Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
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 | Mar. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 106,839,289 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investment properties: | ||
Land | $ 440,930 | $ 440,930 |
Buildings and other improvements | 2,909,166 | 2,878,375 |
Total | 3,350,096 | 3,319,305 |
Less: accumulated depreciation | (666,116) | (628,450) |
Net investment properties | 2,683,980 | 2,690,855 |
Cash and cash equivalents | 255,513 | 71,884 |
Restricted cash and escrows | 62,320 | 58,520 |
Accounts and rents receivable, net of allowance for doubtful accounts | 49,483 | 35,865 |
Intangible assets, net of accumulated amortization of $4,212 and $3,286, respectively | 67,076 | 68,000 |
Other assets | 49,155 | 37,512 |
Assets held for sale | 0 | 152,672 |
Total assets (including $69,284 and $70,269, respectively, related to consolidated variable interest entities - Note 5) | 3,167,527 | 3,115,308 |
Liabilities | ||
Debt, net of loan discounts and unamortized deferred financing costs (Note 6) | 1,328,086 | 1,322,593 |
Accounts payable and accrued expenses | 79,820 | 77,005 |
Distributions payable | 29,906 | 29,930 |
Other liabilities | 47,278 | 40,694 |
Total liabilities (including $46,050 and $46,637, respectively, related to consolidated variable interest entities - Note 5) | 1,485,090 | 1,470,222 |
Commitments and contingencies | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 500,000,000 shares authorized, 106,839,289 and 106,735,336 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively | 1,069 | 1,068 |
Additional paid in capital | 1,923,768 | 1,924,124 |
Accumulated other comprehensive income | 19,203 | 10,677 |
Accumulated distributions in excess of net earnings | (294,766) | (320,964) |
Total Company stockholders' equity | 1,649,274 | 1,614,905 |
Non-controlling interests | 33,163 | 30,181 |
Total equity | 1,682,437 | 1,645,086 |
Total liabilities and equity | $ 3,167,527 | $ 3,115,308 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Intangible assets, accumulated amortization | $ 4,212 | $ 3,286 |
Total assets related to consolidated variable interest entities | 69,284 | 70,269 |
Total liabilities related to consolidated variable interest entities | $ 46,050 | $ 46,637 |
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) | 106,839,289 | 106,735,336 |
Common stock shares, outstanding (in shares) | 106,839,289 | 106,735,336 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Rooms revenues | $ 162,582 | $ 144,451 |
Food and beverage revenues | 86,415 | 61,825 |
Other revenues | 15,501 | 12,184 |
Total revenues | 264,498 | 218,460 |
Expenses: | ||
Rooms expenses | 39,044 | 33,630 |
Food and beverage expenses | 52,975 | 39,184 |
Other direct expenses | 4,474 | 3,007 |
Other indirect expenses | 63,326 | 53,272 |
Management and franchise fees | 11,560 | 11,378 |
Total hotel operating expenses | 171,379 | 140,471 |
Depreciation and amortization | 38,801 | 36,478 |
Real estate taxes, personal property taxes and insurance | 11,859 | 11,360 |
Ground lease expense | 1,565 | 1,376 |
General and administrative expenses | 8,060 | 8,384 |
Total expenses | 231,664 | 198,069 |
Operating income | 32,834 | 20,391 |
Gain on sale of investment properties | 42,284 | 0 |
Other income | 387 | 152 |
Interest expense | (13,717) | (10,150) |
Loss on extinguishment of debt | (81) | 0 |
Net income before income taxes | 61,707 | 10,393 |
Income tax expense | (4,664) | (2,166) |
Net income | 57,043 | 8,227 |
Non-controlling interests in consolidated real estate entities | 179 | 72 |
Non-controlling interests of Common Units in Operating Partnership | (1,566) | (186) |
Net income attributable to non-controlling interests | (1,387) | (114) |
Net income attributable to common stockholders | $ 55,656 | $ 8,113 |
Basic and diluted earnings per share | ||
Net income per share available to common stockholders - basic and diluted (in dollars per share) | $ 0.52 | $ 0.07 |
Weighted average number of common shares, basic (in shares) | 106,792,350 | 106,844,272 |
Weighted average number of common shares, diluted (in shares) | 107,010,343 | 107,061,056 |
Other comprehensive income: | ||
Unrealized gain on interest rate derivative instruments | $ 8,816 | $ 1,143 |
Reclassification adjustment for amounts recognized in net income (interest expense) | (54) | 812 |
Comprehensive income, net of tax, including portion attributable to noncontrolling interest | 65,805 | 10,182 |
Comprehensive (income) loss attributable to non-controlling interests: | ||
Non-controlling interests in consolidated real estate entities | 179 | 72 |
Non-controlling interests of Common Units in Operating Partnership | (1,802) | (225) |
Comprehensive income attributable to non-controlling interests | (1,623) | (153) |
Comprehensive income attributable to the Company | $ 64,182 | $ 10,029 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Changes in Equity - 3 months ended Mar. 31, 2018 - 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, 2017 | $ 1,645,086 | $ 1,068 | $ 1,924,124 | $ 10,677 | $ (320,964) | $ 30,181 | $ 17,781 | $ 12,400 |
Beginning balance, shares outstanding (in shares) at Dec. 31, 2017 | 106,735,336 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 57,043 | 55,656 | 1,387 | 1,566 | (179) | |||
Dividends, common shares / units ($0.275) | (29,713) | (29,458) | (255) | (255) | ||||
Share-based compensation | 2,201 | $ 2 | 664 | 1,535 | 1,535 | |||
Share-based compensation (in shares) | 153,779 | |||||||
Shares redeemed to satisfy tax withholding on vested share-based compensation | (1,021) | $ (1) | (1,020) | |||||
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares) | (49,826) | |||||||
Contributions from non-controlling interests | 79 | 79 | 79 | |||||
Unrealized gain on interest rate derivative instruments | 8,816 | 8,578 | 238 | 238 | ||||
Reclassification adjustment for amounts recognized in net income | (54) | (52) | (2) | (2) | ||||
Ending balance of stockholders' equity, including portion attributable to noncontrolling interest at Mar. 31, 2018 | $ 1,682,437 | $ 1,069 | $ 1,923,768 | $ 19,203 | $ (294,766) | $ 33,163 | $ 20,863 | $ 12,300 |
Ending balance, shares outstanding (in shares) at Mar. 31, 2018 | 106,839,289 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Equity (Parenthetical) | 3 Months Ended |
Mar. 31, 2018$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Common stock dividend declared (in dollars per share) | $ 0.275 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 57,043 | $ 8,227 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 37,965 | 36,280 |
Amortization of above and below market leases and other lease intangibles | 876 | 354 |
Amortization of debt premiums, discounts, and financing costs | 721 | 719 |
Loss on extinguishment of debt | 81 | 0 |
Gain on sale of investment property | (42,284) | 0 |
Share-based compensation expense | 2,070 | 2,230 |
Changes in assets and liabilities: | ||
Accounts and rents receivable | (15,617) | (8,870) |
Other assets | (1,312) | (1,610) |
Accounts payable and accrued expenses | 1,997 | (5,054) |
Other liabilities | 1,221 | 1,939 |
Net cash provided by operating activities | 42,761 | 34,215 |
Cash flows from investing activities: | ||
Capital expenditures and tenant improvements | (23,875) | (13,214) |
Proceeds from sale of investment properties | 196,920 | 0 |
Net cash provided by (used in) investing activities | 173,045 | (13,214) |
Cash flows from financing activities: | ||
Proceeds from mortgage debt and notes payable | 65,000 | 0 |
Payoffs of mortgage debt | (18,344) | 0 |
Principal payments of mortgage debt | (693) | (642) |
Payment of loan fees and deposits | (3,661) | (2,415) |
Payments on revolving line of credit | (40,000) | 0 |
Contributions from non-controlling interests | 79 | 0 |
Repurchase of common shares | 0 | (1,787) |
Shares redeemed to satisfy tax withholding on vested share based compensation | (1,021) | (1,760) |
Dividends | (29,737) | (29,854) |
Net cash used in financing activities | (28,377) | (36,458) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 187,429 | (15,457) |
Cash and cash equivalents and restricted cash, at beginning of period | 130,404 | 287,027 |
Cash and cash equivalents and restricted cash, at end of period | $ 317,833 | $ 271,570 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Supplemental) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Reconciliation of cash and cash equivalents and restricted cash: | ||
Cash and cash equivalents | $ 255,513 | $ 202,370 |
Restricted cash | 62,320 | 69,200 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 317,833 | 271,570 |
Cash paid for taxes | 2,920 | 655 |
Cash paid for interest | 13,390 | 9,480 |
Supplemental schedule of non-cash investing and financing activities: | ||
Accrued capital expenditures | 7,056 | 2,468 |
Change in fair value of designated interest rate swaps | $ 8,762 | $ 1,955 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 , the Company collectively owned 97.3% of the common limited partnership units issued by the Operating Partnership ("Common Units"). The remaining 2.7% 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 March 31, 2018 , the Company owned 38 lodging properties, 36 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 | 3 Months Ended |
Mar. 31, 2018 | |
