Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CPLG | ||
Entity Registrant Name | COREPOINT LODGING INC. | ||
Entity Central Index Key | 0001707178 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 59,555,517 | ||
Entity Public Float | $ 1,068 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate | ||
Land | $ 694 | $ 739 |
Buildings and improvements | 2,562 | 2,706 |
Furniture, fixtures, and other equipment | 387 | 363 |
Gross operating real estate | 3,643 | 3,808 |
Less accumulated depreciation | (1,386) | (1,425) |
Net operating real estate | 2,257 | 2,383 |
Construction in progress | 43 | 75 |
Total real estate, net | 2,300 | 2,458 |
Cash and cash equivalents | 68 | 141 |
Accounts receivable, net | 33 | 42 |
Other assets | 54 | 32 |
Assets from discontinued operations | 280 | |
Total Assets | 2,455 | 2,953 |
Liabilities: | ||
Debt, net | 1,014 | 992 |
Mandatorily redeemable preferred shares | 15 | |
Accounts payable and accrued expenses | 99 | 65 |
Dividends Payable | 12 | |
Other liabilities | 11 | 9 |
Deferred tax liabilities | 7 | 213 |
Liabilities from discontinued operations | 846 | |
Total Liabilities | 1,158 | 2,125 |
Commitments and Contingencies | ||
Equity: | ||
Common Stock, $0.01 par value; 1.0 billion and 2.0 billion shares authorized as of December 31, 2018 and 2017, respectively; 59.8 million and 66.2 million shares issued as of December 31, 2018 and 2017, respectively; and 59.5 million and 58.7 million shares outstanding as of December 31, 2018 and 2017, respectively | 1 | 1 |
Additional paid-in-capital | 974 | 1,181 |
Retained Earnings (accumulated deficit) | 319 | (144) |
Treasury stock, at cost, 7.6 million shares as of December 31, 2017 | (212) | |
Accumulated other comprehensive loss | (1) | |
Noncontrolling interest | 3 | 3 |
Total Equity | 1,297 | 828 |
Total Liabilities and Equity | $ 2,455 | $ 2,953 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 50,000,000 | 100,000,000 |
Preferred Stock, shares outstanding | 15,000 | 0 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 1,000,000,000 | 2,000,000,000 |
Common Stock, shares issued | 59,800,000 | 66,200,000 |
Common Stock, shares outstanding | 59,500,000 | 58,700,000 |
Treasury stock, shares | 7,600,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES: | |||
Revenues | $ 862 | $ 836 | $ 871 |
OPERATING EXPENSES: | |||
Property tax, insurance and other | 69 | 56 | 63 |
Management and royalty fees | 52 | ||
Corporate general and administrative | 85 | 76 | 54 |
Depreciation and amortization | 156 | 140 | 139 |
Impairment loss | 154 | 1 | 104 |
Casualty (gain) loss and other, net | (4) | 2 | 3 |
Total Operating Expenses | 1,019 | 744 | 824 |
Gain on sales of real estate | (4) | (5) | |
Operating Income (loss) | (157) | 92 | 47 |
OTHER INCOME (EXPENSES): | |||
Interest expense | (64) | (49) | (48) |
Other income, net | 15 | 1 | 2 |
Loss on extinguishment of debt | (10) | ||
Total Other Expenses, net | (59) | (48) | (46) |
Income (loss) from Continuing Operations Before Income Taxes | (216) | 44 | 1 |
Income tax benefit (expense) | (21) | 109 | 2 |
Income (loss) from Continuing Operations, net of tax | (237) | 153 | 3 |
Loss from discontinued operations, net of tax | (25) | (1) | (4) |
Net Income (loss) attributable to CorePoint Lodging stockholders | $ (262) | $ 152 | $ (1) |
Earnings (loss) per share: | |||
Basic from continuing operations | $ (4.04) | $ 2.63 | $ 0.04 |
Basic from discontinued operations | (0.43) | (0.01) | (0.06) |
Basic earnings (loss) per share | (4.47) | 2.62 | (0.02) |
Diluted from continuing operations | (4.04) | 2.62 | 0.04 |
Diluted from discontinued operations | (0.43) | (0.02) | (0.06) |
Diluted earnings (loss) per share | $ (4.47) | $ 2.60 | $ (0.02) |
Rooms [Member] | |||
REVENUES: | |||
Revenues | $ 845 | $ 820 | $ 855 |
OPERATING EXPENSES: | |||
Cost of good or service | 385 | 353 | 344 |
Other [Member] | |||
REVENUES: | |||
Revenues | 17 | 16 | 16 |
OPERATING EXPENSES: | |||
Cost of good or service | $ 122 | $ 120 | $ 122 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Income (loss) attributable to CorePoint Lodging stockholders | $ (262) | $ 152 | $ (1) |
Cash flow hedge adjustment, net of tax | 4 | 5 | $ 1 |
Termination of cash flow hedge | (3) | ||
Comprehensive net income (loss) attributable to CorePoint Lodging stockholders | $ (261) | $ 157 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in-Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2015 | $ 747 | $ 1 | $ (108) | $ 1,153 | $ (295) | $ (7) | $ 3 |
Beginning Balance, shares at Dec. 31, 2015 | 62,200,000 | ||||||
Net income (loss) | (1) | (1) | |||||
Equity-based compensation | 14 | 14 | |||||
Equity based compensation, shares | 400,000 | ||||||
Tax deficit related to equity comp | (1) | (1) | |||||
Repurchase of common stock | Prior To Spin Off [Member] | (102) | (102) | |||||
Repurchase of common stock, shares | Prior To Spin Off [Member] | (4,200,000) | ||||||
Cash flow hedge adjustment, net of tax | 1 | 1 | |||||
Ending Balance at Dec. 31, 2016 | 658 | $ 1 | (210) | 1,166 | (296) | (6) | 3 |
Ending Balance, shares at Dec. 31, 2016 | 58,400,000 | ||||||
Net income (loss) | 152 | 152 | |||||
Equity-based compensation | 15 | 15 | |||||
Equity based compensation, shares | 400,000 | ||||||
Repurchase of common stock | Prior To Spin Off [Member] | (2) | (2) | |||||
Repurchase of common stock, shares | Prior To Spin Off [Member] | (100,000) | ||||||
Cash flow hedge adjustment, net of tax | 5 | 5 | |||||
Ending Balance at Dec. 31, 2017 | $ 828 | $ 1 | (212) | 1,181 | (144) | (1) | 3 |
Ending Balance, shares at Dec. 31, 2017 | 58,700,000 | 58,700,000 | |||||
Net income (loss) | $ (262) | (262) | |||||
Dividends on common stock ($0.267 per share) (post Spin-Off) | (27) | (27) | |||||
Equity-based compensation | 11 | 11 | |||||
Equity based compensation, shares | 1,100,000 | ||||||
Repurchase of common stock | Prior To Spin Off [Member] | (2) | (2) | |||||
Repurchase of common stock | Post To Spin Off [Member] | (4) | (4) | |||||
Repurchase of common stock, shares | Prior To Spin Off [Member] | (100,000) | ||||||
Repurchase of common stock, shares | Post To Spin Off [Member] | (200,000) | ||||||
Retirement of treasury stock | $ 214 | (214) | |||||
Cash flow hedge adjustment, net of tax | 4 | 4 | |||||
Gain on termination of cash flow hedge | (3) | $ (3) | |||||
Reorganization and separation from La Quinta Holdings Inc | 752 | 752 | |||||
Ending Balance at Dec. 31, 2018 | $ 1,297 | $ 1 | $ 974 | $ 319 | $ 3 | ||
Ending Balance, shares at Dec. 31, 2018 | 59,500,000 | 59,500,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends on common stock, per share | $ 0.20 | $ 0.267 | $ 0.467 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (262) | $ 152 | $ (1) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 160 | 148 | 147 |
Amortization of other assets | 0 | 1 | 0 |
(Gain) loss related to real estate casualties | (4) | 2 | 3 |
Loss on extinguishment of debt | 17 | 0 | 0 |
Amortization of deferred costs and other assets | 12 | 6 | 6 |
Impairment loss | 154 | 1 | 104 |
Gain on sale of real estate, net of retirement of assets | 0 | 0 | (5) |
Equity-based compensation expense | 11 | 16 | 14 |
Deferred tax (benefit) expense | 6 | (112) | (12) |
Provision for doubtful accounts | 2 | 2 | 1 |
Changes in assets and liabilities: | |||
Accounts receivable | 9 | 2 | (9) |
Other assets | (11) | (31) | 3 |
Accounts payable and accrued expenses | 14 | (7) | 12 |
Other liabilities | 3 | 2 | 1 |
Net cash provided by operating activities | 111 | 182 | 264 |
Cash flows from investing activities: | |||
Capital expenditures, primarily investments in existing real estate | (167) | (218) | (144) |
Lender and other escrows | (20) | 0 | 0 |
Insurance proceeds related to real estate casualties | 25 | 6 | 5 |
Proceeds from sale of real estate | 6 | 33 | 71 |
Payment of franchise incentives | 0 | (2) | (2) |
Net cash used in investing activities | (156) | (181) | (70) |
Cash flows from financing activities: | |||
Proceeds from debt | 1,060 | 0 | 0 |
Repayment of debt | (1,030) | (18) | (18) |
Debt issuance costs | (30) | 0 | 0 |
Issuance of mandatorily redeemable preferred shares | 15 | 0 | 0 |
Dividends on common stock | (16) | 0 | 0 |
Proceeds on termination of cash flow hedge | 3 | 0 | 0 |
Purchase of common stock | (6) | (3) | (102) |
Reorganization and separation from La Quinta Holdings Inc. | (23) | 0 | 0 |
Net cash used in financing activities | (28) | (21) | (120) |
Increase (decrease) in cash and cash equivalents | (73) | (20) | 74 |
Cash and cash equivalents at the beginning of the year | 141 | 161 | 87 |
Cash and cash equivalents at the end of the year | 68 | 141 | 161 |
Interest Rate Cap | |||
Cash flows from financing activities: | |||
Payment for interest rate cap | $ (1) | $ 0 | $ 0 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION Organization and Business CorePoint Lodging Inc., a Maryland corporation (“we,” “us,” “our,” “CorePoint” or the “Company”) is a nationwide lodging real estate company formed in May 2017, primarily serving the upper mid-scale and mid-scale segments, with a portfolio of select service hotels located in the United States (“U.S.”). The following table sets forth the number of owned and joint venture hotels as of December 31, 2018, 2017 and 2016, respectively: 2018 2017 2016 # of hotels # of rooms # of hotels # of rooms # of hotels # of rooms Owned (1) 314 40,200 316 40,400 321 41,000 Joint Venture 1 200 1 200 1 200 Totals 315 40,400 317 40,600 322 41,200 (1) As of December 31, 2018, 2017 and 2016, owned hotels includes one, three and five hotels, respectively, designated as assets held for sale. For U.S. federal income tax purposes, we intend to make an election to be taxed as a real estate investment trust (“REIT”), effective May 31, 2018, with the filing of our U.S. federal income tax return for the year ended December 31, 2018. We believe that we are organized and operate in a REIT-qualified manner and we intend to continue to operate as such. As a REIT, the Company is generally not subject to federal corporate income tax on the portion of its net income that is currently distributed to its stockholders. To maintain our REIT status, we are required to meet several requirements as provided by the Internal Revenue Code of 1986, as amended (the “Code”). These include that the Company cannot operate or manage its hotels. Therefore, the Company leases the hotel properties to CorePoint TRS L.L.C., the Company's wholly-owned taxable REIT subsidiary ("TRS"), which engages third-party eligible independent contractors to manage the hotels. CorePoint TRS L.L.C. is subject to federal, state and local income taxes. Also, to maintain REIT status, we must distribute annually at least 90% of our “REIT taxable income,” as defined by the Code, to our stockholders. We believe we have met our distribution requirements effective for 2018 and intend to meet these requirements thereafter as required by the Code. Our Spin-Off from La Quinta Holdings Inc. On May 30, 2018, La Quinta Holdings Inc., a Delaware corporation (“LQH Parent,” and together with its consolidated subsidiaries, “LQH”), completed the separation of its hotel ownership business from its hotel franchise and hotel management business. The separation was made as part of a plan approved by LQH Parent’s board of directors to spin off LQH’s hotel ownership business into a stand-alone, publicly traded company, CorePoint (the “Spin-Off”) prior to the merger (the “Merger”) of LQH Parent with a wholly-owned subsidiary of Wyndham Worldwide Corporation, a Delaware corporation (“Wyndham Worldwide”). As a part of the Spin-Off and Merger, affiliates of Wyndham Worldwide became franchisor and manager of our hotel operations. For additional discussion of the Spin-Off, the Merger and related transactions, see Note 3 “Discontinued Operations.” Notwithstanding the legal form of the Spin-Off, for accounting and financial reporting purposes, LQH Parent is presented as being spun-off from CorePoint (a “Reverse Spin”). This presentation is in accordance with generally accepted accounting principles in the U.S. (“GAAP”), and is primarily a result of the relative significance of CorePoint’s business to LQH’s business, as measured in terms of revenues, profits, and assets. Therefore, CorePoint is considered the divesting entity and treated as the “accounting successor,” and LQH Parent is the “accounting spinnee” and “accounting predecessor” for consolidated financial reporting purposes. In accordance with GAAP, effective with the closing of the Spin-Off on May 30, 2018, the results of operations related to LQH’s hotel franchise and hotel management business are reported as discontinued operations for all periods presented. In addition, the assets and liabilities of LQH’s hotel franchise and hotel management business have been segregated from the assets and liabilities related to the Company’s consolidated operations and presented separately on the Company’s consolidated balance sheets as of December 31, 2017. Unless otherwise noted, all disclosures in the notes accompanying the consolidated financial statements reflect only continuing operations. On May 30, 2018, in connection with the Spin-Off, each share of the common stock of LQH Parent (par value $0.01) was reclassified and combined into one half of a share of the common stock of LQH Parent (par value $0.02) (the “Reverse Stock Split”). The authorized number of shares was reduced from 2 billion to 1 billion. All share and share-related information in these consolidated financial statements have been retroactively adjusted to reflect the decreased number of shares resulting from the Reverse Stock Split. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with GAAP. These consolidated financial statements present the consolidated financial position and results of operations of CorePoint as of and for the years ended December 31, 2018, 2017 and 2016 giving effect to the Spin-Off and Reverse Stock Split, with the historical financial results of LQH Parent reflected as discontinued operations. These consolidated financial statements represent the financial position and results of operations of entities that have historically been under common control of the accounting predecessor, LQH Parent. The accompanying consolidated financial statements include the accounts of the Company, as well as its wholly-owned subsidiaries and any consolidated variable interest entities (“VIEs”). We recognize noncontrolling interests for the proportionate share of operations for ownership interests not held by our stockholders. All intercompany transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. These estimates include such items as: Spin-Off related adjustments; income taxes; impairment of long-lived assets; casualty losses; fair value evaluations; depreciation and amortization; and equity-based compensation measurements. Reclassifications Certain line items on the consolidated balance sheet as of December 31, 2017 2017 2016 |
Significant Accounting Policies
