26,332 Hotels, at cost 2,962,592 2,956,929 Less: Accumulated depreciation (407,282) (383,337) Net investments in hotels $ 2,555,310 $ 2,573,592

Equity Investments in Real Es_2

Equity Investments in Real Estate - (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The following table sets forth our ownership interest in our equity investment in real estate and its carrying value. The carrying value of this venture is affected by the timing and nature of distributions (dollars in thousands): Unconsolidated Hotels State Number % Owned Hotel Type Carrying Value at March 31, 2022 December 31, 2021 Ritz-Carlton Philadelphia Venture (a) PA 301 60.0 % Full-service $ 11,425 $ 12,705 ___________ (a) We contributed $0.4 million to this investment during the three months ended March 31, 2022. The following table sets forth our share of equity in losses from our Unconsolidated Hotels, which is based on the HLBV model, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Three Months Ended March 31, Unconsolidated Hotels 2022 2021 Ritz-Carlton Philadelphia Venture $ (1,670) $ (3,063) Hyatt Centric French Quarter Venture (a) — (857) Total equity in losses of equity method investments in real estate, net $ (1,670) $ (3,920) ___________ (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 owns 100% of this hotel and consolidates its real estate interest in this hotel therefore these amounts represent the equity in losses prior to the acquisition.

Intangible Assets - (Tables)

Intangible Assets - (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets are summarized as follows (dollars in thousands): March 31, 2022 December 31, 2021 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 $ (11,411) $ 60,989 $ 72,400 $ (11,037) $ 61,363 Trade name 8 9,400 (2,314) 7,086 9,400 (2,024) 7,376 Other intangible assets 5 - 17 900 (209) 691 1,013 (288) 725 Total intangible assets, net $ 82,700 $ (13,934) $ 68,766 $ 82,813 $ (13,349) $ 69,464

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments - (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments On Our Consolidated Hotels	The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands): Derivatives Designated as Hedging Instruments Asset Derivatives Fair Value at Liability Derivatives Fair Value at Balance Sheet Location March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Interest rate caps Other assets $ 3,835 $ 381 $ — $ — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (406) (2,023) $ 3,835 $ 381 $ (406) $ (2,023)
Schedule of Derivative Instruments	The interest rate swaps and caps that we had outstanding on our Consolidated Hotels as of March 31, 2022 and December 31, 2021 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Instruments at Notional Amount at Fair Value at Interest Rate Derivatives March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Interest rate caps 12 10 $ 858,772 $ 627,955 $ 3,835 $ 381 Interest rate swaps 2 2 185,295 185,295 (406) (2,023) $ 1,044,067 $ 813,250 $ 3,429 $ (1,642)

Debt - (Tables)

Debt - (Tables)	3 Months Ended
	Mar. 31, 2022
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 Interest Rate Range Current Maturity Date Range (a) March 31, 2022 December 31, 2021 Fixed rate 3.8% – 4.9% 06/21 (b) – 08/23 $ 870,478 $ 951,318 Variable rate (c) 2.5% – 9.0% 08/22 – 01/25 1,090,904 1,007,423 $ 1,961,382 $ 1,958,741 ___________ (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 March 31, 2022 through the use of an interest rate swap or cap, when applicable.
Scheduled of Debt Principal Payments	Scheduled debt principal payments during the remainder of 2022 and each of the next four calendar years following December 31, 2022 are as follows (in thousands): Years Ending December 31, Total 2022 (remainder) $ 910,965 2023 527,464 2024 329,910 2025 209,417 2026 — Total principal payments 1,977,756 Unamortized deferred financing costs (10,401) Unamortized fair value discount (5,973) Total $ 1,961,382

Commitments and Contingencies -

Commitments and Contingencies - (Tables)	3 Months Ended
	Mar. 31, 2022
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): Three Months Ended March 31, 2022 2021 Fixed lease cost $ 3,474 $ 2,850 Variable lease cost (a) 84 28 Total lease cost $ 3,558 $ 2,878 ___________ (a) Our variable lease payments consist of payments based on a percentage of revenue.