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, 2017 , included in the Company's Annual Report on Form 10-K filed with the SEC on February 27, 2018. Operating results for the three months ended March 31, 2018 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 months ended March 31, 2018 . 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 For the three months ended March 31, 2018 , the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida and Phoenix, Arizona markets that each exceeded 10% of total revenues for the period. For the three months ended March 31, 2017, the Company had a geographical concentration of revenues generated from hotels in Houston, Texas that exceeded 10% of total revenues for the period. 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. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the presentation for the three months ended March 31, 2018 . Consolidation The Company evaluates its investments in partially owned entities to determine whether any 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 over which 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 generally 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. Disposition of Real Estate In February 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("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 Company adopted ASU 2017-05 on January 1, 2018 using the modified retrospective approach. Upon adoption of ASU 2017-05, there was no change in income from continuing operations, net income nor any financial statement line item during the three months ended March 31, 2018 or 2017. Therefore, there was no cumulative effect adjustment recorded to retained earnings on the adoption date. The Company accounts for dispositions of real estate in accordance with Subtopic 610-20 for the transactions between the Company and unrelated third parties that are not considered a customer in the ordinary course of business. Typically, the real estate assets disposed of do not represent the transfer of a business or contain a material amount of financial assets, if any. The real estate assets promised in a sales contract are typically nonfinancial assets (i.e. land or a leasehold interest in land, building, furniture, fixtures and equipment) or in substance nonfinancial assets. The Company recognizes a gain in full when the real estate is sold, provided (a) there is a valid contract and (b) transfer or control has occurred. 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 February 2016, the FASB issued ASU 2016-02 (or Topic 842), Leases, which replaces Topic 840, Leases, and requires most leases, in which we are the lessee, 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. The Company is currently working with its third-party hotel managers to determine the completeness of its lease population and to evaluate hotel level leases in accordance with ASU 2016-02. The Company continues to analyze its existing ground and corporate lease obligations, including the determination of discount rates to present value the lease obligation, and the overall impact the standard will have on its consolidated financial statements and related disclosures. The Company anticipates adopting the standard on January 1, 2019 using the modified retrospective method. In January 2018, the FASB issued ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842. This guidance permits an entity to elect an optional transition practical expedient to not evaluate under land easements that exist or expired before the entity’s adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. An entity that elects this practical expedient would apply the practical expedient consistently to all of its existing or expired land easements that were not previously accounted for as leases under Topic 840. The Company plans to adopt the practical expedient upon adoption of ASU 2016-02. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. 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 Company adopted ASU 2017-01 on January 1, 2018 on a prospective basis. The Company anticipates that most future acquisitions will be accounted for as asset acquisitions rather than business combinations. As such, asset acquisitions will require the Company to capitalize future acquisition costs as part of the purchase price allocation, rather than expensing these costs as we have historically when transactions were accounted for as 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 material impact on its consolidated financial statements and related disclosures. 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. The Company adopted ASU 2017-09 on January 1, 2018. The adoption of ASU 2017-09 did not have any impact on the Company's consolidated financial statements or 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. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Adoption of new accounting guidance In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), 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 Company adopted ASU 2014-09, and all of the following ASU clarifications on January 1, 2018 using the modified retrospective approach: • ASU 2016-08 Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) • ASU 2016-10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing • ASU 2016-12 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients • ASU 2016-20 Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers Upon adoption of ASU 2014-09 and related ASU clarifications, there was no change on income from continuing operations, net income, or any financial statement line item and there was no cumulative effect adjustment recorded to a ccumulated distributions in excess of net earnings on the adoption date. T he Company concluded upon adoption of ASU 2014-09, the disposition of real estate assets, including hotels, qualify as a sale of a nonfinancial asset and should be recognized under the guidance in ASU 2017-05. Revenue from Contracts with Customers Revenue consists of amounts derived from hotel operations, including the sale of rooms, food and beverage, and other ancillary revenue generated by hotel amenities including parking, spa, resort fees and other services. Revenues are generated from various distribution channels including but not limited to direct bookings, travel agents, online, and wholesale. Room transaction prices are based on an individual hotel's location, room type and the bundle of services included in the reservation and are set by the hotel daily. Any discounts, including advanced purchase, loyalty point redemptions or promotions are recognized at the discounted rate whereas rebates and incentives are recorded as a reduction in room revenue when earned. Revenues from online channels are generally recognized net of commission fees, unless the end price paid by the guest is known. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the guest. Cash received from a guest prior to check-in is recorded as an advanced deposit and is generally recognized as room revenue at the time the room reservation has become non-cancellable, upon occupancy or upon expiration of the re-booking date. Advanced deposits are included in other liabilities on the consolidated balance sheet. Payment of any remaining balance is typically due from the guest upon check-out. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenues). Food and beverage transaction prices are based on the stated price for the specific food or beverage and varies depending on type, venue and hotel location. Service charges are typically a percentage of food and beverage charges and meeting space rental. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the guest. Cash received in advance of a banquet or catering event is recorded as either a security or advanced deposit. Security and advanced deposits are recognized as revenue when it becomes non-cancellable or at the time the food and beverage goods and services are rendered to the guest. Payment for the remaining balance of food and beverage goods and services is due upon delivery and completion of such goods and services. Parking and audio visual fees are recognized at the time services are provided to the guest. In parking and audio visual contracts in which we have control over the services provided, we are considered the principal in the agreement and recognize the related revenues gross of associated costs. If we do not have control over the services in the contract, we are considered the agent and record the related revenues net of associated costs. Resort fees, spa and other ancillary amenity revenues are recognized at the point in time the goods or services have been rendered to the guest at the stated price for the service or amenity. Rental income is generated from space lease agreements from retail tenants in our hotels. Rental income is recognized on a straight-line basis over the term of the underlying lease. Percentage rent is recognized at the point in time in which the underlying thresholds are achieved and percentage rent is earned. Our revenue sources are affected by conditions impacting the travel and hospitality industry as well as competition from other hotels and businesses in similar markets. The following represents total revenue disaggregated by primary geographical markets (as defined by STR, Inc. ("STR")) for the three months ended March 31, 2018 and 2017 : Primary Markets Three Months Ended March 31, 2018 Orlando, FL $ 36,384 Phoenix, AZ 31,139 Houston, TX 25,788 Dallas, TX 18,226 San Francisco/San Mateo, CA 17,877 Washington, DC-MD-VA 15,713 San Jose/Santa Cruz, CA 15,365 Atlanta, GA 11,673 Austin, TX 9,725 California North 8,389 Other 74,219 Total $ 264,498 Primary Markets Three Months Ended March 31, 2017 Houston, TX $ 27,411 Dallas, TX 19,435 San Francisco/San Mateo, CA 17,068 San Jose-Santa Cruz, CA 13,550 Atlanta, GA 10,979 Orlando, FL 10,490 Oahu Island, HI 10,047 Austin, TX 9,981 California North 9,031 Washington, DC-MD-VA 9,028 Other 81,440 Total $ 218,460 |
Disposed Properties
Disposed Properties | 3 Months Ended |