Significant Accounting Policies and Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Recently Issued Accounting Standards | NOTE 2. SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS Investment in Real Estate Property and equipment and other investments in real estate are stated at cost less accumulated depreciation computed using a straight-line method over the following estimated useful life of each asset: Buildings and improvements 5 to 40 years Furniture, fixtures and other equipment 2 to 10 years We capitalize expenditures that increase the overall value of an asset or extend an asset’s life, typically associated with hotel refurbishment, renovation, and major repairs. Such costs primarily include third party contract labor, materials, professional design and other direct costs, and during the redevelopment and renovation period interest, real estate taxes and insurance costs. The interest, real estate taxes and insurance capitalization period begins when the activities related to development have begun and ceases when the project is substantially complete and the assets are held available for use or occupancy. Once such a project is substantially complete and the associated assets are ready for intended use, interest, real estate taxes and insurance costs are no longer capitalized. Normal maintenance and repair costs are expensed as incurred. Impairment of Real Estate Related Assets If events or circumstances indicate that the carrying amount of a property may not be recoverable over our expected holding period, we make an assessment of the property’s recoverability by comparing the carrying amount of the asset to our estimate of the aggregate undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. Any such impairment is treated for accounting purposes similar to an asset acquisition at the estimated fair value, which includes the elimination of the asset’s accumulated depreciation and amortization. Assets Held for Sale For sales of real estate or assets classified as held for sale, we evaluate whether the disposition will have a major effect on our operations and financial results and will therefore qualify as a strategic shift. If the disposition represents a strategic shift, it will be classified as discontinued operations in our consolidated financial statements for all periods presented. If the disposition does not represent a strategic shift, it will be presented in continuing operations in our consolidated financial statements. We classify hotels as held for sale when criteria are met in accordance with GAAP. At that time, we present the assets and obligations associated with the real estate held for sale separately in our consolidated balance sheet, and we cease recording depreciation and amortization expense related to that asset. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. Cash and Cash Equivalents We consider all cash on hand, demand deposits with financial institutions, and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair market value. Accounts Receivable Accounts receivable primarily consists of receivables due from hotel guests, credit card companies and insurance settlements and are carried at estimated collectable amounts. We periodically evaluate our receivables for collectability based on historical experience, the length of time receivables are past due and the financial condition of the debtor. Accounts receivable are written off when determined to be uncollectable and collection efforts have generally ceased. Our insurance settlement receivables included in accounts receivable are recorded based upon the terms of our insurance policies and our estimates of insurance losses. We recognize business interruption claims as revenue when collected and accordingly our accounts receivable do not include any amounts related to estimated business interruption claim recoveries. As of December 31, 2018 and 2017, the Company had $13 million and $23 million of insurance settlement receivables, respectively. Debt and Deferred Debt Issuance Costs Deferred debt issuance costs include costs incurred in connection with the issuance of debt, including costs associated with the entry into our loan agreements and revolving credit facility, and are presented as a direct reduction from the carrying amount of debt. These debt issuance costs are deferred and amortized to expense on a straight-line basis over the term of the debt, which approximates the effective interest amortization method. This amortization expense is included as a component of interest expense. When debt is paid prior to its scheduled maturity date or the underlying terms are materially modified, the remaining carrying value of deferred debt issuance costs, along with certain other payments to lenders, is included in loss on extinguishment of debt. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or pay to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels, which are as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Valuations in this category are inherently less reliable than quoted market prices due to the degree of subjectivity involved in determining appropriate methodologies and the applicable underlying observable market assumptions. • 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. These inputs cannot be validated by readily determinable market data and generally involve considerable judgment by management. We use the highest level of observable market data if such data is available without undue cost and effort. Derivative Instruments We use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates. We regularly monitor the financial stability and credit standing of the counterparties to our derivative instruments. We do not enter into derivative financial instruments for trading or speculative purposes. We record all derivatives at fair value. On the date the derivative contract is entered, we designate the derivative as one of the following: a hedge of a forecasted transaction or the variability of cash flows to be paid (“Cash Flow Hedge”), a hedge of the fair value of a recognized asset or liability (“Fair Value Hedge”), or an undesignated hedge instrument. Changes in the fair value of a derivative that is qualified, designated and highly effective as a Cash Flow Hedge are recorded in the consolidated statements of comprehensive income (loss) until they are reclassified into earnings when the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a Fair Value Hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Cash flows from designated derivative financial instruments are classified within the same category as the item being hedged in the consolidated statements of cash flows. Changes in fair value of undesignated hedge instruments are recorded in current period earnings. On a quarterly basis, we assess the effectiveness of our designated hedges in offsetting the variability in the cash flows or fair values of the hedged assets or obligations via use of a statistical regression and hypothetical derivative approach. We discontinue hedge accounting prospectively when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, is sold, terminated or exercised. As of December 31, 2018, our only derivative, an interest rate cap, is an undesignated hedge instrument. Revenue Recognition We adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, Newly Adopted Accounting Standards Our revenues primarily consist of operating lease revenues from room rentals, which are accounted for under GAAP in accordance with lease accounting standards. Room revenues is recognized as earned on a daily basis, net of customer incentive discounts, cash rebates and refunds. Other revenues include revenues generated by the incidental support of hotel operations for hotels and are recognized under the revenue accounting standard as the service obligation is completed. Other revenues also include lease revenue from conference and banquet halls, restaurants, billboards and cell towers, all of which are operating leases. Such leases with a term in excess of one year are recognized on a straight-line basis over the term of the lease. Equity-Based Compensation We have a stock-based incentive award plan for our employees and directors. Equity-based compensation expense associated with these awards is recognized in general and administrative expenses in our consolidated statements of operations. We recognize the cost of services received in an equity-based payment transaction with an employee or director as services are received and record either a corresponding increase in equity or a liability, depending on whether the instruments granted satisfy the equity or liability classification criteria. Measurement for these equity awards is the estimated fair value at the grant date of the equity instruments. The equity-based compensation expense is recognized straight-line over the vesting period. We recognize forfeitures as they occur. Dividends related to unvested awards are charged to retained earnings. Income Taxes Subsequent to the Spin-Off, we are organized in conformity with and operate in a manner that will allow us to elect to be taxed as a REIT for U.S. federal income tax purposes beginning with our tax year ended December 31, 2018, and we expect to continue to be organized and operate so as to qualify as a REIT. To qualify as a REIT, we must continually satisfy requirements related to, among other things, the real estate qualification of sources of our income, the real estate composition and values of our assets, the amounts we distribute to our stockholders annually and the diversity of ownership of our stock. To the extent we qualify as a REIT, we generally will not be subject to U.S. federal income tax on taxable income generated by our REIT activities that we distribute to our stockholders. Accordingly, no provision for U.S. federal income tax expense has been included in our consolidated financial statements for the year ended December 31, 2018 related to our REIT operations; however, our TRS is subject to U.S. federal, state and local income taxes and our REIT may be subject to state and local taxes. The Company was also subject to U.S. federal, state, local and foreign income taxes prior to the Spin-Off. The Company uses the asset and liability method of accounting for income taxes. Under this method, current income tax expense represents the amounts expected to be reported on the Company’s income tax returns, and deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be applied to taxable income in the years in which those temporary differences are expected to reverse. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law. The Tax Act significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, implementing limitations on net operating loss carryovers, and allowing ordinary dividend income from a REIT to be eligible for a 20% qualified business income deduction. The Tax Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. Accordingly, for the years ended December 31, 2018 and 2017, we have measured our federal tax expense at 21%, writing off approximately $132 million in deferred tax liabilities, net for the year ended December 31, 2017. Concentrations of Credit Risk and Business Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents. We utilize financial institutions that we consider to be of high credit quality and consider the risk of default to be minimal. We also monitor the credit-worthiness of our customers and financial institutions before extending credit or making investments. Certain balances in cash and cash equivalents exceed the Federal Deposit Insurance Corporation limit of $250,000; however, we believe the credit risk related to these deposits is minimal. Substantially all of our revenues are derived from our lodging operations and our wholly-owned hotels. Lodging operations are particularly sensitive to adverse economic and competitive conditions and trends, which could adversely affect the Company’s business, financial condition, and results of operations. We have a concentration of hotels operating in Texas, Florida and California. The number of hotels, percentages of total hotels and the percentages of our total revenues, excluding revenue from discontinued operations, from these states as of and for the year ended December 31, 2018 is as follows: Number of Hotels Percentage of Total Hotels Percentage of Total Revenue Texas 68 22 % 22 % Florida 49 16 % 14 % California 21 6 % 11 % Total 138 44 % 47 % Our geographic concentration has not significantly changed during the last three years ended December 31, 2018. Segment Reporting Our hotel investments have similar economic characteristics and our service offerings and delivery of services are provided in a similar manner, using the same types of facilities and similar technologies. Our chief operating decision maker, the Company’s Chief Executive Officer, reviews our financial information on an aggregated basis. As a result, we have concluded that we have one reportable business segment. Principal Components of Expenses As more fully explained in Note 11, “Commitments and Contingencies – Hotel Management and Franchise Agreements,” our management company is responsible for the day to day operations of our hotels. For many expenses, the manager directly contracts for the services in the capacity as a principal, and we reimburse our manager in accordance with the agreements. We present the following expense components and only classify the fee portion of expense as management and royalty fees. We classify all amounts owed to our manager and franchisor in accounts payable and accrued expenses. Rooms — These expenses include hotel expenses of housekeeping, reservation systems (per our franchise agreements), room and breakfast supplies and front desk costs. Other departmental and support These expenses include labor and other expenses that constitute non-room operating expenses, including parking, telecommunications, on-site administrative departments, sales and marketing, loyalty program, recurring repairs and maintenance and utility expenses. Property tax, insurance and other These expenses consist primarily of real and personal property taxes, other local taxes, ground rent, equipment rent and insurance. These expenses primarily include casualty losses incurred resulting from property damage or destruction caused by any sudden, unexpected or unusual event such as a hurricane or significant casualty in excess of related insurance proceeds. Newly Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), regarding the accounting for leases for both lessees and lessors. In July 2018, ASU 2016-02 was amended, providing another transition method by allowing companies to initially apply the new lease standard in the year of adoption and not the earliest comparative period. The lease standard amendment also provided a practical expedient for an accounting policy election for lessors, by class of underlying asset, to not separate nonlease components from the associated lease components, similar to the practical expedient provided for lessees. The lessor practical expedient is only available if the timing and pattern of transfer are the same for the nonlease and lease components and the lease components, if accounted for separately, would be classified as an operating lease. In December 2018, ASU 2016-02 was updated with ASU 2018-20 providing guidance for certain lessor costs paid by lessees directly to third parties as compared to those that are reimbursed to the lessor. Costs paid to third parties directly by a lessee will be excluded from variable payments, and therefore from revenue. Costs reimbursed by the lessee to the lessor for these same costs, however will be treated as variable payments by the lessor, and therefore included in revenue and expense. Lessees will need to recognize on their balance sheet a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The liability will be equal to the present value of lease payments. The asset will be based on the liability, adjusted for any initial direct costs of the lease, lease incentives or early lease payments, where applicable. For income statement purposes, the current dual classification model was retained, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line rent expense (similar to current operating leases) while finance leases will result in interest and amortization expense (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied in current lease accounting. The new standard may be adopted using a modified retrospective transition and provides for certain practical expedients. We are evaluating the impact of ASU 2016-02 on our consolidated financial statements, where we believe the primary impact as a lessee will relate to leases where we are the ground lessee. For lessor accounting, our primary activity relates to daily hotel leases, where we would not expect the new lease standard to have a material effect on our revenue. Other lease related activity, primarily related to restaurants, cell towers and billboards, is not material. In light of the recently issued lease standard amendment and the new practical expedients, we continue to evaluate the impact of the new leasing standard. We plan to adopt the new standard effective January 1, 2019 using the modified retrospective approach and the option of not adjusting years prior to the period of adoption. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The guidance primarily affects entities holding financial assets including customer related accounts receivable. In November 2018, this was further updated with the issuance of ASU 2018-19, which excludes operating leases from the scope. Accordingly, we expect the guidance will apply to our trade receivables, notes receivable, and any other future financial assets that have the contractual right to receive cash that we may acquire in the future. The guidance is effective for us for fiscal years, and interim periods beginning in 2020, where early adoption is permitted. Historically, credit losses have not been material to the Company. We are currently evaluating the impact of this guidance on our financial position, results of operations and related disclosures but do not expect the implementation of this standard to have a material impact on our consolidated financial position and results of operations. In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under this ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The Company accounts for its share-based payments to members of its board of directors in the same manner as share-based payments to its employees. Other than to members of our board of directors, the Company does not award share-based payments to any nonemployees. We plan to adopt the new standard effective January 1, 2019, and do not expect the implementation of this standard to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements for fair value measurements. While some disclosures have been removed or modified, new disclosures have been added. The guidance is effective for us no later than January 1, 2020. Early adoption is permitted, where the Company is permitted to early adopt the portion of the guidance regarding the removal or modification of the fair value measurement disclosures while waiting to adopt the requirement regarding additional disclosures until the effective date. We are currently evaluating the impact of this guidance, but do not expect the implementation of this guidance to have a material impact on our consolidated financial statements. Effective January 1, 2018, we adopted the new standard for revenue accounting. The revised guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and superseded prior revenue recognition guidance, including industry-specific revenue guidance. The revised guidance replaced most existing revenue and real estate sale recognition guidance in GAAP. The standard specifically excludes lease contracts, which is our primary recurring revenue source; however, our revenue accounting for incidental hotel revenue will follow the revised guidance. We adopted the new standard using the modified retrospective transition method, where financial statement presentations prior to the date of adoption are not adjusted. Transactions that were not closed as of the adoption date were adjusted to reflect the new standard where we recorded a net reduction to opening retained earnings of approximately $15 million, net of tax, as of January 1, 2018, which primarily related to our discontinued operations. The adoption of this standard did not have a material impact on our continuing operations. Effective January 1, 2018, we adopted FASB ASU 2017-05, Other Gains and Losses from the Derecognition of Nonfinancial Assets which establishes guidance for the derecognition of a business, including instances in which the business is considered in substance real estate. In cases where a controlling interest in real estate is sold but a noncontrolling interest is retained, we may record a gain or loss related to both the sold and retained interests. The adoption of this standard did not have an impact on our consolidated financial statements, but depending on future transactions, may in the future. Effective January 1, 2018, we adopted FASB ASU 2018-05, Income Taxes - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118, which provides guidance from the Securities and Exchange Commission (“SEC”) allowing for the recognition of provisional amounts in the financial statements as a result of the Tax Act that was signed into law in December 2017. The guidance allows for a measurement period of up to one year from the enactment date to finalize the accounting related to the Tax Act. The adoption of this standard did not have a material impact on our reported income tax expense, effective income tax rate or our consolidated financial statements. From time to time, new accounting standards are issued by FASB or other standards setting bodies, which we adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of recently adopted or recently issued standards that are not yet effective have not or will not have a material impact on our consolidated financial statements upon adoption. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 3. DISCONTINUED OPERATIONS As discussed in Note 1, “Organization and Basis of Presentation,” LQH Parent completed the Spin-Off on May 30, 2018. As part of the Spin-Off closing, LQH Parent distributed to its stockholders all the outstanding shares of CorePoint common stock. Each holder of LQH Parent common stock received one share of CorePoint common stock for each share of LQH Parent common stock held by such holder on the record date after giving effect to the Reverse Stock Split, whereby each share of the common stock of LQH Parent (par value $0.01) was reclassified and combined into one half of a share of the common stock of LQH Parent (par value $0.02). Immediately following the Spin-Off, pursuant to the terms of the merger agreement, LQH Parent became a wholly-owned subsidiary of Wyndham Worldwide and each share of LQH Parent common stock was converted into the right to receive $16.80 per share in cash (after giving effect to the Reverse Stock Split), without interest. Wyndham Worldwide repaid $715 million of LQH Parent’s debt net of cash and set aside a reserve of $240 million for estimated taxes expected to be incurred in connection with the Spin-Off. Immediately following the Spin-Off, LQH Parent did not own any shares of any class of CorePoint outstanding common stock. In connection with, and prior to, the Spin-Off, CorePoint entered into a Separation and Distribution Agreement (the “Separation and Distribution Agreement”) and several other agreements with LQH Parent. These agreements set forth the principal transactions required to effect CorePoint’s separation from LQH and provide for the allocation between CorePoint and LQH Parent of various assets, liabilities, rights and obligations (including employee benefits, intellectual property, insurance and tax-related assets and liabilities) and govern the relationship between CorePoint and LQH after completion of the Spin-Off. Notwithstanding the legal form of the Spin-Off, for accounting and financial reporting purposes, LQH Parent is presented as being spun-off from CorePoint as a Reverse Spin. This presentation is in accordance with GAAP and is primarily a result of the relative significance of CorePoint’s business to LQH’s business, as measured in terms of revenues, profits, and assets. Therefore, CorePoint is considered the divesting entity and treated as the accounting successor, and LQH Parent is the accounting spinnee and accounting predecessor for financial reporting purposes. In accordance with GAAP, the results of operations related to the hotel franchise and hotel management business are reported as discontinued operations for all periods presented. In addition, the assets and liabilities of the hotel franchise and hotel management business have been segregated from the assets and liabilities related to the Company’s continuing operations and presented separately on the Company’s consolidated balance sheets as of December 31, 2017. Additionally, our consolidated financial statement presentation was modified to be more consistent with other REIT lodging companies and reflects the results of discontinued operations. Because the separation was a spin-off among stockholders, for financial statement presentation, there is no gain or loss on the separation of the disposed net assets and liabilities. Rather, the carrying amounts of the net assets and liabilities of the Company’s former hotel franchise and hotel management accounts are removed at their historical cost with an offsetting amount to stockholders’ equity. In connection with the Spin-Off, the Company recorded a $752 million adjustment in stockholders’ equity. The amount recognized will be adjusted in future reporting periods as the amount recorded is preliminary pending the finalization of various items including the final determination of the tax liabilities associated with the transaction and the settlement of other remaining considerations with Wyndham Worldwide. As these matters are finalized pursuant to the transaction agreements, the Company will record an adjustment to its assets or liabilities accounts with an offsetting amount to stockholders’ equity. Additionally, as the Spin-Off was a taxable spin, Wyndham Worldwide reserved $240 million to cover the tax payment for the Spin-Off, fully assuming all federal and state income taxes related to the Spin-Off and period from January 1, 2018 to the Spin-Off date. Any residual amount of the reserve in excess of the tax payment will be remitted to the Company. Any related tax payment in excess of such reserve is the responsibility of Wyndham Worldwide with the Company responsible for either delivering to Wyndham Worldwide cash equal to the excess or issuing shares of common stock to Wyndham Worldwide in lieu of such cash payment. Any such shares issued to Wyndham Worldwide would be subject to a registration rights agreement. As these tax valuations are completed and the estimates are refined and finalized, the impact of the reorganization and separation from LQH on stockholders’ equity will be adjusted. Results of Discontinued Operations The following table summarizes the results of the hotel franchise and hotel management business which are presented as discontinued operations (in millions). 2018 2017 2016 FRANCHISE, MANAGEMENT AND OTHER FEE BASED REVENUES $ 58 $ 145 $ 135 OPERATING EXPENSES Corporate, general, administrative and marketing 64 108 95 Depreciation and amortization 4 8 8 Total Operating Expenses 68 116 103 Operating Income (Loss) (10 ) 29 32 OTHER EXPENSES: Interest expense (15 ) (34 ) (34 ) Loss on extinguishment of debt (7 ) 1 — Total Other Expenses (22 ) (33 ) (34 ) Loss Before Income Taxes (32 ) (4 ) (2 ) Income tax benefit (expense), primarily current 7 3 (2 ) Loss from Discontinued Operations, net of tax $ (25 ) $ (1 ) $ (4 ) The following table presents the carrying amounts of the major classes of assets and liabilities of LQH Parent that were included in discontinued operations as of December 31, 2017 (in millions): 2017 ASSETS FROM DISCONTINUED OPERATIONS Total real estate, net $ 49 Intangible assets, net of accumulated amortization 171 Accounts receivable, net 24 Other assets 36 Total Assets from Discontinued Operations $ 280 LIABILITIES FROM DISCONTINUED OPERATIONS Debt, net $ 696 Accounts payable and accrued expenses 109 Other liabilities 21 Deferred tax liabilities 20 Total Liabilities from Discontinued Operations $ 846 In connection with the Spin-Off, CorePoint made a cash payment to LQH Parent of approximately $1 billion (the “Cash Payment”) immediately prior to and as a condition of the Spin-Off. The Cash Payment was to facilitate the repayment of a portion of LQH Parent’s existing debt. Accordingly, concurrently with the closing of the Merger, Wyndham Worldwide repaid, or caused to be repaid, on behalf of LQH Parent, LQH Parent’s existing debt. As permitted under GAAP, the Company has elected not to adjust the consolidated statements of cash flows for the years ended December 31, 2018, 2017 and 2016 to exclude cash flows attributable to discontinued operations. As such, the following table presents selected financial information of LQH Parent included in the consolidated statements of cash flows (in millions): 2018 2017 2016 Non-cash items included in net income (loss): Depreciation and amortization $ 4 $ 8 $ 8 Amortization of deferred costs 1 3 3 Loss on extinguishment of debt 7 — — Equity based compensation expense 4 9 7 Investing activities: Capital expenditures $ 11 $ 22 $ 18 |
Investments In Real Estate
Investments In Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate Investments [Abstract] | |
Investments In Real Estate | NOTE 4. INVESTMENTS IN REAL ESTATE During 2018, two hotels were sold for net proceeds of $6 million resulting in a gain on sale of $0.1 million. During 2017, five hotels and a restaurant parcel were sold for net proceeds of $32 million resulting in a gain on sale of $3 million. During 2016, 19 hotels were sold for net proceeds of $68 million resulting in a gain on sale of $5 million. With the completion of our Spin-Off, we began a strategic real estate review in the fourth quarter of 2018, which resulted in shortened holding periods for many of our hotels and changed assumptions related to future operations. Due to these factors, the Company reviewed the estimated undiscounted cash flows related to our hotels during the projected holding period and recorded a non-cash impairment charge of $154 million using Level 3 fair value measurements. These Level 3 unobservable inputs for these hotels consist of internally developed cash flow models and fair value estimates that included projections of revenues, expenses and capital expenditures and market valuations based on multiples of revenue approximately ranging from 1.25x to 1.75x for hotels encumbered with a ground lease and 1.5x to 2.75x for hotels without a ground lease. These assumptions were based on trends and comparable transactions in the lodging industry; the Company’s historical data and experience; the Company’s budgets, including those prepared by our third-party hotel manager; lodging industry valuation trends; and micro- and macro-economic trends and projections. Our estimated fair values also considered factors related to our franchise and management agreements, requirements to meet certain brand standards and other potential costs to be incurred during our projected holding period. For the year ended December 31, 2017, we determined that one of our hotels was partially impaired due to economic conditions, and we recorded a non-cash impairment charge of $1 million. For the year ended December 31, 2016, we recorded a non-cash impairment charge totaling $104 million. Of this amount, $80 million related to the reduced estimated holding period for approximately 50 hotels that were possible sale candidates. Another $20 million of the 2016 impairment charge reflected our expected sale price less transaction costs for 8 hotels held for sale during 2016. The remaining $4 million of the non-cash impairment charge related to two hotels that were partially impaired due to economic conditions. Depreciation expense related to buildings and improvements, furniture, fixtures and other equipment was $154 million, $140 million and $139 million for the years ended December 31, 2018, 2017 and 2016, respectively. Construction in progress includes capitalized costs for ongoing projects that have not yet been put into service. We have pledged substantially all of our hotels as collateral for the CMBS Loan Agreement (as defined in Note 6 “Debt”). |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets [Abstract] | |