Loss Per Share and Equity - (Ta

Loss Per Share and Equity - (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Loss Per Share	Loss Per Share The following table presents loss per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Per Share Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 167,689,164 $ (29,382) $ (0.18) 167,466,809 $ (55,367) $ (0.33) Class T common stock 61,095,773 (10,705) (0.18) 61,099,580 (20,200) (0.33) Net loss attributable to Common Stockholders $ (40,087) $ (75,567)
Schedule of Reclassification Out of Accumulated Other Comprehensive Income	The following table presents a reconciliation of changes in Accumulated other comprehensive income (loss) by component for the periods presented (in thousands): Three Months Ended March 31, Gains on Derivative Instruments 2022 2021 Beginning balance $ 148 $ (724) Other comprehensive income before reclassifications 3,978 90 Amounts reclassified from accumulated other comprehensive income to: Interest expense 171 149 Total 171 149 Net current period other comprehensive income 4,149 239 Net current period other comprehensive income attributable to noncontrolling interests — (2) Ending balance $ 4,297 $ (487)

Mandatorily Redeemable Prefer_2

Mandatorily Redeemable Preferred Stock - (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Carrying Value of Series A and Series B Preferred Stock	The following table presents the carrying value of our Series A and Series B Preferred Stock as of March 31, 2022 and December 31, 2021: Series A Preferred Stock at Series B Preferred Stock at March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Liquidation value $ — $ 65,000 $ 231,255 $ 231,255 Fair value discount — (14,310) (30,358) (30,358) — 50,690 200,897 200,897 Accumulated amortization of fair value discount — 4,364 10,235 8,740 Deferred financing costs — — (10,177) (11,177) Accumulated amortization of deferred financing costs — — 3,432 3,217 $ — $ 55,054 $ 204,387 $ 201,677

Business - (Details)

Business - (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)loanproperty	May 12, 2022USD ($)	Dec. 31, 2021USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative
Cash and cash equivalents	$ 178,705		$ 249,478
Non-recourse debt, net	1,961,382
Liabilities for corporate guarantees	$ 25,000
Number of mortgage loans extended | loan	4
Loans refinanced	$ 285,400
Current portion of long term debt	1,100,000
Subsequent event
Collaborative Arrangement and Arrangement Other than Collaborative
Loans refinanced		$ 251,900
Consolidated Hotels
Collaborative Arrangement and Arrangement Other than Collaborative
Non-recourse debt, net	$ 2,000,000
Hotel
Collaborative Arrangement and Arrangement Other than Collaborative
Number of real estate properties (property) | property	25
Hotel | Consolidated Hotels
Collaborative Arrangement and Arrangement Other than Collaborative
Number of real estate properties (property) | property	24
Hotel | Unconsolidated Hotels
Collaborative Arrangement and Arrangement Other than Collaborative
Number of real estate properties (property) | property	1
Operating Partnership
Collaborative Arrangement and Arrangement Other than Collaborative
Capital interest ownership in operating partnership (percentage)	99.00%		99.00%
Operating Partnership | CEO
Collaborative Arrangement and Arrangement Other than Collaborative
Capital interest ownership in operating partnership (percentage)	1.00%		1.00%
Watermark Capital | CEO
Collaborative Arrangement and Arrangement Other than Collaborative
Ownership interest (percentage)	100.00%

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) - variable_interest_entity	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable interest entities, count	1	1

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Net investments in hotels	$ 2,555,310	$ 2,573,592
Intangible assets, net	68,766	69,464
Total assets	3,088,313	3,161,525
Non-recourse debt, net	1,961,382	1,958,741
Total liabilities	2,454,852	2,489,262
VIE
Variable Interest Entity [Line Items]
Net investments in hotels	263,692	264,984
Intangible assets, net	28,655	28,819
Total assets	324,555	315,088
Non-recourse debt, net	177,450	178,029
Total liabilities	$ 202,439	$ 201,557