Mar. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposed Properties | Disposed Properties In December 2017, the Company entered into an agreement to sell the Aston Waikiki Beach Hotel located in Honolulu, HI for $200 million , excluding closing costs. The sale closed in March 2018. The following represents the disposition details for the hotel sold during the three months ended March 31, 2018 (in thousands): Property Date Rooms Gross Sale Price Net Proceeds Gain on Sale Aston Waikiki Beach Hotel 03/2018 645 $ 200,000 $ 196,920 (1) $ 42,421 (1) As of March 31, 2018 , $5.0 million of the sales proceeds related to escrows was held back at closing. This receipt of the holdback escrow is anticipated to be received in September 2018. |
Investment in Real Estate Entit
Investment in Real Estate Entities | 3 Months Ended |
Mar. 31, 2018 | |
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 did 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): March 31, 2018 December 31, 2017 Net investment properties $ 66,875 $ 67,687 Other assets 2,409 2,582 Total assets $ 69,284 $ 70,269 Mortgages payable (43,777 ) (44,074 ) Other liabilities (2,273 ) (2,563 ) Total liabilities $ (46,050 ) $ (46,637 ) Net assets $ 23,234 $ 23,632 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Mortgages Payable Debt as of March 31, 2018 and December 31, 2017 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type Rate (1) Maturity Date March 31, 2018 December 31, 2017 Mortgage Loans Andaz Savannah Variable 3.88 % 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 3.82 % 1/17/2019 — 18,344 Loews New Orleans Hotel Variable 4.23 % 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 4.38 % 5/1/2019 110,000 110,000 Marriott Charleston Town Center Fixed 3.85 % 7/1/2020 15,778 15,908 Grand Bohemian Hotel Charleston (VIE) Variable 4.38 % 11/10/2020 18,878 19,026 Grand Bohemian Hotel Mountain Brook (VIE) Variable 4.38 % 12/27/2020 25,066 25,229 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 59,750 59,750 Renaissance Atlanta Waverly Hotel & Convention Center Variable 3.98 % 8/14/2024 100,000 100,000 The Ritz-Carlton, Pentagon City Variable 3.98 % 1/31/2025 65,000 — Residence Inn Boston Cambridge Fixed 4.48 % 11/1/2025 62,581 62,833 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 115,000 115,000 Total Mortgage Loans 4.12 % (3) $ 911,053 $ 865,090 Mortgage Loan Discounts, net (4) — — — (239 ) (255 ) Unamortized Deferred Financing Costs, net — — — (7,728 ) (7,242 ) Senior Unsecured Credit Facility Variable 3.38 % 2/28/2022 — 40,000 Unsecured Term Loan $175M Fixed (5) 2.79 % 2/15/2021 175,000 175,000 Unsecured Term Loan $125M Fixed (5) 3.28 % 10/22/2022 125,000 125,000 Unsecured Term Loan $125M Fixed (5) 3.72 % 9/13/2024 125,000 125,000 Total Debt, net of loan discounts and unamortized deferred financing costs 3.83 % (3) $ 1,328,086 $ 1,322,593 (1) Variable index is one-month LIBOR as of March 31, 2018 . (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 March 31, 2018 . (4) Loan discounts recognized upon loan modifications, net of the accumulated amortization. (5) LIBOR has been fixed for a portion of or the entire term of the loan. The spread may vary, as it is determined by the Company's leverage ratio. In connection with repaying a mortgage loan during the three months ended March 31, 2018 , the Company recognized a loss on extinguishment of debt of $81 thousand , which represented the write off of unamortized deferred financing costs. Debt outstanding as of March 31, 2018 and December 31, 2017 was $1,336 million and $1,330 million and had a weighted average interest rate of 3.83% and 3.73% per annum, respectively. The remaining unamortized mortgage discounts as of March 31, 2018 and December 31, 2017 were $0.2 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 2018 $ 3,417 4.32% 2019 252,648 3.88% 2020 61,336 4.26% 2021 180,135 2.84% 2022 271,485 3.62% Thereafter 567,032 4.17% Total Debt $ 1,336,053 3.83% Total Loan Discounts, net (239 ) — Unamortized Deferred Financing Costs, net (7,728 ) — Debt, net of loan discounts and unamortized deferred financing costs $ 1,328,086 3.83% Of the total outstanding debt at March 31, 2018 , 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 March 31, 2018 , the Company was in compliance with all such covenants. Senior Unsecured Credit Facility As of March 31, 2018 , there was no outstanding balance on the senior unsecured facility. During the three months ended March 31, 2018 , the Company incurred unused commitment fees of approximately $0.4 million and interest expense of $34 thousand . During the three months ended March 31, 2017 , the Company incurred unused commitment fees of approximately $0.3 million and no interest expense. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 , all derivative instruments were designated as cash flow hedges. As of March 31, 2018 and December 31, 2017 , the aggregate fair value of interest rate swap assets of $19.6 million and $10.8 million , respectively, was included in other assets in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2018 and 2017 , the Company had an unrealized gain of $8.8 million and $1.1 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 March 31, 2018 and December 31, 2017 , respectively (in thousands) (1) : Notional Amounts Estimated Fair Value Hedged Debt Type Fixed Rate Index Effective Date Maturity March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 $175M Term Loan Swap 1.30% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 $ 50,000 $ 50,000 $ 1,592 $ 1,134 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 65,000 65,000 2,093 1,497 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 60,000 60,000 1,926 1,379 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.45% 1/15/2016 10/22/2022 50,000 50,000 1,523 675 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.45% 1/15/2016 10/22/2022 25,000 25,000 757 334 $125M Term Loan Swap 1.84% 1-Month LIBOR + 1.45% 1/15/2016 10/22/2022 25,000 25,000 748 325 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.45% 1/15/2016 10/22/2022 25,000 25,000 751 330 Mortgage Debt Swap 1.54% 1-Month LIBOR + 2.60% 1/13/2016 1/13/2023 59,750 60,000 2,593 1,630 Mortgage Debt Swap 0.88% 1-Month LIBOR + 2.10% 9/1/2016 1/17/2019 41,000 41,000 393 386 Mortgage Debt Swap 0.89% 1-Month LIBOR + 2.10% 9/1/2016 3/21/2019 38,000 38,000 456 428 Mortgage Debt Swap 1.80% 1-Month LIBOR + 2.25% 3/1/2017 1/3/2022 51,000 51,000 1,296 588 Mortgage Debt Swap 1.80% 1-Month LIBOR + 2.00% 3/1/2017 1/3/2022 45,000 45,000 1,117 521 Mortgage Debt Swap 1.81% 1-Month LIBOR + 2.00% 3/1/2017 1/3/2022 45,000 45,000 1,147 493 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.80% 10/13/2017 10/12/2022 40,000 40,000 1,032 362 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.80% 10/13/2017 10/12/2022 40,000 40,000 1,025 358 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.80% 10/13/2017 10/12/2022 25,000 25,000 637 218 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.80% 10/13/2017 10/12/2022 20,000 20,000 515 180 $ 704,750 $ 705,000 $ 19,601 $ 10,838 (1) There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge ineffectiveness testing during the three months ended March 31, 2018 and 2017 . For the three months ended March 31, 2018 and 2017 , the Company reclassified $0.1 million from accumulated other comprehensive income as a reduction to interest expense and reclassified $0.8 million from accumulated other comprehensive income to interest expense, respectively. The Company expects approximately $3.9 million will be reclassified from accumulated other comprehensive income as a reduction to interest expense in the next 12 months. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 December 31, 2017 Location / Description Significant Unobservable Inputs (Level 2) Significant Unobservable Inputs (Level 2) Other assets Interest rate swap assets $ 19,601 $ 10,838 Total $ 19,601 $ 10,838 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 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 March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt, net of discounts $ 1,335,814 $ 1,341,403 $ 1,289,835 $ 1,303,550 Unsecured credit facility — — 40,000 40,101 Total $ 1,335,814 $ 1,341,403 $ 1,329,835 $ 1,343,651 The Company estimates the fair value of its mortgages payable using a weighted average effective interest rate of 4.39% and 3.93% per annum as of March 31, 2018 and December 31, 2017 , respectively. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company estimated the TRS income tax benefit for the three months ended March 31, 2018 using an estimated federal and state statutory combined rate of 28.11% and recognized income tax expense of $4.7 million . The Company estimated the TRS income tax benefit for the three months ended March 31, 2017 using an estimated federal and state statutory combined rate of 42.38% and recognized income tax expense of $2.2 million . |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock In March 2018, the Company entered into an "At the Market" ("ATM") program pursuant to an Equity Distribution Agreement ("ATM Agreement") with Wells Fargo Securities, LLC, Robert W. Baird & Co. Incorporated, Jefferies LLC, KeyBanc Capital Markets Inc. and Raymond James & Associates, Inc. In accordance with the terms of the ATM Agreement, the Company may from time to time offer and sell shares of its common stock having an aggregate offering price of up to $200 million . No shares were sold under the ATM Agreement during the three months ended March 31, 2018. As of March 31, 2018 , the Company had $200 million available for sale under the ATM Agreement. 