Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Xenia Hotels & Resorts, Inc. | |
Entity Central Index Key | 1,616,000 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 106,729,984 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Investment properties: | ||
Land | $ 335,805 | $ 331,502 |
Buildings and other improvements | 2,728,321 | 2,732,062 |
Total | 3,064,126 | 3,063,564 |
Less: accumulated depreciation | (629,920) | (619,975) |
Net investment properties | 2,434,206 | 2,443,589 |
Cash and cash equivalents | 450,441 | 216,054 |
Restricted cash and escrows | 62,877 | 70,973 |
Accounts and rents receivable, net of allowance for doubtful accounts | 34,542 | 22,998 |
Intangible assets, net of accumulated amortization of $5,891 and $4,324, respectively | 74,655 | 76,912 |
Other assets | 31,911 | 29,819 |
Total assets (including $71,500 and $74,440, respectively, related to consolidated variable interest entities - Note 5) | 3,088,632 | 2,860,345 |
Liabilities | ||
Debt, net of loan discounts and unamortized deferred financing costs | 1,285,891 | 1,077,132 |
Accounts payable and accrued expenses | 79,862 | 71,955 |
Distributions payable | 29,901 | 29,881 |
Other liabilities | 36,060 | 29,810 |
Total liabilities (including $47,169 and $47,828, respectively, related to consolidated variable interest entities - Note 5) | 1,431,714 | 1,208,778 |
Commitments and contingencies | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 500,000,000 shares authorized, 106,728,578 and 106,794,788 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively | 1,068 | 1,068 |
Additional paid in capital | 1,923,540 | 1,925,554 |
Accumulated other comprehensive income | 4,995 | 5,009 |
Accumulated distributions in excess of net earnings | (301,217) | (302,034) |
Total Company stockholders' equity | 1,628,386 | 1,629,597 |
Non-controlling interests | 28,532 | 21,970 |
Total equity | 1,656,918 | 1,651,567 |
Total liabilities and equity | $ 3,088,632 | $ 2,860,345 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Intangible assets, accumulated amortization | $ 5,891 | $ 4,324 |
Total assets related to consolidated variable interest entities | 71,500 | 74,440 |
Total liabilities related to consolidated variable interest entities | $ 47,169 | $ 47,828 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock shares, issued (in shares) | 106,728,578 | 106,794,788 |
Common stock shares, outstanding (in shares) | 106,728,578 | 106,794,788 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues: | ||||
Rooms revenues | $ 152,942 | $ 167,066 | $ 462,261 | $ 507,361 |
Food and beverage revenues | 56,653 | 55,687 | 185,030 | 185,484 |
Other revenues | 13,694 | 11,193 | 38,851 | 37,515 |
Total revenues | 223,289 | 233,946 | 686,142 | 730,360 |
Expenses: | ||||
Rooms expenses | 35,427 | 36,854 | 104,406 | 111,812 |
Food and beverage expenses | 40,507 | 38,233 | 121,489 | 122,475 |
Other direct expenses | 3,441 | 1,520 | 9,750 | 9,571 |
Other indirect expenses | 54,737 | 55,076 | 163,067 | 170,957 |
Management and franchise fees | 9,393 | 11,459 | 32,493 | 37,486 |
Total hotel operating expenses | 143,505 | 143,142 | 431,205 | 452,301 |
Depreciation and amortization | 37,492 | 37,796 | 110,596 | 115,066 |
Real estate taxes, personal property taxes and insurance | 10,152 | 12,300 | 32,208 | 34,875 |
Ground lease expense | 1,393 | 1,356 | 4,178 | 4,112 |
General and administrative expenses | 7,380 | 7,211 | 23,985 | 25,508 |
Acquisition transaction costs | 210 | 2 | 1,476 | 147 |
Impairment and other losses | 2,174 | 15 | 2,174 | 10,006 |
Total expenses | 202,306 | 201,822 | 605,822 | 642,015 |
Operating income | 20,983 | 32,124 | 80,320 | 88,345 |
Gain (loss) on sale of investment properties | 1,570 | (1) | 50,747 | 792 |
Other income | 428 | 738 | 766 | 916 |
Interest expense | (11,599) | (12,373) | (32,896) | (38,014) |
Loss on extinguishment of debt | 0 | (244) | (274) | (5,023) |
Net income before income taxes | 11,382 | 20,244 | 98,663 | 47,016 |
Income tax benefit (expense) | 385 | 187 | (7,670) | (9,613) |
Net income | 11,767 | 20,431 | 90,993 | 37,403 |
Non-controlling interests in consolidated real estate entities | 130 | 84 | 75 | 205 |
Non-controlling interests of Common Units in Operating Partnership | (259) | (273) | (1,899) | (512) |
Net income attributable to non-controlling interests | (129) | (189) | (1,824) | (307) |
Net income attributable to common stockholders | $ 11,638 | $ 20,242 | $ 89,169 | $ 37,096 |
Basic and diluted earnings per share | ||||
Net income per share available to common stockholders (in dollars per share) | $ 0.11 | $ 0.19 | $ 0.83 | $ 0.34 |
Weighted average number of common shares, basic (in shares) | 106,727,330 | 107,538,601 | 106,779,824 | 108,384,241 |
Weighted average number of common shares, diluted (in shares) | 106,995,887 | 107,677,749 | 107,020,675 | 108,495,365 |
Other comprehensive income (loss): | ||||
Unrealized (loss) gain on interest rate derivative instruments | $ (258) | $ 1,362 | $ (1,932) | $ (14,283) |
Reclassification adjustment for amounts recognized in net income (interest expense) | 412 | 972 | 1,916 | 2,869 |
Comprehensive income, net of tax, including portion attributable to noncontrolling interest | 11,921 | 22,765 | 90,977 | 25,989 |
Comprehensive (income) loss attributable to non-controlling interests: | ||||
Non-controlling interests in consolidated real estate entities | 130 | 84 | 75 | 205 |
Non-controlling interests of Common Units in Operating Partnership | (262) | (303) | (1,897) | (362) |
Comprehensive income attributable to non-controlling interests | (132) | (219) | (1,822) | (157) |
Comprehensive income attributable to the Company | $ 11,789 | $ 22,546 | $ 89,155 | $ 25,832 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Changes in Equity - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Total | Common Stock | Additional paid in capital | Accumulated other comprehensive income | Distributions in excess of retained earnings | Non-controlling Interests | Operating Partnership | Consolidated Real Estate Entities |
Beginning balance of stockholders' equity, including portion attributable to noncontrolling interest at Dec. 31, 2016 | $ 1,651,567 | $ 1,068 | $ 1,925,554 | $ 5,009 | $ (302,034) | $ 21,970 | $ 8,877 | $ 13,093 |
Beginning balance, shares outstanding (in shares) at Dec. 31, 2016 | 106,794,788 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 90,993 | 89,169 | 1,824 | 1,899 | (75) | |||
Repurchase of common shares | $ (4,103) | $ (2) | (4,101) | |||||
Repurchase of common shares (in shares) | (240,352) | (240,352) | ||||||
Dividends, common shares / units ($0.825) | $ (88,782) | (88,352) | (430) | (430) | ||||
Share-based compensation | 9,468 | $ 3 | 3,936 | 5,529 | 5,529 | |||
Share-based compensation (in shares) | 276,134 | |||||||
Shares redeemed to satisfy tax withholding on vested share based compensation | (1,850) | $ (1) | (1,849) | |||||
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares) | (101,992) | |||||||
Distributions to non-controlling interests | (359) | (359) | (359) | |||||
Unrealized (loss) gain on interest rate derivative instruments | (1,932) | (1,892) | (40) | (40) | ||||
Reclassification adjustment for amounts recognized in net income | 1,916 | 1,878 | 38 | 38 | ||||
Ending balance of stockholders' equity, including portion attributable to noncontrolling interest at Sep. 30, 2017 | $ 1,656,918 | $ 1,068 | $ 1,923,540 | $ 4,995 | $ (301,217) | $ 28,532 | $ 15,873 | $ 12,659 |
Ending balance, shares outstanding (in shares) at Sep. 30, 2017 | 106,728,578 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividend declared (in dollars per share) | $ 0.275 | $ 0.275 | $ 0.275 | $ 0.825 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 90,993 | $ 37,403 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 108,988 | 112,897 |
Amortization of above and below market leases and other lease intangibles | 1,963 | 2,547 |
Amortization of debt premiums, discounts, and financing costs | 2,099 | 3,009 |
Loss on extinguishment of debt | 274 | 5,023 |
Gain on sale of investment property | (50,747) | (792) |
Impairment and other losses | 950 | 10,006 |
Share-based compensation expense | 7,587 | 7,049 |
Prepayment penalties and defeasance | 0 | (4,813) |
Changes in assets and liabilities: | ||
Accounts and rents receivable | (5,676) | (8,814) |
Deferred costs and other assets | 4,557 | 4,858 |
Accounts payable and accrued expenses | 2,454 | 1,795 |
Other liabilities | 7,750 | 2,708 |
Net cash provided by operating activities | 171,192 | 172,876 |
Cash flows from investing activities: | ||
Purchase of investment properties | (202,881) | (116,000) |
Capital expenditures and tenant improvements | (52,113) | (38,091) |
Proceeds from sale of investment properties | 204,353 | 160,095 |
Deposits for acquisition of hotel properties | 6,000 | 0 |
Net cash (used in) provided by investing activities | (56,641) | 6,004 |
Cash flows from financing activities: | ||
Proceeds from mortgage debt and notes payable | 215,000 | 71,258 |
Payoffs of mortgage debt | (127,876) | (147,042) |
Principal payments of mortgage debt | (1,938) | (4,377) |
Proceeds from unsecured term loan | 125,000 | 125,000 |
Payment of loan fees and deposits | (3,241) | (646) |
Proceeds from revolving line of credit draws | 80,000 | 0 |
Payments on revolving line of credit | (80,000) | 0 |
Contributions from non-controlling interests | 0 | 341 |
Repurchase of common shares | (4,103) | (66,261) |
Shares redeemed to satisfy tax withholding on vested share based compensation | (1,850) | (561) |
Dividends, common shares/units | (88,893) | (85,271) |
Distributions paid to non-controlling interests | (359) | (179) |
Net cash provided by (used in) financing activities | 111,740 | (107,738) |
Net increase in cash and cash equivalents and restricted cash | 226,291 | 71,142 |
Cash and cash equivalents and restricted cash, at beginning of period | 287,027 | 199,751 |
Cash and cash equivalents and restricted cash, at end of period | $ 513,318 | $ 270,893 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Supplemental) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | $ 450,441 | $ 185,311 |
Restricted cash | 62,877 | 85,582 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 513,318 | 270,893 |
Cash paid for taxes | 3,930 | 6,650 |
Cash paid for interest | 30,467 | 31,027 |
Supplemental schedule of non-cash investing and financing activities: | ||
Accrued capital expenditures | 1,170 | 1,246 |
Change in fair value of designated interest rate swaps | (16) | (11,414) |
Deposit applied to purchase price of hotel property upon acquisition | $ 0 | $ 20,000 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Xenia Hotels & Resorts, Inc. (the "Company" or "Xenia") is a Maryland corporation that invests primarily in premium full service and lifestyle hotels, with a focus on the top 25 lodging markets as well as key leisure destinations in the United States ("U.S."). Substantially all of the Company's assets are held by, and all the operations are conducted through XHR LP (the "Operating Partnership"). XHR GP, Inc. is the sole general partner of XHR LP and is wholly owned by the Company. As of September 30, 2017 , the Company collectively owned 98% of the common limited partnership units issued by the Operating Partnership ("Common Units"). The remaining 2% of the Common Units are owned by the other limited partners. To qualify as a real estate investment trust ("REIT"), the Company cannot operate or manage its hotels. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to XHR Holding, Inc. and its subsidiaries (collectively with its subsidiaries, "XHR Holding"), the Company's taxable REIT subsidiary ("TRS"), which engages third-party eligible independent contractors to manage the hotels. As of September 30, 2017 , the Company owned 36 lodging properties, 34 of which were wholly owned. The remaining two hotels are owned through individual investments in real estate entities, in which the Company has a 75% ownership interest in each investment. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The unaudited interim condensed consolidated financial statements and related notes have been prepared on an accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. The unaudited financial statements include normal recurring adjustments, which management considers necessary for the fair presentation of the condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive income , condensed consolidated statements of changes in equity and condensed consolidated statements of cash flows for the periods presented. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2016 , included in the Company's Annual Report on Form 10-K filed with the SEC on February 28, 2017. Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of actual operating results for the entire year. Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, XHR Holding, and its consolidated investments in real estate entities. The Company's subsidiaries and consolidated investments in real estate entities generally consist of limited liability companies, limited partnerships and the TRS. The effects of all inter-company transactions have been eliminated. Certain prior year amounts in these financial statements have been reclassified to conform to the presentation for the three and nine months ended September 30, 2017 . Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected economic conditions. Actual results could differ from these estimates. Risks and Uncertainties The Company had a geographical concentration risk for the three and nine months ended September 30, 2017 and 2016 , which was related to revenues generated from hotels located in the following markets: Three Months Ended September 30, Nine Months Ended September 30, Market 2017 2016 2017 2016 Houston, TX (1) 9 % 9 % 10 % 11 % Orlando, FL (2) 10 % 3 % 7 % 4 % (1) For the three and nine months ended September 30, 2017 and 2016 , the Company owned three and four hotels in the Houston, TX market, respectively. (2) For the three and nine months ended September 30, 2017 and 2016 , the Company owned three and two hotels in the Orlando, FL market, respectively. To the extent that there are adverse changes in these markets, or the industry sectors that operate in these markets, our business and operating results could be negatively impacted. The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of our hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our stockholders and service debt or meet other financial obligations. Consolidation The Company evaluates its investments in partially owned entities to determine whether such entities may be a variable interest entity ("VIE"). If the entity is a VIE, the determination of whether the Company is the primary beneficiary must be made. The primary beneficiary determination is based on a qualitative assessment as to whether the entity has (i) power to direct significant activities of the VIE and (ii) an obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The Company will consolidate a VIE if it is deemed to be the primary beneficiary. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary, or the entity is not a VIE and the Company does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions periodically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant as the Company does not anticipate the financial institutions’ non-performance. Restricted Cash and Escrows Restricted cash primarily relates to lodging furniture, fixtures and equipment reserves as required per the terms of our management and franchise agreements, cash held in restricted escrows for real estate taxes and insurance escrows, and capital spending reserves. Acquisition of Real Estate The Company allocates the purchase price of each acquired business (as defined in the accounting guidance related to business combinations, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 805, Business Combinations) between tangible and intangible assets at fair value on the acquisition date. Such tangible and intangible assets include land, building and improvements, furniture and fixtures, inventory, acquired above market and below market leases, in-place lease value (if applicable), advanced bookings, customer re lationships, and any assumed financing that is determined to be above or below market terms. Any additional amounts are allocated to goodwill as required, based on the remaining purchase price in excess of the fair value of the tangible and intangible assets acquired and liabilities assumed. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. The allocation of the purchase price is an area that requires judgment and significant estimates. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar investment properties. The Company allocates a portion of the purchase price to the estimated acquired in-place lease costs, based on estimated lease execution costs for similar leases as well as lost rent payments during assumed lease up period when calculating as if vacant fair values for properties acquired with space leases to third party tenants, which is typically retail or restaurant space. The Company also evaluates each acquired lease, including ground leases, based upon current market rates at the acquisition date and considers various factors including geographical location, size and location of leased land or retail space in determining whether the acquired lease is above or below market. After an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market lease intangible based upon the present value of the difference between the contractual lease rate and the estimated market rate. For leases with fixed rate renewals, renewal periods are included in the calculation of above or below market in-place lease values. The determination of the discount rate used in the present value calculation is based upon the "risk free rate" and current interest rates. This discount rate is a significant factor in determining the market valuation which requires judgment of subjective factors such as market knowledge, economics, demographics, location, visibility, age and physical condition of the property. The Company expenses acquisition costs of all acquired businesses as incurred. This includes all costs related to finding, analyzing and negotiating a transaction, whether or not the acquisition is completed. Impairment The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable, such as a reduction in the expected holding period of the asset or a change in demand for lodging at the Company's hotels. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed the carrying value, the Company records an impairment loss to the extent that the carrying value exceeds fair value. The valuation and possible subsequent impairment of investment properties is a significant estimate that can and does change based on the Company's continuous process of analyzing each property and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the property at a particular point in time. The use of projected future cash flows and related holding period is based on assumptions that are consistent with the estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However, assumptions and estimates about future cash flows and capitalization rates are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analyses could impact these assumptions and result in future impairment charges of the real estate properties. Involuntary Conversion In the third quarter of 2017, two major hurricanes impacted several of the Company's lodging properties. The Company recorded a loss of $950 thousand , net of insurance recoveries, for the three and nine months ended September 30, 2017 , which represented the historical cost net of accumulated depreciation of the properties and equipment written off for damage sustained during the hurricanes. Any amount expected to be received above the recorded loss will be treated as a gain and will not be recorded until contingencies are resolved. Additionally, the Company expensed an estimated $1.2 million of hurricane-related repairs and cleanup costs across all impacted properties for the three and nine months ended September 30, 2017 , which is included in impairment and other losses on the condensed consolidated statements of operations for the periods then ended. The Company may be entitled to business interruption proceeds for certain properties, however, it will not record an insurance recovery receivable for these losses until a final settlement has been reached with the insurance company. Any insurances proceeds received in excess of insurance deductibles will be accounted for as a gain. No business interruption insurance recovery receivables were accrued as of September 30, 2017. Disposition of Real Estate The Company accounts for dispositions in accordance with FASB ASC 360-20, Real Estate Sales. The Company recognizes a gain in full when real estate is sold, provided (a) the profit is determinable, that is, the collectability of the sales price is reasonably assured or the amount that will not be collectible, if any, can be estimated, and (b) the earnings process is virtually complete, that is, the seller is not obliged to perform significant activities after the sale to earn the profit and the buyer has paid a significant non-refundable deposit. Share-Based Compensation The Company has adopted a share-based incentive plan that provides for the grant of stock options, stock awards, restricted stock units, Operating Partnership Units and other equity-based awards. Share-based compensation is measured at the estimated fair value of the award on the date of grant, adjusted for forfeitures, and recognized as an expense on a straight-line basis over the longest vesting period for each grant for the entire award. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether certain of these awards will achieve performance thresholds. Share-based compensation is included in general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income and capitalized in building and other improvements in the condensed consolidated balance sheets for certain employees that manage property developments, renovations and capital improvements. Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, although it will not affect the accounting for lease related revenues. The new standard is effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is finalizing its analysis, but does not expect a significant change to our current revenue recognition policies or the amount or timing of recognition, and is currently in the process of developing the related disclosures required under the standard. The Company plans to adopt ASU 2014-09 using the modified retrospective transition method. Additionally, the Company continues to evaluate the sale of non-financial assets to entities that are not customers, such as the disposition of real estate assets. Historically, hotel dispositions have been cash sales that required no contingencies for future involvement in the hotel's operations and, therefore, the Company does not expect ASU 2014-09 to have a material impact on its recognition of hotel sales. In February 2016, the FASB issued ASU 2016-02, Leases, which replaces ASC Topic 840, Leases, and requires most lessee leases to be recorded on the Company's balance sheet as either operating or financing leases with a right of use asset and a corresponding lease liability measured at present value. Operating leases will be recognized on the income statement on a straight-line basis as lease expense and financing leases will be accounted for similar to the accounting for amortizing debt. Leases with terms of less than 12 months will continue to be accounted for as they are under the current standard. The new standard is effective for the Company on January 1, 2019, with early adoption permitted. The Company is still evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures, but expects potentially significant lease-related right of use assets and liabilities to be recorded on the balance sheet for both equipment and ground leases for which the Company is the lessee. The Company is currently evaluating its population of leases and developing processes to account for such leases under the new standard. The Company anticipates adopting the standard on January 1, 2019 using the modified retrospective method. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Award Payment Accounting, which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share-based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold up to the maximum individual statutory tax rate of the shares upon settlement of an award without causing the award to be classified as liability. The Company adopted this standard on January 1, 2017 and it did not have a material impact on the Company's financial position, results of operations or cash flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which changes the way certain cash receipts and cash payments are presented and classified on the statement of cash flows in order to reduce diversity in practice across all industries. The standard clarifies classification for debt prepayment or debt extinguishment costs, proceeds from the settlement of insurance claims, and contingent consideration payments made after business combination among other things. The new standard is effective for the Company on January 1, 2018, however, early adoption is permitted. The Company does not expect ASU 2016-15 will have a significant impact on its consolidated financial statements and related disclosures. However, the Company does expect that certain amounts will be reclassed retrospectively to conform historical presentation to the new standard. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which enhances the presentation requirements of restricted cash. The standard aims to unify presentation and minimize the diversity in practice. These presentation changes include increased disclosures surrounding the restrictions on cash and the inclusion of the restricted cash balance in the reconciliation completed at the end of the statement of cash flows. The new standard is effective for the Company on January 1, 2018, however, early adoption is permitted. The Company early adopted ASU 2016-18 as of September 30, 2017. As a result, amounts included in restricted cash on our condensed consolidated balance sheet are included with cash and cash equivalents on the condensed consolidated statement of cash flows for the nine months ended September 30, 2017, and the Company reclassified the statement of cash flows for the nine months ended September 30, 2016 to reflect the adoption of ASU 2016-18. The adoption of ASU 2016-18 had no impact on our condensed consolidated balance sheet. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"). The guidance is intended to assist entities with evaluating whether a set of transferred assets and activities is a business. Under the new guidance, an entity first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set is not a business. If the threshold is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The new standard is effective for the Company on January 1, 2018, however, early adoption is permitted. The Company is evaluating the effect that ASU 2017-01 will have on its consolidated financial statements and related disclosures, but anticipates that future acquisitions could be accounted for as asset acquisitions rather than business combinations. Also in January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment. The guidance is intended to simplify the accounting for goodwill impairment and removes Step 2 of the goodwill impairment test under the current guidance, which requires a hypothetical purchase price allocation. A goodwill impairment under ASU 2017-04 will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. Entities will be required to disclose the amount of goodwill at reporting units with zero or negative carrying amounts. The new standard is effective for the Company on January 1, 2020, however, early adoption is permitted. The Company does not expect the adoption of ASU 2017-04 to have a significant effect on its consolidated financial statements and related disclosures. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The guidance aims at better clarifying the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The new standard is effective for the Company on January 1, 2018. The Company is currently evaluating the effect that ASU 2017-05 will have on its consolidated financial statements and related disclosures, but anticipates upon adoption some dispositions of real estate assets will be accounted for under ASU 2017-05 if these real estate assets do not meet the definition of a business under ASU 2017-01. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. The guidance is intended to clarify when certain changes to terms or conditions of share-based payment awards must be accounted for as modifications but does not change the accounting for modifications. The new standard is to be applied prospectively to awards modified on or after the adoption date and will be effective for the Company on January 1, 2018, however, early adoption is permitted. The Company does not expect the adoption of ASU 2017-09 to have a significant effect on its consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the ASU 2017-12 as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. The Company continues to assess all potential impacts of the standard, but does not anticipate adoption will have a material impact on its consolidated financial statements and related disclosures. |
Investment Properties
Investment Properties | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Investment Properties | Investment Properties In May 2017 , the Company acquired the 815 -room Hyatt Regency Grand Cypress located in Orlando, Florida for a purchase price of $205.5 million , excluding closing costs, that was funded with cash. The revenues and net loss attributable to the Hyatt Regency Grand Cypress for the three months ended September 30, 2017 were approximately $15.2 million and $1.2 million , respectively, and for the nine months ended September 30, 2017 were approximately $22.4 million and $0.5 million , respectively, all of which were included in the Company's condensed consolidated statements of operations and comprehensive income from the date of acquisition to the periods then ended. The Company recorded the identifiable assets and liabilities, including intangibles, acquired in the business combination at the acquisition date fair value using significant other observable inputs (Level 2). The following reflects the purchase price allocation for the Hyatt Regency Grand Cypress: Land $ 17,866 Building and improvements 165,807 Furniture, fixtures, and equipment 17,656 Intangibles and other assets (1) 4,171 Total purchase price $ 205,500 (1) As part of the purchase price allocation, the Company allocated $3.5 million to advanced bookings that will be amortized over approximately 3.5 years and allocated $0.1 million to lease intangibles that will be amortized over a weighted average of seven years. In January 2016, the Company acquired the Hotel Commonwealth located in Boston, Massachusetts for a purchase price of $136 million , excluding closing costs. The hotel has a total of 245 rooms, which includes a 96 -room hotel expansion that was completed in December 2015. The Hotel Commonwealth is subject to a long-term ground lease, which expires in 2087, and was assumed by the Company as part of the acquisition. The following pro forma financial information presents the Company's consolidated results of operations as if the 2017 and 2016 acquisitions had taken place on January 1, 2016. The consolidated unaudited pro forma financial information is not necessarily indicative of what actual results of operations of the Company would have been assuming the acquisitions had taken place on January 1, 2016, nor does it purport to represent the results of operations for future periods. The consolidated pro forma financial information is as follows (in thousands, except per share and per share data) for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenue $ 223,289 $ 249,914 $ 723,402 $ 787,804 Net income attributable to common stockholders (1) $ 11,767 $ 19,127 $ 99,495 $ 40,856 Net income per share available to common stockholders - basic and diluted $ 0.11 $ 0.18 $ 0.93 $ 0.38 Weighted average number of common shares - basic 106,727,330 107,538,601 106,779,824 108,384,241 Weighted average number of common shares - diluted 106,995,887 107,677,749 107,020,675 108,495,365 (1) The pro forma results above exclude acquisition costs. |