Basis of Presentation - Cash, C

Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 178,705	$ 249,478
Restricted cash	106,032	99,000
Total cash and cash equivalents and restricted cash	$ 284,737	$ 348,478	$ 211,305	$ 251,464

Net Investments in Hotels - Pro

Net Investments in Hotels - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Buildings	$ 2,001,119	$ 2,002,614
Land	574,648	574,648
Building and site improvements	188,228	187,019
Furniture, fixtures and equipment	166,537	166,316
Construction in progress	32,060	26,332
Hotels, at cost	2,962,592	2,956,929
Less: Accumulated depreciation	(407,282)	(383,337)
Net investments in hotels	$ 2,555,310	$ 2,573,592

Net Investments in Hotels - Nar

Net Investments in Hotels - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Real Estate [Abstract]
Assets retired	$ 1	$ 5.9
Asset impairment charges	1.6	0.1
Depreciation expense	25.3	$ 31.1
Accrued capital expenditures	$ 1.8		$ 1

Equity Investments in Real Es_3

Equity Investments in Real Estate - Narratives (Details)	3 Months Ended
	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Schedule of Equity Method Investments
Other than temporary impairments	$ 0	$ 0
Aggregate unamortized basis difference on equity investments	1,400,000		$ 1,500,000
Amortization of basis differences (less than for three months)	$ 100,000	$ 100,000
Hotel
Schedule of Equity Method Investments
Number of real estate properties (property) | property	25
Unconsolidated Hotels | Hotel
Schedule of Equity Method Investments
Number of real estate properties (property) | property	1

Equity Investments in Real Es_4

Equity Investments in Real Estate - Ownership Interest in Equity Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)room	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Schedule of Equity Method Investments
Carrying Value at	$ 11,425		$ 12,705
Contributions to equity method investment	$ 390	$ 790
Unconsolidated Hotels | Ritz-Carlton Philadelphia Venture
Schedule of Equity Method Investments
Number of Rooms | room	301
% Owned	60.00%
Carrying Value at	$ 11,425		$ 12,705

Equity Investments in Real Es_5

Equity Investments in Real Estate - Losses From Unconsolidated Hotels (Details ) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Apr. 06, 2021
Schedule of Equity Method Investments
Equity in losses of equity method investments in real estate, net	$ (1,670)	$ (3,920)
Hyatt Centric French Quarter Venture | Hyatt Centric French Quarter Venture
Schedule of Equity Method Investments
Acquired (percentage)			20.00%
Ownership interest (percentage)			100.00%
Unconsolidated Hotels
Schedule of Equity Method Investments
Equity in losses of equity method investments in real estate, net	(1,670)	(3,920)
Unconsolidated Hotels | Ritz-Carlton Philadelphia Venture
Schedule of Equity Method Investments
Equity in losses of equity method investments in real estate, net	(1,670)	(3,063)
Unconsolidated Hotels | Hyatt Centric French Quarter Venture
Schedule of Equity Method Investments
Equity in losses of equity method investments in real estate, net	$ 0	$ (857)

Intangible Assets - Schedule of

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 82,700	$ 82,813
Accumulated Amortization	(13,934)	(13,349)
Net Carrying Amount	68,766	69,464
Villa/condo rental programs
Finite-Lived Intangible Assets
Gross Carrying Amount	72,400	72,400
Accumulated Amortization	(11,411)	(11,037)
Net Carrying Amount	$ 60,989	61,363
Trade name
Finite-Lived Intangible Assets
Amortization Period (Years)	8 years
Gross Carrying Amount	$ 9,400	9,400
Accumulated Amortization	(2,314)	(2,024)
Net Carrying Amount	7,086	7,376
Other intangible assets
Finite-Lived Intangible Assets
Gross Carrying Amount	900	1,013
Accumulated Amortization	(209)	(288)
Net Carrying Amount	$ 691	$ 725
Minimum | Villa/condo rental programs
Finite-Lived Intangible Assets
Amortization Period (Years)	45 years
Minimum | Other intangible assets
Finite-Lived Intangible Assets
Amortization Period (Years)	5 years
Maximum | Villa/condo rental programs
Finite-Lived Intangible Assets
Amortization Period (Years)	55 years
Maximum | Other intangible assets
Finite-Lived Intangible Assets
Amortization Period (Years)	17 years