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. No shares were purchased as part of the Repurchase Program for the three months ended March 31, 2018 . For the three months ended March 31, 2017 , 107,509 shares were repurchased under the Repurchase Program, at a weighted average price of $16.62 per share for an aggregate purchase price of $1.8 million . As of March 31, 2018 , the Company had approximately $96.9 million remaining under its share repurchase authorization. Distributions The Company declared the following dividends during the three months ended March 31, 2018 : Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $0.275 March 31, 2018 March 30, 2018 April 13, 2018 Non-Controlling Interest of Common Units in Operating Partnership As of March 31, 2018 , the Operating Partnership had 2,959,972 long-term incentive partnership units (“LTIP Units”) outstanding, representing a 2.7% partnership interest held by the limited partners . Of the 2,959,972 LTIP units outstanding at March 31, 2018 , 571,200 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 March 31, 2018 , the Company had accrued $255 thousand in dividends related to the LTIP Units, which were paid in April 2018. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 2017 Numerator: Net income attributable to common stockholders $ 55,656 $ 8,113 Dividends paid on unvested share-based compensation (152 ) (140 ) Undistributed earnings attributable to unvested share based compensation (37 ) — Net income available to common stockholders $ 55,467 $ 7,973 Denominator: Weighted average shares outstanding - Basic 106,792,350 106,844,272 Effect of dilutive share-based compensation 217,993 216,784 Weighted average shares outstanding - Diluted 107,010,343 107,061,056 Basic and diluted earnings per share: Net income per share available to common stockholders - basic and diluted $ 0.52 $ 0.07 |
Share Based Compensation
Share Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation | Share Based Compensation Restricted Stock Units In February 2018, 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 "2018 Restricted Stock Units"). The 2018 Restricted Stock Units include 79,812 restricted stock units that are time-based and vest over a three -year period and 45,464 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 $15.92 per share. Each time-based 2018 Restricted Stock Unit will vest as follows, subject to the employee’s continued service through each applicable vesting date: 33% on February 4, 2019, which is the first anniversary of the vesting commencement date of the award (February 4, 2018), 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 2018 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 2018 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 2018, the Compensation Committee approved the issuance of 725,860 performance-based LTIP Units (the "2018 Class A LTIP Units") and 84,505 time-based LTIP Units (the "2018 Time-Based LTIP Units") of the Operating Partnership under the 2015 Incentive Award Plan that had a weighted average grant date fair value of $8.79 per unit. Each award of 2018 Time-Based LTIP Units will vest as follows, subject to the executive’s continued service through each applicable vesting date: 33% on February 4, 2019, which is the first anniversary of the vesting commencement date of the award (February 4, 2018), 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 2018 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. 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 March 31, 2018 : 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, 2017 48,682 264,302 1,662,073 1,975,057 Granted — 125,276 810,365 935,641 Vested (2) (48,682 ) (105,113 ) (83,666 ) (237,461 ) Expired — (2,541 ) — (2,541 ) Forfeited — — — — Non-vested as of March 31, 2018 — 281,924 2,388,772 2,670,696 Vested as of March 31, 2018 351,196 227,905 571,200 1,150,301 Weighted average fair value of non-vested shares/units — $ 14.35 $ 8.23 $ 8.88 (1) Includes time-based and performance-based units. (2) During the three months ended March 31, 2018 , the Company redeemed 49,826 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 2018 Restricted Stock Units and the 2018 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 February 20, 2018 Absolute TSR Restricted Stock Units 25% $6.54 24.52% 1.82% - 2.47% 5.553% Relative TSR Restricted Stock Units 75% $10.44 24.52% 1.82% - 2.47% 5.553% Absolute TSR Class A LTIPs 25% $6.60 24.52% 1.82% - 2.47% 5.553% Relative TSR Class A LTIPs 75% $10.13 24.52% 1.82% - 2.47% 5.553% The absolute and relative stockholder returns are market conditions as defined by Accounting Standard Codification ("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 months ended March 31, 2018 the Company recognized approximately $2.1 million 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 three months ended March 31, 2018 we capitalized approximately $130 thousand related to Restricted Stock Units provided to certain members of management that oversee development and capital projects on behalf of the Company. As of March 31, 2018 , there was $16.6 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 2015 Incentive Award Plan, as applicable, which are expected to be recognized over a remaining weighted-average period of 2.17 additional years. For the three months ended March 31, 2017 , the Company recognized approximately $2.2 million 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, and capitalized approximately $154 thousand 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 | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 , the Company had a balance of $44.5 million and $46.6 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 March 31, 2018 and December 31, 2017 , 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 | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent to quarter end, the Company repaid the remaining balance of the $21.5 million mortgage loan collateralized by Andaz Savannah and the $41.0 million mortgage loan collateralized by Hotel Monaco Denver. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2017 , included in the Company's Annual Report on Form 10-K filed with the SEC on February 27, 2018. Operating results for the three months ended March 31, 2018 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 For the three months ended March 31, 2018 , the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida and Phoenix, Arizona markets that each exceeded 10% of total revenues for the period. For the three months ended March 31, 2017, the Company had a geographical concentration of revenues generated from hotels in Houston, Texas that exceeded 10% of total revenues for the period. 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. |
Reclassifications | Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the presentation for the three months ended March 31, 2018 . |
Consolidation | Consolidation The Company evaluates its investments in partially owned entities to determine whether any 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 over which 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 generally 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. |
Disposition of Real Estate | Disposition of Real Estate In February 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("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 Company adopted ASU 2017-05 on January 1, 2018 using the modified retrospective approach. Upon adoption of ASU 2017-05, there was no change in income from continuing operations, net income nor any financial statement line item during the three months ended March 31, 2018 or 2017. Therefore, there was no cumulative effect adjustment recorded to retained earnings on the adoption date. The Company accounts for dispositions of real estate in accordance with Subtopic 610-20 for the transactions between the Company and unrelated third parties that are not considered a customer in the ordinary course of business. Typically, the real estate assets disposed of do not represent the transfer of a business or contain a material amount of financial assets, if any. The real estate assets promised in a sales contract are typically nonfinancial assets (i.e. land or a leasehold interest in land, building, furniture, fixtures and equipment) or in substance nonfinancial assets. The Company recognizes a gain in full when the real estate is sold, provided (a) there is a valid contract and (b) transfer or control has occurred. |