Disposed Properties
Disposed Properties | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposed Properties | Disposed Properties The following represents the disposition details for the hotels sold during the nine months ended September 30, 2017 and 2016 , respectively (in thousands): Property Date Gross Sale Price Net Proceeds Gain on Sale/ (Impairment) Courtyard Birmingham Downtown at UAB (1)(2) 04/2017 $ 30,000 $ 29,176 $ 12,972 Courtyard Fort Worth Downtown/Blackstone, Courtyard Kansas City Country Club Plaza, Courtyard Pittsburgh Downtown, Hampton Inn & Suites Baltimore Inner Harbor, and Residence Inn Baltimore Inner Harbor (1) 06/2017 163,000 157,675 36,121 Marriott West Des Moines (1) 07/2017 19,000 18,014 1,654 Total for the nine months ended September 30, 2017 (4) $ 212,000 $ 204,865 $ 50,747 Hilton University of Florida Conference Center Gainesville (1)(3) 02/2016 $ 36,000 $ 32,055 $ 649 DoubleTree by Hilton Washington DC (1) 04/2016 65,000 63,550 (96 ) Embassy Suites Baltimore North/Hunt Valley (1) 05/2016 20,000 19,459 (8,036 ) Marriott Atlanta Century Center/Emory Area & Hilton Phoenix Suites (1) 06/2016 50,750 50,048 (1,874 ) Total for the nine months ended September 30, 2016 (4) $ 171,750 $ 165,112 $ (9,357 ) (1) Included in net income from continuing operations in the condensed consolidated statements of operations and comprehensive income for the periods of ownership through the date of disposition, as the sale did not represent a strategic shift or have a major effect on the Company's results of operations. (2) As part of the disposition in April 2017, the Company derecognized $2.3 million of goodwill related to Courtyard Birmingham at UAB that was included in intangible assets, net of accumulated amortization on the consolidated balance sheet as of December 31, 2016. As of September 30, 2017 , there was $0.5 million of the sales proceeds related to escrows held back at closing that were outstanding. (3) The Company was entitled to net proceeds at closing of $32.1 million , and in conjunction with the sale repaid the $27.8 million outstanding property level mortgage. (4) As of September 30, 2017 and 2016 , there was $0.5 million and $4.0 million , respectively, of the sales proceeds related to escrows held back at closing that were outstanding. |
Investment in Real Estate Entit
Investment in Real Estate Entities | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Real Estate Entities | Investment in Real Estate Entities The Company has a 75% interest in two investments in real estate entities that own and operate the Grand Bohemian Hotel Charleston and the Grand Bohemian Hotel Mountain Brook. These entities are considered VIE's because the entities do not have enough equity to finance their activities without additional subordinated financial support. The Company determined that it has the power to direct the activities of the VIE's that most significantly impact the VIE's economic performance, as well as the obligation to absorb losses of the VIE's that could potentially be significant to the VIE, or the right to receive benefits from the VIE's that could potentially be significant to the VIE. As such, the Company has a controlling financial interest and is considered the primary beneficiary of each of these entities. Therefore, these entities are consolidated by the Company. The following are the liabilities of the consolidated VIE's, which are non-recourse to the Company, and the assets that can be used to settle those obligations (in thousands): September 30, 2017 December 31, 2016 Net investment properties $ 68,499 $ 71,157 Other assets 3,001 3,283 Total assets $ 71,500 $ 74,440 Mortgages, notes and margins payable (44,374 ) (45,287 ) Other liabilities (2,795 ) (2,541 ) Total liabilities $ (47,169 ) $ (47,828 ) Net assets $ 24,331 $ 26,612 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Mortgages Payable Debt as of September 30, 2017 and December 31, 2016 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type Rate (1) Maturity Date September 30, 2017 December 31, 2016 Mortgage Loans Fairmont Dallas Variable — 4/10/2018 $ — $ 55,498 Residence Inn Denver City Center Variable — 4/17/2018 — 45,210 Bohemian Hotel Savannah Riverfront Variable — 12/17/2018 — 27,480 Andaz Savannah Variable 3.24 % 1/14/2019 21,500 21,500 Hotel Monaco Denver Fixed (2) 2.98 % 1/17/2019 41,000 41,000 Hotel Monaco Chicago Variable 3.49 % 1/17/2019 21,344 21,644 Loews New Orleans Hotel Variable 3.59 % 2/22/2019 37,500 37,500 Andaz Napa Fixed (2) 2.99 % 3/21/2019 38,000 38,000 Westin Galleria Houston & Westin Oaks Houston at The Galleria Variable 3.74 % 5/1/2019 110,000 110,000 Marriott Charleston Town Center Fixed 3.85 % 7/1/2020 16,033 16,403 Grand Bohemian Hotel Charleston (VIE) Variable 3.74 % 11/10/2020 19,175 19,628 Grand Bohemian Hotel Mountain Brook (VIE) Variable 3.74 % 12/27/2020 25,395 25,899 Marriott Dallas City Center Fixed (2) 4.05 % 1/3/2022 51,000 51,000 Hyatt Regency Santa Clara Fixed (2) 3.81 % 1/3/2022 90,000 90,000 Hotel Palomar Philadelphia Fixed (2) 4.14 % 1/13/2023 60,000 60,000 Renaissance Atlanta Waverly Hotel & Convention Center Variable 3.34 % 8/14/2024 100,000 — Residence Inn Boston Cambridge Fixed 4.48 % 11/1/2025 63,000 63,000 Grand Bohemian Hotel Orlando Fixed 4.53 % 3/1/2026 60,000 60,000 Marriott San Francisco Airport Waterfront Fixed 4.63 % 5/1/2027 115,000 — Total Mortgage Loans 3.88 % (3) $ 868,947 $ 783,762 Mortgage Loan Discounts, net (4) — — — (271 ) (319 ) Unamortized Deferred Financing Costs, net — — — (7,785 ) (6,311 ) Senior Unsecured Credit Facility (6) Variable 2.74 % 2/3/2019 — — Unsecured Term Loan $175M Partially Fixed (5) 2.74 % 2/15/2021 175,000 175,000 Unsecured Term Loan $125M Partially Fixed (5) 3.53 % 10/22/2022 125,000 125,000 Unsecured Term Loan $125M (7) Variable 2.94 % 9/13/2024 125,000 — Total Debt, net of loan discounts and unamortized deferred financing costs 3.60 % (3) $ 1,285,891 $ 1,077,132 (1) Variable index is one month LIBOR as of September 30, 2017 . (2) The Company entered into interest rate swap agreements to fix the interest rate of the variable rate mortgage loans through maturity. (3) Represents the weighted average interest rate as of September 30, 2017 . (4) Loan discounts recognized upon loan modifications, net of the accumulated amortization. (5) LIBOR has been fixed for the entire term of the loan. The spread may vary, as it is determined by the Company's leverage ratio. (6) In October 2017, the Company drew down $40 million for the acquisition disclosed in Note 14. (7) In September 2017, the Operating Partnership entered into a $125 million senior unsecured term loan agreement with a variable interest rate. In October 2017, the Operating Partnership entered into a series of swap agreements with four third-party financial institutions to fix LIBOR at 1.9161% through September 2022. Based on the Company’s current leverage ratio, including the newly executed swaps, the effective interest rate will be 3.62% . The term loan also includes an accordion option that allows the Company to request additional lender commitments of up to $125 million . In connection with repaying mortgage loans during 2017, the Company incurred $0.3 million of loss on extinguishment of debt during the nine months ended September 30, 2017 , which is included in the condensed consolidated statements of operations and comprehensive income . The loss represents the write off of unamortized deferred financing costs. In connection with repaying and refinancing mortgage loans during the three and nine months ended September 30, 2016 , the Company incurred prepayment and extinguishment fees of approximately $0.2 million and $5.0 million , which was included in the loss on extinguishment of debt in the accompanying condensed consolidated statements of operations and comprehensive income for the period ended September 30, 2016 . The loss on extinguishment of debt represented the write off of unamortized deferred financing costs incurred when the original agreements were executed, as well as unamortized loan premiums and discounts, and early repayment penalty fees. Debt outstanding as of September 30, 2017 and December 31, 2016 was $1,294 million and $1,084 million and had a weighted average interest rate of 3.60% and 3.24% per annum, respectively. The remaining unamortized mortgage discounts as of both September 30, 2017 and December 31, 2016 were $0.3 million and $0.3 million , respectively. The following table shows scheduled principal payments and debt maturities for the next five years and thereafter (in thousands): As of Weighted average 2017 $ 579 3.98% 2018 3,471 4.16% 2019 273,093 3.45% 2020 60,447 3.82% 2021 179,219 2.78% Thereafter 777,138 3.82% Total Debt $ 1,293,947 3.60% Total Loan Discounts, net (271 ) — Unamortized Deferred Financing Costs, net (7,785 ) — Debt, net of loan discounts and unamortized deferred financing costs $ 1,285,891 3.60% Of the total outstanding debt at September 30, 2017 , none of the mortgage loans were recourse to the Company. Certain loans have options to extend the maturity dates if exercised by the Company, subject to being compliant with certain covenants and the payment of an extension fee. Some of the mortgage loans require compliance with certain covenants, such as debt service coverage ratios, loan-to-value tests, investment restrictions and distribution limitations. As of September 30, 2017 , the Company was in compliance with all such covenants. Senior Unsecured Credit Facility As of September 30, 2017 , there was no outstanding balance on the senior unsecured facility. During the three and nine months ended September 30, 2017 , the Company incurred unused commitment fees of approximately $0.3 million and $0.9 million , respectively, and interest expense of $0 and $0.2 million , respectively. During the three and nine months ended September 30, 2016 , the Company incurred unused commitment fees of approximately $0.3 million and $0.9 million , respectively and no interest expense. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company primarily uses interest rate swaps as part of its interest rate risk management strategy. For derivative instruments designated as cash flow hedges, unrealized gains and losses on the effective portion are reported in accumulated other comprehensive income, a component of stockholders’ equity. Unrealized gains and losses on the ineffective portion of all designated hedges are recognized in earnings in the current period. As of September 30, 2017 , all derivative instruments were designated as cash flow hedges. As of September 30, 2017 and December 31, 2016 , the aggregate fair value of interest rate swap assets of $5.0 million and $5.1 million , respectively, was included in other assets in the accompanying condensed consolidated balance sheets. For the three and nine months ended September 30, 2017 , the Company had an unrealized loss of $0.3 million and $1.9 million , respectively, that is included in the condensed consolidated statements of operations and comprehensive income . For the three and nine months ended September 30, 2016 , the Company had an unrealized gain of $1.4 million and an unrealized loss of $14.3 million , respectively, that is included in the condensed consolidated statements of operations and comprehensive income . The following table summarizes the terms of the derivative financial instruments held by the Company as of September 30, 2017 and December 31, 2016 , respectively (in thousands) (1) : Estimated Fair Value Hedged Debt Type Fixed Rate Index Effective Date Maturity Notional Amounts September 30, 2017 December 31, 2016 $175M Term Loan Swap 1.30% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 $ 50,000 $ 766 $ 767 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 65,000 1,020 1,022 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 60,000 940 940 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 50,000 154 193 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 25,000 59 88 $125M Term Loan Swap 1.84% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 25,000 63 84 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 25,000 68 80 Mortgage Debt Swap 1.54% 1-Month LIBOR + 2.60% 1/13/2016 1/13/2023 60,000 1,062 1,200 Mortgage Debt Swap 0.88% 1-Month LIBOR + 2.10% 9/1/2016 1/17/2019 41,000 340 327 Mortgage Debt Swap 0.89% 1-Month LIBOR + 2.10% 9/1/2016 3/21/2019 38,000 366 354 Mortgage Debt Swap 1.80% 1-Month LIBOR + 2.25% 3/1/2017 1/3/2022 51,000 71 — Mortgage Debt Swap 1.81% 1-Month LIBOR + 2.00% 3/1/2017 1/3/2022 45,000 50 — Mortgage Debt Swap 1.80% 1-Month LIBOR + 2.00% 3/1/2017 1/3/2022 45,000 80 — $ 580,000 $ 5,039 $ 5,055 (1) There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge ineffectiveness testing during the three and nine months ended September 30, 2017 and 2016 . For the three and nine months ended September 30, 2017 , the Company reclassified $0.4 million and $1.9 million , respectively, from accumulated other comprehensive income to interest expense. The Company expects approximately $0.1 million will be reclassified from accumulated other comprehensive loss to interest expense in the next 12 months. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: • Level 1 - Quoted prices for identical assets or liabilities in active markets that the entity has the ability to access. • Level 2 - Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company has estimated the fair value of its financial and non-financial instruments using widely accepted valuation techniques and available market information. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. Recurring Measurements For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of their fair value is as follows, which are netted as applicable per the terms of the respective master netting agreements (in thousands): Fair Value Measurement Date September 30, 2017 December 31, 2016 Location / Description Significant Unobservable Inputs (Level 2) Significant Unobservable Inputs (Level 2) Other assets Interest rate swap assets $ 5,039 $ 5,055 Total $ 5,039 $ 5,055 The fair value of each derivative instrument is based on a discounted cash flow analysis of the expected cash flows under each arrangement. This analysis reflects the contractual terms of the derivative instrument, including the period to maturity, and utilizes observable market-based inputs, including interest rate curves and implied volatilities, which are classified within Level 2 of the fair value hierarchy. The Company also incorporates credit value adjustments to appropriately reflect each parties’ nonperformance risk in the fair value measurement, which utilizes Level 3 inputs such as estimates of current credit spreads. However, the Company has assessed that the credit valuation adjustments are not significant to the overall valuation of the derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. Non-Recurring Measurements Investment Properties During the nine months ended September 30, 2016 , the Company identified two hotel properties that had a reduction in their expected holding period and reviewed the probability of the assets' disposition. The Company recorded an impairment charge of $10.0 million for the nine months ended September 30, 2016 , based on the estimated fair value using purchase contracts and average selling costs. The properties were subsequently sold in May 2016 and June 2016, respectively . Financial Instruments Not Measured at Fair Value The table below represents the fair value of financial instruments presented at carrying values in the condensed consolidated balance sheets as of September 30, 2017 and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt, net of discounts $ 1,293,676 $ 1,311,915 $ 1,083,443 $ 1,074,820 Total $ 1,293,676 $ 1,311,915 $ 1,083,443 $ 1,074,820 The Company estimates the fair value of its mortgages payable using a weighted average effective interest rate of 3.72% and 4.14% per annum as of September 30, 2017 and December 31, 2016 , respectively. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company estimated the TRS income tax benefit for the three months ended and the income tax expense for the nine months ended September 30, 2017 , using an estimated federal and state statutory combined rate of 42.98% and recognized income tax benefit of $0.4 million and income tax expense of $7.7 million , respectively. The Company estimated the TRS income tax benefit for the three months ended and the income tax expense for the nine months ended September 30, 2016 , using an estimated federal and state statutory combined rate of 39.37% and recognized income tax benefit of $0.2 million and income tax expense of $9.6 million , respectively. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Stock Repurchase Program In December 2015, the Company’s Board of Directors authorized a stock repurchase program pursuant to which the Company is authorized to purchase up to $100 million of the Company’s outstanding Common Stock, in the open market, in privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 plans. In November 2016, the Company's Board of Directors authorized the repurchase of up to an additional $75 million of the Company's outstanding Common Stock (such repurchase authorizations collectively referred to as the "Repurchase Program"). The Repurchase Program does not have an expiration date. This Repurchase Program may be suspended or discontinued at any time, and does not obligate the Company to acquire any particular amount of shares. For the nine months ended September 30, 2017 , 240,352 shares were repurchased under the Repurchase Program, at a weighted average price of $17.07 per share for an aggregate purchase price of $4.1 million . As of September 30, 2017 , the Company had approximately $97 million remaining under its Repurchase Program. Distributions Common Stock The Company declared the following dividends during the nine months ended September 30, 2017 : Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $0.275 March 31, 2017 March 31, 2017 April 14, 2017 $0.275 June 30, 2017 June 30, 2017 July 14, 2017 $0.275 September 30, 2017 September 29, 2017 October 14, 2017 Non-Controlling Interest of Common Units in Operating Partnership As of September 30, 2017 , the Operating Partnership had 2,213,140 long-term incentive partnership units (“LTIP Units”) outstanding, representing a 2% partnership interest held by the limited partners . Of the 2,213,140 LTIP units outstanding at September 30, 2017 , 206,791 units had vested. Only vested LTIP Units may be converted to Common Units of the Operating Partnership, which in turn can be tendered for redemption per the terms of the LTIP Unit award agreements. As of September 30, 2017 , the Company had accrued $146 thousand in dividends related to the LTIP Units, which were paid in October 2017. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per common share is calculated by dividing income or loss available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing income or loss available to common stockholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation (participating securities) have been excluded, as applicable, from net income or loss available to common stockholders used in the basic and diluted earnings per share calculations. Income allocated to non-controlling interest in the Operating Partnership has been excluded from the numerator and Common Units and vested LTIP Units in the Operating Partnership, which may be converted to common shares, have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. The following table reconciles net income attributable to common stockholders to basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net income attributable to common stockholders $ 11,638 $ 20,242 $ 89,169 $ 37,096 Dividends paid on unvested share-based compensation (160 ) (127 ) (463 ) (340 ) Undistributed earnings attributable to unvested share based compensation — — (1 ) — Net income available to common stockholders $ 11,478 $ 20,115 $ 88,705 $ 36,756 Denominator: Weighted average shares outstanding - Basic 106,727,330 107,538,601 106,779,824 108,384,241 Effect of dilutive share-based compensation 268,557 139,148 240,851 111,124 Weighted average shares outstanding - Diluted 106,995,887 107,677,749 107,020,675 108,495,365 Basic and diluted earnings per share: Net income per share available to common stockholders $ 0.11 $ 0.19 $ 0.83 $ 0.34 |
Share Based Compensation
Share Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation | Share Based Compensation Restricted Stock Units In February 2017, the Compensation Committee (the "Compensation Committee") of the Board of Directors of the Company approved the grant of share units to certain company employees (the "2017 Restricted Stock Units"). The 2017 Restricted Stock Units include 82,829 restricted stock units that are time-based and vest over a three -year period and 44,858 restricted stock units that are performance-based and may vest after a three -year performance period. Both the time-based and performance-based are subject to continued employment and have weighted average grant date fair value of $15.18 per share. Each time-based 2017 Restricted Stock Unit will vest as follows, subject to the employee’s continued service through each applicable vesting date: 33% on February 4, 2018, which is the first anniversary of the vesting commencement date of the award (February 4, 2017), 33% on the second anniversary of the vesting commencement date, and 34% on the third anniversary of the vesting commencement date. Of the performance-based 2017 Restricted Stock Units, twenty-five percent ( 25% ) are designated as absolute total stockholder return ("TSR") units (the "Absolute TSR Share Units"), and vest based on varying levels of the Company’s TSR over the three-year performance period. The other seventy-five percent ( 75% ) of the performance-based 2017 Restricted Stock Units are designated as relative TSR share units (the "Relative TSR Share Units") and vest based on the ranking of the Company’s TSR as compared to a defined peer group over the three-year performance period. LTIP Unit Grants In February 2017, the Compensation Committee approved the issuance of 715,001 performance-based LTIP Units (the "2017 Class A LTIP Units") and 86,210 time-based LTIP Units (the "2017 Time-Based LTIP Units") of the Operating Partnership under the 2015 Incentive Award Plan that had a weighted average grant date fair value of $8.97 per unit. Each award of Time-Based LTIP Units will vest as follows, subject to the executive’s continued service through each applicable vesting date: 33% on February 4, 2018, which is the first anniversary of the vesting commencement date of the award (February 4, 2017), 33% on the second anniversary of the vesting commencement date, and 34% on the third anniversary of the vesting commencement date. A portion of each award of Class A LTIP Units is designated as a number of “base units.” Twenty-five percent ( 25% ) of the base units are designated as absolute TSR base units, and vest based on varying levels of the Company’s TSR over the three-year performance period. The other seventy-five percent ( 75% ) of the base units are designated as relative TSR base units and vest based on the ranking of the Company’s TSR as compared to a defined peer group over the three-year performance period. LTIP Units (other than Class A LTIP Units that have not vested), whether vested or not, receive the same quarterly per-unit distributions as Common Units, which equal the per-share distributions on the Common Stock of the Company. Class A LTIP Units that have not vested receive a quarterly per-unit distribution equal to 10% of the distribution paid on Common Units. In May 2017, pursuant to the Director Compensation Program, as amended and restated as of February 24, 2017, the Company approved the issuance of 33,355 fully vested LTIP Units to the Company's seven non-employee directors with a weighted average grant date fair value of $17.84 per unit. The following is a summary of the non-vested incentive awards under the 2014 Share Unit Plan and the 2015 Incentive Award Plan as of September 30, 2017 : 2014 Share Unit Plan Share Units 2015 Incentive Award Plan Restricted Stock Units (1) 2015 Incentive Award Plan LTIP Units (1) Total Non-vested as of December 31, 2016 243,769 238,152 1,259,613 1,741,534 Granted — 127,687 834,566 962,253 Vested (2) (193,151 ) (82,984 ) (87,830 ) (363,965 ) Expired — (5,901 ) — (5,901 ) Forfeited — — — — Non-vested as of September 30, 2017 50,618 276,954 2,006,349 2,333,921 Vested as of September 30, 2017 300,578 112,132 206,791 619,501 Weighted average fair value of non-vested shares/units $ 20.25 $ 14.59 $ 9.15 $ 10.04 (1) Includes time-based and performance-based units. (2) During the nine months ended September 30, 2017 , the Company redeemed 101,992 shares of common stock to satisfy minimum federal and state tax withholding requirements on the vesting of Share Units and Restricted Stock Units under the 2014 Share Unit Plan and the 2015 Incentive Award Plan. The fair value of the time-based Restricted Stock Units and Time-Based LTIP Units are determined based on the closing price of the Company’s Common Stock on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. The grant date fair values of performance awards for the 2017 Restricted Stock Units and the 2017 Class A LTIP Units were determined based on a Monte Carlo simulation method with the following assumptions, and compensation expense is recognized on a straight-line basis over the performance period: Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component (in dollars) Volatility Interest Rate Dividend Yield Absolute TSR Restricted Stock Units 25% $6.57 26.83% 0.68% - 1.55% 6.021% Relative TSR Restricted Stock Units 75% $10.44 26.83% 0.68% - 1.55% 6.021% Absolute TSR Class A LTIPs 25% $6.64 26.83% 0.68% - 1.55% 6.021% Relative TSR Class A LTIPs 75% $10.18 26.83% 0.68% - 1.55% 6.021% The absolute and relative stockholder returns are market conditions as defined by ASC 718, Compensation - Stock Compensation. Market conditions include provisions wherein the vesting condition is met through the achievement of a specific value of the Company’s Common Stock, which is total stockholder return in this case. Market conditions differ from other performance awards under ASC 718 in that the probability of attaining the condition (and thus vesting in the shares) is reflected in the initial grant date fair value of the award. Accordingly, it is not appropriate to reconsider the probability of vesting in the award subsequent to the initial measurement of the award, nor is it appropriate to reverse any of the expense if the condition is not met. Therefore, once the expense for these awards is measured, the expense must be recognized over the service period regardless of whether the target is met, or at what level the target is met. Expense may only be reversed if the holder of the instrument forfeits the award by leaving the employment of the Company prior to vesting. For the three and nine months ended September 30, 2017 the Company recognized approximately $2.4 million and $7.0 million , respectively, of share-based compensation expense (net of forfeitures) related to share units, restricted stock units, and LTIP Units provided to certain of its executive officers, and other members of management. In addition, during the nine months ended September 30, 2017 we recognized $595 thousand that was provided to the Company's Board of Directors and capitalized approximately $154 thousand and $460 thousand for the three and nine months ended September 30, 2017 , respectively, related to restricted stock units provided to certain members of management that oversee development and capital projects on behalf of the Company. As of September 30, 2017 , there was $12.2 million of total unrecognized compensation costs related to non-vested restricted stock units, Class A LTIP Units and Time-Based LTIP Units issued under the 2014 Share Unit Plan and the 2015 Incentive Award Plan, as applicable, which are expected to be recognized over a remaining weighted-average period of 1.78 additional years. For the three and nine months ended September 30, 2016 , the Company recognized approximately $2.0 million and $6.5 million , respectively, of share-based compensation expense (net of forfeitures) related to share units, restricted stock units, and LTIP Units provided to certain of its executive officers, and other members of management, which included $1.2 million of accelerated share-based compensation expense related to management transition and severance agreements incurred during the nine months ended September 30, 2016 . In addition, during the nine months ended September 30, 2016 we recognized $525 thousand that was provided to the Company's Board of Directors and capitalized approximately $148 thousand and $403 thousand for the three and nine months ended September 30, 2016 , respectively, related to restricted stock units provided to certain members of management that oversee development and capital projects on behalf of the Company. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Certain leases and management agreements require the Company to reserve funds relating to replacements and renewals of the hotels' furniture, fixtures and equipment. As of September 30, 2017 and December 31, 2016 , the Company had a balance of $49.9 million and $58.6 million , respectively, in reserves for such future improvements. This amount is included in restricted cash and escrows on the condensed consolidated balance sheets as of September 30, 2017 and December 31, 2016 , respectively. The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the financial condition of the Company. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In October 2017, the Company acquired the 493-room Hyatt Regency Scottsdale Resort and Spa at Gainey Ranch and the 119-room Royal Palms Resort and Spa affiliated with The Unbound Collection by Hyatt, from affiliates of Hyatt Hotels Corporation ("Hyatt") for cash consideration of $305 million, plus customary pro-rated amounts and closing costs. The acquisition was funded with cash on hand and proceeds from the term and mortgage loans that were entered into during the third quarter. In connection with the closing of the transaction, wholly owned subsidiaries of the Company entered into two individual management agreements with Hyatt to continue to manage the hotels. Also in October 2017, the Company acquired the 365 -room Ritz-Carlton Pentagon City in Arlington, Virginia for a purchase price of $105 million , plus customary pro-rated amounts and closing costs. The acquisition was funded with cash available on the balance sheet and proceeds drawn from the senior unsecured credit facility. In connection with the closing of the transaction, a wholly owned subsidiary of the Company entered into a management agreement with an affiliate of Marriott International, Inc. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The unaudited interim condensed consolidated financial statements and related notes have been prepared on an accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. The unaudited financial statements include normal recurring adjustments, which management considers necessary for the fair presentation of the condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive income , condensed consolidated statements of changes in equity and condensed consolidated statements of cash flows for the periods presented. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2016 , included in the Company's Annual Report on Form 10-K filed with the SEC on February 28, 2017. Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of actual operating results for the entire year. |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, XHR Holding, and its consolidated investments in real estate entities. The Company's subsidiaries and consolidated investments in real estate entities generally consist of limited liability companies, limited partnerships and the TRS. The effects of all inter-company transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected economic conditions. Actual results could differ from these estimates. |