Intangible Assets - Amortizatio

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortization of intangibles	$ 0.7	$ 0.8

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 25, 2022	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mandatorily redeemable preferred stock		$ 204,387	$ 256,731
Series A Preferred Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mandatorily redeemable preferred stock		0	55,054
Series A Preferred Stock | WCP
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Redemption of special general partnership interest (in shares)	1,300,000
Preferred stock liquidation preference (usd per share)	$ 50
Stock redeemed or called during period, value	$ 65,000
Level 3 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Carrying value of non-recourse debt		2,000,000	2,000,000
Level 3 | Carrying Value | Series B Preferred Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mandatorily redeemable preferred stock		204,400	201,700
Level 3 | Carrying Value | Series A Preferred Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mandatorily redeemable preferred stock			55,100
Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Carrying value of non-recourse debt		2,000,000	2,000,000
Level 3 | Fair Value | Series B Preferred Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mandatorily redeemable preferred stock		$ 242,800	247,000
Level 3 | Fair Value | Series A Preferred Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mandatorily redeemable preferred stock			$ 65,000

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	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value
Asset Derivatives Fair Value at	$ 3,835	$ 381
Liability Derivatives Fair Value at	(406)	(2,023)
Interest rate caps | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	3,835	381
Liability Derivatives Fair Value at	0	0
Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Asset Derivatives Fair Value at	0	0
Liability Derivatives Fair Value at	$ (406)	$ (2,023)

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Derivative
Cash collateral had been posted or (received)	$ 0		$ 0
Interest expense	34,537,000	$ 42,383,000
Estimated amount of derivative income to be reclassified from OCI to income	(800,000)
Derivatives in net liability position	600,000		2,300,000
Assets needed for immediate settlement	600,000		$ 2,300,000
Other comprehensive income before reclassifications
Derivative
Other comprehensive income before reclassifications	3,978,000	90,000
Other comprehensive income before reclassifications | Reclassification from Other comprehensive loss
Derivative
Interest expense	$ 171,000	$ 149,000

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 hedges $ in Thousands	Mar. 31, 2022USD ($)derivative_instrument	Dec. 31, 2021USD ($)derivative_instrument
Derivative
Notional amount	$ 1,044,067	$ 813,250
Fair value	$ 3,429	$ (1,642)
Interest rate caps
Derivative
Number of instruments | derivative_instrument	12	10
Notional amount	$ 858,772	$ 627,955
Fair value	$ 3,835	$ 381
Interest rate swaps
Derivative
Number of instruments | derivative_instrument	2	2
Notional amount	$ 185,295	$ 185,295
Fair value	$ (406)	$ (2,023)

Debt - Summary of Non-recourse

Debt - Summary of Non-recourse and Limited-recourse Debt on Consolidated Hotels (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Hotel Details
Carrying Amount	$ 1,961,382	$ 1,958,741
Fixed rate
Hotel Details
Carrying Amount	$ 870,478	951,318
Fixed rate | Minimum
Hotel Details
Fixed rate	3.80%
Fixed rate | Maximum
Hotel Details
Fixed rate	4.90%
Variable rate
Hotel Details
Carrying Amount	$ 1,090,904	$ 1,007,423
Variable rate | Minimum
Hotel Details
Variable rate	2.50%
Variable rate | Maximum
Hotel Details
Variable rate	9.00%

Debt - Narratives (Details)

