Xenia Hotels & Resorts (XHR) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 02, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-36594
Entity Registrant Name	Xenia Hotels & Resorts, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-0141677
Entity Address, Address Line One	200 S. Orange Avenue
Entity Address, Address Line Two	Suite 2700
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32801
City Area Code	407
Local Phone Number	246-8100
Title of 12(b) Security	Common Stock
Trading Symbol	XHR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		114,209,134
Entity Central Index Key	0001616000
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investment properties:
Land	$ 446,649	$ 446,855
Buildings and other improvements	2,944,101	2,949,114
Total	3,390,750	3,395,969
Less: accumulated depreciation	(892,972)	(827,501)
Net investment properties	2,497,778	2,568,468
Cash and cash equivalents	500,337	389,823
Restricted cash and escrows	34,572	38,963
Accounts and rents receivable, net of allowance for doubtful accounts	19,869	8,966
Intangible assets, net of accumulated amortization of $3,687 and $3,183, respectively	5,951	6,456
Other assets	67,700	66,927
Total assets	3,126,207	3,079,603
Liabilities
Debt, net of loan premiums, discounts and unamortized deferred financing costs (Note 4)	1,494,105	1,374,480
Accounts payable and accrued expenses	83,439	62,676
Other liabilities	73,569	75,584
Total liabilities	1,651,113	1,512,740
Commitments and Contingencies (Note 11)
Stockholders' equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 114,209,134 and 113,755,513 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	1,142	1,138
Additional paid in capital	2,089,550	2,080,364
Accumulated other comprehensive loss	(7,644)	(14,425)
Accumulated distributions in excess of net earnings	(611,391)	(513,002)
Total Company stockholders' equity	1,471,657	1,554,075
Non-controlling interests	3,437	12,788
Total equity	1,475,094	1,566,863
Total liabilities and equity	$ 3,126,207	$ 3,079,603

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Intangible assets, accumulated amortization	$ 3,687	$ 3,183
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	114,209,134	113,755,513
Common stock, outstanding (in shares)	114,209,134	113,755,513

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Revenues	$ 151,974	$ 14,825	$ 239,826	$ 230,176
Expenses:
Total hotel operating expenses	105,903	42,929	182,987	213,789
Depreciation and amortization	33,008	37,263	66,205	74,353
Real estate taxes, personal property taxes and insurance	10,997	13,097	21,537	26,772
Ground lease expense	379	372	782	1,126
General and administrative expenses	8,096	9,829	15,018	17,980
Gain on business interruption insurance	0	0	(1,116)	0
Acquisition, terminated transaction and pre-opening expenses	0	848	0	848
Impairment and other losses	12,313	3,735	12,313	20,102
Total expenses	170,696	108,073	297,726	354,970
Operating loss	(18,722)	(93,248)	(57,900)	(124,794)
Other (expense) income	(2,805)	2,242	(2,689)	2,369
Interest expense	(19,691)	(13,571)	(38,441)	(26,595)
Loss on extinguishment of debt	(1,356)	0	(1,356)	0
Net loss before income taxes	(42,574)	(104,577)	(100,386)	(149,020)
Income tax (expense) benefit	(169)	3,090	(334)	10,402
Net loss	(42,743)	(101,487)	(100,720)	(138,618)
Net loss attributable to non-controlling interests	705	2,362	2,331	3,354
Net loss attributable to common stockholders	$ (42,038)	$ (99,125)	$ (98,389)	$ (135,264)
Basic and diluted loss per share
Net loss per share available to common stockholders - basic (in dollars per share)	$ (0.36)	$ (0.88)	$ (0.86)	$ (1.20)
Net loss per share available to common stockholders - diluted (in dollars per share)	$ (0.36)	$ (0.88)	$ (0.86)	$ (1.20)
Weighted average number of common shares, basic (in shares)	113,806,186	113,498,689	113,793,419	113,242,786
Weighted average number of common shares, diluted (in shares)	113,806,186	113,498,689	113,793,419	113,242,786
Comprehensive Loss:
Net loss	$ (42,743)	$ (101,487)	$ (100,720)	$ (138,618)
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate derivative instruments	2,449	(1,679)	2,553	(18,800)
Reclassification adjustment for amounts recognized in net loss (interest expense)	2,070	2,261	4,400	2,671
Comprehensive loss including portion attributable to noncontrolling interest	(38,224)	(100,905)	(93,767)	(154,747)
Comprehensive loss attributable to non-controlling interests	601	2,348	2,159	3,825
Comprehensive loss attributable to the Company	(37,623)	(98,557)	(91,608)	(150,922)
Rooms
Revenues:
Revenues	95,195	6,956	150,841	131,470
Expenses:
Expenses	22,388	7,116	37,925	42,191
Food and beverage
Revenues:
Revenues	40,143	2,097	61,735	75,825
Expenses:
Expenses	28,592	7,749	46,770	60,722
Other
Revenues:
Revenues	16,636	5,772	27,250	22,881
Other direct
Expenses:
Other expenses	4,736	1,507	7,934	6,900
Other indirect
Expenses:
Other expenses	44,047	26,718	81,374	96,807
Management and franchise fees
Expenses:
Expenses	$ 6,140		$ 8,984	$ 7,169
Expenses		$ (161)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid in capital	Accumulated other comprehensive income (loss)	Distributions in excess of retained earnings	Non-controlling interests of Operating Partnership
Beginning balance (in shares) at Dec. 31, 2019		112,670,757
Beginning balance at Dec. 31, 2019	$ 1,775,158	$ 1,127	$ 2,060,924	$ (4,596)	$ (318,434)	$ 36,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Operating Partnership Units (in shares)		848,742
Ending balance (in shares) at Mar. 31, 2020		113,424,190
Ending balance at Mar. 31, 2020	1,680,693	$ 1,135	2,075,039	(20,822)	(385,882)	11,223
Beginning balance (in shares) at Dec. 31, 2019		112,670,757
Beginning balance at Dec. 31, 2019	1,775,158	$ 1,127	2,060,924	(4,596)	(318,434)	36,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (138,618)				(135,264)	(3,354)
Repurchase of common shares, net (in shares)	(165,516)	(165,516)
Repurchase of common shares, net	$ (2,264)	$ (2)	(2,262)
Dividends, common shares / units	(31,620)				(31,297)	(323)
Share-based compensation (in shares)		141,553
Share-based compensation	6,885	$ 1	2,041			4,843
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares)		(38,610)
Shares redeemed to satisfy tax withholding on vested share-based compensation	(565)		(565)
Redemption of Operating Partnership Units (in shares)		1,122,532
Redemption of Operating Partnership Units	(8,623)	$ 12	19,143			(27,778)
Unrealized gain (loss) on interest rate derivative instruments	(18,800)			(18,263)		(537)
Reclassification adjustment for amounts recognized in net loss	2,671			2,605		66
Ending balance (in shares) at Jun. 30, 2020		113,730,716
Ending balance at Jun. 30, 2020	1,584,224	$ 1,138	2,079,281	(20,254)	(484,995)	9,054
Beginning balance (in shares) at Mar. 31, 2020		113,424,190
Beginning balance at Mar. 31, 2020	1,680,693	$ 1,135	2,075,039	(20,822)	(385,882)	11,223
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(101,487)				(99,125)	(2,362)
Dividends, vesting event	12				12	0
Share-based compensation (in shares)		43,274
Share-based compensation	4,514	$ 0	1,193			3,321
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares)		(10,538)
Shares redeemed to satisfy tax withholding on vested share-based compensation	(90)		(90)
Redemption of Operating Partnership Units (in shares)		273,790
Redemption of Operating Partnership Units	0	$ 3	3,139			(3,142)
Unrealized gain (loss) on interest rate derivative instruments	(1,679)			(1,639)		(40)
Reclassification adjustment for amounts recognized in net loss	2,261			2,207		54
Ending balance (in shares) at Jun. 30, 2020		113,730,716
Ending balance at Jun. 30, 2020	1,584,224	$ 1,138	2,079,281	(20,254)	(484,995)	9,054
Beginning balance (in shares) at Dec. 31, 2020		113,755,513
Beginning balance at Dec. 31, 2020	1,566,863	$ 1,138	2,080,364	(14,425)	(513,002)	12,788
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (100,720)				(98,389)	(2,331)
Repurchase of common shares, net (in shares)	0
Share-based compensation (in shares)		72,692
Share-based compensation	$ 6,404	$ 0	1,915			4,489
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares)		(18,993)
Shares redeemed to satisfy tax withholding on vested share-based compensation	(318)		(318)
Redemption of Operating Partnership Units (in shares)		399,922
Redemption of Operating Partnership Units	(4,088)	$ 4	7,589			(11,681)
Unrealized gain (loss) on interest rate derivative instruments	2,553			2,494		59
Reclassification adjustment for amounts recognized in net loss	4,400			4,287		113
Ending balance (in shares) at Jun. 30, 2021		114,209,134
Ending balance at Jun. 30, 2021	1,475,094	$ 1,142	2,089,550	(7,644)	(611,391)	3,437
Beginning balance (in shares) at Mar. 31, 2021		113,804,074
Beginning balance at Mar. 31, 2021	1,513,687	$ 1,138	2,081,091	(12,059)	(569,353)	12,870
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(42,743)				(42,038)	(705)
Share-based compensation (in shares)		5,138
Share-based compensation	3,719	$ 0	870			2,849
Redemption of Operating Partnership Units (in shares)		399,922
Redemption of Operating Partnership Units	(4,088)	$ 4	7,589			(11,681)
Unrealized gain (loss) on interest rate derivative instruments	2,449			2,393		56
Reclassification adjustment for amounts recognized in net loss	2,070			2,022		48
Ending balance (in shares) at Jun. 30, 2021		114,209,134
Ending balance at Jun. 30, 2021	$ 1,475,094	$ 1,142	$ 2,089,550	$ (7,644)	$ (611,391)	$ 3,437

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends, common shares / units (in dollars per share)	$ 0.275	$ 0.275

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (100,720)	$ (138,618)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	65,670	73,067
Non-cash ground rent and amortization of other intangibles	535	1,364
Amortization of debt premiums, discounts, and financing costs	3,324	1,083
Loss on extinguishment of debt	1,356	0
Impairment and other losses	12,313	20,102
Share-based compensation expense	5,938	6,308
Deferred interest expense	0	1,148
Changes in assets and liabilities:
Accounts and rents receivable	(10,903)	29,223
Other assets	(2,668)	(11,566)
Accounts payable and accrued expenses	22,228	(29,395)
Other liabilities	7,749	(887)
Net cash provided by (used in) operating activities	4,822	(48,171)
Cash flows from investing activities:
Capital expenditures	(11,850)	(40,582)
Performance guaranty payments	1,879	0
Net cash used in investing activities	(9,971)	(40,582)
Cash flows from financing activities:
Payoffs of mortgage debt	(56,750)	0
Principal payments of mortgage debt	(4,154)	(1,391)
Principal payments on Corporate Credit Facility Term Loans	(150,000)	0
Proceeds from draws on the Revolving Credit Facility	0	340,000
Payments on the Revolving Credit Facility	(163,093)	0
Proceeds from Senior Notes	500,000	0
Payment of loan fees and issuance costs	(10,146)	(3,164)
Redemption of Operating Partnership Units	(4,088)	(8,623)
Repurchase of common shares	0	(2,264)
Shares redeemed to satisfy tax withholding on vested share-based compensation	(443)	(783)
Dividends and dividend equivalents	(54)	(63,162)
Net cash provided by financing activities	111,272	260,613
Net increase in cash and cash equivalents and restricted cash	106,123	171,860
Cash and cash equivalents and restricted cash, at beginning of period	428,786	194,946
Cash and cash equivalents and restricted cash, at end of period	534,909	366,806
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the amount shown in the condensed consolidated statements of cash flows:
Cash and cash equivalents	500,337	305,888
Restricted cash	34,572	60,918
Total cash and cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	534,909	366,806
The following represent cash paid during the periods presented for the following:
Cash paid for interest, net of capitalized interest	33,399	24,308
Cash paid for taxes	131	2,155
Supplemental schedule of non-cash investing and financing activities:
Accrued capital expenditures	879	3,406
Accrued loan costs related to amendments	$ 0	$ 451