Risks and Uncertainties | Risks and Uncertainties The Company had a geographical concentration risk for the three and nine months ended September 30, 2017 and 2016 , which was related to revenues generated from hotels located in the following markets: Three Months Ended September 30, Nine Months Ended September 30, Market 2017 2016 2017 2016 Houston, TX (1) 9 % 9 % 10 % 11 % Orlando, FL (2) 10 % 3 % 7 % 4 % (1) For the three and nine months ended September 30, 2017 and 2016 , the Company owned three and four hotels in the Houston, TX market, respectively. (2) For the three and nine months ended September 30, 2017 and 2016 , the Company owned three and two hotels in the Orlando, FL market, respectively. To the extent that there are adverse changes in these markets, or the industry sectors that operate in these markets, our business and operating results could be negatively impacted. The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of our hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our stockholders and service debt or meet other financial obligations. |
Consolidation | Consolidation The Company evaluates its investments in partially owned entities to determine whether such entities may be a variable interest entity ("VIE"). If the entity is a VIE, the determination of whether the Company is the primary beneficiary must be made. The primary beneficiary determination is based on a qualitative assessment as to whether the entity has (i) power to direct significant activities of the VIE and (ii) an obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The Company will consolidate a VIE if it is deemed to be the primary beneficiary. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary, or the entity is not a VIE and the Company does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions periodically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant as the Company does not anticipate the financial institutions’ non-performance. |
Restricted Cash and Escrows | Restricted Cash and Escrows Restricted cash primarily relates to lodging furniture, fixtures and equipment reserves as required per the terms of our management and franchise agreements, cash held in restricted escrows for real estate taxes and insurance escrows, and capital spending reserves. |
Acquisition of Real Estate | Acquisition of Real Estate The Company allocates the purchase price of each acquired business (as defined in the accounting guidance related to business combinations, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 805, Business Combinations) between tangible and intangible assets at fair value on the acquisition date. Such tangible and intangible assets include land, building and improvements, furniture and fixtures, inventory, acquired above market and below market leases, in-place lease value (if applicable), advanced bookings, customer re lationships, and any assumed financing that is determined to be above or below market terms. Any additional amounts are allocated to goodwill as required, based on the remaining purchase price in excess of the fair value of the tangible and intangible assets acquired and liabilities assumed. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. The allocation of the purchase price is an area that requires judgment and significant estimates. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar investment properties. The Company allocates a portion of the purchase price to the estimated acquired in-place lease costs, based on estimated lease execution costs for similar leases as well as lost rent payments during assumed lease up period when calculating as if vacant fair values for properties acquired with space leases to third party tenants, which is typically retail or restaurant space. The Company also evaluates each acquired lease, including ground leases, based upon current market rates at the acquisition date and considers various factors including geographical location, size and location of leased land or retail space in determining whether the acquired lease is above or below market. After an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market lease intangible based upon the present value of the difference between the contractual lease rate and the estimated market rate. For leases with fixed rate renewals, renewal periods are included in the calculation of above or below market in-place lease values. The determination of the discount rate used in the present value calculation is based upon the "risk free rate" and current interest rates. This discount rate is a significant factor in determining the market valuation which requires judgment of subjective factors such as market knowledge, economics, demographics, location, visibility, age and physical condition of the property. The Company expenses acquisition costs of all acquired businesses as incurred. This includes all costs related to finding, analyzing and negotiating a transaction, whether or not the acquisition is completed. |
Impairment | Impairment The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable, such as a reduction in the expected holding period of the asset or a change in demand for lodging at the Company's hotels. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed the carrying value, the Company records an impairment loss to the extent that the carrying value exceeds fair value. The valuation and possible subsequent impairment of investment properties is a significant estimate that can and does change based on the Company's continuous process of analyzing each property and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the property at a particular point in time. The use of projected future cash flows and related holding period is based on assumptions that are consistent with the estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However, assumptions and estimates about future cash flows and capitalization rates are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analyses could impact these assumptions and result in future impairment charges of the real estate properties. |
Involuntary Conversion | Any amount expected to be received above the recorded loss will be treated as a gain and will not be recorded until contingencies are resolved. Additionally, the Company expensed an estimated $1.2 million of hurricane-related repairs and cleanup costs across all impacted properties for the three and nine months ended September 30, 2017 , which is included in impairment and other losses on the condensed consolidated statements of operations for the periods then ended. The Company may be entitled to business interruption proceeds for certain properties, however, it will not record an insurance recovery receivable for these losses until a final settlement has been reached with the insurance company. Any insurances proceeds received in excess of insurance deductibles will be accounted for as a gain. |
Disposition of Real Estate | Disposition of Real Estate The Company accounts for dispositions in accordance with FASB ASC 360-20, Real Estate Sales. The Company recognizes a gain in full when real estate is sold, provided (a) the profit is determinable, that is, the collectability of the sales price is reasonably assured or the amount that will not be collectible, if any, can be estimated, and (b) the earnings process is virtually complete, that is, the seller is not obliged to perform significant activities after the sale to earn the profit and the buyer has paid a significant non-refundable deposit. |
Share-Based Compensation | Share-Based Compensation The Company has adopted a share-based incentive plan that provides for the grant of stock options, stock awards, restricted stock units, Operating Partnership Units and other equity-based awards. Share-based compensation is measured at the estimated fair value of the award on the date of grant, adjusted for forfeitures, and recognized as an expense on a straight-line basis over the longest vesting period for each grant for the entire award. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether certain of these awards will achieve performance thresholds. Share-based compensation is included in general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income and capitalized in building and other improvements in the condensed consolidated balance sheets for certain employees that manage property developments, renovations and capital improvements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, although it will not affect the accounting for lease related revenues. The new standard is effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is finalizing its analysis, but does not expect a significant change to our current revenue recognition policies or the amount or timing of recognition, and is currently in the process of developing the related disclosures required under the standard. The Company plans to adopt ASU 2014-09 using the modified retrospective transition method. Additionally, the Company continues to evaluate the sale of non-financial assets to entities that are not customers, such as the disposition of real estate assets. Historically, hotel dispositions have been cash sales that required no contingencies for future involvement in the hotel's operations and, therefore, the Company does not expect ASU 2014-09 to have a material impact on its recognition of hotel sales. In February 2016, the FASB issued ASU 2016-02, Leases, which replaces ASC Topic 840, Leases, and requires most lessee leases to be recorded on the Company's balance sheet as either operating or financing leases with a right of use asset and a corresponding lease liability measured at present value. Operating leases will be recognized on the income statement on a straight-line basis as lease expense and financing leases will be accounted for similar to the accounting for amortizing debt. Leases with terms of less than 12 months will continue to be accounted for as they are under the current standard. The new standard is effective for the Company on January 1, 2019, with early adoption permitted. The Company is still evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures, but expects potentially significant lease-related right of use assets and liabilities to be recorded on the balance sheet for both equipment and ground leases for which the Company is the lessee. The Company is currently evaluating its population of leases and developing processes to account for such leases under the new standard. The Company anticipates adopting the standard on January 1, 2019 using the modified retrospective method. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Award Payment Accounting, which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share-based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold up to the maximum individual statutory tax rate of the shares upon settlement of an award without causing the award to be classified as liability. The Company adopted this standard on January 1, 2017 and it did not have a material impact on the Company's financial position, results of operations or cash flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which changes the way certain cash receipts and cash payments are presented and classified on the statement of cash flows in order to reduce diversity in practice across all industries. The standard clarifies classification for debt prepayment or debt extinguishment costs, proceeds from the settlement of insurance claims, and contingent consideration payments made after business combination among other things. The new standard is effective for the Company on January 1, 2018, however, early adoption is permitted. The Company does not expect ASU 2016-15 will have a significant impact on its consolidated financial statements and related disclosures. However, the Company does expect that certain amounts will be reclassed retrospectively to conform historical presentation to the new standard. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which enhances the presentation requirements of restricted cash. The standard aims to unify presentation and minimize the diversity in practice. These presentation changes include increased disclosures surrounding the restrictions on cash and the inclusion of the restricted cash balance in the reconciliation completed at the end of the statement of cash flows. The new standard is effective for the Company on January 1, 2018, however, early adoption is permitted. The Company early adopted ASU 2016-18 as of September 30, 2017. As a result, amounts included in restricted cash on our condensed consolidated balance sheet are included with cash and cash equivalents on the condensed consolidated statement of cash flows for the nine months ended September 30, 2017, and the Company reclassified the statement of cash flows for the nine months ended September 30, 2016 to reflect the adoption of ASU 2016-18. The adoption of ASU 2016-18 had no impact on our condensed consolidated balance sheet. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"). The guidance is intended to assist entities with evaluating whether a set of transferred assets and activities is a business. Under the new guidance, an entity first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set is not a business. If the threshold is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The new standard is effective for the Company on January 1, 2018, however, early adoption is permitted. The Company is evaluating the effect that ASU 2017-01 will have on its consolidated financial statements and related disclosures, but anticipates that future acquisitions could be accounted for as asset acquisitions rather than business combinations. Also in January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment. The guidance is intended to simplify the accounting for goodwill impairment and removes Step 2 of the goodwill impairment test under the current guidance, which requires a hypothetical purchase price allocation. A goodwill impairment under ASU 2017-04 will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. Entities will be required to disclose the amount of goodwill at reporting units with zero or negative carrying amounts. The new standard is effective for the Company on January 1, 2020, however, early adoption is permitted. The Company does not expect the adoption of ASU 2017-04 to have a significant effect on its consolidated financial statements and related disclosures. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The guidance aims at better clarifying the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The new standard is effective for the Company on January 1, 2018. The Company is currently evaluating the effect that ASU 2017-05 will have on its consolidated financial statements and related disclosures, but anticipates upon adoption some dispositions of real estate assets will be accounted for under ASU 2017-05 if these real estate assets do not meet the definition of a business under ASU 2017-01. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. The guidance is intended to clarify when certain changes to terms or conditions of share-based payment awards must be accounted for as modifications but does not change the accounting for modifications. The new standard is to be applied prospectively to awards modified on or after the adoption date and will be effective for the Company on January 1, 2018, however, early adoption is permitted. The Company does not expect the adoption of ASU 2017-09 to have a significant effect on its consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the ASU 2017-12 as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. The Company continues to assess all potential impacts of the standard, but does not anticipate adoption will have a material impact on its consolidated financial statements and related disclosures. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedules of Geographical Concentration Risk | The Company had a geographical concentration risk for the three and nine months ended September 30, 2017 and 2016 , which was related to revenues generated from hotels located in the following markets: Three Months Ended September 30, Nine Months Ended September 30, Market 2017 2016 2017 2016 Houston, TX (1) 9 % 9 % 10 % 11 % Orlando, FL (2) 10 % 3 % 7 % 4 % (1) For the three and nine months ended September 30, 2017 and 2016 , the Company owned three and four hotels in the Houston, TX market, respectively. (2) For the three and nine months ended September 30, 2017 and 2016 , the Company owned three and two hotels in the Orlando, FL market, respectively. |