Debt - Narratives (Details)	Mar. 14, 2022USD ($)	Jan. 21, 2022USD ($)extension	Jan. 14, 2022USD ($)extension	Mar. 15, 2021USD ($)	Mar. 05, 2021USD ($)	Mar. 31, 2022USD ($)loan	Mar. 31, 2021USD ($)	Jun. 01, 2021USD ($)
Debt Instrument [Line Items]
Number of mortgage loans under cash management agreements | loan						18
Number of mortgage loans count | loan						24
Loans refinanced						$ 285,400,000
Non-recourse debt, net						1,961,382,000
Loss on extinguishment of debt						(13,863,000)	$ 0
Repayments of secured debt						$ 211,995,000	$ 5,889,000
Mortgages | Renaissance Chicago Downtown
Debt Instrument [Line Items]
Loans refinanced	$ 80,000,000
Loss on extinguishment of debt				$ 0
Repayments of secured debt	$ 4,000,000
Mortgages | Ritz-Carlton Key Biscayne
Debt Instrument [Line Items]
Loans refinanced					$ 190,000,000
Loss on extinguishment of debt					0
Mortgages | Equinox Golf Resort & Spa
Debt Instrument [Line Items]
Loans refinanced				$ 45,500,000
Loss on extinguishment of debt					$ 0
Mortgages | Courtyard Times Square West
Debt Instrument [Line Items]
Non-recourse debt, net								$ 59,200,000
Mortgages | San Diego Marriott La Jolla
Debt Instrument [Line Items]
Loans refinanced			$ 81,400,000
Non-recourse debt, net			97,700,000
Proceeds from long term debt			$ 83,200,000
Extension option | extension			2
Extension term			1 year
Loss on extinguishment of debt			$ 4,100,000
Mortgages | San Jose Marriott
Debt Instrument [Line Items]
Loans refinanced		$ 87,100,000
Mortgages | Le Méridien Arlington
Debt Instrument [Line Items]
Loans refinanced		34,600,000
Mortgages | San Jose Marriott and Le Méridien Arlington
Debt Instrument [Line Items]
Non-recourse debt, net		135,500,000
Proceeds from long term debt		$ 126,200,000
Extension option | extension		2
Extension term		1 year
Loss on extinguishment of debt		$ 100,000

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Long-term Debt
2022 (remainder)	$ 910,965
2023	527,464
2024	329,910
2025	209,417
2026	0
Total principal payments	1,977,756
Unamortized deferred financing costs	(10,401)
Unamortized fair value discount	(5,973)
Non-recourse debt, net	$ 1,961,382

Commitments and Contingencies_2

Commitments and Contingencies - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)franchise_agreementproperty	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Loss Contingencies
Number of management companies | franchise_agreement	9
Number of management agreements | franchise_agreement	11
Properties under franchise or license agreement (properties) | property	11
Hotel With No Franchise Agreements | property	3
Restricted cash | $	$ 106,032		$ 99,000
Cash reserves used, subject to replenishment requirements | $	1,300
Unpaid commitments | $	54,900
Furniture, fixtures and equipment
Loss Contingencies
Restricted cash | $	$ 55,700		$ 58,700
Marriott Brand
Loss Contingencies
Franchise agreements, count | franchise_agreement	8
Hilton Brand
Loss Contingencies
Franchise agreements, count | franchise_agreement	1
Intercontinental Hotels
Loss Contingencies
Franchise agreements, count | franchise_agreement	1
Hyatt Brand
Loss Contingencies
Franchise agreements, count | franchise_agreement	1
Management fees
Loss Contingencies
Cost of services | $	$ 6,399	$ 2,513
Franchises
Loss Contingencies
Cost of services | $	$ 2,200	$ 900
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 (in years)	15 years
Marketing and reservation contribution rate (percentage)	1.00%
Required FF&E percentages for future capital expenditures (percentage)	3.00%
Operating lease contract term (years)	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 (in years)	25 years
Marketing and reservation contribution rate (percentage)	4.00%
Required FF&E percentages for future capital expenditures (percentage)	5.00%
Operating lease contract term (years)	88 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_3