Organization

Organization	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Xenia Hotels & Resorts, Inc. (the "Company" or "Xenia") is a Maryland corporation that invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 U.S. lodging markets as well as key leisure destinations in the United States. 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 June 30, 2021, the Company collectively owned 97.7% of the common limited partnership units issued by the Operating Partnership ("Operating Partnership Units"). The remaining 2.3% of the Operating Partnership Units are owned by the other limited partners comprised of certain of our current executive officers and members of our Board of Directors and includes vested and unvested long-term incentive plan ("LTIP") partnership units. LTIP partnership units may or may not vest based on the passage of time and whether certain market-based performance objectives are met. Xenia operates as a real estate investment trust ("REIT"). To qualify as a 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 June 30, 2021 and 2020, the Company owned 35 and 39 lodging properties, respectively. Impact of COVID-19 In January 2020, confirmed cases of novel coronavirus and related respiratory disease ("COVID-19") started appearing in the United States ("U.S."). By March 2020, COVID-19 was deemed a global pandemic by the World Health Organization. This led federal, state and local governments in the United States to impose measures intended to control its spread, including restrictions on freedom of movement and business operations such as travel bans, border closings, business closures, school closures, quarantines, shelter-in-place orders and social distancing requirements, and also to implement phased, multi-step policies governing re-opening regions of the country. The effects of the COVID-19 pandemic on the hotel industry have been significant and unprecedented with global demand for lodging drastically reduced and occupancy levels reaching historic lows in 2020. As a result of the COVID-19 pandemic, the majority of the Company's hotels and resorts temporarily suspended operations for certain periods of time during 2020. As of June 30, 2021, all of the Company's lodging properties were open and operating. Leisure demand gradually improved during the second half of 2020, a trend that accelerated during the first two quarters of 2021. During the second quarter of 2021, the Company began to see increasing levels of demand for both business transient and group business. Despite this improvement, there is still significant uncertainty around whether this uptick will continue and how long it will take for business travel to return to pre-pandemic levels. The Company may be impacted by, among other things, the distribution and acceptance of COVID-19 vaccines, breakthrough cases, and a resurgence of COVID-19, including the Delta variant or other variants, which has increased in prevalence resulting in the reimplementation of indoor mask mandates in some regions of the U.S.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
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 condensed consolidated 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 loss, 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, 2020, included in the Company's Annual Report on Form 10-K filed with the SEC on March 1, 2021. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of actual operating results for the entire year. Basis of Presentation The condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and XHR Holding. The Company's subsidiaries generally consist of limited liability companies, limited partnerships and the TRS. The effects of all inter-company transactions have been eliminated. Reclassifications Certain prior year amounts in these condensed consolidated financial statements have been reclassified to conform to the presentation as of and for the three and six months ended June 30, 2021. 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 future economic conditions. Actual results could differ from these estimates. Risks and Uncertainties As a result of the COVID-19 pan demic, the majority of the Company's hotels and resorts temporarily suspended operations for certain periods of time during 2020. As of June 30, 2021, all of the Company's hotels were open and operating. The Company's portfolio consists of luxury and upper upscale hotels and resorts, which generally offer restaurant and bar venues , large meeting facilities and event space, and amenities, including spas and golf courses, some of which may have limited operations or may not be able to operate during the recovery in order to comply with implemented safety measures, ongoing or reimplemented restrictions and to accommodate reduced levels of demand. The Company continues to monitor the evolving situation and guidance from federal, state and local governmental and public health authorities and additional actions may be taken or required based on their recommendations and regulations in place. Under these circumstances, there may be developments that require further adjustments to operations. The Company cannot predict with certainty when business levels will return to normalized levels after the effects of the pandemic subside or whether hotels that have recommenced operations will be forced to suspend operations or impose additional restrictions due to a resurgence of COVID-19 cases, including the Delta variant and other variants. The Company expects that recovery in the lodging industry, particularly with respect to business transient and group business, will continue to lag behind the recovery of other industries and factors such as public health (including a significant increase in new variant strains of COVID-19 cases), availability and effectiveness of COVID-19 vaccines and therapeutics, the level of acceptance of the vaccine by the general population and the economic and geopolitical environments may impact the timing, extent and pace of such recovery. Additionally, the effects of the pandemic could materially and adversely affect the Company's ability to consummate acquisitions and dispositions of hotel properties in the near term as well as cause scale backs or delays in planned renovations and other projects. The Company cannot predict with certainty the full extent and duration of the effects of the COVID-19 pandemic on its business, operating margins, results of operations, cash flows, financial condition, the market price of its common stock, its ability to make distributions to its shareholders, its access to equity and credit markets or its ability to service its indebtedness. Further, we continue to monitor and evaluate the challenges associated with the evolving workforce landscape, particularly related to achieving the appropriate balance between hotel staffing levels and demand. For the six months ended June 30, 2021, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida, Phoenix, Arizona, and Houston, Texas m arkets that exceeded 10% of total revenues for the period then ended. For the six months ended June 30, 2020, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida and Phoenix, Arizona markets that exceeded 10% of total revenues for the period then ended. To the extent adverse changes continue in these markets, or the industry sectors that operate in these markets, our business and operating results could continue to be negatively impacted. Consolidation The Company evaluates its investments in partially owned entities to determine whether such entities may be a variable interest entity ("VIE") or voting interest entity. 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. The Operating Partnership is a VIE. The Company's significant asset is its investment in the Operating Partnership, as described in Note 1, and consequently, substantially all of the Company's assets and liabilities represent those assets and liabilities of the Operating Partnership. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased, and similar accounts 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 various 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 non-performance by the financial institutions. Restricted Cash and Escrows Restricted cash primarily relates to furniture, fixtures and equipment replacement reserves as required per the terms of the Company's management and franchise agreements, cash held in restricted escrows for real estate taxes and insurance, capital spending reserves and, at times, disposition-related holdback escrows. As a result of the material adverse impact on the results of operations attributed to the COVID-19 pandemic, the Company's third-party managers temporarily suspended required contributions to the furniture, fixture and equipment replacement reserves. In addition, in certain cases, the Company has the ability to utilize a portion of these cash balances for hotel operating expenses. The usage of such replacement reserves may be subject to lender approval for hotels encumbered by mortgage loans or may be required to be replenished. Impairment Long-lived assets and intangibles The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Events or circumstances that may cause a review include, but are not limited to, when (1) a hotel property experiences a significant decrease in the market price of the long-lived asset, (2) a hotel property experiences a current or projected loss from operations combined with a history of operating or cash flow losses, (3) it becomes more likely than not that a hotel property will be sold before the end of its useful life, (4) an accumulation of costs is significantly in excess of the amount originally expected for the acquisition, construction or renovation of a long-lived asset, (5) adverse changes in demand occur for lodging at a specific property due to declining national or local economic conditions and/or new hotel construction in markets where the hotel is located, (6) there is a significant adverse change in legal factors or in the business climate that could affect the value of the long-lived asset and/or (7) there is a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed carrying value, the Company records an impairment charge to the extent that the carrying value exceeds fair value. In June 2021, the Company concluded that it intends to sell the 352-room Marriott Charleston Town Center, in Charleston, West Virginia and began marketing the property. Based on multiple bids from qualified buyers and ongoing price discussions, the Company expects the hotel will be sold for a price that is less than its net book value. As a result, an impairment loss of approximately $12.3 million was recorded for the three and six months ended June 30, 2021 which is included in impairment and other losses on the condensed consolidated statements of operations and comprehensive loss for the periods then ended. Goodwill The excess of the cost of an acquired entity (i.e. those that met the definition of an acquired business) over the net of the fair values assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill was recognized and allocated to certain of the Company's properties at the time they were acquired. The Company tests goodwill for impairment annually or more frequently if events or changes in circumstances indicate impairment. The Company has the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The optional qualitative assessment determines whether it is more likely than not that the fair value of the specific goodwill is less than its carrying amount. If it is determined that it is more likely than not that the goodwill is impaired, the Company performs a single-step analysis to identify and measure impairment. The fair value of goodwill is based on either the direct capitalization method or the discounted cash flow method. The direct capitalization method is based on a capitalization rate, which is generally observable (a Level 2 input, but at times could be unobservable, which is a Level 3 input), applied to the underlying hotel's most recent stabilized trailing twelve month net operating income at the time of the fair value analysis. The discounted cash flow method is based on estimated future cash flow projections that utilize discount rates, terminal capitalization rates, and planned capital expenditures, which are generally unobservable in the market place (Level 3 inputs). These estimates approximate the inputs the Company believes would be utilized by market participants in assessing fair value. The estimates of future cash flows are based on a number of factors, including historical operating results, estimated growth rates, known trends, and market/economic conditions. If the carrying amount of the property’s assets, including goodwill, exceeds its estimated fair value an impairment charge is recorded in an amount equal to that excess but only to the extent the value of goodwill is reduced to zero. As of June 30, 2021 and December 31, 2020, the Company had goodwill of $4.9 million associated with one property, which is included in intangible assets, net of accumulated amortization on the condensed consolidated balance sheets for the periods then ended. During the three and six months ended June 30, 2021, no impairment of goodwill was recorded. During the three months ended June 30, 2020, the Company determined the carrying value of goodwill related to Bohemian Hotel Savannah Riverfront, Autograph Collection, was in excess of its fair value and therefore recorded an impairment charge of $3.7 million. During the six months ended June 30, 2020, the Company determined the carrying value of goodwill related to Andaz Savannah and Bohemian Hotel Savannah Riverfront, Autograph Collection, were in excess of their fair values and therefore recorded an impairment of $20.1 million. Refer to Note 6 for further information. Impairment estimates The use of projected future cash flows, both undiscounted and discounted, and estimated hold periods are based on assumptions that are consistent with the estimates of future expectations and the strategic plan the Company uses to manage its underlying business. These assumptions and estimates about future cash flows, including the uncertainty regarding the extent and duration of the effects of the COVID-19 pandemic on our operations, along with the capitalization and discount rates used to determine these estimates are complex and subjective. The determination of fair value and possible subsequent impairment of long-lived investment properties and/or goodwill is a significant estimate that can and does change based on the Company's continuous process of analyzing each property and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the property at a particular point in time. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analyses could impact these assumptions and result in future impairment charges of the real estate properties. Insurance Recoveries At times , the Company may be entitled to business interruption proceeds for losses occurring at certain properties; however, an insurance recovery receivable will not be recorded until a final settlement has been reached with the insurance company. Any insurance proceeds received in excess of insurance deductibles will be accounted for as gain. During the six months ended June 30, 2021, the Company recognized $1.1 million in business interruption insurance proceed s for a portion of lost revenues associated with cancellations occurring in 2020 related to the COVID-19 pandemic. These amounts are included in gain on business interruption insurance on the condensed consolidated statement of operations and comprehensive loss for the period then ended. Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company limits the risks associated with interest rate changes by following established risk management policies and procedures which may include the use of derivative instruments. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract and are recorded on the condensed consolidated balance sheet at fair value, with offsetting changes recorded to other comprehensive income or loss. The Company nets assets and liabilities when the right of offset exists. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as interest expense. The Company incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Any future defaults by the Company under the terms of its hedges, including those which may arise from cross default provisions with loan agreements, could result in the Company being immediately liable for the fair market value liability of the defaulted hedges. Revenues Revenues consist of amounts derived from hotel operations, including the sale of rooms for lodging accommodations, food and beverage, and other ancillary revenue generated by hotel amenities including spa, parking, golf, resort fees and other services. Revenues are generated from various distribution channels including but not limited to direct bookings, global distribution systems and Internet travel sites. 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 advance purchase, loyalty point redemptions or promotions are recognized at the discounted rate whereas rebates and incentives are recorded as a reduction in rooms revenues 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 advance deposit and is generally recognized as rooms revenue at the time the room reservation has become non-cancellable, upon occupancy or upon expiration of the re-booking date. Advance deposits are included in other liabilities on the condensed consolidated balance sheets. 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 prices 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 an event is recorded as either a security or advance deposit. Security and advance 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 at the stated price for the service or goods. 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 and amenity fees, spa, golf 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. Share-Based Compensation The Company maintains a share-based incentive plan that provides for the grant of stock options, stock awards, restricted stock units, LTIP 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 as they occur, 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 share price, 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 condensed consolidated statements of operations and comprehensive loss and capitalized in buildings and other improvements in the condensed consolidated balance sheets for certain employees that manage property developments, renovations and capital improvements. Deferred Financing Costs Financing costs related to the revolving credit facility and long-term debt are recorded at cost and are amortized as interest expense on a straight-line basis, which approximates the effective interest method, over the life of the related debt instrument unless there is a sign ificant modification to the debt instrument. Financing costs related to the Senior Notes are amortized using the effective interest method. The balance of unamortized deferred financing costs related to the revolving credit facility is included in other assets and unamortized deferred financing costs related to all other debt are presented as a reduction in debt, net of loan premiums, discounts and unamortized deferred financing costs on the consolidated balance sheet. Deferred financing costs related to the revolving credit facility were $7.8 million and $7.2 million at June 30, 2021 and December 31, 2020, respectively, offset by accumulated amortization of $4.7 million and $3.2 million, respectively. Deferred financing costs related to all other debt were $27.5 million and $20.1 million at June 30, 2021 and December 31, 2020, respectfully, offset by accumulated amortization of $5.2 million and $5.1 million, respectively. Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following represents total revenue disaggregated by primary geographical markets (as defined by STR, Inc. ("STR")) for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended Primary Markets June 30, 2021 June 30, 2021 Orlando, FL $ 21,005 $ 32,962 Phoenix, AZ 18,171 32,426 Houston, TX 17,005 27,522 San Diego, CA 14,611 19,874 Denver, CO 9,328 15,140 Atlanta, GA 8,561 13,993 Florida Keys 7,043 13,137 Dallas, TX 7,675 11,442 Savannah, GA 6,121 9,693 Washington, DC-MD-VA 6,055 9,409 Other 36,399 54,228 Total $ 151,974 $ 239,826 Three Months Ended Six Months Ended Primary Markets June 30, 2020 June 30, 2020 Orlando, FL $ 670 $ 30,864 Phoenix, AZ 2,989 27,095 Houston, TX 838 22,102 Dallas, TX 258 15,795 Atlanta, GA 1,259 14,568 San Francisco/San Mateo, CA 364 13,990 San Diego, CA 1,182 11,823 San Jose-Santa Cruz, CA 474 10,067 Denver, CO 263 9,948 Washington, DC-MD-VA 523 7,552 Other 6,005 66,372 Total $ 14,825 $ 230,176