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 February 2016, the FASB issued ASU 2016-02 (or Topic 842), Leases, which replaces Topic 840, Leases, and requires most leases, in which we are the lessee, 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. The Company is currently working with its third-party hotel managers to determine the completeness of its lease population and to evaluate hotel level leases in accordance with ASU 2016-02. The Company continues to analyze its existing ground and corporate lease obligations, including the determination of discount rates to present value the lease obligation, and the overall impact the standard will have on its consolidated financial statements and related disclosures. The Company anticipates adopting the standard on January 1, 2019 using the modified retrospective method. In January 2018, the FASB issued ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842. This guidance permits an entity to elect an optional transition practical expedient to not evaluate under land easements that exist or expired before the entity’s adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. An entity that elects this practical expedient would apply the practical expedient consistently to all of its existing or expired land easements that were not previously accounted for as leases under Topic 840. The Company plans to adopt the practical expedient upon adoption of ASU 2016-02. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. 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 Company adopted ASU 2017-01 on January 1, 2018 on a prospective basis. The Company anticipates that most future acquisitions will be accounted for as asset acquisitions rather than business combinations. As such, asset acquisitions will require the Company to capitalize future acquisition costs as part of the purchase price allocation, rather than expensing these costs as we have historically when transactions were accounted for as 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 material impact on its consolidated financial statements and related disclosures. 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. The Company adopted ASU 2017-09 on January 1, 2018. The adoption of ASU 2017-09 did not have any impact on the Company's consolidated financial statements or 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. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Revenue consists of amounts derived from hotel operations, including the sale of rooms, food and beverage, and other ancillary revenue generated by hotel amenities including parking, spa, resort fees and other services. Revenues are generated from various distribution channels including but not limited to direct bookings, travel agents, online, and wholesale. Room transaction prices are based on an individual hotel's location, room type and the bundle of services included in the reservation and are set by the hotel daily. Any discounts, including advanced purchase, loyalty point redemptions or promotions are recognized at the discounted rate whereas rebates and incentives are recorded as a reduction in room revenue when earned. Revenues from online channels are generally recognized net of commission fees, unless the end price paid by the guest is known. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the guest. Cash received from a guest prior to check-in is recorded as an advanced deposit and is generally recognized as room revenue at the time the room reservation has become non-cancellable, upon occupancy or upon expiration of the re-booking date. Advanced deposits are included in other liabilities on the consolidated balance sheet. Payment of any remaining balance is typically due from the guest upon check-out. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenues). Food and beverage transaction prices are based on the stated price for the specific food or beverage and varies depending on type, venue and hotel location. Service charges are typically a percentage of food and beverage charges and meeting space rental. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the guest. Cash received in advance of a banquet or catering event is recorded as either a security or advanced deposit. Security and advanced deposits are recognized as revenue when it becomes non-cancellable or at the time the food and beverage goods and services are rendered to the guest. Payment for the remaining balance of food and beverage goods and services is due upon delivery and completion of such goods and services. Parking and audio visual fees are recognized at the time services are provided to the guest. In parking and audio visual contracts in which we have control over the services provided, we are considered the principal in the agreement and recognize the related revenues gross of associated costs. If we do not have control over the services in the contract, we are considered the agent and record the related revenues net of associated costs. Resort fees, spa and other ancillary amenity revenues are recognized at the point in time the goods or services have been rendered to the guest at the stated price for the service or amenity. Rental income is generated from space lease agreements from retail tenants in our hotels. Rental income is recognized on a straight-line basis over the term of the underlying lease. Percentage rent is recognized at the point in time in which the underlying thresholds are achieved and percentage rent is earned. Our revenue sources are affected by conditions impacting the travel and hospitality industry as well as competition from other hotels and businesses in similar markets. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following represents total revenue disaggregated by primary geographical markets (as defined by STR, Inc. ("STR")) for the three months ended March 31, 2018 and 2017 : Primary Markets Three Months Ended March 31, 2018 Orlando, FL $ 36,384 Phoenix, AZ 31,139 Houston, TX 25,788 Dallas, TX 18,226 San Francisco/San Mateo, CA 17,877 Washington, DC-MD-VA 15,713 San Jose/Santa Cruz, CA 15,365 Atlanta, GA 11,673 Austin, TX 9,725 California North 8,389 Other 74,219 Total $ 264,498 Primary Markets Three Months Ended March 31, 2017 Houston, TX $ 27,411 Dallas, TX 19,435 San Francisco/San Mateo, CA 17,068 San Jose-Santa Cruz, CA 13,550 Atlanta, GA 10,979 Orlando, FL 10,490 Oahu Island, HI 10,047 Austin, TX 9,981 California North 9,031 Washington, DC-MD-VA 9,028 Other 81,440 Total $ 218,460 |
Disposed Properties (Tables)
Disposed Properties (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposition Details for Properties Sold | The following represents the disposition details for the hotel sold during the three months ended March 31, 2018 (in thousands): Property Date Rooms Gross Sale Price Net Proceeds Gain on Sale Aston Waikiki Beach Hotel 03/2018 645 $ 200,000 $ 196,920 (1) $ 42,421 (1) As of March 31, 2018 , $5.0 million of the sales proceeds related to escrows was held back at closing. This receipt of the holdback escrow is anticipated to be received in September 2018. |
Investment in Real Estate Ent26
Investment in Real Estate Entities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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): March 31, 2018 December 31, 2017 Net investment properties $ 66,875 $ 67,687 Other assets 2,409 2,582 Total assets $ 69,284 $ 70,269 Mortgages payable (43,777 ) (44,074 ) Other liabilities (2,273 ) (2,563 ) Total liabilities $ (46,050 ) $ (46,637 ) Net assets $ 23,234 $ 23,632 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | Debt as of March 31, 2018 and December 31, 2017 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type Rate (1) Maturity Date March 31, 2018 December 31, 2017 Mortgage Loans Andaz Savannah Variable 3.88 % 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 3.82 % 1/17/2019 — 18,344 Loews New Orleans Hotel Variable 4.23 % 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 4.38 % 5/1/2019 110,000 110,000 Marriott Charleston Town Center Fixed 3.85 % 7/1/2020 15,778 15,908 Grand Bohemian Hotel Charleston (VIE) Variable 4.38 % 11/10/2020 18,878 19,026 Grand Bohemian Hotel Mountain Brook (VIE) Variable 4.38 % 12/27/2020 25,066 25,229 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 59,750 59,750 Renaissance Atlanta Waverly Hotel & Convention Center Variable 3.98 % 8/14/2024 100,000 100,000 The Ritz-Carlton, Pentagon City Variable 3.98 % 1/31/2025 65,000 — Residence Inn Boston Cambridge Fixed 4.48 % 11/1/2025 62,581 62,833 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 115,000 115,000 Total Mortgage Loans 4.12 % (3) $ 911,053 $ 865,090 Mortgage Loan Discounts, net (4) — — — (239 ) (255 ) Unamortized Deferred Financing Costs, net — — — (7,728 ) (7,242 ) Senior Unsecured Credit Facility Variable 3.38 % 2/28/2022 — 40,000 Unsecured Term Loan $175M Fixed (5) 2.79 % 2/15/2021 175,000 175,000 Unsecured Term Loan $125M Fixed (5) 3.28 % 10/22/2022 125,000 125,000 Unsecured Term Loan $125M Fixed (5) 3.72 % 9/13/2024 125,000 125,000 Total Debt, net of loan discounts and unamortized deferred financing costs 3.83 % (3) $ 1,328,086 $ 1,322,593 (1) Variable index is one-month LIBOR as of March 31, 2018 . (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 March 31, 2018 . (4) Loan discounts recognized upon loan modifications, net of the accumulated amortization. (5) LIBOR has been fixed for a portion of or the entire term of the loan. The spread may vary, as it is determined by the Company's leverage ratio. |
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 2018 $ 3,417 4.32% 2019 252,648 3.88% 2020 61,336 4.26% 2021 180,135 2.84% 2022 271,485 3.62% Thereafter 567,032 4.17% Total Debt $ 1,336,053 3.83% Total Loan Discounts, net (239 ) — Unamortized Deferred Financing Costs, net (7,728 ) — Debt, net of loan discounts and unamortized deferred financing costs $ 1,328,086 3.83% |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 , respectively (in thousands) (1) : Notional Amounts Estimated Fair Value Hedged Debt Type Fixed Rate Index Effective Date Maturity March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 $175M Term Loan Swap 1.30% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 $ 50,000 $ 50,000 $ 1,592 $ 1,134 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 65,000 65,000 2,093 1,497 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 60,000 60,000 1,926 1,379 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.45% 1/15/2016 10/22/2022 50,000 50,000 1,523 675 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.45% 1/15/2016 10/22/2022 25,000 25,000 757 334 $125M Term Loan Swap 1.84% 1-Month LIBOR + 1.45% 1/15/2016 10/22/2022 25,000 25,000 748 325 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.45% 1/15/2016 10/22/2022 25,000 25,000 751 330 Mortgage Debt Swap 1.54% 1-Month LIBOR + 2.60% 1/13/2016 1/13/2023 59,750 60,000 2,593 1,630 Mortgage Debt Swap 0.88% 1-Month LIBOR + 2.10% 9/1/2016 1/17/2019 41,000 41,000 393 386 Mortgage Debt Swap 0.89% 1-Month LIBOR + 2.10% 9/1/2016 3/21/2019 38,000 38,000 456 428 Mortgage Debt Swap 1.80% 1-Month LIBOR + 2.25% 3/1/2017 1/3/2022 51,000 51,000 1,296 588 Mortgage Debt Swap 1.80% 1-Month LIBOR + 2.00% 3/1/2017 1/3/2022 45,000 45,000 1,117 521 Mortgage Debt Swap 1.81% 1-Month LIBOR + 2.00% 3/1/2017 1/3/2022 45,000 45,000 1,147 493 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.80% 10/13/2017 10/12/2022 40,000 40,000 1,032 362 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.80% 10/13/2017 10/12/2022 40,000 40,000 1,025 358 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.80% 10/13/2017 10/12/2022 25,000 25,000 637 218 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.80% 10/13/2017 10/12/2022 20,000 20,000 515 180 $ 704,750 $ 705,000 $ 19,601 $ 10,838 (1) There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge ineffectiveness testing during the three months ended March 31, 2018 and 2017 . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 December 31, 2017 Location / Description Significant Unobservable Inputs (Level 2) Significant Unobservable Inputs (Level 2) Other assets Interest rate swap assets $ 19,601 $ 10,838 Total $ 19,601 $ 10,838 |