Other Assets | NOTE 5. OTHER ASSETS The following table presents other assets as of December 31, 2018 and 2017 (in millions): 2018 2017 Lender and other escrows $ 20 $ — Prepaid expenses 6 12 Intangible assets, net 5 5 Federal and state tax receivables 4 — Assets held for sale 3 9 Other assets, primarily hotel supplies 16 6 Total other assets $ 54 $ 32 Assets held for sale as of December 31, 2018 represent one hotel. Assets held for sale as of December 31, 2017 represent three hotels. As required by the CMBS Loan Agreement, we entered into an interest rate cap agreement on May 30, 2018 with a notional amount of $1.035 billion and a one-month London Interbank Offering Rate (“LIBOR”) interest rate cap of 3.25% that expires on July 15, 2020 (the “Interest Rate Cap Agreement”). The Interest Rate Cap Agreement is for a period equal to the existing term of the CMBS Facility (as defined in Note 6 “Debt”) and has a notional amount equal to or greater than the then outstanding principal balance of the CMBS Facility. The Company did not designate the interest rate cap as a hedge. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 6. DEBT The following table presents the carrying amount of our debt as of December 31, 2018, and 2017 (in millions): 2018 2017 Interest Rate as of December 31, 2018 (1) Maturity Date CMBS Facility $ 1,035 $ — One-month LIBOR + 2.75% 2020 (2) Revolving Facility — — One-month LIBOR + 4.50% 2020 (3) Term Facility — 1,003 N/A N/A 1,035 1,003 Less deferred debt issuance costs and original issue discount (21 ) (11 ) Total debt, net $ 1,014 $ 992 (1) One-month LIBOR at December 31, 2018 was 2.52%. (2) After maturity in 2020, includes five one-year extension options at the Company’s option, subject to certain conditions. (3) After maturity in 2020, includes one one-year extension option at the Company’s option, subject to certain conditions. Term Facility and Extinguishment of Debt In connection with the Spin-Off and Merger, on May 30, 2018, we entered into the CMBS Loan Agreement and used the proceeds to repay and discharge existing loans (“Term Facility”). During the year ended December 31, 2018, we recorded a $10 million loss related to the extinguishment of the Term Facility. The loss primarily included the write-off of unamortized debt issuance costs and original issuance discount. The interest rate for the Term Facility from January 1, 2017 to March 6, 2018 was LIBOR plus 2.75% and for the period from March 7, 2018 to May 30, 2018 was LIBOR plus 3.0%. CMBS Facility On May 30, 2018, certain indirect wholly-owned subsidiaries of CorePoint (collectively, the “CorePoint CMBS Borrower”), TRS and CorePoint Operating Partnership L.P. (“CorePoint OP”) entered into a loan agreement (the “CMBS Loan Agreement”), pursuant to which the CorePoint CMBS Borrower borrowed an aggregate principal amount of $1.035 billion under a secured mortgage loan secured primarily by mortgages for 307 owned and ground leased hotels, an excess cash flow pledge for seven owned and ground leased hotels and other collateral customary for mortgage loans of this type (the “CMBS Facility”). The proceeds from the CMBS Facility were used to facilitate the repayment of part of LQH Parent’s existing debt. In addition, simultaneously with the closing of the Merger, Wyndham repaid, or caused to be repaid, the Term Facility. The CMBS Facility bears interest at a rate equal to the sum of (i) one-month LIBOR and (ii) 2.75% per annum for the first five years of the term, 2.90% for the sixth year of the term and 3.00% for the seventh year of the term. Interest is generally payable monthly. In addition, in connection with the Spin-Off, we incurred additional interest expense of $2 million related to the securitization of the debt. The CMBS Facility has an initial term of two years, with five one-year extension options, exercisable at the CorePoint CMBS Borrower’s election, provided there is no event of default existing as of the commencement of the applicable extension period and the CorePoint CMBS Borrower either extends the current interest rate cap or purchases a new interest rate cap covering the extension period at a strike price as set for in the CMBS Loan Agreement. No regular principal payments are due prior to the scheduled or extended maturity date. The CMBS Facility is pre-payable in whole or in part subject to payment of (i) all accrued interest through the end of the applicable accrual period and (ii) prior to the payment date in December 2019 a spread maintenance premium and in certain cases third party LIBOR breakage costs. Notwithstanding the above, the CorePoint CMBS Borrower is permitted to repay the CMBS Facility by an amount not to exceed 20% of the original principal balance of the CMBS Facility, in the aggregate without payment of any spread maintenance premium and the spread maintenance premium for prepayments after the payment date in November 2019 will be zero. The Company may obtain the release of individual properties from the CMBS Facility provided that certain conditions of the CMBS Loan Agreement are satisfied. The most restrictive of these conditions provide that after giving effect to such release the debt yield for the CMBS Facility (generally defined as hotel property operating net income before interest, depreciation and corporate general and administrative expenses divided by the outstanding principal balance of the CMBS Facility, “Debt Yield”) is not less than the greater of (x) 16.44% and (y) the lessor of (i) the Debt Yield in effect immediately prior to such release and (ii) 16.94% (such result the “Release Debt Yield”). However, if such release is in connection with the sale of a property to an unrelated third party, such sold property may be released if the CMBS Borrower prepays an amount equal to the greater of (x) the allocated portion of the outstanding CMBS Facility plus a premium ranging from 5% to 10%, as defined in the CMBS Loan Agreement and (y) the lesser of (i) the full net proceeds from the sale of the property received by the Company and (ii) the amount necessary to satisfy the Release Debt Yield. Accordingly, such CMBS Loan Agreement release provisions could affect the Company’s ability to sell properties or restrict the use of sales proceeds only to prepayment of the CMBS Facility. The CMBS Facility includes customary non-recourse carve-out guarantees, affirmative and negative covenants and events of default including, amount other things, guarantees for certain lender losses arising out of customary “bad-boy” acts of CorePoint OP and its affiliates and environmental matters (which will be recourse for environmental matters only to the CorePoint Borrower provided that the required environmental insurance is delivered to the lender), a full recourse guaranty with respect to certain bankruptcy events, restrictions on the ability of the CorePoint Borrower to incur additional debt and transfer, pledge or assign certain equity interests or its assets, and covenants requiring the CorePoint CMBS Borrower to exist as “special purpose entities,” maintain certain ongoing reserve funds and comply with other customary obligations for commercial mortgage-backed securities loan financings. As of December 31, 2018, the Company was in compliance with these covenants. At the closing of the CMBS Facility, the CorePoint CMBS Borrower deposited in the loan servicer’s account approximately $15 million in upfront reserves for property improvement and environmental remediation, which funds may be periodically disbursed to the CorePoint CMBS Borrower throughout the term of the loan to cover such costs. In addition, the CMBS Facility lender has the right to control the disbursement of hotel operating cash receipts during the continuation of an event of default under the loan or if and while the Debt Yield falls below 12.33% through May 30, 2023 and 12.83% thereafter, in each case, for two consecutive quarters. During such an event, the lender will use the funds to pay all monthly amounts due under the CMBS Facility loan documents including, but not limited to, required ongoing reserves, debt service and fees for the CMBS Facility and Revolving Facility and property operating expenses. Any remaining funds after the payment of such expenses will be held under the control of the Lender in an excess cash flow account and such amounts will not be available to the CorePoint CMBS Borrower until such events are cured, except that, if no event of default is continuing and there is no bankruptcy event with respect to the CorePoint CMBS Borrower, the Lender will make such funds available to the CorePoint CMBS Borrower for the payment of certain expenses, including, among other things, various operating expenses and dividends, and redemptions sufficient to maintain certain tax-preferential treatment for the CorePoint CMBS Borrower. As of December 31, 2018, the Company was in compliance with these covenants. Revolving Facility On May 30, 2018, CorePoint Borrower L.L.C. (the “CorePoint Revolver Borrower”), our indirect wholly-owned subsidiary and the direct wholly-owned subsidiary of CorePoint OP, and CorePoint OP entered into the Revolver Credit Agreement providing for the $150 million Revolving Facility (“Revolving Facility”). The Revolving Facility will mature on May 30, 2020, with our election to extend the maturity for one additional year subject to certain conditions, including that the maturity of the CMBS Facility will be extended to a date no earlier than the maturity of the Revolving Facility. Upon consummation of the Spin-Off, $25 million was drawn on the Revolving Facility and repaid on August 3, 2018. As of December 31, 2018, no amounts were outstanding under the Revolving Facility and the entire $150 million was available to be drawn by us. Interest under the Revolving Facility will be, at the option of the CorePoint Revolver Borrower, either at a base rate plus a margin of 3.5% or a LIBOR rate plus a margin of 4.5%. With respect to base rate loans, interest will be payable at the end of each quarter. With respect to LIBOR loans, interest will be payable at the end of the selected interest period but no less frequently than quarterly. Additionally, there is a commitment fee payable at the end of each quarter equal to 0.5% of unused commitments under the Revolving Facility and customary letter of credit fees. The Revolving Facility contains customary representations and warranties, affirmative and negative covenants and defaults. The most restrictive of these are a maximum total net leverage ratio financial covenant and minimum interest coverage ratio financial covenant, in each case, as defined, and tested as of the last day of any fiscal quarter in which borrowings under the Revolving Facility and outstanding letters of credit exceed 10% of the aggregate commitments of the Revolving Facility. As of December 31, 2018, the Company was in compliance with these covenants. The obligations under the Revolving Facility are unconditionally and irrevocably guaranteed by CorePoint OP, and, subject to certain exceptions, each of the CorePoint Revolver Borrower and its existing and future domestic subsidiaries that own equity interest in any CorePoint CMBS Borrower (collectively the “Revolver Subsidiary Guarantors”). The CorePoint Revolver Borrower’s obligations under the Revolving Facility and any hedging or cash management obligations are secured by (i) a perfected first-lien pledge of all equity interests in the CorePoint Revolver Borrower, and all equity interests in any Revolver Subsidiary Guarantor and, subject to certain exceptions, all equity interests in certain CorePoint CMBS Borrowers and (ii) a perfected first-priority security interest in the CorePoint Revolver Borrower’s conditional controlled deposit account. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2018 | |
Preferred Stock [Abstract] | |
Preferred Stock | NOTE 7. PREFERRED STOCK In connection with LQH’s internal reorganization prior to the Spin-Off, the Company issued 15,000 shares of Cumulative Redeemable Series A Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), to a wholly-owned subsidiary of LQH Parent for cash of $15 million. LQH, through its subsidiary, privately sold all of the Series A Preferred Stock to an unrelated third-party investor immediately prior to the completion of the Spin-Off. On May 30, 2018, the Company filed with the State Department of Assessments and Taxation of Maryland Articles Supplementary (as amended and supplemented, the “Articles Supplementary”) regarding certain rights of the shares of the Series A Preferred Stock. The Series A Preferred Stock has an aggregate liquidation preference of $15 million, plus any accrued and unpaid dividends thereon. As of and for the year ended December 31, 2018, we pay a cash dividend on the Series A Preferred Stock equal to 13% per annum, payable quarterly. If either our leverage ratio, as defined, exceeds 7.5 to 1.0 as of the last day of any fiscal quarter, or if an event of default occurs (or has occurred and not been cured) with respect to the Series A Preferred Stock, we will be required to pay a cash dividend on the Series A Preferred Stock equal to 15% per annum. Our dividend rate on the Series A Preferred Stock will increase to 16.5% per annum if, at any time, we are both in breach of the leverage ratio covenant and an event of default occurs (or has occurred and has not been cured) with respect to the Series A Preferred Stock. As of December 31, 2018, none of these ratios have been exceeded and we have not triggered any of the events that would result in an increased dividend rate. The Series A Preferred Stock are senior to our common stock with respect to dividends and with respect to dissolution, liquidation or winding up of the Company. The Series A Preferred Stock is mandatorily redeemable by us in 2028, upon the tenth anniversary of the date of issuance. Beginning in 2025, upon the seventh anniversary of the issuance of the Series A Preferred Stock, we may redeem the outstanding Series A Preferred Stock for an amount equal to its aggregate liquidation preference, plus any accrued but unpaid dividends. The holders of the Series A Preferred Stock may also require us to redeem the Series A Preferred Stock upon a change of control of the Company for an amount equal to its aggregate liquidation preference plus any accrued and unpaid dividends thereon (and a premium if the change of control occurs prior to the seventh anniversary of the issuance of the Series A Preferred Stock). Due to the fact that the Series A Preferred Stock is mandatorily redeemable by us, they are classified as a liability on our consolidated balance sheet, and dividends on these preferred shares are classified as interest expense in our consolidated statements of operations. Holders of the Series A Preferred Stock generally have no voting rights. However the Articles Supplementary provide that, without the prior consent of the holders of a majority of the outstanding shares of Series A Preferred Stock, we are prohibited from (i) authorizing or issuing any additional shares of Series A Preferred Stock, or (ii) amending our charter or entering into, amending or altering any other agreement in any manner that would adversely affect the Series A Preferred Stock. Holders of shares of the Series A Preferred Stock have certain preemptive rights over issuances by us of any class or series of our stock ranking on parity with the Series A Preferred Stock. If we are either (a) in arrears on the payment of dividends that were due on the Series A Preferred Stock on six or more quarterly dividend payment dates, whether or not such dates are consecutive, or (b) in default of our obligations to redeem the Series A Preferred Stock or following a change of control, the holders may designate a representative to attend meetings of our board of directors as a non-voting observer until all unpaid Series A Preferred Stock dividends have either been paid or declared with an amount sufficient for payment set aside for payment, or the shares required to be redeemed have been redeemed, as applicable. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | NOTE 8. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses include the following as of December 31, 2018 and 2017 (in millions): 2018 2017 Due to hotel manager $ 44 $ — Real estate taxes 23 21 Sales and occupancy taxes 8 8 Interest 3 9 Other accounts payable and accrued expenses 21 27 Total accounts payable and accrued expenses $ 99 $ 65 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 9. FAIR VALUE MEASUREMENTS Our only fair value measurement on a recurring basis relates to our interest rate cap, which is classified within other assets. As of December 31, 2018, the fair value was $0.2 million, determined as Level 2 under the fair value hierarchy. During 2018, we recorded interest expense of $1 million related to the change in fair value of the interest rate cap. Our only asset or liability measured at fair value on a nonrecurring basis relates to non-cash impairment charges and reductions in the fair value of certain of our real estate investment assets. These impairment charges relate to real estate investments and assets held for sale. The inputs used to calculate the fair values were all Level 3 inputs and included projected cash flows and valuation metrics that management estimated would be used by a market participant in valuing these real estate assets. The real estate impairment losses were related to changes in management’s estimate of the intended holding periods or related to dispositions of a hotel. See Note 4, “Investments in Real Estate.” The assets held for sale were measured at the time the assets were placed into held for sale. When the asset is eventually sold, any additional net proceeds are recorded as gain or loss on sale. The amount of the recorded fair value for each year for real estate and assets held for sale and the related impairment charges by year were as follows (in millions): Year Ended December 31, Fair Value of Real Estate After Impairment Real Estate Impairment Charge Fair Value of Assets Held for Sale Assets Held For Sale Impairment Charge 2018 $ 161 $ 154 $ — $ — 2017 $ — $ — $ 9 $ 1 2016 $ 235 $ 97 $ 29 $ 7 For those financial instruments not carried at fair value, the carrying amount and estimated fair values of our financial assets and liabilities were as follows as of December 31, 2018 and 2017 (in millions): 2018 2017 Carrying Amount Fair Value Carrying Amount Fair Value Debt - CMBS Facility (1)(2) $ 1,035 $ 1,035 $ — $ — Debt - Term Facility (1)(3) — — 1,003 1,007 Mandatorily redeemable preferred shares (1) 15 15 — — (1) (2) Carrying amount excludes deferred debt issuance costs of $21 million as of December 31, 2018. (3) Carrying amount excludes deferred debt issuance costs and original issue discount of $11 million as of December 31, 2017. We believe the carrying amounts of our cash and cash equivalents and lender and other escrows approximate fair value as of December 31, 2018, and December 31, 2017, as applicable. Our estimates of the fair values were determined using available market information and valuation methods appropriate in the circumstances. We estimate the fair value of our debt and mandatorily redeemable preferred stock by using discounted cash flow analysis based on current market inputs for similar types of arrangements. As these instruments predominantly have interest rates set by floating rates and due to the recent issuance of the instruments, we have estimated that the contractual interest rates approximate their market rate. Fluctuations in these assumptions will result in different estimates of fair value. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 10. RELATED PARTY TRANSACTIONS LQH Parent As discussed in Note 3, “Discontinued Operations,” CorePoint entered into the Separation and Distribution Agreement in January 2018 and entered into several other agreements with LQH Parent prior to the consummation of the Spin-Off. These agreements set forth the principal transactions required to effect CorePoint’s separation from LQH and provide for the allocation between CorePoint and LQH Parent of various assets, liabilities, rights and obligations (including employee benefits, intellectual property, insurance and tax-related assets and liabilities) and govern the relationship between CorePoint, LQH and Wyndham Worldwide after completion of the Spin-Off. These agreements also include arrangements with respect to transitional services to be provided by LQH Parent to CorePoint. In addition, prior to the Spin-Off, CorePoint entered into agreements, including long-term hotel management and franchise agreements for each of its hotels, with LQH that have either not existed historically, or that may be on different terms than the terms of the arrangement or agreements that existed prior to the Spin-Off. In connection with the Spin-Off, CorePoint made the Cash Payment to LQH Parent of approximately $1 billion, immediately prior to and as a condition of the Spin-Off. The Cash Payment was to facilitate the repayment of part of LQH Parent’s existing debt. In addition, concurrently with the closing of the Merger, Wyndham Worldwide repaid, or caused to be repaid, on behalf of LQH Parent, LQH Parent’s existing Term Facility. Prior to the Spin-Off and in connection with LQH’s internal reorganization, the Company issued 15,000 shares of Series A Preferred Stock to a wholly-owned subsidiary of LQH Parent for cash of $15 million. Immediately prior to the completion of the Spin-Off, LQH sold the Series A Preferred Stock to an unrelated third-party investor. The Company did not participate in the sale and no dividends were paid to LQH Parent prior to their sale. Other Related Parties Prior to April 14, 2014, LQH and predecessor entities were owned and controlled by The Blackstone Group L.P. and its affiliates (collectively, “Blackstone”). Subsequent to April 14, 2014, Blackstone has owned a noncontrolling ownership interest. For the three years ended December 31, 2018, Blackstone’s beneficial ownership of our shares of common stock outstanding was approximately 30%. In connection with the Spin-Off and prior to securitization of the CMBS Facility, approximately $518 million of the aggregate principal amount of our debt was held by Blackstone. During the third quarter of 2018 Blackstone contributed the $518 million loan to a single asset securitization vehicle and invested in a $99 million subordinate risk retention interest issued by such securitization vehicle. Blackstone was paid all of its share of interest through the securitization date and additional interest as part of the closing of the Spin-Off. Total interest payments made to Blackstone for the year ended December 31, 2018 were approximately $6 million. As of December 31, 2017, approximately $82 million of the aggregate principal amount of LQH’s Term Facility was held by Blackstone. In connection with the consummation of the Merger on May 30, 2018, all outstanding amounts under LQH’s Term Facility were repaid in full. We also purchase products and services from entities affiliated with or owned by Blackstone in the ordinary course of operating our business. The amounts paid for these products and services were approximately $1 million, $3 million, and $5 million during the years ended December 31, 2018, 2017, and 2016, respectively. Subsequent to the Spin-Off, these products and services are contracted independently by our hotel manager and are not included in the amounts above. In September 2018, the Company entered into a consulting agreement with Mr. Glenn Alba, a member of the Company’s board of directors, pursuant to which Mr. Alba provides consulting services in connection with developing, reviewing and advising on the Company’s real estate and capital deployment policies, strategies and programs. Mr. Alba will receive approximately $8 thousand monthly and reimbursement of all reasonable business expenses incurred on behalf of the Company. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11. COMMITMENTS AND CONTINGENCIES Hotel Management and Franchising Agreements Management Fees On May 30, 2018, the Company entered into separate hotel management agreements with LQ Management L.L.C. (“LQM), whereby we pay a fee equal to 5% of total gross revenues, as defined. The term of the management agreements is 20 years, subject to two renewals of five years each, at LQM’s option. There are penalties for early termination. LQM generally has sole responsibility for all activities necessary for the operation of the hotels, including establishing room rates, processing reservations and promoting and publicizing the hotels. LQM also provides all employees for the hotels, prepares reports, budgets and projections, and provides other administrative and accounting support services to the hotels. We have consultative and limited approval rights with respect to certain actions of LQM, including entering into long-term or high value contracts, engaging in certain actions relating to legal proceedings, approving the operating budget, making certain capital expenditures and the hiring of certain management personnel. We are also responsible for reimbursing LQM for certain costs incurred by LQM during the fulfillment of their duties, including payroll costs for certain employees, general liability insurance and other costs that the manager incurs to operate the hotels. For the period from May 30, 2018 to December 31, 2018, our management fee expense was $26 million. Royalty Fees On May 30, 2018, we entered into separate hotel franchise agreements with La Quinta Franchising LLC (“LQ Franchising”). As of December 31, 2018, 314 of our franchise agreements were with LQ Franchising. Pursuant to the franchise agreements, we were granted a limited, non-exclusive license to use our franchisor’s brand names, marks and system in the operation of our hotels. The franchisor also may provide us with a variety of services and benefits, including centralized reservation systems, participation in customer loyalty programs, national advertising, marketing programs and publicity designed to increase brand awareness, as well as training of personnel. In return, we are required to operate franchised hotels consistent with the applicable brand standards. Our franchise agreements require that we pay a 5% royalty fee on gross room revenue. The term of the franchise agreements is through 2038, subject to one renewal of ten years, at the franchisor’s option. There are penalties for early termination. In addition to the royalty fee, the franchising agreements include a reservation fee of 2% of gross room revenues, a marketing fee of 2.5% of gross room revenues, a loyalty program fee of 5% of eligible room night revenue, and other miscellaneous ancillary fees. Reservation fees are included within room expense in the accompanying consolidated statements of operations. The marketing fee and loyalty program fees are included within other departmental and support in the accompanying consolidated statements of operations. For the period from May 30, 2018 to December 31, 2018 the aggregate of all the franchise agreement fees was $68 million, of which royalty fees were $26 million. Our requirement to meet certain brand standards imposed by our franchisor includes requirements that we incur certain capital expenditures, generally ranging and $1,500 to $7,500 per hotel room (with various specific amounts within this range being applicable to different groups of our hotels) during a prescribed period generally ranging from two to eleven years. These amounts are over and above the capital expenditures we are required to make each year for recurring furniture, fixtures and equipment maintenance. However, these amounts that we are required to spend are subject to reduction, in varying degrees, by the amount of capital expenditures made for hotels in the applicable group over and above the capital expenditures required for the recurring maintenance in one or more years before receipt of the franchisor’s notice. The initial period during which the franchisor can notify us that we must make these capital expenditures is through 2028. At the franchisor’s discretion, subject to the franchise agreement provisions governing when such requirements may be imposed, the franchisor may provide a notice obligating us to meet those capital expenditure requirements generally within two to nine years of the notice. As of December 31, 2018, no such notices have been received; however, approximately 63% of our hotels are potentially eligible for such capital expenditure requirements. Through 2028, our remaining hotels will become eligible for such notices and capital expenditure requirements. We expect to meet these requirements primarily through our recurring capital expenditure program. As of December 31, 2018, $15 million was held in lender escrows related to these requirements. Litigation We are a party to a number of pending claims and lawsuits arising in the normal course of business. We do not consider our ultimate liability with respect to any such claims or lawsuits, or the aggregate of such claims and lawsuits, to be material in relation to our consolidated financial condition, results of operations or our cash flows taken as a whole. We maintain general and other liability insurance; however, certain costs of defending lawsuits, such as those within the retention or insurance deductible amount, are not covered by or are only partially covered by insurance policies. We regularly evaluate our ultimate liability costs with respect to such claims and lawsuits. We accrue costs from litigation as they become probable and estimable. Tax Contingencies Under the terms of the Spin-Off and Merger agreements, we retained any liabilities arising from LQH federal, state or local income tax obligations through tax years ended December 31, 2014. Wyndham Worldwide assumed LQH federal, state or local income tax obligations for LQH tax periods thereafter through and including the Spin-Off date of May 30, 2018. Additionally, as the Spin-Off was a taxable spin, Wyndham Worldwide reserved $240 million to cover their potential tax payments related to the Spin-Off. Any amount of the reserve related to the spin tax payment will be remitted to the Company and result in an increase to stockholders’ equity. Any related tax payment in excess of the reserve is the responsibility of Wyndham Worldwide with the Company obligated to deliver to Wyndham Worldwide either cash equal to the excess or common stock based on the excess payment amount and the current fair value of the Company’s common stock. As the income tax returns for the year ended 2017 were recently filed and the short period return to the Spin-Off Date has not yet been filed, which along with other supporting in-process schedules would serve as the basis for determining the final spin tax payment, the final determination of the reserve amount is not known. However, we believe the eventual resolution of the reserve amount will not be material to the Company’s consolidated financial condition. Any adjustment related to the settlement of the reserve, including the issuance of the Company’s common stock, would result in an adjustment to stockholders’ equity. We are subject to regular audits by federal and state tax authorities related to prior periods, which may result in additional tax liabilities. The Internal Revenue Service (the “IRS”) is currently auditing one of our former LQH REITs and one of our former LQH TRSs, in each case for the tax years ended December 31, 2010 and 2011. As noted above, any obligations related to these tax years are the responsibility of the Company, with no reimbursement or offset from Wyndham Worldwide or any other parties. On July 7, 2014, we received an IRS 30-Day Letter proposing to impose a 100% tax on the REIT totaling $158 million for the periods under audit in which the IRS has asserted that the internal rent charged for these periods under the lease of hotel properties from the REIT to our consolidated taxable REIT subsidiary exceeded an arm’s length rent. An appeal of this proposed imposition of tax was filed with IRS Appeals in August 2014. In November 2017, IRS Appeals returned the matter to IRS Examination for further factual development. There has been no substantive activity on these audits since that date. We believe the IRS transfer pricing methodologies applied in the audits contain flaws and that the IRS proposed tax and adjustments are inconsistent with the U.S. federal tax laws related to REITs. We have concluded that the positions reported on our tax returns under audit by the IRS are, based on their technical merits, more-likely-than-not to be sustained upon examination. Accordingly, as of December 31, 2018, we have not established any reserves related to this proposed adjustment or any other issues reflected on the returns under examination. If, however, we are unsuccessful in challenging the IRS, an excise tax would be imposed on the REIT equal to 100% of the excess rent and we could owe additional income taxes, interest and penalties, which could adversely affect our financial condition, results of operations and cash flow and the price of our common stock. Such adjustments could also give rise to additional state income taxes. On November 25, 2014, we were notified that the IRS intended to examine the tax returns of the same entities subject to the 2010 and 2011 audit in each case for the tax years ended December 31, 2012 and 2013. As noted above, any obligations related to these tax years are the responsibility of the Company, with no reimbursement or offset from Wyndham Worldwide or any other parties. On August 8, 2017, the IRS issued a 30-Day Letter, in which it proposed to disallow net operating loss carryovers originating in tax years 2006-2011 or, in the alternative, tax years 2006-2009, depending upon the outcome of the 2010-2011 examination discussed above. Based on our analysis of the NOL notice, we believe the IRS NOL disallowances applied in the 2012-2013 audit contain the same flaws present in the 2010-2011 audit and that the IRS proposed NOL adjustments are inconsistent with the U.S. federal tax laws related to REITs. We have concluded that the positions reported on our tax returns under audit by the IRS are, based on their technical merits, more-likely-than-not to be sustained upon examination. Accordingly, as of December 31, 2018, we have not established any reserves related to this proposed adjustment or any other issues reflected on the returns under examination. Purchase Commitments As of December 31, 2018, we have approximately $25 million of purchase commitments related to certain continuing redevelopment, renovation and improvement projects. Lessee Commitments For certain of our hotel properties we have entered into ground lease arrangements as a lessee. These ground leases generally include base rents, which may be reset based on inflation indexes or pre-established increases, contingent rents based upon the respective hotel’s revenues, and reimbursement or primary responsibility for related real estate taxes and insurance expenses. The initial base terms for these leases are generally in excess of 25 years. Many of these arrangements also contain renewal options at the conclusion of the initial lease term, generally at fair value or pre-set amounts. Including the renewal options, theses leases extend for varying periods through 2096. We consider the reset base rents at such renewals as the future minimum rental payment. Our other leases primarily relate to our corporate office, all of which are operating leases. As of December 31, 2018, approximate future minimum non-cancellable payments for all our operating leases are as following (in millions): Year ending December 31, Operating ground lease commitments 2019 $ 3 2020 3 2021 3 2022 2 2023 2 Thereafter 98 $ 111 For the year ended December 31, 2018, total rent expense for ground leases included in property tax, insurance and other expenses in our consolidated statement of operations was approximately $5 million, of which $1 million related to contingent rents. For the year ended December 31, 2017, total rent expense was approximately $5 million, of which $1 million related to contingent rents. For the year ended December 31, 2016, total rent expense was approximately $5 million, of which $1 million related to contingent rents. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12. INCOME TAXES Subsequent to the Spin-Off, to qualify as a REIT, the Company must meet a number of organizational, operational and distribution requirements. As a REIT, the Company is generally not subject to federal corporate income taxes on the portion of its net income that is currently distributed to its stockholders. To the extent the Company does not distribute 100% of its taxable income for any year in which it has elected REIT status, the Company will be subject to income tax on the undistributed taxable income. It is the Company’s current intention to adhere to these and all other applicable requirements and maintain the Company’s qualification for taxation as a REIT, including the requirement to distribute its taxable income. If the Company fails to qualify for taxation as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for the four taxable years subsequent to the year of an uncured REIT qualification failure. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through the Company’s TRSs is subject to federal, state and local income taxes at normal corporate rates. For financial reporting purposes, the consolidated income tax expense is based on consolidated reported financial accounting income or loss before income taxes. The components of our income tax provision (benefit) from continuing operations are as follows (in millions): For the years ended December 31, 2018 2017 2016 Current provision: Federal $ 181 $ 3 $ 8 State 46 3 2 Total current provision 227 6 10 Deferred benefit: Federal (168 ) (115 ) (7 ) State (38 ) — (5 ) Total deferred benefit (206 ) (115 ) (12 ) Total provision (benefit) for income taxes $ 21 $ (109 ) $ (2 ) From January 1, 2018 to May 30, 2018 (the date of the Spin-Off) all of the taxable income from operations (both continuing and discontinued operations) and the tax gain from the Spin-Off will be included in the consolidated U.S. federal and state income tax returns of LQH and LQH will be responsible for their payment. However, in accordance with GAAP, the Company’s 2018 current portion of income tax expense from continuing operations includes the income tax expense related to the taxable nature of the Spin-Off, which represents substantially all of our current portion tax expense from continuing operations. The Company’s 2018 deferred tax benefit is primarily associated with the reversal of the net deferred tax liabilities resulting from the taxable gain associated with the Spin-Off transaction. Due to the Tax Act enacted in December 2017, our deferred tax assets and liabilities were re-measured from 35% to 21%, resulting in a 2017 net deferred tax benefit and a reduction to deferred tax liabilities and assets of approximately $132 million. In applying ASU 2018-05 Income Taxes, we did not record any adjustments in 2018 related to our 2017 income tax expense. The significant components of our deferred tax assets and liabilities as of December 31, 2018 and 2017 (December 31, 2017 includes continuing and discontinued operations) are as follows (in millions): 2018 2017 Deferred Tax Assets Net Operating Losses $ — $ 6 Insurance Accruals 1 6 Tax Credits — 9 Intangibles — 6 Allowance for Doubtful Accounts — 1 Compensation Accruals — 9 Other — 1 Total deferred tax assets 1 38 Less: Valuation Allowance — (5 ) Total deferred tax assets, net of valuation allowance 1 33 Deferred Tax Liabilities Real Estate, net (4 ) (220 ) Trademark — (40 ) Returns Club — (1 ) Cancellation of Debt Income — (2 ) Linens, uniforms and supplies (4 ) (3 ) Deferred Tax Liabilities (8 ) (266 ) Net Deferred Tax Liabilities $ (7 ) $ (233 ) The net deferred tax liabilities from continuing operations for the year ended December 31, 2018 and 2017 were $7 million and $213 million, respectively. Net deferred tax liabilities include $20 million of net deferred tax liabilities associated with discontinued operations as of December 31, 2017. Due to the Tax Act (which was enacted in December 2017), our U.S. federal deferred tax assets and liabilities as of December 31, 2017 were re-measured from 35% to 21%, resulting in a deferred tax benefit in the amount of $132 million of which $4 million is attributable to the change in valuation allowance as of December 31, 2017. As of December 31, 2018, we do not have any material federal or state income tax credits or net operating loss carryforwards. The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following items for the years ended December 31, 2018, 2017 and 2016 (in millions): 2018 2017 2016 Statutory U.S. federal income tax provision (benefit) $ (45 ) $ 15 $ — State income tax, net of U.S. federal tax benefit 2 3 (1 ) REIT operations not subject to tax 43 — — Impact of Spin-Off 15 — — Write-off of NOL 5 — — Nondeductible restructuring costs 7 5 — Tax credits — (1 ) (1 ) Effects of the Tax Cuts and Jobs Acts 1 (128 ) — Change in valuation allowance (5 ) (4 ) — Other (2 ) 1 — Income tax expense (benefit) $ 21 $ (109 ) $ (2 ) The Company files income tax returns in the U.S. federal jurisdiction and several state jurisdictions. The Company has open tax years back to 2010. We utilize our available tax attributes at the federal and state levels to the extent allowed by applicable law. The Company anticipates that it is reasonably possible a state may challenge our use of certain state tax benefits, although we believe any proposed adjustment pertaining to the use of those state tax benefits would not result in a material change to our financial position. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2018, 2017 and 2016 is as follows (in millions): 2018 2017 2016 Unrecognized tax benefits, beginning of the year $ 3 $ 3 $ 3 Gross decrease in unrecognized tax positions in the current year (3 ) — — Unrecognized tax benefits, end of the year $ — $ 3 $ 3 At December 31, 2018, there were no remaining unrecognized tax benefits as a result of the Spin-Off. For federal income tax purposes, the cash distributions to common stockholders are characterized as follows for the year ended December 31, 2018: Ordinary income 50 % Return of capital 50 % 100 % There were no distributions to common stockholders for the years ended December 31, 2017 and 2016. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Revenue | NOTE 13. REVENUE Our primary revenue source is the daily rental of our hotel rooms, which are accounted for as operating leases. No single tenant or customer represented more than 10% of the Company’s total revenue from continuing operations for the years ended December 31, 2018, 2017 and 2016. Substantially all of our revenues are derived in the United States. For the year ended December 31, 2018, revenues from the rental of our hotel rooms accounted for 98% of our total revenues. In addition to hotel operations, we also act as lessor, leasing portions of our real estate to third parties, primarily as restaurants, but to a lesser extent conference and banquet halls, billboards and cell phone towers. These leases are accounted for as operating leases and mature on various dates through 2039. The leases generally provide for minimum and contingent rental income based on a percentage of the lessee’s annual sales in excess of stipulated amounts. As of December 31, 2018, approximate future minimum rental income to be received under non-cancelable operating leases, in excess of one-year, is as follows (in millions): Year ending December 31, Operating lease income 2019 $ 3 2020 3 2021 2 2022 1 2023 1 Thereafter 2 $ 12 For the year ended December 31, 2018, total rental revenue related to these non-cancelable leases was approximately $4 million, of which $0.4 million related to contingent rents. For the year ended December 31, 2017, total rental revenue was approximately $4.0 million, of which $0.4 million related to contingent rents. For the year ended December 31, 2016, total rental revenue was approximately $4.0 million, of which $0.5 million related to contingent rents. Rental revenue is included within other hotel revenues in the accompanying consolidated statement of operations. The remaining portion of our revenues consist of incidental support of our hotel operations, primarily mini mart sales, parking fees, conference rentals, food sales and merchandise sales. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | NOTE 14. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION The following table presents the supplemental cash flow information for the years ended December 31, 2018, 2017 and 2016 (in millions): For the Year Ended December 31, 2018 2017 2016 Supplemental cash flow information: Interest paid during the period $ 81 $ 77 $ 77 Income taxes paid during the period, net of refunds $ 7 $ 22 $ 10 Supplemental non-cash disclosure: Capital expenditures included in accounts payable $ 9 $ 14 $ 6 Cash flow hedge adjustment, net of tax $ 1 $ 5 $ 1 Casualty receivable related to real estate $ 10 $ 23 $ 4 Dividends payable on common stock $ 12 $ — $ — See Note 3. “Discontinued Operations” for additional information on supplemental disclosures of cash flow information related to discontinued operations. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | NOTE 15. EQUITY-BASED COMPENSATION Our 2018 Omnibus Incentive Plan (the “Plan”) authorizes the grant of restricted stock awards (“RSAs”), restricted stock units (“RSUs”), non-qualified and incentive stock options, dividend equivalents, and other stock-based awards. A total of 8 million shares of common stock has been authorized for issuance under the Plan and 7 million shares of common stock are available for issuance as of December 31, 2018. As of December 31, 2018, we have outstanding time-based RSUs and RSAs, where the award vests over time and is not subject to future performance targets and accordingly, are initially recorded at the current market price at the time of grant. These time-based awards vest according to each agreement, either in equal increments over the vesting period or at the end of the vesting period (generally three to four years with acceleration in the event of certain defined events), as long as the employee remains employed with the Company. During the years ended December 31, 2017 and 2016, the Company issued time-based restricted stock and restricted units to certain employees and independent directors, which typically vest over one to three years. Additionally, the Company issued performance-based stock awards to certain employees with performance periods of three years. In connection with the Spin-Off, the Company entered into an agreement with LQH Parent to modify all outstanding awards granted to the employees of LQH Parent. The agreement generally provides that, as of the separation, holders of such awards were entitled to receive CorePoint equity-based, time-vesting, compensation awards. Generally, all such CorePoint equity-based compensation awards (except for the LQH Performance Share Units (“PSUs”), as described below) retain the same terms and vesting conditions as the original LQH Parent equity-based compensation awards to which such awards relate. Under the agreement, holders of LQH RSAs and LQH RSUs received restricted shares of CorePoint common stock and CorePoint RSUs. Holders of LQH PSUs received CorePoint RSAs. The number of shares subject to such converted awards were calculated based on adjustments to LQH Parent’s equity-based awards using the distribution ratio and assumed a majority of the performance-vesting awards vest at target performance levels. Performance-based vesting with respect to the converted LQH PSUs were removed, and instead the CorePoint equity-based awards will vest, subject to the holder’s continued employment with LQH or CorePoint, as applicable, through the last date of the original performance period (as defined in the applicable LQH PSU grant notice) to which such awards relate, effectively transforming the PSU awards into time-vesting equity awards. Following the Spin-Off, the compensation expense related to these replacement equity-based compensation awards for the employees of LQH after the Spin-Off date is incurred by LQH. The compensation expense related to these replacement equity-based compensation awards for the employees of CorePoint is incurred by CorePoint. Dividends related to all of these replacement awards are charged to CorePoint retained earnings on the dividend payment date. For each of the years ended December 31, 2018, 2017, and 2016, we recognized $7 million of equity-based compensation expense in continuing operations. For the years ended December 31, 2018, 2017, and 2016, we recognized $4 million, $9 million and $7 million, respectively, of equity-based compensation expense in discontinued operations. The following table summarizes the RSAs and RSUs granted, vested (including units used to satisfy employee income tax withholding), forfeited and unvested as of December 31, 2018, which represent our equity-based compensation activity inclusive of and post completion of our Spin-Off: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2018 560,015 $ 26.29 Granted 723,123 27.39 Conversion of the performance units upon completion of the Spin-Off 423,510 27.92 Vested (781,293 ) 27.22 Forfeited (26,663 ) 26.99 Unvested and outstanding at December 31, 2018 898,692 $ 27.14 The amount of unvested RSA and RSU shares as of December 31, 2018 were 884,068 and 14,624 respectively. RSAs are included in amounts for issued and outstanding common stock but are excluded in the computation of basic earnings per share. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 16. EARNINGS PER SHARE Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net (loss) income available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding plus other potentially dilutive securities, except when the effect would be anti-dilutive. Dilutive securities include equity-based awards issued under long-term incentive plans, as discussed in Note 15, “Equity-Based Compensation.” As described in Note 1, “Organization and Basis of Presentation,” on May 30, 2018, LQH Parent stockholders of record as of May 18, 2018, received one share of CorePoint common stock for each share of LQH Parent common stock held after giving effect to the Reverse Stock Split. Basic and diluted net income (loss) per share for the three years ended December 31, 2018 is calculated using the weighted average number of basic, dilutive and anti-dilutive common shares outstanding during the periods, as adjusted for the one-to-two distribution ratio. The following table sets forth the computation of basic and diluted earnings (loss) per share (in millions, except per share data): For the Years Ended December 31, 2018 2017 2016 Numerator: Income (loss) from Continuing Operations, net of tax $ (237 ) $ 153 $ 3 Loss on Discontinued Operations, net of tax (25 ) (1 ) (4 ) Net income (loss) attributable to CorePoint Lodging stockholders $ (262 ) $ 152 $ (1 ) Denominator: Weighted average number of shares outstanding, basic 58.4 58.0 59.1 Weighted average number of shares outstanding, diluted 58.4 58.3 59.1 Basic earnings (loss) per share from continuing operations $ (4.04 ) $ 2.63 $ 0.04 Basic earnings (loss) per share from discontinued operations (0.43 ) (0.01 ) (0.06 ) Basic earnings (loss) per share $ (4.47 ) $ 2.62 $ (0.02 ) Diluted earnings (loss) per share from continuing operations $ (4.04 ) $ 2.62 $ 0.04 Diluted earnings (loss) per share from discontinued operations (0.43 ) (0.02 ) (0.06 ) Diluted earnings (loss) per share $ (4.47 ) $ 2.60 $ (0.02 ) The earnings per share amounts are calculated using unrounded amounts and shares which result in differences in rounding of the presented per share amounts. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 17. SUBSEQUENT EVENTS We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements. On November 5, 2018, our board of directors authorized and the Company declared a cash dividend of $0.20 per share of common stock with respect to the fourth quarter of 2018. The fourth quarter dividend was paid on January 15, 2019 to stockholders of record as of December 31, 2018. On March 21, 2019, our board of directors authorized and the Company declared a cash dividend of $0.20 per share of common stock with respect to the first quarter of 2019. The first quarter dividend will be paid on April 15, 2019 to stockholders of record as of April 2, 2019. All future dividends will be at the sole discretion of CorePoint’s board of directors. |