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt Debt as of June 30, 2021 and December 31, 2020 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type Rate (1) Maturity Date June 30, 2021 December 31, 2020 Mortgage Loans Kimpton Hotel Palomar Philadelphia Fixed (2) 4.14 % 1/13/2023 $ — (3) $ 57,660 Renaissance Atlanta Waverly Hotel & Convention Center Fixed (4) 3.93 % 8/14/2024 100,000 100,000 Andaz Napa Fixed (5) 2.79 % 9/13/2024 56,000 56,000 The Ritz-Carlton, Pentagon City Fixed (6) 4.95 % 1/31/2025 65,000 65,000 Grand Bohemian Hotel Orlando, Autograph Collection Fixed 4.53 % 3/1/2026 57,333 57,857 Marriott San Francisco Airport Waterfront Fixed 4.63 % 5/1/2027 113,042 115,762 Total Mortgage Loans 4.23 % (7) $ 391,375 $ 452,279 Corporate Credit Facilities Corporate Credit Facility Term Loan $150M Fixed (8) 3.77 % 8/21/2023 $ — (3) $ 150,000 Corporate Credit Facility Term Loan $125M Fixed (9) 3.92 % 9/13/2024 125,000 125,000 Revolving Credit Facility (10) Variable 2.93 % 2/28/2024 — (3) 163,093 Total Corporate Credit Facilities $ 125,000 $ 438,093 2020 Senior Notes $500M Fixed 6.38 % 8/15/2025 500,000 500,000 2021 Senior Notes $500M Fixed 4.88 % 6/1/2029 500,000 — Loan premiums, discounts and unamortized deferred financing costs, net (11) (22,270) (15,892) Total Debt, net of loan premiums, discounts and unamortized deferred financing costs 5.12 % (7) $ 1,494,105 $ 1,374,480 (1) The rates shown represent the annual interest rates as of June 30, 2021. The variable index for mortgage loans is one-month LIBOR and the variable index for the corporate credit facilities reflects a 25 basis point LIBOR floor which is applicable for the value of all corporate credit facilities not subject to an interest rate hedge. (2) The Company entered into an interest rate swap agreement to fix the interest rate of this variable rate mortgage loan for the entire term of the loan. This mortgage loan was repaid in May 2021. The interest rate swap associated with this loan was terminated in connection with the repayment. (3) In May 2021, the Company repaid the outstanding balance of the respective mortgage loan, the corporate credit facility term loan due to mature in August 2023 and the revolving credit facility with cash on hand and proceeds from the 2021 Senior Notes. (4) A variable interest loan for which the interest rate has been fixed through October 2022, after which the rate reverts to variable. (5) A variable interest loan for which the interest rate has been fixed on $25 million of the balance through October 2022, after which the rate reverts to variable. (6) A variable interest loan for which the interest rate has been fixed through January 2023. (7) Represents the weighted-average interest rate as of June 30, 2021. (8) A variable interest loan for which LIBOR was previously fixed for $125 million of the balance through October 2022. The spread to LIBOR varied, as it was determined by the Company's leverage ratio. (9) A variable interest loan for which LIBOR has been fixed through September 2022. The spread to LIBOR may vary, as it is determined by the Company's leverage ratio. The applicable interest rate has been set to the highest level of grid-based pricing during the covenant waiver period. (10) Commitments under the revolving credit facility total $523 million through February 2022, after which the total commitments will decrease to $450 million through maturity in February 2024. (11) Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization. Mortgage Loans Of the total outstanding debt at June 30, 2021, none of the mortgage loans were recourse to the Company. As of June 30, 2021, the Company was not in compliance with its debt co venants for three of its m ortgage loans, which resulted in an event of default for each mortgage loan. In July 2021, the Company amended the terms of these mortgage loans to waive each event of default as of June 30, 2021 and to adjust covenant calculations for five quarters following the waiver. The Company was also not in compliance with its debt covenants on two other mortgage loans which did not result in events of default but allows the respective lenders the option to initiate a cash sweep until covenant compliance is achieved for a period of time specified in the respective loan agreements. The cash sweeps permit the lenders to withdraw excess cash generated by the property into a separate bank account that they control, which may be used to reduce the outstanding loan balance. The mortgage loan agreements require contributions to be made to furniture, fixtures and equipment replacement reserves, however, this requirement was temporarily waived and the Company currently has the ability to utilize existing furniture, fixtures and equipment replacement reserve funds for operating expenses, subject to certain restrictions and a requirement to replenish any funds used. Corporate Credit Facilities Certain financial covenants related to our amended corporate credit facilities have been suspended until the date that financial statements are required to be delivered thereunder for the fiscal quarter ending June 30, 2022 (such period, unless earlier terminated by the Operating Partnership in accordance with the terms of the corporate credit facilities, the "covenant waiver period") and once quarterly testing resumes, certain financial covenants have been modified through the first quarter in 2023. In addition, the amended corporate credit facilities have certain restrictions and covenants which are applicable during the covenant waiver period, including (i) mandatory prepayment requirements, (ii) affirmative covenants related to the pledge of equity of certain subsidiaries and (iii) negative covenants restricting certain acquisitions, investments, capital expenditures, ground leases, and distributions. A minimum liquidity covenant also applies during the covenant waiver period. In May 2021, in connection with the closing of the 2021 Senior Notes, the Company effectuated additional amendments to our revolving credit facility and our one remaining corporate credit facility term loan. These additional amendments, among other things, (i) extended the covenant waiver period under the corporate credit facilities as provided above, (ii) increased the minimum liquidity covenant during the covenant waiver period from $100 million to $150 million and eliminate the minimum liquidity covenant after the covenant waiver period ends, (iii) adjusted the mandatory prepayment requirements under the corporate credit facilities to limit the requirement to repay loans using net proceeds of certain asset sales and debt or equity issuances solely to the Operating Partnership’s revolving credit facility and (iv) increased the ability for the Operating Partnership to acquire properties and increased capacity for capital expenditures during the covenant waiver period under the corporate credit facilities. As of June 30, 2021, there was no outstanding balance on the revolving credit facility. During the three and six months ended June 30, 2021, the Company incurred unused commitment fees of approximately $0.3 million and $0.6 million and interest expense of $0.7 million and $1.9 million, respectively. During the three and six months ended June 30, 2020, the Company incurred unused commitment fees of approximately $0 million and $0.2 million, respectively, and interest expense of $2.8 million and $4.4 million, respectively. Senior Notes The Operating Partnership issued $500 million of 6.375% Senior Notes (the "2020 Senior Notes") during the year ended December 31, 2020. The 2020 Senior Notes contain customary covenants that limit the Operating Partnership's ability and, in certain circumstances, the ability of its subsidiaries, to borrow money, create liens on assets, make distributions and pay dividends on or redeem or repurchase stock, make certain types of investments, sell stock in certain subsidiaries, enter into agreements that restrict dividends or other payments from subsidiaries, enter into transactions with affiliates, issue guarantees of indebtedness, and sell assets or merge with other companies. These limitations are subject to a number of important exceptions and qualifications set forth in the indenture. In addition, the 2020 Senior Notes indenture requires the Operating Partnership to maintain total unencumbered assets as of each fiscal quarter of at least 150% of total unsecured indebtedness, in each case calculated on a consolidated basis. In May 2021, the Operating Partnership issued $500 million of 4.875% Senior Notes due in 2029 at a price equal to 100% of face value (the "2021 Senior Notes") and used the net proceeds to repay in full the borrowings under our revolving credit facility and prepay in full our corporate credit facility term loan maturing in August 2023. The Company intends to use the remaining net proceeds from the offering of the 2021 Senior Notes for general corporate purposes. Similar to the 2020 Senior Notes, the 2021 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by the Company and certain of its subsidiaries that incur or guarantee any indebtedness under the Company’s corporate credit facilities, any additional first lien obligations, certain other bank indebtedness or any other material capital markets indebtedness (each, a “subsidiary guarantor” and together with the Company, the “guarantors”). The 2021 Senior Notes are initially secured, subject to certain permitted liens, by a first priority security interest in all of the equity interests (the “collateral”) of a material portion of the Operating Partnership’s subsidiaries, and any proceeds of such equity interests, which collateral also secures obligations under the corporate credit facilities on a first priority basis. The collateral securing the 2021 Senior Notes will be released in full if the Operating Partnership achieves compliance with certain financial covenant requirements under the corporate credit facilities, after which the 2021 Senior Notes will be unsecured, which is expected to occur prior to the maturity of the 2021 Senior Notes. The 2021 Senior Notes contain customary covenants that limit the Operating Partnership’s ability and, in certain instances, the ability of its subsidiaries, to borrow money, create liens on assets, make distributions and pay dividends on or redeem or repurchase stock, make certain types of investments, sell stock in certain subsidiaries, enter into agreements that restrict dividends or other payments from subsidiaries, enter into transactions with affiliates, issue guarantees of indebtedness, and sell assets or merge with other companies. These limitations are subject to a number of important exceptions and qualifications set forth in the indenture. In addition, the 2021 Senior Notes indenture requires the Operating Partnership to maintain total unencumbered assets as of each fiscal quarter of at least 150% of total unsecured indebtedness, in each case calculated on a consolidated basis. The Operating Partnership may redeem the 2021 Senior Notes at any time prior to June 1, 2024, in whole or in part, at a redemption price equal to 100% of the accrued principal amount thereof plus unpaid interest, if any, to, but excluding, the redemption date, plus a make-whole premium. The Operating Partnership may redeem the 2021 Senior Notes at any time on or after June 1, 2024, in whole or in part, at a redemption price equal to (i) 102.438% of the principal amount thereof, should such redemption occur before June 1, 2025, (ii) 101.219% of the principal amount thereof, should such redemption occur before June 1, 2026, and (iii) 100.000% of the principal amount thereof, should such redemption occur on or after June 1, 2026, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time prior to June 1, 2024, the Operating Partnership may redeem up to 40% of the original principal amount of the 2021 Senior Notes with the net cash proceeds from certain equity offerings at a redemption price of 104.875% of the principal amount redeemed plus accrued and unpaid interest, if any, to, but excluding, the redemption date, so long as at least 60% of the aggregate principal amount of the 2021 Senior Notes remains outstanding immediately after the occurrence of such redemption. Under certain circumstances, until 120 days after the issue date, the Operating Partnership may redeem in the aggregate up to 35% of the original aggregate principal amount of the 2021 Senior Notes with the net cash proceeds of certain support received by the Operating Partnership or any of its subsidiaries from a government authority in connection with the COVID-19 global pandemic at a redemption price of 102.4375% of the principal amount redeemed plus accrued and unpaid interest, if any, to, but excluding, the redemption date, so long as at least 65% of the aggregate principal amount of the 2021 Senior Notes remain outstanding immediately after such redemption. Debt Outstanding Total debt outstanding as of June 30, 2021 and December 31, 2020 was $1,516 million and $1,390 million, respectively, and had a weighted-average interest rate of 5.12% and 4.78% per annum, respectively. The following table shows scheduled principal payments and debt maturities for the next five years and thereafter (in thousands): As of Weighted- 2021 $ 1,839 4.43% 2022 4,653 4.32% 2023 5,537 4.28% 2024 280,070 3.71% 2025 568,512 6.20% Thereafter 655,764 4.81% Total Debt $ 1,516,375 5.12% Revolving Credit Facility (matures in 2024) — 2.93% Loan premiums, discounts and unamortized deferred financing costs, net (22,270) — Debt, net of loan premiums, discounts and unamortized deferred financing costs $ 1,494,105 5.12% As a result of the loan amendments and issuance of the 2021 Senior Notes during the three and six months ended June 30, 2021, the Company capitalized $10.1 million of deferred financing costs. In connection with the repayment of one mortgage loan and the corporate credit facility term loan maturing August 2023 during the three and six months ended June 30, 2021, the Company wrote off the related unamortized deferred financing costs of $1.4 million, which is included in loss on extinguishment of debt on the condensed consolidated statements of operations and comprehensive loss for the periods then ended.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2021
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 variable rate debt. As of June 30, 2021, all interest rate swaps were designated as cash flow hedges and involve the receipt of variable rate payments from a counterparty in exchange for making fixed rate payments over the life of the agreements without exchange of the underlying notional amount. Unrealized gains and losses of hedging instruments are reported in other comprehensive income or loss on the condensed consolidated statements of operations and comprehensive loss. Amounts reported in accumulated other comprehensive loss related to currently outstanding derivatives are recognized as an adjustment to income or loss through interest expense as interest payments are made on the Company’s variable rate debt. During the three and six months ended June 30, 2021, the Company terminated four interest rate swaps prior to their maturity and incurred swap termination costs of $2.8 million which is included in other income (expense) on the condensed consolidated statements of operations and comprehensive loss for the periods then ended. Derivative instruments held by the Company with the right of offset in a net liability position were included in other liabilities on the condensed consolidated balance sheets. The following table summarizes the terms of the derivative financial instruments held by the Company as of June 30, 2021 and December 31, 2020, respectively (in thousands): June 30, 2021 December 31, 2020 Hedged Debt Type Fixed Rate Index + Spread Effective Date Maturity Notional Amounts Estimated Fair Value Notional Amounts Estimated Fair Value Mortgage Debt Swap 1.83% 1-Month LIBOR + 2.10% 1/15/2016 10/22/2022 $ 50,000 $ (1,102) $ 50,000 $ (1,521) Mortgage Debt Swap 1.83% 1-Month LIBOR + 2.10% 1/15/2016 10/22/2022 25,000 (551) 25,000 (761) Mortgage Debt Swap 1.84% 1-Month LIBOR + 2.10% 1/15/2016 10/22/2022 25,000 (553) 25,000 (764) Mortgage Debt Swap 1.83% 1-Month LIBOR + 1.90% 1/15/2016 10/22/2022 25,000 (552) 25,000 (762) Mortgage Debt (1) Swap 1.54% 1-Month LIBOR + 2.60% 1/13/2016 1/13/2023 — — 57,000 (1,569) Mortgage Debt (1) Swap 1.80% 1-Month LIBOR + 1.90% 3/1/2017 1/3/2022 — — 51,000 (859) Mortgage Debt (1) Swap 1.80% 1-Month LIBOR + 2.10% 3/1/2017 1/3/2022 — — 45,000 (758) Mortgage Debt (1) Swap 1.81% 1-Month LIBOR + 2.10% 3/1/2017 1/3/2022 — — 45,000 (765) $125M Term Loan Swap 1.91% 1-Month LIBOR + 2.00% 10/13/2017 9/13/2022 40,000 (853) 40,000 (1,201) $125M Term Loan Swap 1.92% 1-Month LIBOR + 2.00% 10/13/2017 9/13/2022 40,000 (854) 40,000 (1,202) $125M Term Loan Swap 1.92% 1-Month LIBOR + 2.00% 10/13/2017 9/13/2022 25,000 (535) 25,000 (753) $125M Term Loan Swap 1.92% 1-Month LIBOR + 2.00% 10/13/2017 9/13/2022 20,000 (427) 20,000 (601) Mortgage Debt Swap 2.80% 1-Month LIBOR + 2.10% 6/1/2018 2/1/2023 24,000 (990) 24,000 (1,302) Mortgage Debt Swap 2.89% 1-Month LIBOR + 2.10% 1/17/2019 2/1/2023 41,000 (1,749) 41,000 (2,301) $ 315,000 $ (8,166) $ 513,000 $ (15,119) (1) In May 2021, the associated interest rate swaps were terminated in connection with the full repayment of one mortgage loan and the $150 million corporate credit facility term loan. The table below details the location in the condensed consolidated financial statements of the gains and losses recognized on derivative financial instruments designated as cash flow hedges for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Effect of derivative instruments: Location in Statements of Operations and Comprehensive Loss: Gain (loss) recognized in other comprehensive loss Unrealized gain (loss) on interest rate derivative instruments $ 2,449 $ (1,679) $ 2,553 $ (18,800) Gain reclassified from accumulated other comprehensive loss to net loss Reclassification adjustment for amounts recognized in net loss $ 2,070 $ 2,261 $ 4,400 $ 2,671 Total interest expense in which effects of cash flow hedges are recorded Interest expense $ 19,691 $ 13,571 $ 38,441 $ 26,595 Realized loss on termination of derivative instruments Other (expense) income $ (2,779) $ — $ (2,779) $ — The Company expects approximately $6.1 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense in the next 12 months.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
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 available market information and valuation methodologies it believes to be appropriate for these purposes. 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. For assets and liabilities measured at fair value on a recurring basis and non-recurring basis, quantitative disclosure of their fair values are included in the condensed consolidated balance sheets as of as of June 30, 2021 and December 31, 2020 (in thousands): Fair Value Measurement Date June 30, 2021 December 31, 2020 Location on Condensed Consolidated Balance Sheets/Description of Instrument Observable Inputs Significant Unobservable Inputs Observable Inputs Significant Unobservable Inputs Recurring measurements Liabilities Interest rate swap liabilities (1) $ (8,166) $ — $ (15,119) $ — Nonrecurring measurements Net investment properties Marriott Charleston Town Center $ 5,000 $ — $ — $ — (1) Interest rate swap fair values are netted as applicable per the terms of the respective master netting agreements. Recurring Measurements 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 and, as a result, its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. Non-Recurring Measurements Investment Properties In June 2021, the Company concluded that it intends to sell the 352-room Marriott Charleston Town Center, in Charleston, West Virginia and began marketing the property. Based on multiple bids from qualified buyers and ongoing price discussions, the Company expects the hotel will be sold for a price that is less than its net book value. As a result, an impairment loss of approximately $12.3 million was recorded for the three and six months ended June 30, 2021 which is included in impairment and other losses on the condensed consolidated statements of operations and comprehensive loss for the periods then ended. The estimated fair market value of $5.0 million was determined based on the range of qualified bids received and ongoing price discussions with potential buyers. Goodwill The below table shows the goodwill balances as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Goodwill $ 34,352 $ 34,352 Cumulative goodwill impairment losses (29,502) (29,502) Carrying value of goodwill $ 4,850 $ 4,850 As of March 31, 2020, as a result of the existing market weakness due to new supply in Savannah, Georgia and the material adverse impact the COVID-19 pandemic had on the lodging industry and on our portfolio, the Company performed a single-step analysis to identify and measure impairment for three of our hotels with goodwill, including Andaz Napa, Andaz Savannah and Bohemian Hotel Savannah Riverfront, Autograph Collection. Management determined the fair value of the hotels and related goodwill using Level 3 assumptions, which included discounted cash flows based on projected operating income, timing and amount of planned capital expenditures, a terminal capitalization rate, and an applied discount rate. Based on the fair value determinations made by management, the Company identified and recorded goodwill impairments of $6.1 million related to Andaz Savannah and $10.3 million related to Bohemian Hotel Savannah Riverfront, Autograph Collection. At June 30, 2020, the Company identified additional goodwill impairment related to Bohemian Hotel Savannah Riverfront, Autograph Collection, attributed to the ongoing effect of the pandemic coupled with changes in the supply and demand dynamics in the Savannah, Georgia market since the acquisition of the hotel in 2012. As a result, the Company impaired the remaining $3.7 million of goodwill related to this hotel. The goodwill impairment charges for the three and six months ended June 30, 2020 totaling $3.7 million and $20.1 million, respectively, are included in impairment and other losses on the condensed consolidated statements of operations and comprehensive loss for the periods then ended. 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 June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Total Mortgage and Corporate Credit Facility Term Loans $ 516,375 $ 501,178 $ 727,279 $ 706,453 Senior Notes 1,000,000 1,066,844 500,000 539,901 Revolving Credit Facility — — 163,093 161,339 Total $ 1,516,375 $ 1,568,022 $ 1,390,372 $ 1,407,693 The Company estimated the fair value of its mortgages payable using a weighted-average effective interest rate of 5.17% and 4.80% per annum as of June 30, 2021 and December 31, 2020, respectively. The assumptions reflect the terms currently available to borrowers with credit profiles similar to the Company's. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company estimated the TRS income tax expense for the three and six months ended June 30, 2021 using an estimated federal and state combined effective tax rate of 9.82% and recognized an income tax expense of $0.2 million and $0.3 million, respectively. The income tax expense for the three and six months ended June 30, 2021 was primarily attributed to state taxes levied on gross receipts. The Company estimated the TRS income tax benefit for the three and six months ended June 30, 2020 using an estimated federal and state combined effective tax rate of 10.42% and recognized an income tax benefit of $3.1 million and $10.4 million, respectively. The income tax benefit for three and six months ended June 30, 2020 was primarily attributed to the net operating loss carryback opportunity allowed for under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") signed into U.S. law in March 2020.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock The Company maintains 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 and six months ended June 30, 2021 and 2020. In May 2021, the Company amended the ATM Agreement to increase its size. As a result, the Company had $200 million available for sale under the ATM Agreement as of June 30, 2021. The terms of the amended revolving credit facility impose restrictions on the use of proceeds raised from equity issuances. The Board of Directors has authorized a stock repurchase program pursuant to which the Company is authorized to purchase up to $175 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 (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 during the six months ended June 30, 2021. During the six months ended June 30, 2020, 165,516 shares were repurchased under the Repurchase Program at a weighted-average price of $13.68 per share for an aggregate purchase price of $2.3 million. As of June 30, 2021, the Company had approximately $94.7 million remaining under its share repurchase authorization. We are prohibited under the terms of the amended corporate credit facilities from making repurchases of our common stock until we achieve compliance with applicable debt covenants and our covenant waiver period ends. Distributions The Company has suspended its quarterly dividend in order to preserve liquidity and did not declare any dividends during the six months ended June 30, 2021. Our ability to make distributions is currently limited by the provisions of our amended corporate credit facilities. The Company will evaluate if and when to resume paying dividends in the future based on business and economic conditions and the requirement to distribute 90% of REIT taxable income in order to remain qualified as a REIT. The Company declared the following dividend during the six months ended June 30, 2020: Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $0.275 March 31, 2020 March 31, 2020 April 15, 2020 Non-Controlling Interest of Common Units in Operating Partnership During the three months ended June 30, 2021, 615,266 vested LTIP Units were converted into common limited partnership u nits in the Operating Partnership ("Common Units") on a one-for-one basis and subsequently all 615,266 Common Units were tendered to the Operating Partnership for redemption. At the Company's election, 399,922 Common Units were redeemed for common stock and 215,344 Common Units were redeemed for cash totaling $4.1 million. During the three months ended March 31, 2020, 1,305,759 vested LTIP Units were converted into common limited partnership u nits in the Operating Partnership on a one-for-one basis and subsequently all 1,305,759 Common Units were tendered to the Operating Partnership for redemption. At the Company's election, 848,742 Common Units were redeemed for common stock and 457,017 Common Units were redeemed for cash totaling $8.6 million. During the three months ended June 30, 2020, 273,790 vested LTIP Units were converted into Common Units on a one-for-one basis and subsequently all 273,790 Common Units were tendered to the Operating Partnership for redemption. At the Company's election, all 273,790 Common Units were redeemed for common stock. As of June 30, 2021, the Operating Partnershi p had 2,713,209 L TIP Units outstanding, representing a 2.3% partnership interest held by the limited partners. Of the 2,713,209 LTIP Units outstanding at June 30, 2021, 507,761 units had vested and had yet to be converted or redeemed. 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.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per common share is calculated by dividing net 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 net 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 or loss allocated to non-controlling interests in the Operating Partnership has been excluded from the numerator and Operating Partnership Units and LTIP Units in the Operating Partnership 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 loss attributable to common stockholders to basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (42,038) $ (99,125) $ (98,389) $ (135,264) Dividends paid on unvested share-based compensation — — — (150) Net loss available to common stockholders $ (42,038) $ (99,125) $ (98,389) $ (135,414) Denominator: Weighted-average shares outstanding - Basic 113,806,186 113,498,689 113,793,419 113,242,786 Effect of dilutive share-based compensation (1) — — — — Weighted-average shares outstanding - Diluted 113,806,186 113,498,689 113,793,419 113,242,786 Basic and diluted loss per share: Net loss per share available to common stockholders - basic and diluted $ (0.36) $ (0.88) $ (0.86) $ (1.20) (1) During the three and six months ended June 30, 2021, the Company excluded 564,745 and 555,468 anti-dilutive shares from its calculation of diluted earnings per share, respectively. During the three and six months ended June 30, 2020, the Company excluded 188,950 and 258,223 anti-dilutive shares from its calculation of diluted earnings per share, respectively.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation 2015 Incentive Award Plan Restricted Stock Unit Grants The Compensation Committee of the Board of Directors approved the following grants of restricted stock units to certain Company employees: Grant Date Grant Description Time-Based Grants Performance-Based Grants Weighted-Average Grant Date Fair Value March 2021 2021 Restricted Stock Units 64,542 37,067 $ 16.66 Each award of time-based Restricted Stock Units will vest as follows, subject to continued employment with the Company or its affiliates through each applicable vesting date: 33% on the first anniversary of the vesting commencement date, 33% on the second anniversary of the vesting commencement date, and 34% on the third anniversary of the vesting commencement date. The performance-based Restricted Stock Units are designated twenty-five (25%) as absolute total stockholder return ("TSR") units (the "Absolute TSR Share Units") and seventy-five (75%) as relative TSR share units (the "Relative TSR Share Units"). The Absolute TSR Share Units vest based on achievement of varying levels of the Company's TSR over the three-year performance period. The Relative TSR Share Units vest based on the ranking of the Company's TSR as compared to a defined peer group over the three-year performance period. Vesting of performance-based Restricted Stock Units is also subject to continued employment with the Company or its affiliates through the applicable vesting date. In May 2021, with the addition of one non-employee director to the Company's Board of Directors, and pursuant to the Company's Director Compensation Program, 5,138 fully vested shares of common stock were granted which had a grant date fair value of $19.09 per share. LTIP Unit Grants The Compensation Committee of the Board of Directors approved the issuance of the following awards under the 2015 Incentive Award Plan: Grant Date Grant Description Time-Based LTIP Units Performance-Based Class A LTIP Units Weighted-Average Grant Date Fair Value March 2021 2021 LTIP Units 88,076 708,991 $ 11.87 Each award of time-based LTIP Units will vest as follows, subject to continued employment with the Company or its affiliates through each applicable vesting date: 33% on the first anniversary of the vesting commencement date, 33% on the second anniversary of the vesting commencement date, and 34% on the third anniversary of the vesting commencement date. A portion of each award of Class A LTIP Units are designated as a number of "base units". The base units are designated twenty-five (25%) as absolute TSR base units, and vest based on achievement of 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. Vesting of Class A LTIP Units is also subject to continued employment with the Company or its affiliates through the vesting date. LTIP Units (other than unvested Class A LTIP Units), whether vested or unvested, receive the same quarterly per-unit distributions as common units in the Operating Partnership, which equal the per-share distributions on the common stock of the Company. Class A LTIP Units that have not vested receive a quarterly per-unit distribution equal to 10% of the distribution paid on common units in the Operating Partnership. In May 2021, pursuant to the Company's Director Compensation Program, the Company approved the issuance of 36,848 fully vested LTIP Units to seven of its non-employee directors which had a grant date fair value of $19.00 per unit. The following is a summary of the unvested incentive awards under the 2015 Incentive Award Plan as of June 30, 2021: 2015 Incentive Award Plan Restricted Stock Units 2015 Incentive Award Plan LTIP Units (1) Total Unvested as of December 31, 2020 387,739 1,494,458 1,882,197 Granted 106,747 833,915 940,662 Vested (2) (72,692) (122,925) (195,617) Forfeited (4,291) — (4,291) Unvested as of June 30, 2021 417,503 2,205,448 2,622,951 Weighted-average fair value of unvested shares/units $ 14.49 $ 11.00 $ 11.56 (1) Includes time-based LTIP Units and performance-based Class A LTIP Units. (2) During the six months ended June 30, 2021, 18,993 shares of common stock were withheld by the Company upon the settlement of the applicable awards in order to satisfy minimum tax withholding requirements with respect to Restricted Stock Units granted under the 2015 Incentive Award Plan. The grant date fair values of the vested common stock, time-based Restricted Stock Units, time-based LTIP Units and vested LTIP Units were 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-based awards are 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 Volatility Interest Rate Dividend Yield March 1, 2021 Absolute TSR Restricted Stock Units 25% $12.63 59.84% 0.01% - 0.31% —% Relative TSR Restricted Stock Units 75% $13.06 59.84% 0.01% - 0.31% —% Absolute TSR Class A LTIP Units 25% $12.57 59.84% 0.01% - 0.31% —% Relative TSR Class A LTIP Units 75% $12.69 59.84% 0.01% - 0.31% —% The absolute and relative total 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 of the units or 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. As such, once the expense for these awards is measured, the expense must be recognized over the vesting 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 as a result of the holder's termination of service to the Company prior to vesting. For the three and six months ended June 30, 2021, the Company recognized approxima tely $2.8 million and $5.1 million, respectively, of share-based compensation expense (net of forfeitures) related to Restricted Stock Units and LTIP Units provided to certain of its executive officers and other members of management. In a ddition, for the three and six months ended June 30, 2021, the Company recognized $0.8 million of share-based compensation expense related to the non-employee Board of Directors and capitalized approximately $0.1 million and $0.5 million related to Restricted Stock Units provided to certain members of management who oversee development and capital projects on behalf of the Company. As of June 30, 2021, there was $17.3 million of total unrecognized compensation costs related to unvested Restricted Stock Units, Class A LTIP Units and Time-Based LTIP Units issued under the 2015 Incentive Award Plan, which are expected to be recognized over a remaining weighted-average period of 1.96 additional years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company is a lessee to long-term ground, parking, and its corporate office leases, which are accounted for as operating leases. The following is a summary of the Company's leases as of and for the six months ended June 30, 2021 (dollar amounts in thousands): June 30, 2021 Weighted-average remaining lease term, including reasonably certain extension options (1) 23 years Weighted-average discount rate 5.79% ROU asset (2) $ 22,161 Lease liability (3) $ 23,520 Operating lease rent expense $ 1,107 Variable lease costs 1,370 Total rent and variable lease costs $ 2,477 (1) The weighted-average remaining lease term including all available extension options is approximately 59 years. (2) The ROU asset is included in other assets (3) The lease liability is included in other liabilities The following table shows the remaining lease payments, which includes reasonably certain extension options, for the next five years and thereafter reconciled to the lease liability as of June 30, 2021 (in thousands): Year Ending 2021 (excluding the six months ended June 30, 2021) $ 1,129 2022 2,273 2023 2,287 2024 2,302 2025 2,317 Thereafter 34,926 Total undiscounted lease payments $ 45,234 Less imputed interest (21,714) Lease liability (1) $ 23,520 (1) The lease liability is included in other liabilities on the condensed consolidated balance sheet as of June 30, 2021. Management and Franchise Agreements In order to maintain its qualification as a REIT, the Company cannot directly or indirectly operate any of its hotels. The Company leases each hotel to TRS lessees, which in turn engage property managers to manage the hotels. Each hotel is operated pursuant to a hotel management agreement with an independent third-party hotel management company. Pursuant to the hotel management agreements, the management company controls the day-to-day operation of each hotel, and the Company is granted limited approval rights with respect to certain of the management company’s actions. The hotel management agreements typically contain a two-tiered fee structure, wherein the management company receives a base management fee and, if certain financial thresholds are met or exceeded, an incentive management fee. Many hotel management agreements also require the maintenance of a capital reserve fund based on a percentage of hotel revenues to be used for capital expenditures to maintain the quality of the hotels. As a result of the material adverse impact on the results of operations attributed to the COVID-19 pandemic, the Company's third-party managers temporarily suspended required contributions to the furniture, fixture and equipment replacement reserves. In addition, in certain cases, the Company has the ability to utilize a portion of these cash balances for hotel operating expenses. Usage of such replacement reserves may be subject to lender approval for hotels encumbered by mortgage loans and may be required to be replenished. Management agreements for brand-managed hotels have terms generally ranging from 20 to 30 years and allow for one or more renewal periods at the option of the hotel manager. Assuming all renewal periods are exercised, the average remaining term is 26 years. Management agreements for franchised hotels generally contain initial terms between 10 and 15 years with an average remaining initial term of approximately three years. The Company is generally limited in its ability to sell, lease or otherwise transfer hotels unless the transferee assumes the related hotel management agreement. However, most agreements include owner rights to terminate the agreements on the basis of the manager’s failure to meet certain performance-based metrics. Typically, these criteria are subject to the manager’s ability to ‘cure’ and avoid termination by payment to the Company of specified deficiency amounts (or, in some instances, waiver of the right to receive specified future management fees). Franchise agreements contain initial terms of 15 to 20 years, with an average remaining initial term of approximately eight years. The franchise agreements require royalty fees based on a percentage of gross rooms revenue and, for certain hotels, an additional fee based on a percentage of gross food and beverage revenue. In addition, franchise agreements require fees for marketing, reservation or other program fees based on a percentage of gross rooms revenue. Many franchise agreements also require the maintenance of a capital reserve fund based on a percentage of hotel revenues to be used for capital expenditures to maintain the quality of the hotels. For the three and six months ended June 30, 2021, the Company incurred management and franchise fee expenses of $6.1 million and $9.0 million, respective ly, and the three and six months ended June 30, 2020 received management and franchise fee credits of $0.2 million and incurred expenses of $7.2 million, respectively, which are included on the condensed consolidated statements of operations and comprehensive loss for the periods then ended. Reserve Requirements Certain franchise and management agreements require the Company to reserve funds relating to replacements and renewals of the hotels' furniture, fixtures and equipment. As of June 30, 2021 and December 31, 2020, the Company had a balance of $25.3 million and $25.9 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 June 30, 2021 and December 31, 2020, respectively. As a result of the material adverse impact on the results of operations attributed to the COVID-19 pandemic, the Company's third-party managers temporarily suspended required contributions to the furniture, fixture and equipment replacement reserves. In addition, in certain cases, the Company has the ability to utilize a portion of these cash balances for hotel operating expenses. Usage of such replacement reserves may be subject to lender approval for hotels encumbered by mortgage loans or may be required to be replenished. As of June 30, 2021, the Company had used $13.5 million of the furniture, fixture and equipment replacement reserves for working capital purposes, of which $11.6 million remains subject to replenishment requirements. Renovation and Construction Commitments As of June 30, 2021, the Company had various contracts outstanding with third-parties in connection with the renovation of certain of its hotel properties. The remaining commitments under these contracts as of June 30, 2021 totaled $3.1 million. Legal 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
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 condensed consolidated 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 loss, 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, 2020, included in the Company's Annual Report on Form 10-K filed with the SEC on March 1, 2021. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of actual operating results for the entire year.
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and XHR Holding. The Company's subsidiaries generally consist of limited liability companies, limited partnerships and the TRS. The effects of all inter-company transactions have been eliminated.
Reclassifications	ReclassificationsCertain prior year amounts in these condensed consolidated financial statements have been reclassified to conform to the presentation as of and for the three and six months ended June 30, 2021.
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 future economic conditions. Actual results could differ from these estimates.
Risks and Uncertainties	Risks and Uncertainties As a result of the COVID-19 pan demic, the majority of the Company's hotels and resorts temporarily suspended operations for certain periods of time during 2020. As of June 30, 2021, all of the Company's hotels were open and operating. The Company's portfolio consists of luxury and upper upscale hotels and resorts, which generally offer restaurant and bar venues , large meeting facilities and event space, and amenities, including spas and golf courses, some of which may have limited operations or may not be able to operate during the recovery in order to comply with implemented safety measures, ongoing or reimplemented restrictions and to accommodate reduced levels of demand. The Company continues to monitor the evolving situation and guidance from federal, state and local governmental and public health authorities and additional actions may be taken or required based on their recommendations and regulations in place. Under these circumstances, there may be developments that require further adjustments to operations. The Company cannot predict with certainty when business levels will return to normalized levels after the effects of the pandemic subside or whether hotels that have recommenced operations will be forced to suspend operations or impose additional restrictions due to a resurgence of COVID-19 cases, including the Delta variant and other variants. The Company expects that recovery in the lodging industry, particularly with respect to business transient and group business, will continue to lag behind the recovery of other industries and factors such as public health (including a significant increase in new variant strains of COVID-19 cases), availability and effectiveness of COVID-19 vaccines and therapeutics, the level of acceptance of the vaccine by the general population and the economic and geopolitical environments may impact the timing, extent and pace of such recovery. Additionally, the effects of the pandemic could materially and adversely affect the Company's ability to consummate acquisitions and dispositions of hotel properties in the near term as well as cause scale backs or delays in planned renovations and other projects. The Company cannot predict with certainty the full extent and duration of the effects of the COVID-19 pandemic on its business, operating margins, results of operations, cash flows, financial condition, the market price of its common stock, its ability to make distributions to its shareholders, its access to equity and credit markets or its ability to service its indebtedness. Further, we continue to monitor and evaluate the challenges associated with the evolving workforce landscape, particularly related to achieving the appropriate balance between hotel staffing levels and demand.
Consolidation	Consolidation The Company evaluates its investments in partially owned entities to determine whether such entities may be a variable interest entity ("VIE") or voting interest entity. 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. The Operating Partnership is a VIE. The Company's significant asset is its investment in the Operating Partnership, as described in Note 1, and consequently, substantially all of the Company's assets and liabilities represent those assets and liabilities of the Operating Partnership.
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, and similar accounts 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 various 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 non-performance by the financial institutions.
Restricted Cash and Escrows	Restricted Cash and Escrows Restricted cash primarily relates to furniture, fixtures and equipment replacement reserves as required per the terms of the Company's management and franchise agreements, cash held in restricted escrows for real estate taxes and insurance, capital spending reserves and, at times, disposition-related holdback escrows. As a result of the material adverse impact on the results of operations attributed to the COVID-19 pandemic, the Company's third-party managers temporarily suspended required contributions to the furniture, fixture and equipment replacement reserves. In addition, in certain cases, the Company has the ability to utilize a portion of these cash balances for hotel operating expenses. The usage of such replacement reserves may be subject to lender approval for hotels encumbered by mortgage loans or may be required to be replenished.
Long-lived Assets and Intangibles - Impairment	Long-lived assets and intangibles The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Events or circumstances that may cause a review include, but are not limited to, when (1) a hotel property experiences a significant decrease in the market price of the long-lived asset, (2) a hotel property experiences a current or projected loss from operations combined with a history of operating or cash flow losses, (3) it becomes more likely than not that a hotel property will be sold before the end of its useful life, (4) an accumulation of costs is significantly in excess of the amount originally expected for the acquisition, construction or renovation of a long-lived asset, (5) adverse changes in demand occur for lodging at a specific property due to declining national or local economic conditions and/or new hotel construction in markets where the hotel is located, (6) there is a significant adverse change in legal factors or in the business climate that could affect the value of the long-lived asset and/or (7) there is a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed carrying value, the Company records an impairment charge to the extent that the carrying value exceeds fair value. Impairment estimates The use of projected future cash flows, both undiscounted and discounted, and estimated hold periods are based on assumptions that are consistent with the estimates of future expectations and the strategic plan the Company uses to manage its underlying business. These assumptions and estimates about future cash flows, including the uncertainty regarding the extent and duration of the effects of the COVID-19 pandemic on our operations, along with the capitalization and discount rates used to determine these estimates are complex and subjective. The determination of fair value and possible subsequent impairment of long-lived investment properties and/or goodwill is a significant estimate that can and does change based on the Company's continuous process of analyzing each property and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the property at a particular point in time. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analyses could impact these assumptions and result in future impairment charges of the real estate properties.
Goodwill	Goodwill The excess of the cost of an acquired entity (i.e. those that met the definition of an acquired business) over the net of the fair values assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill.
Insurance Recoveries	Insurance Recoveries At times , the Company may be entitled to business interruption proceeds for losses occurring at certain properties; however, an insurance recovery receivable will not be recorded until a final settlement has been reached with the insurance company. Any insurance proceeds received in excess of insurance deductibles will be accounted for as gain. During the six months ended June 30, 2021, the Company recognized $1.1 million in business interruption insurance proceed s for a portion of lost revenues associated with cancellations occurring in 2020 related to the COVID-19 pandemic. These amounts are included in gain on business interruption insurance on the condensed consolidated statement of operations and comprehensive loss for the period then ended.
Derivatives and Hedging Activities	Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company limits the risks associated with interest rate changes by following established risk management policies and procedures which may include the use of derivative instruments. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. Instruments that meet these
Revenues	Revenues Revenues consist of amounts derived from hotel operations, including the sale of rooms for lodging accommodations, food and beverage, and other ancillary revenue generated by hotel amenities including spa, parking, golf, resort fees and other services. Revenues are generated from various distribution channels including but not limited to direct bookings, global distribution systems and Internet travel sites. 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 advance purchase, loyalty point redemptions or promotions are recognized at the discounted rate whereas rebates and incentives are recorded as a reduction in rooms revenues 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 advance deposit and is generally recognized as rooms revenue at the time the room reservation has become non-cancellable, upon occupancy or upon expiration of the re-booking date. Advance deposits are included in other liabilities on the condensed consolidated balance sheets. 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 prices 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 an event is recorded as either a security or advance deposit. Security and advance 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 at the stated price for the service or goods. 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 and amenity fees, spa, golf 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.
Share-Based Compensation	Share-Based Compensation The Company maintains a share-based incentive plan that provides for the grant of stock options, stock awards, restricted stock units, LTIP 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 as they occur, 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 share price, 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 condensed consolidated statements of operations and comprehensive loss and capitalized in buildings and other improvements in the condensed consolidated balance sheets for certain employees that manage property developments, renovations and capital improvements.
Deferred Financing Costs	Deferred Financing Costs Financing costs related to the revolving credit facility and long-term debt are recorded at cost and are amortized as interest expense on a straight-line basis, which approximates the effective interest method, over the life of the related debt instrument unless there is a sign ificant modification to the debt instrument. Financing costs related to the Senior Notes are amortized using
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Primary Geographical Markets	The following represents total revenue disaggregated by primary geographical markets (as defined by STR, Inc. ("STR")) for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended Primary Markets June 30, 2021 June 30, 2021 Orlando, FL $ 21,005 $ 32,962 Phoenix, AZ 18,171 32,426 Houston, TX 17,005 27,522 San Diego, CA 14,611 19,874 Denver, CO 9,328 15,140 Atlanta, GA 8,561 13,993 Florida Keys 7,043 13,137 Dallas, TX 7,675 11,442 Savannah, GA 6,121 9,693 Washington, DC-MD-VA 6,055 9,409 Other 36,399 54,228 Total $ 151,974 $ 239,826 Three Months Ended Six Months Ended Primary Markets June 30, 2020 June 30, 2020 Orlando, FL $ 670 $ 30,864 Phoenix, AZ 2,989 27,095 Houston, TX 838 22,102 Dallas, TX 258 15,795 Atlanta, GA 1,259 14,568 San Francisco/San Mateo, CA 364 13,990 San Diego, CA 1,182 11,823 San Jose-Santa Cruz, CA 474 10,067 Denver, CO 263 9,948 Washington, DC-MD-VA 523 7,552 Other 6,005 66,372 Total $ 14,825 $ 230,176