Investment Properties (Tables)
Investment Properties (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | The following reflects the purchase price allocation for the Hyatt Regency Grand Cypress: Land $ 17,866 Building and improvements 165,807 Furniture, fixtures, and equipment 17,656 Intangibles and other assets (1) 4,171 Total purchase price $ 205,500 (1) As part of the purchase price allocation, the Company allocated $3.5 million to advanced bookings that will be amortized over approximately 3.5 years and allocated $0.1 million to lease intangibles that will be amortized over a weighted average of seven years. |
Schedule of Pro Forma Information | The consolidated pro forma financial information is as follows (in thousands, except per share and per share data) for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenue $ 223,289 $ 249,914 $ 723,402 $ 787,804 Net income attributable to common stockholders (1) $ 11,767 $ 19,127 $ 99,495 $ 40,856 Net income per share available to common stockholders - basic and diluted $ 0.11 $ 0.18 $ 0.93 $ 0.38 Weighted average number of common shares - basic 106,727,330 107,538,601 106,779,824 108,384,241 Weighted average number of common shares - diluted 106,995,887 107,677,749 107,020,675 108,495,365 (1) The pro forma results above exclude acquisition costs. |
Disposed Properties (Tables)
Disposed Properties (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following represents the disposition details for the hotels sold during the nine months ended September 30, 2017 and 2016 , respectively (in thousands): Property Date Gross Sale Price Net Proceeds Gain on Sale/ (Impairment) Courtyard Birmingham Downtown at UAB (1)(2) 04/2017 $ 30,000 $ 29,176 $ 12,972 Courtyard Fort Worth Downtown/Blackstone, Courtyard Kansas City Country Club Plaza, Courtyard Pittsburgh Downtown, Hampton Inn & Suites Baltimore Inner Harbor, and Residence Inn Baltimore Inner Harbor (1) 06/2017 163,000 157,675 36,121 Marriott West Des Moines (1) 07/2017 19,000 18,014 1,654 Total for the nine months ended September 30, 2017 (4) $ 212,000 $ 204,865 $ 50,747 Hilton University of Florida Conference Center Gainesville (1)(3) 02/2016 $ 36,000 $ 32,055 $ 649 DoubleTree by Hilton Washington DC (1) 04/2016 65,000 63,550 (96 ) Embassy Suites Baltimore North/Hunt Valley (1) 05/2016 20,000 19,459 (8,036 ) Marriott Atlanta Century Center/Emory Area & Hilton Phoenix Suites (1) 06/2016 50,750 50,048 (1,874 ) Total for the nine months ended September 30, 2016 (4) $ 171,750 $ 165,112 $ (9,357 ) (1) Included in net income from continuing operations in the condensed consolidated statements of operations and comprehensive income for the periods of ownership through the date of disposition, as the sale did not represent a strategic shift or have a major effect on the Company's results of operations. (2) As part of the disposition in April 2017, the Company derecognized $2.3 million of goodwill related to Courtyard Birmingham at UAB that was included in intangible assets, net of accumulated amortization on the consolidated balance sheet as of December 31, 2016. As of September 30, 2017 , there was $0.5 million of the sales proceeds related to escrows held back at closing that were outstanding. (3) The Company was entitled to net proceeds at closing of $32.1 million , and in conjunction with the sale repaid the $27.8 million outstanding property level mortgage. (4) As of September 30, 2017 and 2016 , there was $0.5 million and $4.0 million , respectively, of the sales proceeds related to escrows held back at closing that were outstanding. |
Investment in Real Estate Ent27
Investment in Real Estate Entities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Variable Interest Entities | The following are the liabilities of the consolidated VIE's, which are non-recourse to the Company, and the assets that can be used to settle those obligations (in thousands): September 30, 2017 December 31, 2016 Net investment properties $ 68,499 $ 71,157 Other assets 3,001 3,283 Total assets $ 71,500 $ 74,440 Mortgages, notes and margins payable (44,374 ) (45,287 ) Other liabilities (2,795 ) (2,541 ) Total liabilities $ (47,169 ) $ (47,828 ) Net assets $ 24,331 $ 26,612 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt as of September 30, 2017 and December 31, 2016 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type Rate (1) Maturity Date September 30, 2017 December 31, 2016 Mortgage Loans Fairmont Dallas Variable — 4/10/2018 $ — $ 55,498 Residence Inn Denver City Center Variable — 4/17/2018 — 45,210 Bohemian Hotel Savannah Riverfront Variable — 12/17/2018 — 27,480 Andaz Savannah Variable 3.24 % 1/14/2019 21,500 21,500 Hotel Monaco Denver Fixed (2) 2.98 % 1/17/2019 41,000 41,000 Hotel Monaco Chicago Variable 3.49 % 1/17/2019 21,344 21,644 Loews New Orleans Hotel Variable 3.59 % 2/22/2019 37,500 37,500 Andaz Napa Fixed (2) 2.99 % 3/21/2019 38,000 38,000 Westin Galleria Houston & Westin Oaks Houston at The Galleria Variable 3.74 % 5/1/2019 110,000 110,000 Marriott Charleston Town Center Fixed 3.85 % 7/1/2020 16,033 16,403 Grand Bohemian Hotel Charleston (VIE) Variable 3.74 % 11/10/2020 19,175 19,628 Grand Bohemian Hotel Mountain Brook (VIE) Variable 3.74 % 12/27/2020 25,395 25,899 Marriott Dallas City Center Fixed (2) 4.05 % 1/3/2022 51,000 51,000 Hyatt Regency Santa Clara Fixed (2) 3.81 % 1/3/2022 90,000 90,000 Hotel Palomar Philadelphia Fixed (2) 4.14 % 1/13/2023 60,000 60,000 Renaissance Atlanta Waverly Hotel & Convention Center Variable 3.34 % 8/14/2024 100,000 — Residence Inn Boston Cambridge Fixed 4.48 % 11/1/2025 63,000 63,000 Grand Bohemian Hotel Orlando Fixed 4.53 % 3/1/2026 60,000 60,000 Marriott San Francisco Airport Waterfront Fixed 4.63 % 5/1/2027 115,000 — Total Mortgage Loans 3.88 % (3) $ 868,947 $ 783,762 Mortgage Loan Discounts, net (4) — — — (271 ) (319 ) Unamortized Deferred Financing Costs, net — — — (7,785 ) (6,311 ) Senior Unsecured Credit Facility (6) Variable 2.74 % 2/3/2019 — — Unsecured Term Loan $175M Partially Fixed (5) 2.74 % 2/15/2021 175,000 175,000 Unsecured Term Loan $125M Partially Fixed (5) 3.53 % 10/22/2022 125,000 125,000 Unsecured Term Loan $125M (7) Variable 2.94 % 9/13/2024 125,000 — Total Debt, net of loan discounts and unamortized deferred financing costs 3.60 % (3) $ 1,285,891 $ 1,077,132 (1) Variable index is one month LIBOR as of September 30, 2017 . (2) The Company entered into interest rate swap agreements to fix the interest rate of the variable rate mortgage loans through maturity. (3) Represents the weighted average interest rate as of September 30, 2017 . (4) Loan discounts recognized upon loan modifications, net of the accumulated amortization. (5) LIBOR has been fixed for the entire term of the loan. The spread may vary, as it is determined by the Company's leverage ratio. (6) In October 2017, the Company drew down $40 million for the acquisition disclosed in Note 14. (7) In September 2017, the Operating Partnership entered into a $125 million senior unsecured term loan agreement with a variable interest rate. In October 2017, the Operating Partnership entered into a series of swap agreements with four third-party financial institutions to fix LIBOR at 1.9161% through September 2022. Based on the Company’s current leverage ratio, including the newly executed swaps, the effective interest rate will be 3.62% . The term loan also includes an accordion option that allows the Company to request additional lender commitments of up to $125 million . |
Schedule of Maturities of Long-term Debt | The following table shows scheduled principal payments and debt maturities for the next five years and thereafter (in thousands): As of Weighted average 2017 $ 579 3.98% 2018 3,471 4.16% 2019 273,093 3.45% 2020 60,447 3.82% 2021 179,219 2.78% Thereafter 777,138 3.82% Total Debt $ 1,293,947 3.60% Total Loan Discounts, net (271 ) — Unamortized Deferred Financing Costs, net (7,785 ) — Debt, net of loan discounts and unamortized deferred financing costs $ 1,285,891 3.60% |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the Terms of the Derivative Financial Instruments Held by the Company | The following table summarizes the terms of the derivative financial instruments held by the Company as of September 30, 2017 and December 31, 2016 , respectively (in thousands) (1) : Estimated Fair Value Hedged Debt Type Fixed Rate Index Effective Date Maturity Notional Amounts September 30, 2017 December 31, 2016 $175M Term Loan Swap 1.30% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 $ 50,000 $ 766 $ 767 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 65,000 1,020 1,022 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 60,000 940 940 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 50,000 154 193 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 25,000 59 88 $125M Term Loan Swap 1.84% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 25,000 63 84 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 25,000 68 80 Mortgage Debt Swap 1.54% 1-Month LIBOR + 2.60% 1/13/2016 1/13/2023 60,000 1,062 1,200 Mortgage Debt Swap 0.88% 1-Month LIBOR + 2.10% 9/1/2016 1/17/2019 41,000 340 327 Mortgage Debt Swap 0.89% 1-Month LIBOR + 2.10% 9/1/2016 3/21/2019 38,000 366 354 Mortgage Debt Swap 1.80% 1-Month LIBOR + 2.25% 3/1/2017 1/3/2022 51,000 71 — Mortgage Debt Swap 1.81% 1-Month LIBOR + 2.00% 3/1/2017 1/3/2022 45,000 50 — Mortgage Debt Swap 1.80% 1-Month LIBOR + 2.00% 3/1/2017 1/3/2022 45,000 80 — $ 580,000 $ 5,039 $ 5,055 (1) There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge ineffectiveness testing during the three and nine months ended September 30, 2017 and 2016 . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of their fair value is as follows, which are netted as applicable per the terms of the respective master netting agreements (in thousands): Fair Value Measurement Date September 30, 2017 December 31, 2016 Location / Description Significant Unobservable Inputs (Level 2) Significant Unobservable Inputs (Level 2) Other assets Interest rate swap assets $ 5,039 $ 5,055 Total $ 5,039 $ 5,055 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The table below represents the fair value of financial instruments presented at carrying values in the condensed consolidated balance sheets as of September 30, 2017 and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt, net of discounts $ 1,293,676 $ 1,311,915 $ 1,083,443 $ 1,074,820 Total $ 1,293,676 $ 1,311,915 $ 1,083,443 $ 1,074,820 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of Dividends Declared | The Company declared the following dividends during the nine months ended September 30, 2017 : Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $0.275 March 31, 2017 March 31, 2017 April 14, 2017 $0.275 June 30, 2017 June 30, 2017 July 14, 2017 $0.275 September 30, 2017 September 29, 2017 October 14, 2017 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles net income attributable to common stockholders to basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net income attributable to common stockholders $ 11,638 $ 20,242 $ 89,169 $ 37,096 Dividends paid on unvested share-based compensation (160 ) (127 ) (463 ) (340 ) Undistributed earnings attributable to unvested share based compensation — — (1 ) — Net income available to common stockholders $ 11,478 $ 20,115 $ 88,705 $ 36,756 Denominator: Weighted average shares outstanding - Basic 106,727,330 107,538,601 106,779,824 108,384,241 Effect of dilutive share-based compensation 268,557 139,148 240,851 111,124 Weighted average shares outstanding - Diluted 106,995,887 107,677,749 107,020,675 108,495,365 Basic and diluted earnings per share: Net income per share available to common stockholders $ 0.11 $ 0.19 $ 0.83 $ 0.34 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following is a summary of the non-vested incentive awards under the 2014 Share Unit Plan and the 2015 Incentive Award Plan as of September 30, 2017 : 2014 Share Unit Plan Share Units 2015 Incentive Award Plan Restricted Stock Units (1) 2015 Incentive Award Plan LTIP Units (1) Total Non-vested as of December 31, 2016 243,769 238,152 1,259,613 1,741,534 Granted — 127,687 834,566 962,253 Vested (2) (193,151 ) (82,984 ) (87,830 ) (363,965 ) Expired — (5,901 ) — (5,901 ) Forfeited — — — — Non-vested as of September 30, 2017 50,618 276,954 2,006,349 2,333,921 Vested as of September 30, 2017 300,578 112,132 206,791 619,501 Weighted average fair value of non-vested shares/units $ 20.25 $ 14.59 $ 9.15 $ 10.04 (1) Includes time-based and performance-based units. (2) During the nine months ended September 30, 2017 , the Company redeemed 101,992 shares of common stock to satisfy minimum federal and state tax withholding requirements on the vesting of Share Units and Restricted Stock Units under the 2014 Share Unit Plan and the 2015 Incentive Award Plan The grant date fair values of performance awards for the 2017 Restricted Stock Units and the 2017 Class A LTIP Units were determined based on a Monte Carlo simulation method with the following assumptions, and compensation expense is recognized on a straight-line basis over the performance period: Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component (in dollars) Volatility Interest Rate Dividend Yield Absolute TSR Restricted Stock Units 25% $6.57 26.83% 0.68% - 1.55% 6.021% Relative TSR Restricted Stock Units 75% $10.44 26.83% 0.68% - 1.55% 6.021% Absolute TSR Class A LTIPs 25% $6.64 26.83% 0.68% - 1.55% 6.021% Relative TSR Class A LTIPs 75% $10.18 26.83% 0.68% - 1.55% 6.021% |
Organization - Narrative (Detai
Organization - Narrative (Details) | 9 Months Ended |
Sep. 30, 2017property | |
Noncontrolling Interest [Line Items] | |
Number of hotels | 36 |
Variable interest entity, primary beneficiary | |
Noncontrolling Interest [Line Items] | |
Variable interest entity, ownership percentage | 75.00% |
Wholly Owned Properties | |
Noncontrolling Interest [Line Items] | |
Number of hotels | 34 |
Consolidated Properties | Variable interest entity, primary beneficiary | |
Noncontrolling Interest [Line Items] | |
Number of hotels | 2 |
XHR LP (Operating Partnership) | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by parent | 98.00% |
Ownership percentage by noncontrolling owners | 2.00% |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Risks and Uncertainties (Details) - Revenue - Geographic Concentration Risk | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Houston-area market | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 9.00% | 9.00% | 10.00% | 11.00% |
Orlando-area market | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 10.00% | 3.00% | 7.00% | 4.00% |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Involuntary Conversion (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Accounting Policies [Abstract] | ||
Loss for write off of property and equipment damaged in hurricanes | $ 950 | $ 950 |
Expense for hurricane-related repairs and cleanup costs | $ 1,200 | $ 1,200 |
Investment Properties - Narrati
Investment Properties - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
May 31, 2017USD ($)unit | Jan. 31, 2016USD ($)unit | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | |
Hyatt Regency Grand Cypress | ||||
Business Acquisition [Line Items] | ||||
Number of guest rooms (unit) | unit | 815 | |||
Consideration transferred in hotel acquisition | $ 205.5 | |||
Revenue attributable to acquiree since acquisition | $ 15.2 | $ 22.4 | ||
Net loss attributable to acquiree since acquisition | $ (1.2) | $ (0.5) | ||
Hotel Commonwealth | ||||
Business Acquisition [Line Items] | ||||
Number of guest rooms (unit) | unit | 245 | |||
Consideration transferred in hotel acquisition | $ 136 | |||
Number of rooms in real estate property expansion (unit) | unit | 96 |
Investment Properties - Purchas
Investment Properties - Purchase Price Allocation (Details) - Hyatt Regency Grand Cypress $ in Thousands | May 31, 2017USD ($) |
Business Acquisition [Line Items] | |
Land | $ 17,866 |
Building and improvements | 165,807 |