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 March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt, net of discounts $ 1,335,814 $ 1,341,403 $ 1,289,835 $ 1,303,550 Unsecured credit facility — — 40,000 40,101 Total $ 1,335,814 $ 1,341,403 $ 1,329,835 $ 1,343,651 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule of Dividends Declared | The Company declared the following dividends during the three months ended March 31, 2018 : Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $0.275 March 31, 2018 March 30, 2018 April 13, 2018 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 2017 Numerator: Net income attributable to common stockholders $ 55,656 $ 8,113 Dividends paid on unvested share-based compensation (152 ) (140 ) Undistributed earnings attributable to unvested share based compensation (37 ) — Net income available to common stockholders $ 55,467 $ 7,973 Denominator: Weighted average shares outstanding - Basic 106,792,350 106,844,272 Effect of dilutive share-based compensation 217,993 216,784 Weighted average shares outstanding - Diluted 107,010,343 107,061,056 Basic and diluted earnings per share: Net income per share available to common stockholders - basic and diluted $ 0.52 $ 0.07 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share Based Compensation Arrangements Activity and Assumptions | The grant date fair values of performance awards for the 2018 Restricted Stock Units and the 2018 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 February 20, 2018 Absolute TSR Restricted Stock Units 25% $6.54 24.52% 1.82% - 2.47% 5.553% Relative TSR Restricted Stock Units 75% $10.44 24.52% 1.82% - 2.47% 5.553% Absolute TSR Class A LTIPs 25% $6.60 24.52% 1.82% - 2.47% 5.553% Relative TSR Class A LTIPs 75% $10.13 24.52% 1.82% - 2.47% 5.553% 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 March 31, 2018 : 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, 2017 48,682 264,302 1,662,073 1,975,057 Granted — 125,276 810,365 935,641 Vested (2) (48,682 ) (105,113 ) (83,666 ) (237,461 ) Expired — (2,541 ) — (2,541 ) Forfeited — — — — Non-vested as of March 31, 2018 — 281,924 2,388,772 2,670,696 Vested as of March 31, 2018 351,196 227,905 571,200 1,150,301 Weighted average fair value of non-vested shares/units — $ 14.35 $ 8.23 $ 8.88 (1) Includes time-based and performance-based units. (2) During the three months ended March 31, 2018 , the Company redeemed 49,826 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 |
Organization - Narrative (Detai
Organization - Narrative (Details) | 3 Months Ended |
Mar. 31, 2018property | |
Noncontrolling Interest [Line Items] | |
Number of hotels | 38 |
XHR LP (Operating Partnership) | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by Company | 97.30% |
Ownership percentage by noncontrolling owners (percent) | 2.70% |
Wholly Owned Properties | |
Noncontrolling Interest [Line Items] | |
Number of hotels | 36 |
VIE, primary beneficiary | |
Noncontrolling Interest [Line Items] | |
Variable interest entity, ownership percentage | 75.00% |
VIE, primary beneficiary | Consolidated Properties that are Less Than Wholly Owned | |
Noncontrolling Interest [Line Items] | |
Number of hotels | 2 |
Revenue - Disaggregation by Pri
Revenue - Disaggregation by Primary Geographical Markets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 264,498 | $ 218,460 |
Orlando, FL | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 36,384 | 10,490 |
Phoenix, AZ | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 31,139 | |
Houston, TX | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 25,788 | 27,411 |
Dallas, TX | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 18,226 | 19,435 |
San Francisco/San Mateo, CA | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 17,877 | 17,068 |
Washington, DC-MD-VA | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 15,713 | 9,028 |
San Jose/Santa Cruz, CA | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 15,365 | 13,550 |
Atlanta, GA | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 11,673 | 10,979 |
Austin, TX | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 9,725 | 9,981 |
California North | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 8,389 | 9,031 |
Oahu Island, HI | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 10,047 | |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 74,219 | $ 81,440 |
Disposed Properties - Details o
Disposed Properties - Details of Disposition (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Aston Waikiki Beach Hotel $ in Thousands | 1 Months Ended |
Mar. 31, 2018USD ($)unit | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Rooms (unaudited) | unit | 645 |
Gross Sale Price | $ 200,000 |
Net Proceeds | 196,920 |
Gain on Sale | 42,421 |
Sales proceeds outstanding | $ 5,000 |
Investment in Real Estate Ent36
Investment in Real Estate Entities - Narrative (Details) - VIE, primary beneficiary | 3 Months Ended |
Mar. 31, 2018real_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 Ent37
Investment in Real Estate Entities - Schedule of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | ||
Assets | $ 69,284 | $ 70,269 |
Liabilities | (46,050) | (46,637) |
VIE, primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 69,284 | 70,269 |
Liabilities | (46,050) | (46,637) |
Net assets | 23,234 | 23,632 |
Net investment properties | VIE, primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 66,875 | 67,687 |
Other assets | VIE, primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 2,409 | 2,582 |
Mortgages payable | VIE, primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Liabilities | (43,777) | (44,074) |
Other liabilities | VIE, primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Liabilities | $ (2,273) | $ (2,563) |
Debt - Summary of Debt Instrume
Debt - Summary of Debt Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,336,053 | $ 1,330,000 |
Mortgage Loan Discounts, net | (239) | |
Unamortized Deferred Financing Costs, net | (7,728) | (7,242) |
Debt | $ 1,328,086 | $ 1,322,593 |
Weighted average interest rate | 3.83% | 3.73% |
Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 911,053 | $ 865,090 |
Mortgage Loan Discounts, net | $ (239) | (255) |
Weighted average interest rate | 4.12% | |
Unsecured Debt | Senior Unsecured Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt | $ 0 | 40,000 |
Weighted average interest rate | 3.38% | |
Andaz Savannah | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 21,500 | 21,500 |
Weighted average interest rate | 3.88% | |
Hotel Monaco Denver | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 41,000 | 41,000 |
Weighted average interest rate | 2.98% | |
Hotel Monaco Chicago | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | 18,344 |
Weighted average interest rate | 3.82% | |
Loews New Orleans Hotel | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 37,500 | 37,500 |
Weighted average interest rate | 4.23% | |
Andaz Napa | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 38,000 | 38,000 |
Weighted average interest rate | 2.99% | |
Westin Galleria & Oaks Houston | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 110,000 | 110,000 |
Weighted average interest rate | 4.38% | |
Marriott Charleston Town Center | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 15,778 | 15,908 |
Weighted average interest rate | 3.85% | |
Grand Bohemian Hotel Charleston (VIE) | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 18,878 | 19,026 |
Weighted average interest rate | 4.38% | |
Grand Bohemian Hotel Mountain Brook (VIE) | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 25,066 | 25,229 |
Weighted average interest rate | 4.38% | |
Marriott Dallas City Center | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 51,000 | 51,000 |
Weighted average interest rate | 4.05% | |
Hyatt Regency Santa Clara | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 90,000 | 90,000 |
Weighted average interest rate | 3.81% | |
Hotel Palomar Philadelphia | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 59,750 | 59,750 |
Weighted average interest rate | 4.14% | |
Renaissance Atlanta Waverly Hotel & Convention Center | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 100,000 | 100,000 |
Weighted average interest rate | 3.98% | |
The Ritz-Carlton Pentagon City | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 65,000 | 0 |
Weighted average interest rate | 3.98% | |
Residence Inn Boston Cambridge | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 62,581 | 62,833 |
Weighted average interest rate | 4.48% | |
Grand Bohemian Hotel Orlando | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 60,000 | 60,000 |