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt Instruments	Debt as of June 30, 2021 and December 31, 2020 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type Rate (1) Maturity Date June 30, 2021 December 31, 2020 Mortgage Loans Kimpton Hotel Palomar Philadelphia Fixed (2) 4.14 % 1/13/2023 $ — (3) $ 57,660 Renaissance Atlanta Waverly Hotel & Convention Center Fixed (4) 3.93 % 8/14/2024 100,000 100,000 Andaz Napa Fixed (5) 2.79 % 9/13/2024 56,000 56,000 The Ritz-Carlton, Pentagon City Fixed (6) 4.95 % 1/31/2025 65,000 65,000 Grand Bohemian Hotel Orlando, Autograph Collection Fixed 4.53 % 3/1/2026 57,333 57,857 Marriott San Francisco Airport Waterfront Fixed 4.63 % 5/1/2027 113,042 115,762 Total Mortgage Loans 4.23 % (7) $ 391,375 $ 452,279 Corporate Credit Facilities Corporate Credit Facility Term Loan $150M Fixed (8) 3.77 % 8/21/2023 $ — (3) $ 150,000 Corporate Credit Facility Term Loan $125M Fixed (9) 3.92 % 9/13/2024 125,000 125,000 Revolving Credit Facility (10) Variable 2.93 % 2/28/2024 — (3) 163,093 Total Corporate Credit Facilities $ 125,000 $ 438,093 2020 Senior Notes $500M Fixed 6.38 % 8/15/2025 500,000 500,000 2021 Senior Notes $500M Fixed 4.88 % 6/1/2029 500,000 — Loan premiums, discounts and unamortized deferred financing costs, net (11) (22,270) (15,892) Total Debt, net of loan premiums, discounts and unamortized deferred financing costs 5.12 % (7) $ 1,494,105 $ 1,374,480 (1) The rates shown represent the annual interest rates as of June 30, 2021. The variable index for mortgage loans is one-month LIBOR and the variable index for the corporate credit facilities reflects a 25 basis point LIBOR floor which is applicable for the value of all corporate credit facilities not subject to an interest rate hedge. (2) The Company entered into an interest rate swap agreement to fix the interest rate of this variable rate mortgage loan for the entire term of the loan. This mortgage loan was repaid in May 2021. The interest rate swap associated with this loan was terminated in connection with the repayment. (3) In May 2021, the Company repaid the outstanding balance of the respective mortgage loan, the corporate credit facility term loan due to mature in August 2023 and the revolving credit facility with cash on hand and proceeds from the 2021 Senior Notes. (4) A variable interest loan for which the interest rate has been fixed through October 2022, after which the rate reverts to variable. (5) A variable interest loan for which the interest rate has been fixed on $25 million of the balance through October 2022, after which the rate reverts to variable. (6) A variable interest loan for which the interest rate has been fixed through January 2023. (7) Represents the weighted-average interest rate as of June 30, 2021. (8) A variable interest loan for which LIBOR was previously fixed for $125 million of the balance through October 2022. The spread to LIBOR varied, as it was determined by the Company's leverage ratio. (9) A variable interest loan for which LIBOR has been fixed through September 2022. The spread to LIBOR may vary, as it is determined by the Company's leverage ratio. The applicable interest rate has been set to the highest level of grid-based pricing during the covenant waiver period. (10) Commitments under the revolving credit facility total $523 million through February 2022, after which the total commitments will decrease to $450 million through maturity in February 2024. (11) Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization.
Schedule of Principal Payments and Debt Maturities	The following table shows scheduled principal payments and debt maturities for the next five years and thereafter (in thousands): As of Weighted- 2021 $ 1,839 4.43% 2022 4,653 4.32% 2023 5,537 4.28% 2024 280,070 3.71% 2025 568,512 6.20% Thereafter 655,764 4.81% Total Debt $ 1,516,375 5.12% Revolving Credit Facility (matures in 2024) — 2.93% Loan premiums, discounts and unamortized deferred financing costs, net (22,270) — Debt, net of loan premiums, discounts and unamortized deferred financing costs $ 1,494,105 5.12%