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Fixed lease cost	$ 3,474	$ 2,850
Variable lease cost	84	28
Total lease cost	$ 3,558	$ 2,878

Loss Per Share and Equity - Sum

Loss Per Share and Equity - Summary of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Net loss attributable to Common Stockholders, Basic	$ (40,087)	$ (75,567)
Net loss attributable to Common Stockholders, Diluted	$ (40,087)	$ (75,567)
Class A common stock
Class of Stock [Line Items]
Basic weighted-average shares outstanding (in shares)	167,689,164	167,466,809
Diluted weighted-average shares outstanding (in shares)	167,689,164	167,466,809
Net loss attributable to Common Stockholders, Basic	$ (29,382)	$ (55,367)
Net loss attributable to Common Stockholders, Diluted	$ (29,382)	$ (55,367)
Basic loss per share (usd per share)	$ (0.18)	$ (0.33)
Diluted loss per share (usd per share)	$ (0.18)	$ (0.33)
Class T common stock
Class of Stock [Line Items]
Basic weighted-average shares outstanding (in shares)	61,095,773	61,099,580
Diluted weighted-average shares outstanding (in shares)	61,095,773	61,099,580
Net loss attributable to Common Stockholders, Basic	$ (10,705)	$ (20,200)
Net loss attributable to Common Stockholders, Diluted	$ (10,705)	$ (20,200)
Basic loss per share (usd per share)	$ (0.18)	$ (0.33)
Diluted loss per share (usd per share)	$ (0.18)	$ (0.33)

Loss Per Share and Equity - Nar

Loss Per Share and Equity - Narratives (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Exchange ratio	1	1
Class of warrant, outstanding	16,778,446	16,778,446
Operating Partnership
Class of Stock [Line Items]
Operating units, outstanding (shares)	231,202,933	231,202,933
Capital interest ownership in operating partnership (percentage)	99.00%	99.00%
Operating Partnership | CEO
Class of Stock [Line Items]
Operating units, outstanding (shares)	2,417,996	2,417,996
Capital interest ownership in operating partnership (percentage)	1.00%	1.00%

Loss Per Share and Equity - Rec

Loss Per Share and Equity - Reclassifications of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation Of Accumulated Comprehensive Income
Beginning balance, value	$ 672,263	$ 786,416
Interest expense	34,537	42,383
Net current period other comprehensive income	4,149	239
Ending balance, value	633,461	704,702
Accumulated Other Comprehensive Income (Loss)
Reconciliation Of Accumulated Comprehensive Income
Beginning balance, value	148	(724)
Net current period other comprehensive income	4,149	237
Ending balance, value	4,297	(487)
Other comprehensive income before reclassifications
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income before reclassifications	3,978	90
Net current period other comprehensive income	4,149	239
Other comprehensive income before reclassifications | Reclassification out of Accumulated Other Comprehensive Income
Reconciliation Of Accumulated Comprehensive Income
Interest expense	171	149
Total	171	149
Net current period other comprehensive income attributable to noncontrolling interests
Reconciliation Of Accumulated Comprehensive Income
Net current period other comprehensive income attributable to noncontrolling interests	$ 0	$ (2)

Income Taxes - (Details)

Income Taxes - (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)	$ 0.1	$ 0.1
Deferred income tax expense	$ 0.4	$ 0.1