Weighted average interest rate | 4.53% | |
Marriott San Francisco Airport Waterfront | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 115,000 | 115,000 |
Weighted average interest rate | 4.63% | |
Term Loan $175M Feb 2021 | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Debt | $ 175,000 | 175,000 |
Weighted average interest rate | 2.79% | |
Term Loan $125M Oct 2022 | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Debt | $ 125,000 | 125,000 |
Weighted average interest rate | 3.28% | |
Term Loan $125M Sep 2024 | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Debt | $ 125,000 | $ 125,000 |
Weighted average interest rate | 3.72% |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Loss on extinguishment of debt | $ 81,000 | $ 0 | |
Long-term debt, gross | $ 1,336,053,000 | $ 1,330,000,000 | |
Weighted average interest rate | 3.83% | 3.73% | |
Unamortized mortgage discounts | $ 239,000 | ||
Recourse debt | 0 | ||
Mortgages | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 911,053,000 | $ 865,090,000 | |
Weighted average interest rate | 4.12% | ||
Unamortized mortgage discounts | $ 239,000 | $ 255,000 | |
Unsecured Debt | Senior Unsecured Credit Facility | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 3.38% | ||
Long-term line of credit | $ 0 | ||
Line of credit, unused borrowing capacity fee | 400,000 | 300,000 | |
Interest expense, debt | $ 34,000 | $ 0 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Maturities of Long-term Debt [Abstract] | ||
2,018 | $ 3,417 | |
2,019 | 252,648 | |
2,020 | 61,336 | |
2,021 | 180,135 | |
2,022 | 271,485 | |
Thereafter | 567,032 | |
Total | 1,336,053 | $ 1,330,000 |
Total Loan Discounts, net | (239) | |
Unamortized Deferred Financing Costs, net | (7,728) | (7,242) |
Debt, net of loan discounts and unamortized deferred financing costs | $ 1,328,086 | $ 1,322,593 |
Weighted Average Interest Rates [Abstract] | ||
2,018 | 4.32% | |
2,019 | 3.88% | |
2,020 | 4.26% | |
2,021 | 2.84% | |
2,022 | 3.62% | |
Thereafter | 4.17% | |
Weighted average interest rate | 3.83% | 3.73% |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Unrealized gain on interest rate derivative instruments | $ 8,816 | $ 1,143 | |
Reclassification from accumulated OCI to interest expense | 100 | $ (800) | |
Reclassification from accumulated OCI to interest expense expected in next twelve months | $ 3,900 | ||
Reclassification from accumulated OCI to interest expense, estimate of time to transfer | 12 months | ||
Cash Flow Hedging | Interest Rate Swap | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset at fair value | $ 19,600 | $ 10,800 |
Derivatives - Derivative Financ
Derivatives - Derivative Financial Instruments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Hedge ineffectiveness | $ 0 | $ 0 | |
Cash Flow Hedging | Interest Rate Swap | |||
Derivative [Line Items] | |||
Notional amounts | 704,750,000 | $ 705,000,000 | |
Fair value | 19,601,000 | 10,838,000 | |
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 | ||
Fixed rate | 1.30% | ||
Notional amounts | $ 50,000,000 | 50,000,000 | |
Fair value | $ 1,592,000 | 1,134,000 | |
Cash Flow Hedging | Interest Rate Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 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 | ||
Fixed rate | 1.29% | ||
Notional amounts | $ 65,000,000 | 65,000,000 | |
Fair value | $ 2,093,000 | 1,497,000 | |
Cash Flow Hedging | Interest Rate Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate 2 | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 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 | ||
Fixed rate | 1.29% | ||
Notional amounts | $ 60,000,000 | 60,000,000 | |
Fair value | $ 1,926,000 | 1,379,000 | |
Cash Flow Hedging | Interest Rate Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate 3 | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 1.50% | ||
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.45 Percent Variable Rate | |||
Derivative [Line Items] | |||
Hedged debt amount | $ 125,000,000 | ||
Fixed rate | 1.83% | ||
Notional amounts | $ 50,000,000 | 50,000,000 | |
Fair value | $ 1,523,000 | 675,000 | |
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.45 Percent Variable Rate | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 1.45% | ||
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.45 Percent Variable Rate 2 | |||
Derivative [Line Items] | |||
Hedged debt amount | $ 125,000,000 | ||
Fixed rate | 1.83% | ||
Notional amounts | $ 25,000,000 | 25,000,000 | |
Fair value | $ 757,000 | 334,000 | |
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.45 Percent Variable Rate 2 | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 1.45% | ||
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.45 Percent Variable Rate 3 | |||
Derivative [Line Items] | |||
Hedged debt amount | $ 125,000,000 | ||
Fixed rate | 1.84% | ||
Notional amounts | $ 25,000,000 | 25,000,000 | |
Fair value | $ 748,000 | 325,000 | |
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.45 Percent Variable Rate 3 | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 1.45% | ||
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.45 Percent Variable Rate 4 | |||
Derivative [Line Items] | |||
Hedged debt amount | $ 125,000,000 | ||
Fixed rate | 1.83% | ||
Notional amounts | $ 25,000,000 | 25,000,000 | |
Fair value | $ 751,000 | 330,000 | |
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.45 Percent Variable Rate 4 | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 1.45% | ||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.60 Percent Variable Rate | |||
Derivative [Line Items] | |||
Fixed rate | 1.54% | ||
Notional amounts | $ 59,750,000 | 60,000,000 | |
Fair value | $ 2,593,000 | 1,630,000 | |
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.60 Percent Variable Rate | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 2.60% | ||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.10 Percent Variable Rate | |||
Derivative [Line Items] | |||
Fixed rate | 0.88% | ||
Notional amounts | $ 41,000,000 | 41,000,000 | |
Fair value | $ 393,000 | 386,000 | |
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.10 Percent Variable Rate | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 2.10% | ||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.10 Percent Variable Rate 2 | |||
Derivative [Line Items] | |||
Fixed rate | 0.89% | ||
Notional amounts | $ 38,000,000 | 38,000,000 | |
Fair value | $ 456,000 | 428,000 | |
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.10 Percent Variable Rate 2 | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 2.10% | ||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.25 Percent Variable Rate | |||
Derivative [Line Items] | |||
Fixed rate | 1.80% | ||
Notional amounts | $ 51,000,000 | 51,000,000 | |
Fair value | $ 1,296,000 | 588,000 | |
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.25 Percent Variable Rate | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 2.25% | ||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.00 Percent Variable Rate | |||
Derivative [Line Items] | |||
Fixed rate | 1.80% | ||
Notional amounts | $ 45,000,000 | 45,000,000 | |
Fair value | $ 1,117,000 | 521,000 | |
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.00 Percent Variable Rate | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 2.00% | ||
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.00 Percent Variable Rate 2 | |||
Derivative [Line Items] | |||
Fixed rate | 1.81% | ||
Notional amounts | $ 45,000,000 | 45,000,000 | |
Fair value | $ 1,147,000 | 493,000 | |
Cash Flow Hedging | Interest Rate Swap | Mortgage Debt 1 Month LIBOR 2.00 Percent Variable Rate 2 | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 2.00% | ||
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 | ||
Fixed rate | 1.92% | ||
Notional amounts | $ 40,000,000 | 40,000,000 | |
Fair value | $ 1,032,000 | 362,000 | |
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 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 | ||
Fixed rate | 1.92% | ||
Notional amounts | $ 40,000,000 | 40,000,000 | |
Fair value | $ 1,025,000 | 358,000 | |
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 2 | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 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 | ||
Fixed rate | 1.92% | ||
Notional amounts | $ 25,000,000 | 25,000,000 | |
Fair value | $ 637,000 | 218,000 | |
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 3 | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 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 | ||
Fixed rate | 1.92% | ||
Notional amounts | $ 20,000,000 | 20,000,000 | |
Fair value | $ 515,000 | $ 180,000 | |
Cash Flow Hedging | Interest Rate Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 4 | LIBOR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 1.80% |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Mortgages | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average effective interest rate | 4.39% | 3.93% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - Fair Value, Inputs, Level 2 - Interest Rate Swap - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap assets | $ 19,601 | $ 10,838 |
Total | $ 19,601 | $ 10,838 |
Fair Value Measurements - Sch45
Fair Value Measurements - Schedule of Fair and Carrying Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, net of discounts | $ 1,335,814 | $ 1,289,835 |
Unsecured credit facility | 0 | 40,000 |
Total | 1,335,814 | 1,329,835 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, net of discounts | 1,341,403 | 1,303,550 |
Unsecured credit facility | 0 | 40,101 |
Total | $ 1,341,403 | $ 1,343,651 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Estimated federal and state statutory combined rate | 28.11% | 42.38% |