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the Terms of the Derivative Financial Instruments	The following table summarizes the terms of the derivative financial instruments held by the Company as of June 30, 2021 and December 31, 2020, respectively (in thousands): June 30, 2021 December 31, 2020 Hedged Debt Type Fixed Rate Index + Spread Effective Date Maturity Notional Amounts Estimated Fair Value Notional Amounts Estimated Fair Value Mortgage Debt Swap 1.83% 1-Month LIBOR + 2.10% 1/15/2016 10/22/2022 $ 50,000 $ (1,102) $ 50,000 $ (1,521) Mortgage Debt Swap 1.83% 1-Month LIBOR + 2.10% 1/15/2016 10/22/2022 25,000 (551) 25,000 (761) Mortgage Debt Swap 1.84% 1-Month LIBOR + 2.10% 1/15/2016 10/22/2022 25,000 (553) 25,000 (764) Mortgage Debt Swap 1.83% 1-Month LIBOR + 1.90% 1/15/2016 10/22/2022 25,000 (552) 25,000 (762) Mortgage Debt (1) Swap 1.54% 1-Month LIBOR + 2.60% 1/13/2016 1/13/2023 — — 57,000 (1,569) Mortgage Debt (1) Swap 1.80% 1-Month LIBOR + 1.90% 3/1/2017 1/3/2022 — — 51,000 (859) Mortgage Debt (1) Swap 1.80% 1-Month LIBOR + 2.10% 3/1/2017 1/3/2022 — — 45,000 (758) Mortgage Debt (1) Swap 1.81% 1-Month LIBOR + 2.10% 3/1/2017 1/3/2022 — — 45,000 (765) $125M Term Loan Swap 1.91% 1-Month LIBOR + 2.00% 10/13/2017 9/13/2022 40,000 (853) 40,000 (1,201) $125M Term Loan Swap 1.92% 1-Month LIBOR + 2.00% 10/13/2017 9/13/2022 40,000 (854) 40,000 (1,202) $125M Term Loan Swap 1.92% 1-Month LIBOR + 2.00% 10/13/2017 9/13/2022 25,000 (535) 25,000 (753) $125M Term Loan Swap 1.92% 1-Month LIBOR + 2.00% 10/13/2017 9/13/2022 20,000 (427) 20,000 (601) Mortgage Debt Swap 2.80% 1-Month LIBOR + 2.10% 6/1/2018 2/1/2023 24,000 (990) 24,000 (1,302) Mortgage Debt Swap 2.89% 1-Month LIBOR + 2.10% 1/17/2019 2/1/2023 41,000 (1,749) 41,000 (2,301) $ 315,000 $ (8,166) $ 513,000 $ (15,119) (1) In May 2021, the associated interest rate swaps were terminated in connection with the full repayment of one mortgage loan and the $150 million corporate credit facility term loan.
Schedule of Gain (Loss) Recognized on Derivative Financial Instruments	The table below details the location in the condensed consolidated financial statements of the gains and losses recognized on derivative financial instruments designated as cash flow hedges for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Effect of derivative instruments: Location in Statements of Operations and Comprehensive Loss: Gain (loss) recognized in other comprehensive loss Unrealized gain (loss) on interest rate derivative instruments $ 2,449 $ (1,679) $ 2,553 $ (18,800) Gain reclassified from accumulated other comprehensive loss to net loss Reclassification adjustment for amounts recognized in net loss $ 2,070 $ 2,261 $ 4,400 $ 2,671 Total interest expense in which effects of cash flow hedges are recorded Interest expense $ 19,691 $ 13,571 $ 38,441 $ 26,595 Realized loss on termination of derivative instruments Other (expense) income $ (2,779) $ — $ (2,779) $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis	For assets and liabilities measured at fair value on a recurring basis and non-recurring basis, quantitative disclosure of their fair values are included in the condensed consolidated balance sheets as of as of June 30, 2021 and December 31, 2020 (in thousands): Fair Value Measurement Date June 30, 2021 December 31, 2020 Location on Condensed Consolidated Balance Sheets/Description of Instrument Observable Inputs Significant Unobservable Inputs Observable Inputs Significant Unobservable Inputs Recurring measurements Liabilities Interest rate swap liabilities (1) $ (8,166) $ — $ (15,119) $ — Nonrecurring measurements Net investment properties Marriott Charleston Town Center $ 5,000 $ — $ — $ — (1) Interest rate swap fair values are netted as applicable per the terms of the respective master netting agreements.
Schedule of Goodwill Balances	The below table shows the goodwill balances as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Goodwill $ 34,352 $ 34,352 Cumulative goodwill impairment losses (29,502) (29,502) Carrying value of goodwill $ 4,850 $ 4,850
Schedule of Fair Value of Financial Instruments	The table below represents the fair value of financial instruments presented at carrying values in the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Total Mortgage and Corporate Credit Facility Term Loans $ 516,375 $ 501,178 $ 727,279 $ 706,453 Senior Notes 1,000,000 1,066,844 500,000 539,901 Revolving Credit Facility — — 163,093 161,339 Total $ 1,516,375 $ 1,568,022 $ 1,390,372 $ 1,407,693