Quarterly Results
Quarterly Results | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results | NOTE 18. QUARTERLY RESULTS (unaudited) Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2018 and 2017 (in millions, except per share data): 2018 Quarters Ended March 31 June 30 September 30 December 31 Total Revenues $ 196 $ 233 $ 234 $ 199 Operating income (loss) 2 (2 ) 7 (164 ) Income (loss) from Continuing Operations, net of tax (10 ) (28 ) (13 ) (186 ) Income (loss) from Discontinued Operations, net of tax (5 ) (20 ) — — Net income (loss) attributable to CorePoint Lodging stockholders (15 ) (48 ) (13 ) (186 ) Basic loss per share: Continuing operations $ (0.17 ) $ (0.48 ) $ (0.22 ) $ (3.17 ) Discontinued operations (0.09 ) (0.34 ) — — Basic loss per share $ (0.26 ) $ (0.82 ) $ (0.22 ) $ (3.17 ) Diluted loss per share: Continuing operations $ (0.17 ) $ (0.48 ) $ (0.22 ) $ (3.17 ) Discontinued operations (0.09 ) (0.34 ) — — Diluted loss per share $ (0.26 ) $ (0.82 ) $ (0.22 ) $ (3.17 ) Common stock dividend declared per share $ — $ — $ 0.267 $ 0.20 2017 Quarters Ended March 31 June 30 September 30 December 31 Total Revenues $ 204 $ 225 $ 227 $ 180 Operating (loss) income 22 45 29 (4 ) Income from Continuing Operations, net of tax 6 19 10 118 Income (loss) from Discontinued Operations, net of tax (4 ) (2 ) 3 2 Net income attributable to CorePoint Lodging stockholders 2 17 13 120 Basic earnings (loss) per share: Continuing operations $ 0.10 $ 0.32 $ 0.16 $ 2.04 Discontinued operations (0.08 ) (0.03 ) 0.06 0.03 Basic earnings per share $ 0.02 $ 0.29 $ 0.22 $ 2.08 Diluted earnings (loss) per share: Continuing operations $ 0.10 $ 0.32 $ 0.16 $ 2.03 Discontinued operations (0.08 ) (0.03 ) 0.06 0.03 Diluted earnings per share $ 0.02 $ 0.29 $ 0.22 $ 2.06 Earnings per share includes the retroactive adjustments resulting from the Reverse Stock Split for all periods. |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | CorePoint Lodging Inc Real Estate and Accumulated Depreciation Schedule III (in millions) Description Initial Cost Name of Inn State Brand Encumbrances (11) Land (1) Buildings and Improvements (1) Costs Capitalized Subsequent to Acquisition (1) (3) Gross Amounts Carried at December 31, 2018 (1) (9) (12) Accumulated Depreciation (1)(9) Year Built Date of Acquisition El Paso - Cielo Vista TX (5) $ 1.0 $ 2.3 $ 4.7 $ (1.1 ) $ 5.9 $ (2.9 ) 1988 2006 (4) Charlotte - Airport South NC (6) 3.8 0.7 6.0 2.3 9.0 (3.8 ) 1998 2006 (4) Atlanta - Perimeter / Medical Center GA (6) 4.8 4.6 9.2 6.5 20.3 (5.6 ) 1998 2006 (4) Fremont / Silicon Valley CA (6) 11.9 3.3 2.4 2.6 8.3 (2.7 ) 1999 2006 (4) Ontario - Airport CA (6) 7.4 9.0 13.9 3.5 26.4 (6.3 ) 1998 2006 (4) Orlando - Airport North FL (6) 7.2 6.5 11.4 4.5 22.4 (5.7 ) 1998 2006 (4) Greenville - Haywood Road SC (6) 6.9 1.0 7.5 3.0 11.5 (4.4 ) 1999 2006 (4) Las Vegas - Summerlin Tech Center NV (6) 7.1 5.3 10.3 4.7 20.3 (5.2 ) 1999 2006 (4) Atlanta Ballpark / Galleria GA (6) 6.5 3.6 8.8 3.1 15.5 (5.2 ) 1997 2006 (4) Memphis - Primacy Parkway TN (6) 1.6 2.3 9.8 (5.4 ) 6.7 (2.1 ) 1998 2006 (4) Austin - Southwest TX (6) 6.8 13.5 4.8 2.0 20.3 (3.1 ) 1997 2006 (4) Houston - Bush IAH South TX (6) 1.6 2.8 9.2 (5.5 ) 6.5 (1.2 ) 1999 2006 (4) Oklahoma City - Northwest Expressway OK (6) 2.4 2.0 8.7 5.1 15.8 (4.8 ) 1999 2006 (4) Orlando - University of Central Florida FL (6) 3.3 5.5 10.0 4.0 19.5 (4.4 ) 1999 2006 (4) Winston - Salem NC (6) 3.7 5.8 9.4 2.1 17.3 (5.0 ) 1999 2006 (4) Orlando I-Drive / Convention Center FL (6) 2.9 6.3 13.5 1.7 21.5 (5.7 ) 1999 2006 (4) University Area Chapel Hill NC (6) 4.0 3.1 10.4 3.1 16.6 (5.3 ) 1999 2006 (4) Raleigh / Durham Southpoint NC (6) 2.7 0.9 7.1 3.5 11.5 (5.4 ) 1999 2006 (4) Description Initial Cost Name of Inn State Brand Encumbrances (11) Land (1) Buildings and Improvements (1) Costs Capitalized Subsequent to Acquisition (1) (3) Gross Amounts Carried at December 31, 2018 (1) (9) (12) Accumulated Depreciation (1)(9) Year Built Date of Acquisition Austin - Airport TX (6) 6.0 2.5 9.7 7.1 19.3 (5.5 ) 1999 2006 (4) Greensboro NC (6) 3.9 4.0 9.2 2.0 15.2 (4.8 ) 1999 2006 (4) Lafayette - North LA (5) 1.2 2.1 5.7 (4.7 ) 3.1 (1.4 ) 1969 2006 (4) El Paso - East Lomaland TX (5) 1.5 1.1 6.4 1.5 9.0 (6.4 ) 1980 2006 (4) Odessa TX (5) 4.5 0.7 6.3 2.7 9.7 (6.6 ) 1981 2006 (4) Amarillo - Airport TX (5) 1.2 1.2 6.3 (4.5 ) 3.0 (0.8 ) 1983 2006 (4) Midland - Wall Street TX (5) 4.9 0.4 7.1 2.8 10.3 (5.9 ) 1983 2006 (4) Tyler TX (5) 1.0 2.8 6.9 (6.4 ) 3.3 (1.0 ) 1983 2006 (4) Farmington NM (5) 1.6 1.0 5.9 0.9 7.8 (4.4 ) 1983 2006 (4) Corpus Christi - South TX (5) 2.7 2.3 6.5 (5.2 ) 3.6 (0.6 ) 1983 2006 (4) Austin South / I-35 TX (5) 2.2 1.9 6.3 1.4 9.6 (5.0 ) 1983 2006 (4) San Antonio - Riverwalk TX (6) 21.5 14.2 (2) 17.9 6.9 39.0 (9.1 ) 2005 2006 (4) Laredo - I-35 TX (5) 3.2 1.8 4.6 2.9 9.3 (6.3 ) 1969 2006 (4) El Paso - Airport TX (5) 2.1 3.3 5.2 2.2 10.7 (6.5 ) 1969 2006 (4) New Orleans Causeway LA (5) 0.9 - (2) 3.2 2.0 5.2 (4.5 ) 1970 2006 (4) San Antonio - South TX (5) 1.2 1.9 4.4 2.5 8.8 (5.9 ) 1970 2006 (4) Waco University TX (8) - 2.1 4.2 (4.5 ) 1.8 - N/A 2006 (4) Dallas - Uptown TX (5) 2.2 5.4 1.5 2.5 9.4 (2.9 ) 1971 2006 (4) Wichita Falls Event Center North TX (5) 1.6 1.9 5.9 2.3 10.1 (7.3 ) 1973 2006 (4) Denver - Cherry Creek CO (5) 4.3 4.4 4.0 3.3 11.7 (5.7 ) 1974 2006 (4) Dallas - DFW Airport South / Irving TX (6) 7.0 0.6 5.8 2.5 8.9 (3.5 ) 2002 2006 (4) Lubbock - Downtown Civic Center TX (5) 1.4 0.5 6.9 2.1 9.5 (8.3 ) 1976 2006 (4) Austin - Oltorf TX (5) 2.3 6.5 3.8 1.5 11.8 (5.1 ) 1975 2006 (4) San Antonio - Lackland TX (5) 2.7 0.7 6.0 3.0 9.7 (8.0 ) 1975 2006 (4) Killeen - Fort Hood TX (5) 1.8 1.4 6.1 2.3 9.8 (7.2 ) 1976 2006 (4) Clute - Lake Jackson TX (5) 2.4 0.4 5.2 2.1 7.7 (5.5 ) 1977 2006 (4) Austin - University Area TX (5) 1.7 1.9 6.1 2.0 10.0 (6.2 ) 1977 2006 (4) Indianapolis - Airport Lynhurst IN (5) 1.3 1.3 7.2 1.5 10.0 (7.1 ) 1980 2006 (4) Tallahassee - North FL (5) 2.7 3.0 9.1 2.6 14.7 (9.1 ) 1979 2006 (4) College Station TX (5) 3.3 1.0 9.9 2.8 13.7 (10.1 ) 1980 2006 (4) Costa Mesa Orange County CA (5) 4.4 7.5 6.2 2.3 16.0 (6.7 ) 1980 2006 (4) Description Initial Cost Name of Inn State Brand Encumbrances (11) Land (1) Buildings and Improvements (1) Costs Capitalized Subsequent to Acquisition (1) (3) Gross Amounts Carried at December 31, 2018 (1) (9) (12) Accumulated Depreciation (1)(9) Year Built Date of Acquisition Abilene TX (5) 1.3 0.8 5.4 1.4 7.6 (5.4 ) 1979 2006 (4) Reno NV (5) 4.0 1.4 7.3 1.5 10.2 (7.1 ) 1981 2006 (4) Columbus Fort Benning GA (5) 1.3 4.8 5.8 (2.9 ) 7.7 (5.4 ) 1980 2006 (4) Columbus Airport Area OH (5) 1.0 0.8 2.5 1.3 4.6 (2.9 ) 1980 2006 (4) Champaign IL (5) 1.8 1.8 6.7 1.7 10.2 (5.5 ) 1982 2006 (4) San Antonio - I-35 at Rittiman Road TX (5) 1.2 0.7 7.1 2.0 9.8 (7.4 ) 1981 2006 (4) Denver - Aurora CO (5) 2.8 1.6 4.9 1.2 7.7 (3.9 ) 1982 2006 (4) Nashville - South TN (5) 3.9 0.8 5.9 2.5 9.2 (5.5 ) 1982 2006 (4) Lexington KY (5) 1.3 2.5 7.1 1.6 11.2 (5.6 ) 1982 2006 (4) Tuscaloosa AL (5) 1.6 2.5 6.2 (5.9 ) 2.8 (0.7 ) 1982 2006 (4) Savannah - Midtown GA (5) 2.6 2.0 6.3 2.2 10.5 (5.3 ) 1982 2006 (4) Phoenix - Sky Harbor Airport AZ (5) 2.8 3.8 7.0 1.8 12.6 (5.8 ) 1982 2006 (4) San Antonio - Market Square TX (5) 3.9 6.3 5.8 2.2 14.3 (5.2 ) 1982 2006 (4) Bossier City LA (5) 1.3 4.4 6.7 (7.6 ) 3.5 (0.8 ) 1982 2006 (4) Eagle Pass TX (5) 1.1 0.9 6.7 1.2 8.8 (5.1 ) 1982 2006 (4) Baton Rouge - University Area LA (5) 1.4 4.1 7.1 (7.7 ) 3.5 (1.5 ) 1984 2006 (4) Victoria TX (5) 1.5 2.2 6.9 (5.9 ) 3.2 (0.5 ) 1984 2006 (4) New Orleans West Bank / Gretna LA (5) - - - 12.1 12.1 (7.2 ) 1984 1984 New Orleans Veterans - Metairie LA (5) - - (2) 0.6 4.3 4.9 (4.6 ) 1984 2006 (4) Lufkin TX (5) 1.3 1.3 5.3 (0.4 ) 6.2 (3.9 ) 1984 2006 (4) Temple TX (5) 1.2 1.1 5.3 (2.7 ) 3.7 (0.7 ) 1984 2006 (4) Norfolk - Virginia Beach VA (5) 2.3 5.1 6.9 (3.9 ) 8.1 (4.6 ) 1984 2006 (4) San Antonio Sea World Ingram Park TX (5) 2.1 5.1 7.3 (1.0 ) 11.4 (6.4 ) 1984 2006 (4) Augusta GA (5) 1.3 1.2 6.6 - 7.8 (5.2 ) 1985 2006 (4) El Paso - West TX (5) 1.1 1.6 6.3 1.3 9.2 (5.0 ) 1984 2006 (4) Tampa Bay Airport FL (5) 4.7 8.2 6.1 (2.2 ) 12.1 (6.3 ) 1978 2006 (4) Pensacola FL (5) 1.7 3.2 7.4 (6.0 ) 4.6 (1.0 ) 1985 2006 (4) Houston - La Porte TX (5) 1.4 0.9 4.9 (1.6 ) 4.2 (1.0 ) 1985 2006 (4) Stockton CA (5) 6.5 1.1 10.3 1.3 12.7 (7.5 ) 1984 2006 (4) Pittsburgh Airport PA (5) 1.6 0.6 6.9 2.4 9.9 (6.0 ) 1985 2006 (4) Description Initial Cost Name of Inn State Brand Encumbrances (11) Land (1) Buildings and Improvements (1) Costs Capitalized Subsequent to Acquisition (1) (3) Gross Amounts Carried at December 31, 2018 (1) (9) (12) Accumulated Depreciation (1)(9) Year Built Date of Acquisition Albuquerque - Northeast NM (5) 1.4 2.0 6.9 1.4 10.3 (5.3 ) 1983 2006 (4) Colorado Springs - Garden of the Gods CO (5) 3.3 0.7 5.2 1.7 7.6 (4.4 ) 1985 2006 (4) Sacramento - North CA (5) 1.9 - (2) 8.3 (2.6 ) 5.7 (4.5 ) 1985 2006 (4) Denver - Golden CO (5) 5.7 1.7 6.4 2.3 10.4 (5.6 ) 1985 2006 (4) Tampa Bay - Pinellas Park Clearwater FL (5) 2.5 2.8 5.9 (0.7 ) 8.0 (4.4 ) 1986 2006 (4) Amarillo - Medical Center TX (5) 1.0 0.9 6.4 (4.2 ) 3.1 (1.1 ) 1986 2006 (4) San Antonio - I-35 North at Toepperwein TX (5) 1.5 2.6 8.7 2.3 13.6 (7.1 ) 1986 2006 (4) Orlando - Airport West FL (5) 3.3 1.1 7.3 2.3 10.7 (5.1 ) 1987 2006 (4) San Diego - Vista CA (5) 2.8 2.4 7.9 (1.0 ) 9.3 (4.6 ) 1987 2006 (4) Denver - Northglenn CO (5) 2.2 2.4 4.5 1.8 8.7 (4.0 ) 1986 2006 (4) Bakersfield - South CA (5) 2.2 1.0 8.5 1.7 11.2 (6.4 ) 1986 2006 (4) San Diego - Chula Vista CA (5) 5.0 2.2 8.6 2.7 13.5 (6.8 ) 1986 2006 (4) Houston - Cyfair TX (5) 1.8 1.4 6.9 (5.8 ) 2.5 (0.7 ) 1986 2006 (4) Fresno - Yosemite CA (5) 5.3 1.0 9.5 2.3 12.8 (7.2 ) 1986 2006 (4) Denver - Westminster CO (5) 4.0 0.9 5.9 1.9 8.7 (4.8 ) 1986 2006 (4) Ventura CA (5) 7.2 4.0 8.3 2.9 15.2 (5.8 ) 1988 2006 (4) San Diego - Miramar CA (5) 5.4 2.4 9.0 2.2 13.6 (6.2 ) 1987 2006 (4) Fort Lauderdale - I-95 at Hillsboro East FL (5) 3.4 2.0 11.0 3.1 16.1 (8.6 ) 1986 2006 (4) San Francisco Airport North CA (6) 13.9 3.8 3.1 14.4 21.3 (4.0 ) 1987 2006 (4) Santa Fe NM (5) 2.3 1.1 7.5 2.0 10.6 (6.1 ) 1986 2006 (4) Irvine Spectrum CA (6) 5.3 7.0 8.3 2.6 17.9 (7.1 ) 1986 2006 (4) Miami - Airport North FL (5) 3.7 6.3 7.2 4.0 17.5 (5.8 ) 1986 2006 (4) Gainesville FL (5) 3.1 1.9 7.7 1.2 10.8 (5.5 ) 1989 2006 (4) San Angelo - Inn and Conference Center TX (5) 1.5 2.0 6.2 3.0 11.2 (7.7 ) 1974 2006 (4) Moline - Airport IL (5) 1.1 0.6 5.9 1.4 7.9 (6.7 ) 1975 2006 (4) St. Louis - Westport MO (6) 3.4 1.0 7.0 3.1 11.1 (4.1 ) 1997 2006 (4) Seattle - Sea-Tac Airport WA (6) 7.4 4.1 10.0 2.8 16.9 (7.0 ) 1986 2006 (4) Seattle - Bellevue / Kirkland WA (6) 8.1 7.2 8.3 3.9 19.4 (6.9 ) 1986 2006 (4) Tacoma - Seattle WA (6) 7.6 2.4 15.7 4.4 22.5 (9.9 ) 1985 2006 (4) Salt Lake City - Layton UT (6) 3.3 0.7 4.5 1.8 7.0 (3.6 ) 1983 2006 (4) Galveston East Beach TX (5) 3.4 3.5 5.5 4.2 13.2 (4.8 ) 1978 2006 (4) Description Initial Cost Name of Inn State Brand Encumbrances (11) Land (1) Buildings and Improvements (1) Costs Capitalized Subsequent to Acquisition (1) (3) Gross Amounts Carried at December 31, 2018 (1) (9) (12) Accumulated Depreciation (1)(9) Year Built Date of Acquisition Clearwater Airport FL (6) 3.6 2.6 5.7 2.0 10.3 (4.2 ) 1986 2006 (4) Arlington - North / Dallas TX (6) 7.8 3.9 8.1 16.2 28.2 (8.0 ) 2006 2006 (4) Las Cruces - Mesilla Valley NM (5) 1.3 3.7 5.6 (5.7 ) 3.6 (1.0 ) 1980 2006 (4) Houston - Stafford Sugarland TX (6) 1.3 3.5 6.2 (5.5 ) 4.2 (0.9 ) 1986 2006 (4) Tucson - East AZ (5) 2.9 4.3 5.5 2.8 12.6 (4.5 ) 1977 2006 (4) Corpus Christi - North TX (5) 2.2 1.0 5.1 2.3 8.4 (5.9 ) 1973 2006 (4) Phoenix - Thomas Road AZ (5) 2.2 2.0 4.7 1.6 8.3 (5.6 ) 1973 2006 (4) Dallas - North Central TX (6) 2.2 2.9 8.0 2.3 13.2 (4.3 ) 1974 2006 (4) San Antonio - Vance Jackson TX (5) 0.7 0.8 4.6 1.5 6.9 (5.4 ) 1974 2006 (4) Huntsville - Research Park AL (5) 1.6 1.8 6.9 (1.9 ) 6.8 (5.1 ) 1985 2006 (4) Kansas City - Lenexa KS (5) 1.0 1.0 5.0 2.2 8.2 (5.4 ) 1978 2006 (4) Salt Lake City - Midvale UT (5) 1.9 0.8 4.3 2.1 7.2 (5.0 ) 1978 2006 (4) Mobile AL (5) 1.8 0.7 6.2 2.5 9.4 (7.1 ) 1979 2006 (4) Merrillville IN (5) 1.0 0.6 3.5 2.0 6.1 (4.0 ) 1979 2006 (4) Cheyenne WY (5) 1.9 0.5 6.1 1.6 8.2 (5.8 ) 1981 2006 (4) Omaha - Northwest NE (5) 1.1 0.6 6.8 (4.3 ) 3.1 (0.8 ) 1981 2006 (4) Albuquerque - Airport NM (5) 1.3 1.6 5.5 (3.4 ) 3.7 (0.7 ) 1982 2006 (4) Fort Myers - Central FL (5) 1.6 3.4 7.3 1.6 12.3 (5.4 ) 1984 2006 (4) Denver - Central CO (5) 3.2 0.8 5.9 1.9 8.6 (6.3 ) 1980 2006 (4) Round Rock North TX (6) 1.8 1.9 4.5 2.2 8.6 (3.8 ) 1987 2006 (4) Austin Capitol / Downtown TX (5) 7.1 4.5 9.2 4.0 17.7 (6.2 ) 1965 2006 (4) Phoenix - North AZ (5) 2.3 3.6 6.6 (1.6 ) 8.6 (4.3 ) 1979 2006 (4) New Orleans - Slidell LA (5) 1.8 2.9 5.1 (3.3 ) 4.7 (1.9 ) 1967 2006 (4) Redding CA (6) 3.8 1.2 12.6 1.8 15.6 (6.8 ) 1965 2006 (4) New Orleans - Airport LA (6) 7.3 4.8 4.9 6.2 15.9 (6.4 ) 1973 2006 (4) Sacramento - Downtown CA (5) 5.6 3.0 11.6 (2.9 ) 11.7 (5.9 ) 1970 2006 (4) Nashville - Airport/Opryland TN (6) 3.9 1.1 5.6 2.6 9.3 (4.0 ) 1986 2006 (4) Buena Park CA (6) 9.6 4.7 10.4 3.0 18.1 (6.3 ) 1987 2006 (4) San Antonio - Airport TX (6) 8.2 3.7 18.2 3.7 25.6 (9.3 ) 2002 2006 (4) Lubbock - Medical Center TX (6) 1.8 0.5 10.6 (6.9 ) 4.2 (0.6 ) 1986 2006 (4) Las Vegas Airport North Convention Center NV (6) 6.2 18.8 10.5 5.1 34.4 (7.5 ) 1984 2006 (4) Description Initial Cost Name of Inn State Brand Encumbrances (11) Land (1) Buildings and Improvements (1) Costs Capitalized Subsequent to Acquisition (1) (3) Gross Amounts Carried at December 31, 2018 (1) (9) (12) Accumulated Depreciation (1)(9) Year Built Date of Acquisition Coral Springs University Drive FL (6) 2.5 4.3 6.0 (1.4 ) 8.9 (1.3 ) 1980 2006 (4) Fort Stockton TX (5) 2.5 0.5 4.3 1.4 6.2 (2.7 ) 1983 2006 (4) San Marcos TX (5) 2.5 2.8 4.4 2.5 9.7 (3.2 ) 1993 2006 (4) Chattanooga - Hamilton Place TN (7) 1.7 0.8 7.7 (5.4 ) 3.1 (0.9 ) 1986 2006 (4) Savannah - I-95 GA (5) 1.4 0.7 8.9 (5.8 ) 3.8 (0.6 ) 1987 2006 (4) Kingsport Tri-Cities Airport TN (6) 2.2 0.5 6.6 2.0 9.1 (4.2 ) 1991 2006 (4) Austin at The Domain TX (6) 6.3 4.1 10.2 5.6 19.9 (5.7 ) 1996 2006 (4) Dallas - Addison Galleria TX (6) 2.9 2.6 5.6 2.4 10.6 (4.2 ) 1996 2006 (4) Flagstaff AZ (6) 6.6 4.9 8.9 5.7 19.5 (5.6 ) 1996 2006 (4) Macon GA (6) 2.4 2.6 11.1 2.8 16.5 (6.8 ) 1996 2006 (4) Fort Lauderdale - Cypress Creek I-95 FL (6) 4.7 4.2 10.8 6.7 21.7 (8.8 ) 1987 2006 (4) Dallas - DFW Airport North / Irving TX (6) 3.7 2.4 5.6 5.6 13.6 (6.6 ) 1996 2006 (4) Raleigh-Durham Airport / Hospitality Court NC (6) 4.0 3.8 10.2 3.2 17.2 (6.5 ) 1996 2006 (4) Tucson - Airport AZ (6) 3.8 2.0 11.0 2.5 15.5 (6.4 ) 1996 2006 (4) Denver - Tech Center CO (6) 4.8 1.1 7.6 5.2 13.9 (4.4 ) 1996 2006 (4) Phoenix - Scottsdale AZ (6) 7.6 5.2 9.4 3.8 18.4 (5.3 ) 1996 2006 (4) Birmingham - Homewood AL (6) 2.8 5.1 10.0 2.2 17.3 (5.8 ) 1996 2006 (4) Fort Worth - North TX (6) 3.7 2.9 8.7 5.5 17.1 (5.7 ) 1996 2006 (4) Myrtle Beach - Broadway Area SC (6) 5.8 1.2 7.6 2.6 11.4 (4.1 ) 1997 2006 (4) Denver - Louisville / Boulder CO (6) 4.0 1.0 7.6 5.1 13.7 (4.4 ) 1997 2006 (4) Sherman TX (6) 1.1 1.1 7.1 (3.8 ) 4.4 (0.8 ) 1997 2006 (4) Birmingham - Hoover / Riverchase AL (6) 1.5 3.2 9.7 (7.6 ) 5.3 (0.9 ) 1997 2006 (4) Shreveport Airport LA (6) 3.8 1.7 8.2 4.9 14.8 (4.6 ) 1997 2006 (4) Houston West Park 10 TX (6) 1.2 3.8 6.8 (7.1 ) 3.5 (0.8 ) 1997 2006 (4) Fort Worth - City View TX (6) 3.1 6.3 8.0 4.4 18.7 (4.6 ) 1997 2006 (4) Salt Lake City - Airport UT (6) 3.6 2.5 8.0 2.0 12.5 (4.3 ) 1997 2006 (4) Raleigh - Crabtree NC (6) 4.0 3.6 9.8 3.8 17.2 (6.5 ) 1998 2006 (4) Arlington - South / Dallas TX (6) 3.3 7.4 7.5 2.9 17.8 (5.1 ) 1997 2006 (4) Alexandria Airport LA (6) 2.6 2.1 8.2 (6.8 ) 3.5 (0.7 ) 1997 2006 (4) Description Initial Cost Name of Inn State Brand Encumbrances (11) Land (1) Buildings and Improvements (1) Costs Capitalized Subsequent to Acquisition (1) (3) Gross Amounts Carried at December 31, 2018 (1) (9) (12) Accumulated Depreciation (1)(9) Year Built Date of Acquisition Orem - University Parkway UT (6) 3.5 1.1 9.0 5.0 15.1 (5.1 ) 1997 2006 (4) Houston - Galleria Area TX (6) 5.4 13.2 12.0 3.4 28.6 (6.7 ) 1998 2006 (4) Atlanta - Alpharetta GA (6) 4.1 2.1 7.4 5.3 14.8 (4.4 ) 1997 2006 (4) Tampa - Brandon Regency Park FL (6) 