Income tax expense | $ 4,664 | $ 2,166 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Nov. 30, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||||
Aggregate offering price of common stock authorized under at the market agreements | $ 200,000,000 | ||||
Aggregate offering price of common stock currently available for sale under at the market agreements | 200,000,000 | $ 200,000,000 | |||
Shares repurchased, aggregate purchase price | $ 0 | $ 1,787,000 | |||
Repurchase Program | |||||
Class of Stock [Line Items] | |||||
Stock repurchase program authorized amount | $ 75,000,000 | $ 100,000,000 | |||
Shares repurchased (in shares) | 0 | 107,509 | |||
Shares repurchased, weighted average price (in dollars per share) | $ 16.62 | ||||
Shares repurchased, aggregate purchase price | $ 1,800,000 | ||||
Remaining share repurchase authorization | $ 96,900,000 | $ 96,900,000 |
Stockholders' Equity - Distribu
Stockholders' Equity - Distributions (Details) | 3 Months Ended |
Mar. 31, 2018$ / shares | |
Equity [Abstract] | |
Common stock dividend declared (in dollars per share) | $ 0.275 |
Stockholders' Equity - Non-cont
Stockholders' Equity - Non-controlling Interest of Common Units in Operating Partnership (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||
Number of units vested (in shares) | 1,150,301 | |
Distributions payable | $ 29,906 | $ 29,930 |
Time-Based LTIP Units and Class A LTIP Units | ||
Class of Stock [Line Items] | ||
Number of units outstanding, vested and nonvested (in shares) | 2,959,972 | |
Time-Based LTIP Units and Class A LTIP Units | Common Stock | ||
Class of Stock [Line Items] | ||
Distributions payable | $ 255 | |
2015 Incentive Award Plan | Time-Based LTIP Units and Class A LTIP Units | ||
Class of Stock [Line Items] | ||
Number of units vested (in shares) | 571,200 | |
XHR LP (Operating Partnership) | ||
Class of Stock [Line Items] | ||
Ownership percentage by noncontrolling owners (percent) | 2.70% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net income attributable to common stockholders | $ 55,656 | $ 8,113 |
Dividends paid on unvested share-based compensation | (152) | (140) |
Undistributed earnings attributable to unvested share based compensation | (37) | 0 |
Net income available to common stockholders | $ 55,467 | $ 7,973 |
Denominator: | ||
Weighted average shares outstanding - Basic (in shares) | 106,792,350 | 106,844,272 |
Effect of dilutive share-based compensation (in shares) | 217,993 | 216,784 |
Weighted average shares outstanding - Diluted (in shares) | 107,010,343 | 107,061,056 |
Basic and diluted earnings per share | ||
Net income per share available to common stockholders - basic and diluted (in dollars per share) | $ 0.52 | $ 0.07 |
Share Based Compensation - Narr
Share Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 20, 2018 | Feb. 28, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity instruments other than options, granted in period (in shares) | 935,641 | |||
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) | 49,826 | |||
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% | |||
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 | $ 16,600 | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 2 months 1 day | |||
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 | $ 2,100 | $ 2,200 | ||
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 | $ 130 | $ 154 | ||
2018 Restricted Stock Units | Restricted Stock Units (RSU), Time-Based | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity instruments other than options, granted in period (in shares) | 79,812 | |||
Award vesting period | 3 years | |||
2018 Restricted Stock Units | Restricted Stock Units (RSU), Time-Based | February 4, 2019 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 33.00% | |||
2018 Restricted Stock Units | Restricted Stock Units (RSU), Time-Based | February 4, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 33.00% | |||
2018 Restricted Stock Units | Restricted Stock Units (RSU), Time-Based | February 4, 2021 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 34.00% | |||
2018 Restricted Stock Units | Restricted Stock Units (RSU), Performance-Based | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity instruments other than options, granted in period (in shares) | 45,464 | |||
Award vesting period | 3 years | |||
2018 Restricted Stock Units | Restricted Stock 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) | $ 15.92 | |||
2018 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% | 25.00% | ||
2018 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% | 75.00% | ||
2018 LTIP Units | 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) | 725,860 | |||
2018 LTIP Units | 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) | 84,505 | |||
2018 LTIP Units | Time-Based LTIP Units | February 4, 2019 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 33.00% | |||
2018 LTIP Units | Time-Based LTIP Units | February 4, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 33.00% | |||
2018 LTIP Units | Time-Based LTIP Units | February 4, 2021 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 34.00% | |||
2018 LTIP Units | Time-Based LTIP Units and Class A 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) | $ 8.79 | |||
2018 LTIP Units | Absolute TSR Class A LTIPs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of total award | 25.00% | 25.00% | ||
2018 LTIP Units | Relative TSR Class A LTIPs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of total award | 75.00% | 75.00% |
Share Based Compensation - Sche
Share Based Compensation - Schedule of Non-Vested Awards (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Non-vested Incentive Awards [Roll Forward] | |
Non-vested as of beginning of period (in shares) | 1,975,057 |
Granted (in shares) | 935,641 |
Vested (in shares) | (237,461) |
Expired (in shares) | (2,541) |
Forfeited (in shares) | 0 |
Non-vested as of end of period (in shares) | 2,670,696 |
Vested as of end of period (in shares) | 1,150,301 |
Weighted average fair value of non-vested shares/units (in dollars per share) | $ / shares | $ 8.88 |
2014 Share Unit Plan | Restricted Stock Units | |
Non-vested Incentive Awards [Roll Forward] | |
Non-vested as of beginning of period (in shares) | 48,682 |
Granted (in shares) | 0 |
Vested (in shares) | (48,682) |
Expired (in shares) | 0 |
Forfeited (in shares) | 0 |
Non-vested as of end of period (in shares) | 0 |
Vested as of end of period (in shares) | 351,196 |
Weighted average fair value of non-vested shares/units (in dollars per share) | $ / shares | $ 0 |
2015 Incentive Award Plan | Restricted Stock Units | |
Non-vested Incentive Awards [Roll Forward] | |
Non-vested as of beginning of period (in shares) | 264,302 |
Granted (in shares) | 125,276 |
Vested (in shares) | (105,113) |
Expired (in shares) | (2,541) |
Forfeited (in shares) | 0 |
Non-vested as of end of period (in shares) | 281,924 |
Vested as of end of period (in shares) | 227,905 |
Weighted average fair value of non-vested shares/units (in dollars per share) | $ / shares | $ 14.35 |
2015 Incentive Award Plan | Time-Based LTIP Units and Class A LTIP Units | |
Non-vested Incentive Awards [Roll Forward] | |
Non-vested as of beginning of period (in shares) | 1,662,073 |
Granted (in shares) | 810,365 |
Vested (in shares) | (83,666) |
Expired (in shares) | 0 |
Forfeited (in shares) | 0 |
Non-vested as of end of period (in shares) | 2,388,772 |
Vested as of end of period (in shares) | 571,200 |
Weighted average fair value of non-vested shares/units (in dollars per share) | $ / shares | $ 8.23 |
Share Based Compensation - Assu
Share Based Compensation - Assumptions Used in Fair Value of Performance Awards (Details) - $ / shares | Feb. 20, 2018 | Feb. 28, 2018 | Mar. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant Date Fair Value by Component (in dollars) | $ 8.88 | ||
2018 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% | 25.00% | |
Grant Date Fair Value by Component (in dollars) | $ 6.54 | ||
Volatility | 24.52% | ||
Risk free interest rate, minimum | 1.82% | ||
Risk free interest rate, maximum | 2.47% | ||
Dividend Yield | 5.553% | ||
2018 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% | 75.00% | |
Grant Date Fair Value by Component (in dollars) | $ 10.44 | ||
Volatility | 24.52% | ||
Risk free interest rate, minimum | 1.82% | ||
Risk free interest rate, maximum | 2.47% | ||
Dividend Yield | 5.553% | ||
2018 LTIP Units | Absolute TSR Class A LTIPs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of Total Award | 25.00% | 25.00% | |
Grant Date Fair Value by Component (in dollars) | $ 6.60 | ||
Volatility | 24.52% | ||
Risk free interest rate, minimum | 1.82% | ||
Risk free interest rate, maximum | 2.47% | ||
Dividend Yield | 5.553% | ||
2018 LTIP Units | Relative TSR Class A LTIPs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of Total Award | 75.00% | 75.00% | |
Grant Date Fair Value by Component (in dollars) | $ 10.13 | ||
Volatility | 24.52% | ||
Risk free interest rate, minimum | 1.82% | ||
Risk free interest rate, maximum | 2.47% | ||
Dividend Yield | 5.553% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Other Commitments [Line Items] | |||
Restricted cash and escrows | $ 62,320 | $ 58,520 | $ 69,200 |
Hotel Furniture, Fixtures, and Equipment Reserves | |||
Other Commitments [Line Items] | |||
Restricted cash and escrows | $ 44,500 | $ 46,600 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - Subsequent Event - Mortgages $ in Millions | 1 Months Ended |
May 03, 2018USD ($) | |
Andaz Savannah | |
Subsequent Event [Line Items] | |
Repayments of loans | $ 21.5 |
Hotel Monaco Denver | |
Subsequent Event [Line Items] | |
Repayments of loans | $ 41 |