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Dividends Declared	The Company declared the following dividend during the six months ended June 30, 2020: Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $0.275 March 31, 2020 March 31, 2020 April 15, 2020

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles net loss attributable to common stockholders to basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (42,038) $ (99,125) $ (98,389) $ (135,264) Dividends paid on unvested share-based compensation — — — (150) Net loss available to common stockholders $ (42,038) $ (99,125) $ (98,389) $ (135,414) Denominator: Weighted-average shares outstanding - Basic 113,806,186 113,498,689 113,793,419 113,242,786 Effect of dilutive share-based compensation (1) — — — — Weighted-average shares outstanding - Diluted 113,806,186 113,498,689 113,793,419 113,242,786 Basic and diluted loss per share: Net loss per share available to common stockholders - basic and diluted $ (0.36) $ (0.88) $ (0.86) $ (1.20) (1) During the three and six months ended June 30, 2021, the Company excluded 564,745 and 555,468 anti-dilutive shares from its calculation of diluted earnings per share, respectively. During the three and six months ended June 30, 2020, the Company excluded 188,950 and 258,223 anti-dilutive shares from its calculation of diluted earnings per share, respectively.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Units	The Compensation Committee of the Board of Directors approved the following grants of restricted stock units to certain Company employees: Grant Date Grant Description Time-Based Grants Performance-Based Grants Weighted-Average Grant Date Fair Value March 2021 2021 Restricted Stock Units 64,542 37,067 $ 16.66
Schedule of Incentive Plan Awards	The Compensation Committee of the Board of Directors approved the issuance of the following awards under the 2015 Incentive Award Plan: Grant Date Grant Description Time-Based LTIP Units Performance-Based Class A LTIP Units Weighted-Average Grant Date Fair Value March 2021 2021 LTIP Units 88,076 708,991 $ 11.87
Schedule of Unvested Incentive Awards	The following is a summary of the unvested incentive awards under the 2015 Incentive Award Plan as of June 30, 2021: 2015 Incentive Award Plan Restricted Stock Units 2015 Incentive Award Plan LTIP Units (1) Total Unvested as of December 31, 2020 387,739 1,494,458 1,882,197 Granted 106,747 833,915 940,662 Vested (2) (72,692) (122,925) (195,617) Forfeited (4,291) — (4,291) Unvested as of June 30, 2021 417,503 2,205,448 2,622,951 Weighted-average fair value of unvested shares/units $ 14.49 $ 11.00 $ 11.56 (1) Includes time-based LTIP Units and performance-based Class A LTIP Units.
Schedule of Assumptions for Performance Awards	The grant date fair values of performance-based awards are 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 Volatility Interest Rate Dividend Yield March 1, 2021 Absolute TSR Restricted Stock Units 25% $12.63 59.84% 0.01% - 0.31% —% Relative TSR Restricted Stock Units 75% $13.06 59.84% 0.01% - 0.31% —% Absolute TSR Class A LTIP Units 25% $12.57 59.84% 0.01% - 0.31% —% Relative TSR Class A LTIP Units 75% $12.69 59.84% 0.01% - 0.31% —%

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Leases	The following is a summary of the Company's leases as of and for the six months ended June 30, 2021 (dollar amounts in thousands): June 30, 2021 Weighted-average remaining lease term, including reasonably certain extension options (1) 23 years Weighted-average discount rate 5.79% ROU asset (2) $ 22,161 Lease liability (3) $ 23,520 Operating lease rent expense $ 1,107 Variable lease costs 1,370 Total rent and variable lease costs $ 2,477 (1) The weighted-average remaining lease term including all available extension options is approximately 59 years. (2) The ROU asset is included in other assets (3) The lease liability is included in other liabilities
Schedule of Remaining Lease Payments	The following table shows the remaining lease payments, which includes reasonably certain extension options, for the next five years and thereafter reconciled to the lease liability as of June 30, 2021 (in thousands): Year Ending 2021 (excluding the six months ended June 30, 2021) $ 1,129 2022 2,273 2023 2,287 2024 2,302 2025 2,317 Thereafter 34,926 Total undiscounted lease payments $ 45,234 Less imputed interest (21,714) Lease liability (1) $ 23,520

Organization (Details)

Organization (Details)	Jun. 30, 2021propertymarket	Jun. 30, 2020property
Organization [Line Items]
Number of top lodging markets for investing activity | market	25
Number of hotels operated | property	35	39
XHR LP (Operating Partnership)
Organization [Line Items]
Ownership by Company (percent)	97.70%
Ownership by noncontrolling owners (percent)	2.30%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Risks and Uncertainties (Details) - Revenue - Geographic concentration risk - Minimum	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Orlando, FL
Concentration Risk [Line Items]
Concentration risk (percent)	10.00%	10.00%
Phoenix, AZ
Concentration Risk [Line Items]
Concentration risk (percent)	10.00%	10.00%
Houston, TX
Concentration Risk [Line Items]
Concentration risk (percent)	10.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Accounting Policies [Abstract]
Goodwill	$ 4,850,000		$ 4,850,000		$ 4,850,000
Goodwill impairment charge	0	$ 3,700,000	0	$ 20,100,000
Deferred financing costs related to revolving credit facility	7,800,000		7,800,000		7,200,000
Accumulated amortization of deferred financing costs related to revolving credit facility	4,700,000		4,700,000		3,200,000
Deferred financing costs related to long-term debt	27,500,000		27,500,000		20,100,000
Accumulated amortization of deferred financing costs related to long-term debt	5,200,000		5,200,000		$ 5,100,000
Business Interruption Loss [Line Items]
Gain on business interruption insurance	0	$ 0	1,116,000	$ 0
Marriott Charleston Town Center
Disposition of Properties
Impairment on write-down of property	$ 12,300,000		12,300,000
COVID-19 pandemic
Business Interruption Loss [Line Items]
Gain on business interruption insurance			$ 1,100,000

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 151,974	$ 14,825	$ 239,826	$ 230,176
Orlando, FL
Disaggregation of Revenue [Line Items]
Revenues	21,005	670	32,962	30,864
Phoenix, AZ
Disaggregation of Revenue [Line Items]
Revenues	18,171	2,989	32,426	27,095
Houston, TX
Disaggregation of Revenue [Line Items]
Revenues	17,005	838	27,522	22,102
San Diego, CA
Disaggregation of Revenue [Line Items]
Revenues	14,611	1,182	19,874	11,823
Denver, CO
Disaggregation of Revenue [Line Items]
Revenues	9,328	263	15,140	9,948
Atlanta, GA
Disaggregation of Revenue [Line Items]
Revenues	8,561	1,259	13,993	14,568
Florida Keys
Disaggregation of Revenue [Line Items]
Revenues	7,043		13,137
Dallas, TX
Disaggregation of Revenue [Line Items]
Revenues	7,675	258	11,442	15,795
Savannah, GA
Disaggregation of Revenue [Line Items]
Revenues	6,121		9,693
Washington, DC-MD-VA
Disaggregation of Revenue [Line Items]
Revenues	6,055	523	9,409	7,552
San Francisco/San Mateo, CA
Disaggregation of Revenue [Line Items]
Revenues		364		13,990
San Jose/Santa Cruz, CA
Disaggregation of Revenue [Line Items]
Revenues		474		10,067
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 36,399	$ 6,005	$ 54,228	$ 66,372