Furniture, fixtures, and equipment | 17,656 |
Intangibles and other assets | 4,171 |
Total purchase price | 205,500 |
Advanced Bookings | |
Business Acquisition [Line Items] | |
Intangible assets | $ 3,500 |
Acquired intangible assets, weighted average life (in years) | 3 years 6 months |
Leases | |
Business Acquisition [Line Items] | |
Intangible assets | $ 100 |
Acquired intangible assets, weighted average life (in years) | 7 years |
Investment Properties - Pro For
Investment Properties - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pro Forma Information [Abstract] | ||||
Revenue | $ 223,289 | $ 249,914 | $ 723,402 | $ 787,804 |
Net income attributable to common stockholders | $ 11,767 | $ 19,127 | $ 99,495 | $ 40,856 |
Net income per share available to common stockholders - basic (in dollars per share) | $ 0.11 | $ 0.18 | $ 0.93 | $ 0.38 |
Net income per share available to common stockholders - diluted (in dollars per share) | $ 0.11 | $ 0.18 | $ 0.93 | $ 0.38 |
Weighted average number of common shares - basic (in shares) | 106,727,330 | 107,538,601 | 106,779,824 | 108,384,241 |
Weighted average number of common shares - diluted (in shares) | 106,995,887 | 107,677,749 | 107,020,675 | 108,495,365 |
Disposed Properties - Details o
Disposed Properties - Details of Disposition (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |||||||
Jul. 31, 2017 | Jun. 30, 2017 | Apr. 30, 2017 | Jun. 30, 2016 | May 31, 2016 | Apr. 30, 2016 | Feb. 29, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
2017 Group | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sale Price | $ 212,000 | ||||||||
Net Proceeds | 204,865 | ||||||||
Gain on Sale/ (Impairment) | 50,747 | ||||||||
Courtyard Birmingham Downtown at UAB | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sale Price | $ 30,000 | ||||||||
Net Proceeds | 29,176 | ||||||||
Gain on Sale/ (Impairment) | 12,972 | ||||||||
Goodwill derecognized during disposal | $ 2,300 | ||||||||
Proceeds outstanding | 500 | ||||||||
Courtyard Fort Worth Downtown/Blackstone, Kansas City Country Club Plaza, and Pittsburgh Downtown; Hampton Inn & Suites Baltimore Inner Harbor; and Residence Inn Baltimore Inner Harbor | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sale Price | $ 163,000 | ||||||||
Net Proceeds | 157,675 | ||||||||
Gain on Sale/ (Impairment) | $ 36,121 | ||||||||
Marriott West Des Moines | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sale Price | $ 19,000 | ||||||||
Net Proceeds | 18,014 | ||||||||
Gain on Sale/ (Impairment) | $ 1,654 | ||||||||
2016 Group | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sale Price | $ 171,750 | ||||||||
Net Proceeds | 165,112 | ||||||||
Gain on Sale/ (Impairment) | (9,357) | ||||||||
Proceeds outstanding | $ 500 | $ 4,000 | |||||||
Hilton University of Florida Conference Center Gainesville | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sale Price | $ 36,000 | ||||||||
Net Proceeds | 32,055 | ||||||||
Gain on Sale/ (Impairment) | 649 | ||||||||
Hilton University of Florida Conference Center Gainesville | Mortgages | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Extinguishment of debt, amount | $ 27,800 | ||||||||
DoubleTree by Hilton Hotel Washington, DC | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sale Price | $ 65,000 | ||||||||
Net Proceeds | 63,550 | ||||||||
Gain on Sale/ (Impairment) | $ (96) | ||||||||
Embassy Suites Baltimore North/Hunt Valley | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sale Price | $ 20,000 | ||||||||
Net Proceeds | 19,459 | ||||||||
Gain on Sale/ (Impairment) | $ (8,036) | ||||||||
Marriott Atlanta Century Center/Emory Area & Hilton Phoenix Suites | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sale Price | $ 50,750 | ||||||||
Net Proceeds | 50,048 | ||||||||
Gain on Sale/ (Impairment) | $ (1,874) |
Investment in Real Estate Ent41
Investment in Real Estate Entities - Narrative (Details) - Variable interest entity, primary beneficiary | 9 Months Ended |
Sep. 30, 2017real_estate_investment | |
Real Estate Properties [Line Items] | |
Variable interest entity, ownership percentage | 75.00% |
Number of investments in real estate entities | 2 |
Investment in Real Estate Ent42
Investment in Real Estate Entities - Schedule of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Assets | $ 71,500 | $ 74,440 |
Liabilities | (47,169) | (47,828) |
Variable interest entity, primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 71,500 | 74,440 |
Liabilities | (47,169) | (47,828) |
Net assets | 24,331 | 26,612 |
Net investment properties | Variable interest entity, primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 68,499 | 71,157 |
Other assets | Variable interest entity, primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 3,001 | 3,283 |
Mortgages, notes and margins payable | Variable interest entity, primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Liabilities | (44,374) | (45,287) |
Other liabilities | Variable interest entity, primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Liabilities | $ (2,795) | $ (2,541) |
Debt - Summary (Details)
Debt - Summary (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 1,293,947 | $ 1,084,000 | ||
Mortgage Loan Discounts, net | (271) | |||
Unamortized Deferred Financing Costs, net | (7,785) | (6,311) | ||
Debt | $ 1,285,891 | $ 1,077,132 | ||
Weighted average interest rate | 3.60% | 3.24% | ||
Proceeds from revolving line of credit draws | $ 80,000 | $ 0 | ||
Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 868,947 | $ 783,762 | ||
Mortgage Loan Discounts, net | $ (271) | (319) | ||
Weighted average interest rate | 3.88% | |||
Unsecured Debt | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 0 | 0 | ||
Unsecured Debt | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.74% | |||
Fairmont Dallas | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | 55,498 | ||
Fairmont Dallas | Mortgages | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.00% | |||
Residence Inn Denver City Center | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | 45,210 | ||
Residence Inn Denver City Center | Mortgages | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.00% | |||
Bohemian Hotel Savannah Riverfront | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | 27,480 | ||
Bohemian Hotel Savannah Riverfront | Mortgages | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.00% | |||
Andaz Savannah | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 21,500 | 21,500 | ||
Andaz Savannah | Mortgages | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 3.24% | |||
Hotel Monaco Denver | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 41,000 | 41,000 | ||
Debt instrument, interest rate, stated percentage | 2.98% | |||
Hotel Monaco Chicago | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 21,344 | 21,644 | ||
Hotel Monaco Chicago | Mortgages | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 3.49% | |||
Loews New Orleans Hotel | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 37,500 | 37,500 | ||
Loews New Orleans Hotel | Mortgages | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 3.59% | |||
Andaz Napa | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 38,000 | 38,000 | ||
Debt instrument, interest rate, stated percentage | 2.99% | |||
Westin Galleria & Oaks Houston | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 110,000 | 110,000 | ||
Westin Galleria & Oaks Houston | Mortgages | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 3.74% | |||
Marriott Charleston Town Center | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 16,033 | 16,403 | ||
Debt instrument, interest rate, stated percentage | 3.85% | |||
Grand Bohemian Hotel Charleston | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 19,175 | 19,628 | ||
Grand Bohemian Hotel Charleston | Mortgages | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 3.74% | |||
Grand Bohemian Hotel Mountain Brook | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 25,395 | 25,899 | ||
Grand Bohemian Hotel Mountain Brook | Mortgages | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 3.74% | |||
Marriott Dallas City Center | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 51,000 | 51,000 | ||
Debt instrument, interest rate, stated percentage | 4.05% | |||
Hyatt Regency Santa Clara | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 90,000 | 90,000 | ||
Debt instrument, interest rate, stated percentage | 3.81% | |||
Hotel Palomar Philadelphia | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 60,000 | 60,000 | ||
Debt instrument, interest rate, stated percentage | 4.14% | |||
Renaissance Atlanta Waverly Hotel & Convention Center | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 100,000 | 0 | ||
Renaissance Atlanta Waverly Hotel & Convention Center | Mortgages | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 3.34% | |||
Residence Inn Boston Cambridge | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 63,000 | 63,000 | ||
Debt instrument, interest rate, stated percentage | 4.48% | |||
Grand Bohemian Hotel Orlando | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 60,000 | 60,000 | ||
Debt instrument, interest rate, stated percentage | 4.53% | |||
Marriott San Francisco Airport Waterfront | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 115,000 | 0 | ||
Debt instrument, interest rate, stated percentage | 4.63% | |||
Term Loan $175M Feb 2021 | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 175,000 | 175,000 | ||
Debt instrument, interest rate, stated percentage | 2.74% | |||
Term Loan $125M Oct 2022 | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 125,000 | 125,000 | ||
Debt instrument, interest rate, stated percentage | 3.53% | |||
Term Loan $125M Sep 2024 | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 125,000 | $ 0 | ||
Debt instrument, basis spread on variable rate | 2.94% | |||
Debt instrument, face amount | $ 125,000 | |||
Debt instrument, accordion option, increase limit | $ 125,000 | |||
Subsequent Event | Unsecured Debt | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Proceeds from revolving line of credit draws | $ 40,000 | |||
Subsequent Event | Term Loan $125M Sep 2024 | Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Derivative, fixed interest rate | 1.9161% | |||
Subsequent Event | Term Loan $125M Sep 2024 | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate percentage | 3.62% |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ 0 | $ (244,000) | $ (274,000) | $ (5,023,000) | |
Prepayment and extinguishment fees | 200,000 | 5,000,000 | |||
Long-term debt, gross | $ 1,293,947,000 | $ 1,293,947,000 | $ 1,084,000,000 | ||
Weighted average interest rate | 3.60% | 3.60% | 3.24% | ||
Unamortized mortgage discounts | $ 271,000 | $ 271,000 | |||
Recourse debt | 0 | 0 | |||
Mortgages | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 868,947,000 | $ 868,947,000 | $ 783,762,000 | ||
Weighted average interest rate | 3.88% | 3.88% | |||
Unamortized mortgage discounts | $ 271,000 | $ 271,000 | $ 319,000 | ||
Senior Notes | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit | 0 | 0 | |||
Line of credit, unused borrowing capacity fee | 300,000 | 300,000 | 900,000 | 900,000 | |
Interest expense, debt | $ 0 | $ 0 | $ 196,597 | $ 0 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Maturities of Long-term Debt [Abstract] | ||
2,017 | $ 579 | |
2,018 | 3,471 | |
2,019 | 273,093 | |
2,020 | 60,447 | |
2,021 | 179,219 | |
Thereafter | 777,138 | |
Total | 1,293,947 | $ 1,084,000 |
Total Loan Discounts, net | (271) | |
Unamortized Deferred Financing Costs, net | (7,785) | (6,311) |
Debt, net of loan discounts and unamortized deferred financing costs | $ 1,285,891 | $ 1,077,132 |
Weighted Average Interest Rates [Abstract] | ||
2,017 | 3.98% | |
2,018 | 4.16% | |
2,019 | 3.45% | |
2,020 | 3.82% | |
2,021 | 2.78% | |
Thereafter | 3.82% | |
Weighted average interest rate | 3.60% | 3.24% |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||||
Unrealized (loss) gain on interest rate derivative instruments | $ (258) | $ 1,362 | $ (1,932) | $ (14,283) | |
Reclassification adjustment for amounts recognized in net income (interest expense) | 400 | 1,900 | |||
Reclassification adjustment for amounts recognized in net income (interest expense) within the next 12 months | $ 100 | ||||
Reclassification from accumulated OCI to income, estimate of time to transfer | 12 months | ||||
Cash Flow Hedging | Interest Rate Swap | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative asset at fair value | $ 5,000 | $ 5,000 | $ 5,100 |
Derivatives - Derivative Financ
Derivatives - Derivative Financial Instruments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||
Hedged debt amount | $ 1,285,891,000 | $ 1,285,891,000 | $ 1,077,132,000 | ||
Hedge ineffectiveness | 0 | $ 0 | 0 | $ 0 | |
Cash Flow Hedging | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Notional amounts | 580,000,000 | 580,000,000 | |||
Fair value | 5,039,000 | 5,039,000 | 5,055,000 | ||
Cash Flow Hedging | Interest Rate Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate | |||||
Derivative [Line Items] | |||||
Hedged debt amount | $ 175,000,000 | $ 175,000,000 | |||
Derivative, fixed interest rate | 1.30% | 1.30% | |||
Notional amounts | $ 50,000,000 | $ 50,000,000 | |||
Fair value | $ 766,000 | $ 766,000 | 767,000 | ||
Cash Flow Hedging | Interest Rate Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Derivative, basis spread on reference rate | 1.50% | 1.50% | |||
Cash Flow Hedging | Interest Rate Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate 2 | |||||
Derivative [Line Items] | |||||
Hedged debt amount | $ 175,000,000 | $ 175,000,000 | |||
Derivative, fixed interest rate | 1.29% | 1.29% | |||
Notional amounts | $ 65,000,000 | $ 65,000,000 | |||
Fair value | $ 1,020,000 | $ 1,020,000 | 1,022,000 | ||
Cash Flow Hedging | Interest Rate Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate 2 | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Derivative, basis spread on reference rate | 1.50% | 1.50% | |||
Cash Flow Hedging | Interest Rate Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate 3 | |||||
Derivative [Line Items] | |||||
Hedged debt amount | $ 175,000,000 | $ 175,000,000 | |||
Derivative, fixed interest rate | 1.29% | 1.29% | |||
Notional amounts | $ 60,000,000 | $ 60,000,000 | |||
Fair value | $ 940,000 | $ 940,000 | 940,000 | ||
Cash Flow Hedging | Interest Rate Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate 3 | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Derivative, basis spread on reference rate | 1.50% | 1.50% | |||
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate | |||||
Derivative [Line Items] | |||||
Hedged debt amount | $ 125,000,000 | $ 125,000,000 | |||
Derivative, fixed interest rate | 1.83% | 1.83% | |||
Notional amounts | $ 50,000,000 | $ 50,000,000 | |||
Fair value | $ 154,000 | $ 154,000 | 193,000 | ||
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Derivative, basis spread on reference rate | 1.80% | 1.80% | |||
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 2 | |||||
Derivative [Line Items] | |||||
Hedged debt amount | $ 125,000,000 | $ 125,000,000 | |||
Derivative, fixed interest rate | 1.83% | 1.83% | |||
Notional amounts | $ 25,000,000 | $ 25,000,000 | |||
Fair value | $ 59,000 | $ 59,000 | 88,000 | ||
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 2 | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Derivative, basis spread on reference rate | 1.80% | 1.80% | |||
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 3 | |||||
Derivative [Line Items] | |||||
Hedged debt amount | $ 125,000,000 | $ 125,000,000 | |||
Derivative, fixed interest rate | 1.84% | 1.84% | |||
Notional amounts | $ 25,000,000 | $ 25,000,000 | |||
Fair value | $ 63,000 | $ 63,000 | 84,000 | ||
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 3 | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Derivative, basis spread on reference rate | 1.80% | 1.80% | |||
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 4 | |||||
Derivative [Line Items] | |||||
Hedged debt amount | $ 125,000,000 | $ 125,000,000 | |||
Derivative, fixed interest rate | 1.83% | 1.83% | |||
Notional amounts | $ 25,000,000 | $ 25,000,000 | |||
Fair value | $ 68,000 | $ 68,000 | 80,000 | ||