Mandatorily Redeemable Prefer_3

Mandatorily Redeemable Preferred Stock - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 25, 2022	Jul. 21, 2020	Apr. 13, 2020	Mar. 31, 2022	Dec. 31, 2021
Preferred Stock
Preferred stock, shares authorized (shares)				50,000,000	50,000,000
Preferred stock, par share value (usd per share)				$ 0.001	$ 0.001
Warrant Units
Preferred Stock
Warrant exercise price (usd per warrant unit)		$ 0.01
Warrants Units recorded in noncontrolling interest				$ 10.7	$ 13.7
The Purchaser
Preferred Stock
Aggregate purchase price		$ 200
The Purchaser | Warrant Units
Preferred Stock
Warrant subscription (in shares)		16,778,446
Series A and Series B Preferred Stock
Preferred Stock
Dividends accrued				5.9	$ 6.5
Series A Preferred Stock | Period One
Preferred Stock
Preferred stock dividend rate (percent)			5.00%
Preferred redeemable shares (percent)			25.00%
Redemption price (usd per share)			$ 50
Series A Preferred Stock | Period Two
Preferred Stock
Preferred stock dividend rate (percent)			7.00%
Preferred redeemable shares (percent)			25.00%
Redemption price (usd per share)			$ 50
Series A Preferred Stock | Period Three
Preferred Stock
Preferred stock dividend rate (percent)			8.00%
Series A Preferred Stock | WCP
Preferred Stock
Preferred stock liquidation preference (usd per share)	$ 50
Redemption of special general partnership interest (in shares)	1,300,000
Stock redeemed or called during period, value	$ 65
Cash dividend	$ 0.1
Recognized loss				$ 9.7
Series A Preferred Stock | WCP | CWI
Preferred Stock
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
Preferred Stock
Preferred stock liquidation preference (usd per share)		$ 1,000
Preferred stock dividend rate (percent)		12.00%		12.00%
Series B Preferred Stock | The Purchaser
Preferred Stock
Preferred stock subscription (in shares)		200,000

Mandatorily Redeemable Prefer_4

Mandatorily Redeemable Preferred Stock - Schedule of Mandatorily Redeemable Capital Stock (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Preferred Stock
Mandatorily redeemable preferred stock	$ 204,387	$ 256,731
Series A Preferred Stock
Preferred Stock
Liquidation value	0	65,000
Fair value discount	0	(14,310)
Fair value	0	50,690
Accumulated amortization of fair value discount	0	4,364
Deferred financing costs	0	0
Accumulated amortization of deferred financing costs	0	0
Mandatorily redeemable preferred stock	0	55,054
Series B Preferred Stock
Preferred Stock
Liquidation value	231,255	231,255
Fair value discount	(30,358)	(30,358)
Fair value	200,897	200,897
Accumulated amortization of fair value discount	10,235	8,740
Deferred financing costs	(10,177)	(11,177)
Accumulated amortization of deferred financing costs	3,432	3,217
Mandatorily redeemable preferred stock	$ 204,387	$ 201,677

Subsequent Event - (Details)

Subsequent Event - (Details)	May 11, 2022USD ($)	Apr. 29, 2022USD ($)	May 12, 2022USD ($)	May 06, 2022$ / shares	Mar. 31, 2022USD ($)
Subsequent Event
Loans refinanced					$ 285,400,000
Subsequent event
Subsequent Event
Loans refinanced			$ 251,900,000
Subsequent event | Mortgages | Westin Pasadena
Subsequent Event
Loans refinanced		$ 83,600,000
Loan		$ 86,400,000
Extension option		2
Extension term		1 year
Subsequent event | Mortgages | Marriott Raleigh City Center
Subsequent Event
Loans refinanced	$ 65,000,000
Loan	$ 68,000,000
Extension option	2
Extension term	1 year
Subsequent event | Mortgages | Charlotte Marriott City Center
Subsequent Event
Loans refinanced	$ 103,000,000
Loan	$ 86,000,000
Extension option	2
Extension term	1 year
Subsequent event | Mezzanine Loan | Charlotte Marriott City Center
Subsequent Event
Loan	$ 22,000,000
Extension option	2
Extension term	1 year
Subsequent event | Watermark Lodging Trust, Inc. | Brookfield | Class A
Subsequent Event
Acquisition share price (usd per share) | $ / shares				$ 6.768
Subsequent event | Watermark Lodging Trust, Inc. | Brookfield | Class T
Subsequent Event
Acquisition share price (usd per share) | $ / shares				$ 6.699