Debt - Debt Instruments (Detail

Debt - Debt Instruments (Details) - USD ($)	Mar. 01, 2022	Jun. 30, 2021	May 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Balance outstanding		$ 1,516,375,000
Balance outstanding		0
Loan premiums, discounts and unamortized deferred financing costs, net		(22,270,000)		$ (15,892,000)
Debt, net of loan discounts and unamortized deferred financing costs		$ 1,494,105,000		$ 1,374,480,000
Weighted average interest rate (percent)		5.12%		4.78%
Corporate Credit Facilities
Debt Instrument [Line Items]
Balance outstanding		$ 125,000,000		$ 438,093,000
Basis point LIBOR floor (percent)		0.25%
Mortgage loans
Debt Instrument [Line Items]
Balance outstanding		$ 391,375,000		452,279,000
Weighted average interest rate (percent)		4.23%
Mortgage loans | Kimpton Hotel Palomar Philadelphia
Debt Instrument [Line Items]
Balance outstanding		$ 0		57,660,000
Weighted average interest rate (percent)		4.14%
Mortgage loans | Renaissance Atlanta Waverly Hotel & Convention Center
Debt Instrument [Line Items]
Balance outstanding		$ 100,000,000		100,000,000
Weighted average interest rate (percent)		3.93%
Mortgage loans | Andaz Napa
Debt Instrument [Line Items]
Balance outstanding		$ 56,000,000		56,000,000
Weighted average interest rate (percent)		2.79%
Component of variable rate loan with fixed rate		$ 25,000,000
Mortgage loans | The Ritz-Carlton, Pentagon City
Debt Instrument [Line Items]
Balance outstanding		$ 65,000,000		65,000,000
Weighted average interest rate (percent)		4.95%
Mortgage loans | Grand Bohemian Hotel Orlando, Autograph Collection
Debt Instrument [Line Items]
Balance outstanding		$ 57,333,000		57,857,000
Weighted average interest rate (percent)		4.53%
Mortgage loans | Marriott San Francisco Airport Waterfront
Debt Instrument [Line Items]
Balance outstanding		$ 113,042,000		115,762,000
Weighted average interest rate (percent)		4.63%
Term loans | Corporate Credit Facility Term Loan $150M
Debt Instrument [Line Items]
Balance outstanding		$ 0		150,000,000
Aggregate principal		$ 150,000,000
Weighted average interest rate (percent)		3.77%
Component of variable rate loan with fixed rate		$ 125,000,000
Term loans | Corporate Credit Facility Term Loan $125M
Debt Instrument [Line Items]
Balance outstanding		125,000,000		125,000,000
Aggregate principal		$ 125,000,000
Weighted average interest rate (percent)		3.92%
Credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Balance outstanding		$ 0		163,093,000
Weighted average interest rate (percent)		2.93%
Borrowing capacity commitment		$ 523,000,000
Credit facility | Revolving Credit Facility | Forecast
Debt Instrument [Line Items]
Borrowing capacity commitment	$ 450,000,000
Secured debt | 2020 Senior Notes $500M
Debt Instrument [Line Items]
Balance outstanding		500,000,000		500,000,000
Aggregate principal		$ 500,000,000		500,000,000
Weighted average interest rate (percent)		6.38%
Secured debt | 2021 Senior Notes $500M
Debt Instrument [Line Items]
Balance outstanding		$ 500,000,000		$ 0
Aggregate principal		$ 500,000,000	$ 500,000,000
Weighted average interest rate (percent)		4.88%

Debt - Mortgage Loans Narrative

Debt - Mortgage Loans Narrative (Details) - Mortgage loans	Jun. 30, 2021USD ($)loanproperty
Debt Instrument [Line Items]
Mortgage loans not in compliance with covenants that can lead to default	3
Number of quarters after waiver for adjusted covenant calculations | property	5
Mortgage loans not in compliance with covenants that do not lead to default	2
Recourse
Debt Instrument [Line Items]
Aggregate principal | $	$ 0

Debt - Corporate Credit Facilit

Debt - Corporate Credit Facilities Narrative (Details)	1 Months Ended	3 Months Ended		4 Months Ended	6 Months Ended		14 Months Ended
	May 31, 2021loan	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Apr. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2022USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Balance outstanding		$ 0			$ 0
Corporate Credit Facilities
Debt Instrument [Line Items]
Minimum liquidity covenant				$ 100,000,000
Corporate Credit Facilities | Forecast
Debt Instrument [Line Items]
Minimum liquidity covenant							$ 150,000,000
Term loans | Corporate Credit Facility Term Loan $125M
Debt Instrument [Line Items]
Number of loans | loan	1
Credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Balance outstanding		0			0			$ 163,093,000
Credit facility unused borrowing capacity fee		300,000	$ 0		600,000	$ 200,000
Interest expense		$ 700,000	$ 2,800,000		$ 1,900,000	$ 4,400,000

Debt - Senior Notes Narrative (

Debt - Senior Notes Narrative (Details) - Secured debt - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2021	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
2020 Senior Notes $500M
Debt Instrument [Line Items]
Aggregate principal			$ 500,000,000	$ 500,000,000
Stated interest rate (percent)				6.375%
Debt covenant, total unencumbered assets to total unsecured indebtedness on a consolidated basis		150.00%
2021 Senior Notes $500M
Debt Instrument [Line Items]
Aggregate principal	$ 500,000,000		$ 500,000,000
Stated interest rate (percent)	4.875%
Issuance price as a percentage of face value	100.00%
Debt covenant, total unencumbered assets to total unsecured indebtedness on a consolidated basis	150.00%
2021 Senior Notes $500M | Prior to June 01 2024
Debt Instrument [Line Items]
Redemption price (percent)	100.00%
Percentage of principal that can be redeemed with net cash proceeds from certain equity offerings	40.00%
Redemption price if use of net cash proceeds from certain equity offerings (percent)	104.875%
Percentage of principal that must remain outstanding after redemption with net cash proceeds from certain equity offerings	60.00%
2021 Senior Notes $500M | Between June 01 2024 and May 31 2025
Debt Instrument [Line Items]
Redemption price (percent)	102.438%
2021 Senior Notes $500M | Between June 01 2025 and May 31 2026
Debt Instrument [Line Items]
Redemption price (percent)	101.219%
2021 Senior Notes $500M | After June 01 2026
Debt Instrument [Line Items]
Redemption price (percent)	100.00%
2021 Senior Notes $500M | Initial 120 Days
Debt Instrument [Line Items]
Period after issuance for redemption with proceeds from pandemic-related government support	120 days
Percentage of principal that can be redeemed with proceeds from pandemic-related government support	35.00%
Redemption price if use of proceeds from pandemic-related government support (percent)	102.4375%
Percentage of principal that must remain outstanding after redemption with proceeds from pandemic-related government support	65.00%

Debt - Debt Outstanding Narrati

Debt - Debt Outstanding Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2021loan	Jun. 30, 2021USD ($)loan	Jun. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Debt outstanding		$ 1,516,000	$ 1,516,000	$ 1,390,000
Weighted average interest rate (percent)		5.12%	5.12%	4.78%
Number of mortgage loans repaid | loan	1	1	1
Write off of unamortized deferred financing cost		$ 1,400	$ 1,400
Loan amendments
Debt Instrument [Line Items]
Capitalized deferred financing costs		$ 10,100	$ 10,100

Debt - Scheduled Principal Paym

Debt - Scheduled Principal Payments and Debt Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Principal payments and debt maturities
2021	$ 1,839
2022	4,653
2023	5,537
2024	280,070
2025	568,512
Thereafter	655,764
Total Debt	1,516,375
Revolving Credit Facility	0
Loan premiums, discounts and unamortized deferred financing costs, net	(22,270)	$ (15,892)
Debt, net of loan discounts and unamortized deferred financing costs	$ 1,494,105	$ 1,374,480
Weighted-  average interest rate
2021 (percent)	4.43%
2022 (percent)	4.32%
2023 (percent)	4.28%
2024 (percent)	3.71%
2025 (percent)	6.20%
Thereafter (percent)	4.81%
Total Debt (percent)	5.12%
Revolving Credit Facility (percent)	2.93%
Debt, net of loan discounts and unamortized deferred financing costs (percent)	5.12%	4.78%

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)derivative_instrument	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)derivative_instrument	Jun. 30, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of interest rate swaps terminated | derivative_instrument	4		4
Realized swap termination costs	$ (2,779)	$ 0	$ (2,779)	$ 0
Expected reclassification from accumulated OCI to interest expense in next twelve months	$ 6,100		$ 6,100
Estimate of time for reclassification			12 months

Derivatives - Derivative Financ

Derivatives - Derivative Financial Instruments (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2021USD ($)loan	Jun. 30, 2021USD ($)loan	Jun. 30, 2021USD ($)loan	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Derivative [Line Items]
Number of mortgage loans repaid | loan	1	1	1
Repayment of corporate credit facility term loan	$ 150,000,000		$ 150,000,000	$ 0
Cash flow hedge | Interest rate swap
Derivative [Line Items]
Notional amounts		$ 315,000,000	315,000,000		$ 513,000,000
Estimated fair value		$ (8,166,000)	$ (8,166,000)		(15,119,000)
Cash flow hedge | Interest rate swap | Mortgage Debt one
Derivative [Line Items]
Fixed rate (percent)		1.83%	1.83%
Notional amounts		$ 50,000,000	$ 50,000,000		50,000,000
Estimated fair value		$ (1,102,000)	$ (1,102,000)		(1,521,000)
Cash flow hedge | Interest rate swap | Mortgage Debt one | LIBOR
Derivative [Line Items]
Index + spread		2.10%	2.10%
Cash flow hedge | Interest rate swap | Mortgage Debt two
Derivative [Line Items]
Fixed rate (percent)		1.83%	1.83%
Notional amounts		$ 25,000,000	$ 25,000,000		25,000,000
Estimated fair value		$ (551,000)	$ (551,000)		(761,000)
Cash flow hedge | Interest rate swap | Mortgage Debt two | LIBOR
Derivative [Line Items]
Index + spread		2.10%	2.10%
Cash flow hedge | Interest rate swap | Mortgage Debt three
Derivative [Line Items]
Fixed rate (percent)		1.84%	1.84%
Notional amounts		$ 25,000,000	$ 25,000,000		25,000,000
Estimated fair value		$ (553,000)	$ (553,000)		(764,000)
Cash flow hedge | Interest rate swap | Mortgage Debt three | LIBOR
Derivative [Line Items]
Index + spread		2.10%	2.10%
Cash flow hedge | Interest rate swap | Mortgage Debt four
Derivative [Line Items]
Fixed rate (percent)		1.83%	1.83%
Notional amounts		$ 25,000,000	$ 25,000,000		25,000,000
Estimated fair value		$ (552,000)	$ (552,000)		(762,000)
Cash flow hedge | Interest rate swap | Mortgage Debt four | LIBOR
Derivative [Line Items]
Index + spread		1.90%	1.90%
Cash flow hedge | Interest rate swap | Mortgage Debt seven
Derivative [Line Items]
Fixed rate (percent)		1.54%	1.54%
Notional amounts		$ 0	$ 0		57,000,000
Estimated fair value		$ 0	$ 0		(1,569,000)
Cash flow hedge | Interest rate swap | Mortgage Debt seven | LIBOR
Derivative [Line Items]
Index + spread		2.60%	2.60%
Cash flow hedge | Interest rate swap | Mortgage Debt eight
Derivative [Line Items]
Fixed rate (percent)		1.80%	1.80%
Notional amounts		$ 0	$ 0		51,000,000
Estimated fair value		$ 0	$ 0		(859,000)
Cash flow hedge | Interest rate swap | Mortgage Debt eight | LIBOR
Derivative [Line Items]
Index + spread		1.90%	1.90%
Cash flow hedge | Interest rate swap | Mortgage Debt nine
Derivative [Line Items]
Fixed rate (percent)		1.80%	1.80%
Notional amounts		$ 0	$ 0		45,000,000
Estimated fair value		$ 0	$ 0		(758,000)
Cash flow hedge | Interest rate swap | Mortgage Debt nine | LIBOR
Derivative [Line Items]
Index + spread		2.10%	2.10%
Cash flow hedge | Interest rate swap | Mortgage Debt ten
Derivative [Line Items]
Fixed rate (percent)		1.81%	1.81%
Notional amounts		$ 0	$ 0		45,000,000
Estimated fair value		$ 0	$ 0		(765,000)
Cash flow hedge | Interest rate swap | Mortgage Debt ten | LIBOR
Derivative [Line Items]
Index + spread		2.10%	2.10%
Cash flow hedge | Interest rate swap | 125M Term Loan one
Derivative [Line Items]
Hedged debt		$ 125,000,000	$ 125,000,000
Fixed rate (percent)		1.91%	1.91%
Notional amounts		$ 40,000,000	$ 40,000,000		40,000,000
Estimated fair value		$ (853,000)	$ (853,000)		(1,201,000)
Cash flow hedge | Interest rate swap | 125M Term Loan one | LIBOR
Derivative [Line Items]
Index + spread		2.00%	2.00%
Cash flow hedge | Interest rate swap | 125M Term Loan two
Derivative [Line Items]
Hedged debt		$ 125,000,000	$ 125,000,000
Fixed rate (percent)		1.92%	1.92%
Notional amounts		$ 40,000,000	$ 40,000,000		40,000,000
Estimated fair value		$ (854,000)	$ (854,000)		(1,202,000)
Cash flow hedge | Interest rate swap | 125M Term Loan two | LIBOR
Derivative [Line Items]
Index + spread		2.00%	2.00%
Cash flow hedge | Interest rate swap | 125M Term Loan three
Derivative [Line Items]
Hedged debt		$ 125,000,000	$ 125,000,000
Fixed rate (percent)		1.92%	1.92%
Notional amounts		$ 25,000,000	$ 25,000,000		25,000,000
Estimated fair value		$ (535,000)	$ (535,000)		(753,000)
Cash flow hedge | Interest rate swap | 125M Term Loan three | LIBOR
Derivative [Line Items]
Index + spread		2.00%	2.00%
Cash flow hedge | Interest rate swap | 125M Term Loan four
Derivative [Line Items]
Hedged debt		$ 125,000,000	$ 125,000,000
Fixed rate (percent)		1.92%	1.92%
Notional amounts		$ 20,000,000	$ 20,000,000		20,000,000
Estimated fair value		$ (427,000)	$ (427,000)		(601,000)
Cash flow hedge | Interest rate swap | 125M Term Loan four | LIBOR
Derivative [Line Items]
Index + spread		2.00%	2.00%
Cash flow hedge | Interest rate swap | Mortgage Debt five
Derivative [Line Items]
Fixed rate (percent)		2.80%	2.80%
Notional amounts		$ 24,000,000	$ 24,000,000		24,000,000
Estimated fair value		$ (990,000)	$ (990,000)		(1,302,000)
Cash flow hedge | Interest rate swap | Mortgage Debt five | LIBOR
Derivative [Line Items]
Index + spread		2.10%	2.10%
Cash flow hedge | Interest rate swap | Mortgage Debt six
Derivative [Line Items]
Fixed rate (percent)		2.89%	2.89%
Notional amounts		$ 41,000,000	$ 41,000,000		41,000,000
Estimated fair value		$ (1,749,000)	$ (1,749,000)		$ (2,301,000)
Cash flow hedge | Interest rate swap | Mortgage Debt six | LIBOR
Derivative [Line Items]
Index + spread		2.10%	2.10%