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 4 | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Derivative, basis spread on reference rate | 1.80% | 1.80% | |||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.60 Percent Variable Rate | |||||
Derivative [Line Items] | |||||
Derivative, fixed interest rate | 1.54% | 1.54% | |||
Notional amounts | $ 60,000,000 | $ 60,000,000 | |||
Fair value | $ 1,062,000 | $ 1,062,000 | 1,200,000 | ||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.60 Percent Variable Rate | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Derivative, basis spread on reference rate | 2.60% | 2.60% | |||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.10 Percent Variable Rate | |||||
Derivative [Line Items] | |||||
Derivative, fixed interest rate | 0.88% | 0.88% | |||
Notional amounts | $ 41,000,000 | $ 41,000,000 | |||
Fair value | $ 340,000 | $ 340,000 | 327,000 | ||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.10 Percent Variable Rate | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Derivative, basis spread on reference rate | 2.10% | 2.10% | |||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.10 Percent Variable Rate 2 | |||||
Derivative [Line Items] | |||||
Derivative, fixed interest rate | 0.89% | 0.89% | |||
Notional amounts | $ 38,000,000 | $ 38,000,000 | |||
Fair value | $ 366,000 | $ 366,000 | 354,000 | ||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.10 Percent Variable Rate 2 | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Derivative, basis spread on reference rate | 2.10% | 2.10% | |||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.25 Percent Variable Rate | |||||
Derivative [Line Items] | |||||
Derivative, fixed interest rate | 1.80% | 1.80% | |||
Notional amounts | $ 51,000,000 | $ 51,000,000 | |||
Fair value | $ 71,000 | $ 71,000 | 0 | ||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.25 Percent Variable Rate | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Derivative, basis spread on reference rate | 2.25% | 2.25% | |||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.00 Percent Variable Rate | |||||
Derivative [Line Items] | |||||
Derivative, fixed interest rate | 1.81% | 1.81% | |||
Notional amounts | $ 45,000,000 | $ 45,000,000 | |||
Fair value | $ 50,000 | $ 50,000 | 0 | ||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.00 Percent Variable Rate | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Derivative, basis spread on reference rate | 2.00% | 2.00% | |||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.00 Percent Variable Rate 2 | |||||
Derivative [Line Items] | |||||
Derivative, fixed interest rate | 1.80% | 1.80% | |||
Notional amounts | $ 45,000,000 | $ 45,000,000 | |||
Fair value | $ 80,000 | $ 80,000 | $ 0 | ||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.00 Percent Variable Rate 2 | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Derivative, basis spread on reference rate | 2.00% | 2.00% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Mesurred on a Recurring Basis (Details) - Fair Value, Inputs, Level 2 - Interest Rate Swap - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | $ 5,039 | $ 5,055 |
Derivative assets (liabilities), at fair value, net | $ 5,039 | $ 5,055 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($)property | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Number of hotels with a holding period reduction | property | 2 | ||||
Impairment charge | $ 2,174 | $ 15 | $ 2,174 | $ 10,006 | |
Mortgages | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Weighted average interest rate | 3.72% | 4.14% | |||
Fair Value, Measurements, Nonrecurring | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hotel Property | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment charge | $ 10,000 |
Fair Value Measurements - Sch50
Fair Value Measurements - Schedule of Fair and Carrying Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, net of discounts | $ 1,293,676 | $ 1,083,443 |
Total | 1,293,676 | 1,083,443 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, net of discounts | 1,311,915 | 1,074,820 |
Total | $ 1,311,915 | $ 1,074,820 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Estimated federal and state statutory combined rate | 42.98% | 39.37% | 42.98% | 39.37% |
Income tax expense (benefit) | $ (385) | $ (187) | $ 7,670 | $ 9,613 |
Stockholders' Equity - Stock Re
Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Nov. 30, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||||
Share repurchases during period (in shares) | 240,352 | |||
Share repurchases, weighted average price (in dollars per share) | $ 17.07 | |||
Share repurchases, aggregate purchase price | $ 4,103,000 | $ 66,261,000 | ||
Repurchase Program | ||||
Class of Stock [Line Items] | ||||
Common stock, amount authorized for repurchase | $ 75,000,000 | $ 100,000,000 | ||
Remaining authorized repurchase amount | $ 97,000,000 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Distributions (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | |
Equity [Abstract] | ||||
Common stock dividend declared (in dollars per share) | $ 0.275 | $ 0.275 | $ 0.275 | $ 0.825 |
Stockholders' Equity - Non-cont
Stockholders' Equity - Non-controlling Interest of Common Units in Operating Partnership (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||
Number of units vested (in shares) | 619,501 | |
Distributions payable | $ 29,901 | $ 29,881 |
Time-Based LTIP Units and Class A LTIP Units | ||
Class of Stock [Line Items] | ||
Number of units outstanding, vested and nonvested (in shares) | 2,213,140 | |
Number of units vested (in shares) | 206,791 | |
Time-Based LTIP Units and Class A LTIP Units | Common Stock | ||
Class of Stock [Line Items] | ||
Distributions payable | $ 146 | |
XHR LP (Operating Partnership) | ||
Class of Stock [Line Items] | ||
Ownership percentage by noncontrolling owners | 2.00% | |
XHR LP (Operating Partnership) | Time-Based LTIP Units and Class A LTIP Units | ||
Class of Stock [Line Items] | ||
Ownership percentage by noncontrolling owners | 2.00% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Numerator: | ||||
Net income attributable to common stockholders | $ 11,638 | $ 20,242 | $ 89,169 | $ 37,096 |
Dividends paid on unvested share-based compensation | (160) | (127) | (463) | (340) |
Undistributed earnings attributable to unvested share based compensation | 0 | 0 | (1) | 0 |
Net income available to common stockholders | $ 11,478 | $ 20,115 | $ 88,705 | $ 36,756 |
Denominator: | ||||
Weighted average number of common shares, basic (in shares) | 106,727,330 | 107,538,601 | 106,779,824 | 108,384,241 |
Effect of dilutive share-based compensation (in shares) | 268,557 | 139,148 | 240,851 | 111,124 |
Weighted average number of common shares, diluted (in shares) | 106,995,887 | 107,677,749 | 107,020,675 | 108,495,365 |
Basic and diluted earnings per share | ||||
Net income per share available to common stockholders (in dollars per share) | $ 0.11 | $ 0.19 | $ 0.83 | $ 0.34 |
Share Based Compensation - Narr
Share Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
May 31, 2017recipient$ / sharesshares | Feb. 28, 2017$ / sharesshares | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity instruments other than options, granted in period (in shares) | 962,253 | |||||
Share-based compensation accelerated cost | $ | $ 1,200 | |||||
Restricted Stock Units and LTIP Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ | $ 12,200 | $ 12,200 | ||||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 9 months 11 days | |||||
2015 Incentive Award Plan | Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity instruments other than options, granted in period (in shares) | 127,687 | |||||
2015 Incentive Award Plan | Class A LTIP Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity instruments other than options, quarterly dividend percentage | 10.00% | |||||
2014 Share Unit Plan | Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity instruments other than options, granted in period (in shares) | 0 | |||||
2017 Restricted Stock Units | Absolute TSR Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of total award | 25.00% | |||||
2017 Restricted Stock Units | Relative TSR Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of total award | 75.00% | |||||
2017 Restricted Stock Units | 2015 Incentive Award Plan | Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity instruments other than options, granted in period (in shares) | 82,829 | |||||
Award vesting period | 3 years | |||||
Equity instruments other than options, granted in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 15.18 | |||||
2017 Restricted Stock Units | 2015 Incentive Award Plan | Restricted Stock Units | February 4, 2018 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 33.00% | |||||
2017 Restricted Stock Units | 2015 Incentive Award Plan | Restricted Stock Units | February 4, 2019 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 33.00% | |||||
2017 Restricted Stock Units | 2015 Incentive Award Plan | Restricted Stock Units | February 4, 2020 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 34.00% | |||||
2017 Restricted Stock Units | 2015 Incentive Award Plan | Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity instruments other than options, granted in period (in shares) | 44,858 | |||||
Award vesting period | 3 years | |||||
Equity instruments other than options, granted in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 15.18 | |||||
2017 LTIP Units | Absolute TSR Class A LTIPs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of total award | 25.00% | |||||
2017 LTIP Units | Relative TSR Class A LTIPs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of total award | 75.00% | |||||
2017 LTIP Units | 2015 Incentive Award Plan | Class A LTIP Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity instruments other than options, granted in period (in shares) | 715,001 | |||||
2017 LTIP Units | 2015 Incentive Award Plan | Time-Based LTIP Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity instruments other than options, granted in period (in shares) | 86,210 | |||||
Equity instruments other than options, granted in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.97 | |||||
2017 LTIP Units | 2015 Incentive Award Plan | Time-Based LTIP Units | February 4, 2018 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 33.00% | |||||
2017 LTIP Units | 2015 Incentive Award Plan | Time-Based LTIP Units | February 4, 2019 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 33.00% | |||||
2017 LTIP Units | 2015 Incentive Award Plan | Time-Based LTIP Units | February 4, 2020 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 34.00% | |||||
Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares) | (101,992) | |||||
Executive Officers and Management | Vested Stock and LTIP Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated share-based compensation expense | $ | 2,400 | $ 2,000 | $ 7,000 | 6,500 | ||
Management | Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee service share-based compensation, allocation of recognized period costs, capitalized amount | $ | $ 154 | $ 148 | 460 | 403 | ||
Director | Class A LTIP Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity instruments other than options, granted in period (in shares) | 33,355 | |||||
Director | Vested Stock and LTIP Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated share-based compensation expense | $ | $ 595 | $ 525 | ||||
Director | 2017 LTIP Units | Fully Vested LTIP Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity instruments other than options, granted in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.84 | |||||
Number of recipients of share-based awards | recipient | 7 |
Share Based Compensation - Sche
Share Based Compensation - Schedule of Non-Vested Awards (Details) | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at beginning of period (in shares) | 1,741,534 |
Granted (in shares) | 962,253 |
Vested (in shares) | (363,965) |
Expired (in shares) | (5,901) |
Forfeited (in shares) | 0 |
Outstanding at end of period (in shares) | 2,333,921 |
Vested at end of period (in shares) | 619,501 |
Weighted average fair value of non-vested shares/units (in dollars per share) | $ / shares | $ 10.04 |
Time-Based LTIP Units and Class A LTIP Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Vested at end of period (in shares) | 206,791 |
2014 Share Unit Plan | Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at beginning of period (in shares) | 243,769 |
Granted (in shares) | 0 |
Vested (in shares) | (193,151) |
Expired (in shares) | 0 |
Forfeited (in shares) | 0 |
Outstanding at end of period (in shares) | 50,618 |
Vested at end of period (in shares) | 300,578 |
Weighted average fair value of non-vested shares/units (in dollars per share) | $ / shares | $ 20.25 |
2015 Incentive Award Plan | Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at beginning of period (in shares) | 238,152 |
Granted (in shares) | 127,687 |
Vested (in shares) | (82,984) |
Expired (in shares) | (5,901) |
Forfeited (in shares) | 0 |
Outstanding at end of period (in shares) | 276,954 |
Vested at end of period (in shares) | 112,132 |
Weighted average fair value of non-vested shares/units (in dollars per share) | $ / shares | $ 14.59 |
2015 Incentive Award Plan | Time-Based LTIP Units and Class A LTIP Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at beginning of period (in shares) | 1,259,613 |
Granted (in shares) | 834,566 |
Vested (in shares) | (87,830) |
Expired (in shares) | 0 |
Forfeited (in shares) | 0 |
Outstanding at end of period (in shares) | 2,006,349 |
Vested at end of period (in shares) | 206,791 |
Weighted average fair value of non-vested shares/units (in dollars per share) | $ / shares | $ 9.15 |
Share Based Compensation - Assu
Share Based Compensation - Assumptions Used in Fair Value of Performance Awards (Details) - $ / shares | 1 Months Ended | 9 Months Ended |
Feb. 28, 2017 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Date Fair Value by Component (in dollars) | $ 10.04 | |
2017 Restricted Stock Units | Absolute TSR Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of Total Award | 25.00% | |
Grant Date Fair Value by Component (in dollars) | $ 6.57 | |
Volatility | 26.83% | |
Risk free interest rate, minimum | 0.68% | |
Risk free interest rate, maximum | 1.55% | |
Dividend Yield | 6.021% | |
2017 Restricted Stock Units | Relative TSR Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of Total Award | 75.00% | |
Grant Date Fair Value by Component (in dollars) | $ 10.44 | |
Volatility | 26.83% | |
Risk free interest rate, minimum | 0.68% | |
Risk free interest rate, maximum | 1.55% | |
Dividend Yield | 6.021% | |
2017 LTIP Units | Absolute TSR Class A LTIPs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of Total Award | 25.00% | |
Grant Date Fair Value by Component (in dollars) | $ 6.64 | |
Volatility | 26.83% | |
Risk free interest rate, minimum | 0.68% | |
Risk free interest rate, maximum | 1.55% | |
Dividend Yield | 6.021% | |
2017 LTIP Units | Relative TSR Class A LTIPs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of Total Award | 75.00% | |
Grant Date Fair Value by Component (in dollars) | $ 10.18 | |
Volatility | 26.83% | |
Risk free interest rate, minimum | 0.68% | |
Risk free interest rate, maximum | 1.55% | |
Dividend Yield | 6.021% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Other Commitments [Line Items] | |||
Restricted cash and escrows | $ 62,877 | $ 70,973 | $ 85,582 |
Hotel Furniture, Fixtures, and Equipment Reserves | |||
Other Commitments [Line Items] | |||
Restricted cash and escrows | $ 49,900 | $ 58,600 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - Subsequent Event $ in Millions | 1 Months Ended |
Oct. 31, 2017USD ($)unit | |
Hyatt Regency Scottsdale Resort and Spa at Gainey Ranch | |
Subsequent Event [Line Items] | |
Number of guest rooms (unit) | 493 |
Consideration transferred in hotel acquisition | $ | $ 305 |
Royal Palms Resort and Spa | |
Subsequent Event [Line Items] | |
Number of guest rooms (unit) | 119 |
Ritz-Carlton Pentagon City | |
Subsequent Event [Line Items] | |
Number of guest rooms (unit) | 365 |
Consideration transferred in hotel acquisition | $ | $ 105 |