Derivatives - Recognized Gain (

Derivatives - Recognized Gain (Loss) on Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gain (loss) on interest rate derivative instruments	$ 2,449	$ (1,679)	$ 2,553	$ (18,800)
Reclassification adjustment for amounts recognized in net loss	2,070	2,261	4,400	2,671
Interest expense	19,691	13,571	38,441	26,595
Realized loss on termination of derivative instruments	$ (2,779)	$ 0	$ (2,779)	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	3 Months Ended			6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)property	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of hotels in goodwill analysis | property			3
Goodwill impairment charge	$ 0	$ 3,700,000		$ 0	$ 20,100,000
Marriott Charleston Town Center
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment on write-down of property	12,300,000			12,300,000
Disposal Group, Estimated Fair Market Value	$ 5,000,000			$ 5,000,000
Level 2 | Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average effective interest rate (percent)	0.0517			0.0517		0.0480
Andaz Savannah
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill impairment charge			$ 6,100,000
Bohemian Hotel Savannah Riverfront, Autograph Collection
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill impairment charge		$ 3,700,000	$ 10,300,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Recurring | Level 2 | Interest rate swap
Liabilities
Interest rate swap liabilities	$ (8,166)	$ (15,119)
Recurring | Level 3 | Interest rate swap
Liabilities
Interest rate swap liabilities	0	0
Nonrecurring | Level 2
Net investment properties
Marriott Charleston Town Center	5,000	0
Nonrecurring | Level 3
Net investment properties
Marriott Charleston Town Center	$ 0	$ 0

Fair Value Measurements - Goodw

Fair Value Measurements - Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill Balance
Goodwill	$ 34,352	$ 34,352
Cumulative goodwill impairment losses	(29,502)	(29,502)
Carrying value of goodwill	$ 4,850	$ 4,850

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Presented at Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Mortgage and Corporate Credit Facility Term Loans	$ 516,375	$ 727,279
Senior Notes	1,000,000	500,000
Revolving Credit Facility	0	163,093
Total	1,516,375	1,390,372
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Mortgage and Corporate Credit Facility Term Loans	501,178	706,453
Senior Notes	1,066,844	539,901
Revolving Credit Facility	0	161,339
Total	$ 1,568,022	$ 1,407,693

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Estimated federal and state combined effective rate (percent)	9.82%	10.42%	9.82%	10.42%
Income tax (expense) benefit	$ (169)	$ 3,090	$ (334)	$ 10,402

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Aggregate offering price of common stock authorized under ATM agreement			$ 200,000,000
Number of shares issued (in shares)	0	0	0	0
Shares repurchased (in shares)			0	165,516
Shares repurchased, weighted average price (in dollars per share)				$ 13.68
Aggregate purchase price			$ 0	$ 2,264,000
Repurchase Program
Class of Stock [Line Items]
Stock repurchase program authorized amount	$ 175,000,000		175,000,000
Remaining share repurchase authorization	$ 94,700,000		$ 94,700,000

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions (Details) - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020
Equity [Abstract]
Dividends per Share/Unit (in dollars per share)	$ 0.275	$ 0.275
Record Date	Mar. 31, 2020
Payable Date	Apr. 15, 2020

Stockholders' Equity - Non-cont

Stockholders' Equity - Non-controlling Interest of Common Units in Operating Partnership (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Common limited partnership units redeemed for cash (in shares)	215,344		457,017
Cash paid for redemption of common limited partnership units	$ 4,100		$ 8,600	$ 4,088	$ 8,623
XHR LP (Operating Partnership)
Class of Stock [Line Items]
Ownership by noncontrolling owners (percent)	2.30%			2.30%
Number of vested units (in shares)	507,761			507,761
LTIP Units
Class of Stock [Line Items]
LTIP Units converted into common limited partnership units (in shares)	615,266	273,790	1,305,759
Number of units outstanding, vested and nonvested (in shares)	2,713,209			2,713,209
Common stock
Class of Stock [Line Items]
Shares issued for conversion of common limited partnership units	399,922	273,790	848,742	399,922	1,122,532

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss attributable to common stockholders	$ (42,038)	$ (99,125)	$ (98,389)	$ (135,264)
Dividends paid on unvested share-based compensation	0	0	0	(150)
Net loss available to common stockholders, basic	(42,038)	(99,125)	(98,389)	(135,414)
Net loss available to common stockholders, diluted	$ (42,038)	$ (99,125)	$ (98,389)	$ (135,414)
Denominator:
Weighted average shares outstanding - Basic (in shares)	113,806,186	113,498,689	113,793,419	113,242,786
Effect of dilutive share-based compensation (in shares)	0	0	0	0
Weighted average shares outstanding - Diluted (in shares)	113,806,186	113,498,689	113,793,419	113,242,786
Basic and diluted loss per share:
Net loss per share available to common stockholders - basic (in dollars per share)	$ (0.36)	$ (0.88)	$ (0.86)	$ (1.20)
Net loss per share available to common stockholders - diluted (in dollars per share)	$ (0.36)	$ (0.88)	$ (0.86)	$ (1.20)
Anti-dilutive shares excluded from calculation of diluted earnings per share	564,745	188,950	555,468	258,223

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Unit Grants (Details)	Mar. 01, 2021	May 31, 2021director$ / sharesshares	Mar. 31, 2021$ / sharesshares	Jun. 30, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				940,662
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				106,747
Weighted average grant date fair value (in dollars per share) | $ / shares			$ 16.66
Time-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			64,542
Time-based restricted stock units | Vesting tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)			33.00%
Time-based restricted stock units | Vesting tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)			33.00%
Time-based restricted stock units | Vesting tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)			34.00%
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			37,067
Absolute TSR Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Component of total award (percent)	25.00%		25.00%
Award vesting period (in years)			3 years
Relative TSR Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Component of total award (percent)	75.00%		75.00%
Award vesting period (in years)			3 years
Fully vested stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		5,138
Weighted average grant date fair value (in dollars per share) | $ / shares		$ 19.09
Fully vested stock | Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of non-employee directors | director		1

Share-Based Compensation - LTIP

Share-Based Compensation - LTIP Unit Grants (Details)	Mar. 01, 2021	May 31, 2021director$ / sharesshares	Mar. 31, 2021$ / sharesshares	Jun. 30, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				940,662
Time-Based LTIP Units and Performance-Based Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				833,915
Weighted average grant date fair value (in dollars per share) | $ / shares			$ 11.87
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			88,076
Time-Based LTIP Units | Vesting tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)			33.00%
Time-Based LTIP Units | Vesting tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)			33.00%
Time-Based LTIP Units | Vesting tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)			34.00%
Performance-Based Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			708,991
Quarterly per-unit distribution on non-vested awards as percentage of distribution on common units in the Operating Partnership			10.00%
Absolute TSR Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Component of total award (percent)	25.00%		25.00%
Award vesting period (in years)			3 years
Relative TSR Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Component of total award (percent)	75.00%		75.00%
Award vesting period (in years)			3 years
Fully Vested LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		36,848
Weighted average grant date fair value (in dollars per share) | $ / shares		$ 19
Fully Vested LTIP Units | Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of non-employee directors | director		7

Share-Based Compensation - Unve

Share-Based Compensation - Unvested Incentive Awards (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Unvested incentive awards
Unvested as of beginning of period (in shares)		1,882,197
Granted (in shares)		940,662
Vested (in shares)		(195,617)
Forfeited (in shares)		(4,291)
Unvested as of end of period (in shares)		2,622,951
Weighted average fair value of unvested shares/units (in dollars per share)		$ 11.56
Common stock
Unvested incentive awards
Shares withheld upon settlement of awards to satisfy minimum tax withholding requirements (in shares)	10,538	18,993	38,610
Restricted Stock Units
Unvested incentive awards
Unvested as of beginning of period (in shares)		387,739
Granted (in shares)		106,747
Vested (in shares)		(72,692)
Forfeited (in shares)		(4,291)
Unvested as of end of period (in shares)		417,503
Weighted average fair value of unvested shares/units (in dollars per share)		$ 14.49
LTIP Units
Unvested incentive awards
Unvested as of beginning of period (in shares)		1,494,458
Granted (in shares)		833,915
Vested (in shares)		(122,925)
Forfeited (in shares)		0
Unvested as of end of period (in shares)		2,205,448
Weighted average fair value of unvested shares/units (in dollars per share)		$ 11

Share-Based Compensation - Assu

Share-Based Compensation - Assumptions Used in Fair Value of Performance Awards (Details) - $ / shares	Mar. 01, 2021	Mar. 31, 2021	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date Fair Value by Component (in dollars per share)			$ 11.56
Interest Rate, maximum	0.31%
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 per share)	$ 12.63
Volatility	59.84%
Interest Rate, minimum	0.01%
Interest Rate, maximum	0.31%
Dividend Yield	0.00%
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 per share)	$ 13.06
Volatility	59.84%
Interest Rate, minimum	0.01%
Interest Rate, maximum	0.31%
Dividend Yield	0.00%
Absolute TSR Class A LTIP 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 per share)	$ 12.57
Volatility	59.84%
Interest Rate, minimum	0.01%
Interest Rate, maximum	0.31%
Dividend Yield	0.00%
Relative TSR Class A LTIP 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 per share)	$ 12.69
Volatility	59.84%
Interest Rate, minimum	0.01%
Dividend Yield	0.00%

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation costs	$ 17.3		$ 17.3
Unrecognized compensation costs period for recognition			1 year 11 months 15 days
Accelerated share-based compensation		$ 1.6		$ 1.9
Executive officers and management | Restricted Stock Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2.8	3.6	$ 5.1	5.6
Management | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation capitalized amount	0.1	0.2	0.5	0.6
Non-employee directors | Restricted Stock Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.8	$ 0.7	$ 0.8	$ 0.7

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Other Commitments [Line Items]
Restricted cash and escrows	$ 34,572	$ 60,918	$ 34,572	$ 60,918	$ 38,963
Hotel furniture, fixtures, and equipment reserves
Other Commitments [Line Items]
Amount of reserves used for working capital purposes	13,500		13,500
Reserves subject to replenishment requirements	11,600		11,600
Renovations at certain hotel properties
Other Commitments [Line Items]
Commitments outstanding with third parties	3,100		3,100
Hotel furniture, fixtures, and equipment reserves
Other Commitments [Line Items]
Restricted cash and escrows	25,300		25,300		$ 25,900
Management and franchise fees
Other Commitments [Line Items]
Management and franchise fees	$ 6,140		$ 8,984	$ 7,169
Management and franchise fees		$ (161)
Management agreements for brand-managed hotels
Other Commitments [Line Items]
Agreement average remaining term assuming all renewal periods exercised (in years)			26 years
Management agreements for brand-managed hotels | Minimum
Other Commitments [Line Items]
Agreement term (in years)			20 years
Management agreements for brand-managed hotels | Maximum
Other Commitments [Line Items]
Agreement term (in years)			30 years
Management agreements for franchised hotels
Other Commitments [Line Items]
Agreement average remaining initial term (in years)			3 years
Management agreements for franchised hotels | Minimum
Other Commitments [Line Items]
Agreement term (in years)			10 years
Management agreements for franchised hotels | Maximum
Other Commitments [Line Items]
Agreement term (in years)			15 years
Franchise agreements
Other Commitments [Line Items]
Agreement average remaining initial term (in years)			8 years
Franchise agreements | Minimum
Other Commitments [Line Items]
Agreement term (in years)			15 years
Franchise agreements | Maximum
Other Commitments [Line Items]
Agreement term (in years)			20 years

Commitments and Contingencies_2

Commitments and Contingencies - Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Leases
Weighted-average remaining lease term, including reasonably certain extension options	23 years
Weighted-average discount rate (percent)	5.79%
ROU asset	$ 22,161
Lease liability	23,520
Operating lease rent expense	1,107
Variable lease costs	1,370
Total rent and variable lease costs	$ 2,477
Weighted-average remaining lease term including available extension options	59 years
ROU asset, consolidated balance sheet line item	Other assets
Lease liability, consolidated balance sheet line item	Other liabilities

Commitments and Contingencies_3

Commitments and Contingencies - Remaining Lease Payments (Details) $ in Thousands	Jun. 30, 2021USD ($)
Remaining Lease Payments
2021 (excluding the six months ended June 30, 2021)	$ 1,129
2022	2,273
2023	2,287
2024	2,302
2025	2,317
Thereafter	34,926
Total undiscounted lease payments	45,234
Less imputed interest	(21,714)
Lease liability	$ 23,520