4.4 10.6 9.6 3.8 24.0 (4.6 ) 1997 2006 (4) Raleigh - Cary NC (6) 2.6 1.5 7.7 3.4 12.6 (5.6 ) 1998 2006 (4) Oklahoma City - Norman OK (6) 2.7 2.6 8.1 4.7 15.4 (4.6 ) 1997 2006 (4) Dallas - Plano West TX (6) 3.5 1.9 7.9 5.6 15.4 (4.9 ) 1998 2006 (4) Jacksonville - Butler Boulevard FL (6) 4.6 3.8 10.2 2.4 16.4 (5.3 ) 1997 2006 (4) Grand Junction - Airport CO (6) 4.0 1.1 8.8 4.2 14.1 (4.6 ) 1998 2006 (4) Atlanta - Conyers GA (6) 3.5 4.1 8.7 5.2 18.0 (5.2 ) 1998 2006 (4) Pueblo CO (6) 4.8 1.3 7.2 1.7 10.2 (3.9 ) 1998 2006 (4) Phoenix - Mesa West AZ (6) 4.5 3.3 10.5 2.9 16.7 (5.0 ) 1998 2006 (4) Lakeland - West FL (6) 3.4 5.7 9.0 2.0 16.7 (4.6 ) 1997 2006 (4) Panama City FL (6) 4.1 4.5 9.9 (3.1 ) 11.3 (2.5 ) 1998 2006 (4) Mesa Superstition Springs AZ (6) 4.5 5.0 8.7 2.7 16.4 (5.0 ) 1997 2006 (4) University of South Florida - Busch Gardens FL (6) 4.6 6.9 7.8 2.3 17.0 (4.3 ) 1997 2006 (4) Denver - Airport / DIA CO (6) 8.6 4.9 13.6 6.1 24.6 (6.8 ) 1998 2006 (4) Albuquerque - West NM (6) 4.1 1.1 6.7 2.2 10.0 (4.0 ) 1998 2006 (4) Miami - Airport West FL (6) 4.1 4.7 11.2 3.6 19.5 (5.2 ) 1998 2006 (4) Colorado Springs - South / Airport CO (6) 7.1 1.3 11.2 1.6 14.1 (5.4 ) 1998 2006 (4) Ft. Lauderdale - Plantation at Peters Road FL (6) 4.8 4.3 10.4 3.3 18.0 (5.2 ) 1998 2006 (4) New Orleans Downtown LA (6) 8.2 2.2 16.0 13.1 31.3 (8.9 ) 1999 2006 (4) Phoenix - West / Peoria AZ (6) 5.3 4.5 8.8 1.6 14.9 (4.5 ) 1998 2006 (4) Ft. Lauderdale - Airport FL (6) 4.3 2.5 10.7 5.6 18.8 (5.8 ) 1998 2006 (4) Denver - Southwest / Lakewood CO (6) 5.8 1.2 6.7 1.8 9.7 (3.9 ) 1998 2006 (4) Orlando - Lake Mary FL (6) 5.4 4.3 10.1 5.1 19.5 (5.1 ) 1998 2006 (4) Ocala FL (6) 3.8 2.3 9.7 2.0 14.0 (4.7 ) 1998 2006 (4) Phoenix - Chandler AZ (6) 3.6 4.6 8.1 4.6 17.3 (4.1 ) 1998 2006 (4) Omaha - Southwest NE (5) 0.8 0.6 2.6 0.4 3.6 (2.6 ) 1979 2006 (4) Cleveland - Macedonia OH (6) 1.9 0.8 2.1 2.0 4.9 (2.1 ) 1997 2006 (4) Cleveland - Independence OH (5) 1.3 0.7 2.9 2.3 5.9 (3.2 ) 1990 2006 (4) Description Initial Cost Name of Inn State Brand Encumbrances (11) Land (1) Buildings and Improvements (1) Costs Capitalized Subsequent to Acquisition (1) (3) Gross Amounts Carried at December 31, 2018 (1) (9) (12) Accumulated Depreciation (1)(9) Year Built Date of Acquisition Milwaukee - Delafield WI (6) 2.3 1.7 5.2 2.1 9.0 (3.3 ) 1997 2006 (4) Sheboygan WI (5) 1.6 0.3 4.4 1.7 6.4 (5.6 ) 1975 2006 (4) Kansas City - North MO (5) 1.8 1.1 3.6 2.2 6.9 (3.8 ) 1991 2006 (4) Birmingham - Cahaba Park South AL (5) 1.0 2.0 4.0 (2.6 ) 3.4 (0.8 ) 1987 2006 (4) Springdale AR (6) 3.6 1.8 4.1 2.7 8.6 (3.5 ) 1994 2006 (4) Hartford - Bradley International Airport CT (6) 3.7 1.3 6.0 7.2 14.5 (4.4 ) 1991 2006 (4) Jacksonville - Mandarin / San Jose FL (6) 4.0 0.9 4.2 3.2 8.3 (3.7 ) 1989 2006 (4) Orlando - South FL (6) 1.7 3.4 4.7 3.5 11.6 (3.8 ) 1988 2006 (4) Atlanta Midtown - Buckhead GA (6) 3.0 2.0 1.3 5.3 8.6 (1.4 ) 1985 2006 (4) Clive - West Des Moines IA (6) 1.9 1.4 5.2 1.9 8.5 (3.5 ) 1993 2006 (4) Chicago - Gurnee IL (6) 0.9 1.5 4.8 (1.5 ) 4.8 (1.1 ) 1994 2006 (4) Chicago - Tinley Park IL (6) 1.5 0.5 4.1 3.9 8.5 (4.1 ) 1995 2006 (4) Baton Rouge - Siegan Lane LA (6) 2.6 1.9 4.5 (3.1 ) 3.3 (0.6 ) 1985 2006 (4) Auburn - Worcester MA (5) 1.5 - (2) 1.8 2.3 4.1 (2.4 ) 1985 2006 (4) Detroit - Canton MI (5) 1.3 0.7 3.9 2.1 6.7 (3.2 ) 1987 2006 (4) Detroit - Southgate MI (5) 1.6 0.7 4.8 1.2 6.7 (3.3 ) 1991 2006 (4) Meridian MS (6) 1.8 1.3 3.3 1.9 6.5 (3.4 ) 1985 2006 (4) Plattsburgh NY (6) 1.3 1.6 4.5 (1.9 ) 4.2 (0.9 ) 1996 2006 (4) Cincinnati - North OH (5) 0.7 1.2 3.1 (1.4 ) 2.9 (0.6 ) 1985 2006 (4) Cleveland - Airport North OH (6) 1.6 - (2) 3.1 6.3 9.4 (3.3 ) 1992 2006 (4) Columbus - Dublin OH (5) 0.7 1.1 2.2 (0.1 ) 3.2 (1.0 ) 1993 2006 (4) Mansfield OH (6) 1.7 1.5 3.7 2.3 7.5 (3.1 ) 1996 2006 (4) Hershey - Harrisburg Airport PA (6) 3.3 3.1 5.8 2.1 11.0 (4.3 ) 1990 2006 (4) Jackson TN (6) 1.5 2.6 3.2 (2.3 ) 3.5 (0.9 ) 1991 2006 (4) Nashville - Franklin TN (6) 3.0 0.7 3.5 2.4 6.6 (2.9 ) 1993 2006 (4) Milwaukee - Airport / Oak Creek WI (5) 1.9 0.8 5.7 1.3 7.8 (3.8 ) 1988 2006 (4) Milwaukee - West / Brookfield WI (5) 0.8 1.5 6.1 (3.7 ) 3.9 (1.6 ) 1991 2006 (4) Stevens Point WI (6) 0.8 0.2 3.4 1.0 4.6 (2.3 ) 1989 2006 (4) Tampa - Fairgrounds Casino FL (6) 3.2 0.9 3.0 1.7 5.6 (3.0 ) 1988 2006 (4) Brunswick GA (6) 2.0 0.9 1.2 3.4 5.5 (1.2 ) 1990 2006 (4) Toledo - Perrysburg OH (5) 1.7 1.6 1.8 1.9 5.3 (1.8 ) 1996 2006 (4) Description Initial Cost Name of Inn State Brand Encumbrances (11) Land (1) Buildings and Improvements (1) Costs Capitalized Subsequent to Acquisition (1) (3) Gross Amounts Carried at December 31, 2018 (1) (9) (12) Accumulated Depreciation (1)(9) Year Built Date of Acquisition Columbia NE - Fort Jackson Area SC (6) 0.9 0.5 3.9 2.9 7.3 (4.0 ) 1986 2006 (4) Columbia MO (6) 2.3 1.1 4.6 2.2 7.9 (4.1 ) 1988 2006 (4) Melbourne Viera FL (6) 4.2 7.8 5.2 2.3 15.3 (3.4 ) 1995 2006 (4) Naples - East FL (6) 3.2 1.0 5.2 1.6 7.8 (3.4 ) 1995 2006 (4) Sunrise Sawgrass Mills FL (6) 3.4 3.8 5.2 5.4 14.4 (4.8 ) 1995 2006 (4) Detroit - Utica MI (6) 4.2 2.1 5.4 5.7 13.2 (3.8 ) 1997 2006 (4) Miami - Cutler Bay FL (6) 4.1 4.6 4.9 4.8 14.3 (4.9 ) 1996 2006 (4) Chicago - Willowbrook IL (5) 2.8 2.3 6.3 2.1 10.7 (4.9 ) 1987 2006 (4) Austin Round Rock TX (6) 2.5 1.2 1.6 5.2 8.0 (2.1 ) 1998 2006 (4) Milwaukee - West / New Berlin WI (6) 2.3 3.7 2.2 1.0 6.9 (1.6 ) 2001 2006 (4) Boston - Somerville MA (6) 10.8 - (2) 12.5 3.9 16.4 (7.2 ) 2000 2006 (4) Los Angeles - LAX Airport CA (6) 16.3 3.1 17.6 13.0 33.7 (12.0 ) 1972 2006 Orange County Airport CA (6) 8.1 2.2 12.4 17.5 32.1 (8.5 ) 1985 2006 Myrtle Beach- North Kings Highway SC (6) 3.9 1.2 5.7 7.3 14.2 (4.0 ) 1986 2006 Islip - MacArthur Airport NY (6) 6.6 2.3 16.9 1.1 20.3 (7.1 ) 2006 2006 Anaheim CA (6) 5.6 - (2) 7.3 4.8 12.1 (4.9 ) 1992 2006 Little Rock - Downtown AR (6) 2.0 0.8 7.6 0.3 8.7 (2.8 ) 1972 2006 Minneapolis - Bloomington West MN (6) 4.3 2.1 12.2 11.5 25.8 (8.1 ) 1980 2006 Chicago Downtown IL (6) 18.2 1.5 8.4 49.0 58.9 (14.9 ) 2009 2009 Fort Lauderdale - Northeast FL (5) - - (2) 9.2 5.4 14.6 (6.1 ) 1968 2006 West Palm Beach - Florida Turnpike FL (5) 3.3 1.1 6.4 3.7 11.2 (3.6 ) 1988 2006 South Burlington VT (6) 3.0 1.7 7.3 2.3 11.3 (3.4 ) 1988 2007 St. Albans VT (6) 1.9 1.2 4.7 1.9 7.8 (2.7 ) 1996 2006 Fort Myers Beach / Sanibel Gateway FL (6) 4.8 1.7 9.8 2.4 13.9 (3.8 ) 1986 2006 Charlotte - Airport North NC (6) 2.5 1.0 4.1 2.8 7.9 (3.2 ) 1986 2006 Charleston - Riverview SC (6) 6.6 1.8 9.9 4.7 16.4 (5.0 ) 1987 2006 Sacramento - Rancho Cordova CA (6) 5.1 2.6 9.3 8.8 20.7 (4.6 ) 1985 2006 Thousand Oaks - Newbury Park CA (6) 3.2 2.0 11.5 0.5 14.0 (5.4 ) 1987 2006 Baltimore - North MD (6) 3.6 2.2 12.3 5.7 20.2 (5.0 ) 1987 2007 Baltimore - BWI Airport MD (6) 3.6 3.2 18.3 7.2 28.7 (7.1 ) 1990 2007 Columbia / Fort Meade MD (6) 2.4 2.5 13.4 (12.0 ) 3.9 (0.8 ) 1989 2007 Description Initial Cost Name of Inn State Brand Encumbrances (11) Land (1) Buildings and Improvements (1) Costs Capitalized Subsequent to Acquisition (1) (3) Gross Amounts Carried at December 31, 2018 (1) (9) (12) Accumulated Depreciation (1)(9) Year Built Date of Acquisition New Haven CT (6) 2.8 - (2) 6.1 4.9 11.0 (4.8 ) 1972 2007 Portland ME (6) 4.6 1.3 5.4 8.3 15.0 (3.4 ) 1985 2007 Salem NH (6) 2.8 1.3 4.9 6.6 12.8 (2.7 ) 1987 2007 Stamford / New York City CT (6) 2.9 5.6 16.8 (8.7 ) 13.7 (6.7 ) 1975 2007 Warwick Providence Airport RI (6) 2.9 2.9 10.3 4.5 17.7 (4.5 ) 1990 2007 Virginia Beach VA (6) 4.8 3.7 8.6 8.6 20.9 (4.3 ) 1987 2007 Garden City NY (6) 4.3 7.6 14.8 3.0 25.4 (6.2 ) 1999 2007 Oshkosh WI (5) 1.4 1.0 2.7 2.0 5.7 (4.0 ) 1973 2006 (4) Wausau WI (5) 1.1 0.9 4.1 1.3 6.3 (4.2 ) 1979 2006 (4) Fort Lauderdale - Tamarac East FL (5) 1.1 1.0 2.0 3.2 6.2 (0.9 ) 1988 2006 (4) Tampa - Brandon West FL (6) 2.5 6.7 3.0 2.4 12.1 (3.4 ) 1985 2006 (4) Atlanta - Roswell GA (6) 1.7 1.2 2.3 2.4 5.9 (2.2 ) 1990 2006 (4) Columbus - State University GA (6) 0.8 4.6 3.8 (2.6 ) 5.8 (3.8 ) 1985 2006 (4) Indianapolis - Airport / Executive Drive IN (5) 1.3 0.7 4.7 1.3 6.7 (3.8 ) 1986 2006 (4) Indianapolis - East/Post Drive IN (5) 1.3 3.5 4.6 (4.6 ) 3.5 (0.6 ) 1993 2006 (4) Houston - Northwest TX (6) 1.1 1.4 2.6 0.3 4.3 (1.3 ) 1997 2006 (4) Houston - Southwest TX (6) 1.0 1.2 3.0 (0.1 ) 4.1 (1.7 ) 1996 2006 (4) Kenosha - Pleasant Prairie WI (5) 0.9 0.9 3.0 1.3 5.2 (3.2 ) 1979 2006 (4) North Little Rock - McCain Mall AR (6) 2.5 0.9 4.2 2.0 7.1 (3.1 ) 1990 2006 (4) Savannah - Southside GA (6) 2.7 1.8 4.2 2.6 8.6 (4.4 ) 1986 2006 (4) Albuquerque - Northwest NM (6) - - (2) 4.4 (2.1 ) 2.3 (0.5 ) 1990 2006 (4) Houston - Baytown East TX (6) 2.9 0.4 1.4 2.8 4.6 (2.0 ) 1994 2006 (4) Nashville - Airport TN (6) 4.1 1.0 5.2 2.7 8.9 (4.8 ) 1985 2006 (4) Minneapolis Airport / Bloomington MN (5) 2.0 - (2) 7.0 4.0 11.0 (9.7 ) 1989 2006 (4) Las Cruces - Organ Mountain NM (6) 1.2 2.6 1.6 (1.4 ) 2.8 (0.6 ) 1997 2006 (4) El Paso - East TX (6) 1.5 1.3 4.9 1.7 7.9 (3.1 ) 1996 2006 (4) Description Initial Cost Name of Inn State Brand Encumbrances (11) Land (1) Buildings and Improvements (1) Costs Capitalized Subsequent to Acquisition (1) (3) Gross Amounts Carried at December 31, 2018 (1) (9) (12) Accumulated Depreciation (1)(10) Year Built Date of Acquisition El Paso - West Bartlett TX (6) 0.9 1.0 4.3 (1.9 ) 3.4 (0.6 ) 1992 2006 (4) Lakeland - East FL (6) 1.8 5.3 3.8 2.1 11.2 (2.8 ) 1996 2006 (4) Tampa - Busch Gardens FL (5) 1.7 1.2 5.9 2.9 10.0 (5.1 ) 1984 2006 (4) Milwaukee - Glendale/Hampton Avenue WI (5) 1.1 0.8 5.9 2.0 8.7 (5.2 ) 1982 2006 (4) Miami - Airport East FL (6) 3.9 2.6 6.1 6.6 15.3 (6.1 ) 1991 2006 (4) Boston - Milford MA (5) 1.2 - (2) 3.1 2.5 5.6 (3.3 ) 1989 2006 (4) Boston-Andover MA (6) 4.8 - (2) 1.9 11.9 13.8 (3.1 ) 1981 2006 (4) Denver - Englewood/Tech Center CO (6) 4.5 1.4 4.1 5.7 11.2 (4.0 ) 1972 2006 (4) Bannockburn/Deerfield IL (6) - - (2) 9.2 (4.0 ) 5.2 (2.0 ) 1999 2006 (4) Cincinnati - Sharonville OH (6) 3.4 2.8 8.6 10.5 21.9 (10.3 ) 1997 2006 (4) San Antonio - Downtown TX (6) 7.1 2.5 13.0 6.6 22.1 (5.8 ) 1999 2006 (4) Appleton - College Avenue WI (6) 1.6 1.6 5.1 2.1 8.8 (6.0 ) 1988 2006 (4) Milwaukee Bayshore Area WI (6) 2.8 0.4 11.2 (5.2 ) 6.4 (1.3 ) 1994 2006 (4) Madison - American Center WI (6) 1.9 1.1 8.0 (2.2 ) 6.9 (1.5 ) 1997 2006 (4) Clifton/Rutherford NJ (6) - - (2) 24.6 6.7 31.3 (15.1 ) 1973 2014 Fairfield NJ (6) 1.7 - (2) 7.7 (1.4 ) 6.3 (0.2 ) 1974 2014 Armonk Westchester County Airport NY (6) - - (2) 8.4 (3.9 ) 4.5 (0.2 ) 1973 2014 Coral Springs South FL (6) 3.3 2.1 7.7 0.9 10.7 (1.6 ) 1987 2014 Deerfield Beach I-95 FL (6) 2.1 0.8 6.5 0.8 8.1 (1.4 ) 1986 2014 Sunrise FL (6) 3.9 3.0 9.3 0.7 13.0 (1.8 ) 1994 2014 Miami Lakes FL (6) 4.5 3.7 8.0 1.6 13.3 (1.8 ) 1989 2014 Naples - Downtown FL (6) 3.9 2.7 8.3 (0.1 ) 10.9 (1.6 ) 1989 2014 Plantation - SW 6th Street FL (6) 4.0 2.2 9.1 2.4 13.7 (2.1 ) 1990 2014 Sarasota Downtown FL (6) 5.0 2.1 9.5 0.5 12.1 (1.8 ) 1990 2014 West Palm Beach Airport FL (6) 4.1 2.0 7.5 0.6 10.1 (1.5 ) 1989 2014 Fort Lauderdale - Tamarac FL (6) 2.2 2.0 6.7 1.4 10.1 (1.4 ) 1987 2014 $ 1,035.0 $ 779.8 $ 2,218.2 $ 645.0 $ 3,643.0 $ (1,386.0 ) (1) Includes real estate investments classified in our consolidated balance sheet as "Gross Operating Real Estate." Accordingly, excludes our one hotel classified for sale which is included in other assets. (2) Property subject to ground lease. (3) Real estate related impairments and casualty adjustments are presented in the "Costs Capitalized Subsequent to Acquisition" column. (4) The real estate investment was a part of a controlling interest acquisition by a stockholder, resulting in fair value recognition. The initial cost represents value assigned to the real estate investment in January 2006. The date of acquisition represents the January 2006 date the controlling interest was acquired by the stockholder. (5) Hotel branded as La Quinta Inns. (6) Hotel branded as La Quinta Inns & Suites. (7) Hotel branded as Baymont Inns. (8) Represents a land parcel. (9) Amounts represent gross operating real estate. (10) Each of our hotels and improvements have depreciable lives of 5 to 40 years. Furniture, fixtures and other equipment have depreciable lives ranging from 2 to 10 years. (11) The amount of encumbrances represents the lender allocated amount of the Company's CMBS Facility. See Note 6 "Debt" of our consolidated financial statements. (12) The aggregate cost of real property for federal income tax purposes is approximately $2.6 billion at December 31, 2018 (unaudited). A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2018, 2017 and 2016 is as follows (in millions): For the Year Ended December 31, 2018 2017 2016 Real Estate: Balance at the beginning of the year $ 3,808 $ 3,697 $ 3,840 Additions to/improvements of real estate 188 186 74 Assets sold/written-off/impairments (353 ) (75 ) (217 ) Balance at the end of the year $ 3,643 $ 3,808 $ 3,697 Accumulated Depreciation: Balance at the beginning of the year $ 1,425 $ 1,332 $ 1,247 Depreciation expense 154 140 139 Deductions (193 ) (47 ) (54 ) Balance at the end of the year $ 1,386 $ 1,425 $ 1,332 |
Significant Accounting Polici_2
Significant Accounting Policies and Recently Issued Accounting Standards (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Our Spin-Off from La Quinta Holdings Inc. | Our Spin-Off from La Quinta Holdings Inc. On May 30, 2018, La Quinta Holdings Inc., a Delaware corporation (“LQH Parent,” and together with its consolidated subsidiaries, “LQH”), completed the separation of its hotel ownership business from its hotel franchise and hotel management business. The separation was made as part of a plan approved by LQH Parent’s board of directors to spin off LQH’s hotel ownership business into a stand-alone, publicly traded company, CorePoint (the “Spin-Off”) prior to the merger (the “Merger”) of LQH Parent with a wholly-owned subsidiary of Wyndham Worldwide Corporation, a Delaware corporation (“Wyndham Worldwide”). As a part of the Spin-Off and Merger, affiliates of Wyndham Worldwide became franchisor and manager of our hotel operations. For additional discussion of the Spin-Off, the Merger and related transactions, see Note 3 “Discontinued Operations.” Notwithstanding the legal form of the Spin-Off, for accounting and financial reporting purposes, LQH Parent is presented as being spun-off from CorePoint (a “Reverse Spin”). This presentation is in accordance with generally accepted accounting principles in the U.S. (“GAAP”), and is primarily a result of the relative significance of CorePoint’s business to LQH’s business, as measured in terms of revenues, profits, and assets. Therefore, CorePoint is considered the divesting entity and treated as the “accounting successor,” and LQH Parent is the “accounting spinnee” and “accounting predecessor” for consolidated financial reporting purposes. In accordance with GAAP, effective with the closing of the Spin-Off on May 30, 2018, the results of operations related to LQH’s hotel franchise and hotel management business are reported as discontinued operations for all periods presented. In addition, the assets and liabilities of LQH’s hotel franchise and hotel management business have been segregated from the assets and liabilities related to the Company’s consolidated operations and presented separately on the Company’s consolidated balance sheets as of December 31, 2017. Unless otherwise noted, all disclosures in the notes accompanying the consolidated financial statements reflect only continuing operations. On May 30, 2018, in connection with the Spin-Off, each share of the common stock of LQH Parent (par value $0.01) was reclassified and combined into one half of a share of the common stock of LQH Parent (par value $0.02) (the “Reverse Stock Split”). The authorized number of shares was reduced from 2 billion to 1 billion. All share and share-related information in these consolidated financial statements have been retroactively adjusted to reflect the decreased number of shares resulting from the Reverse Stock Split. |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with GAAP. These consolidated financial statements present the consolidated financial position and results of operations of CorePoint as of and for the years ended December 31, 2018, 2017 and 2016 giving effect to the Spin-Off and Reverse Stock Split, with the historical financial results of LQH Parent reflected as discontinued operations. These consolidated financial statements represent the financial position and results of operations of entities that have historically been under common control of the accounting predecessor, LQH Parent. The accompanying consolidated financial statements include the accounts of the Company, as well as its wholly-owned subsidiaries and any consolidated variable interest entities (“VIEs”). We recognize noncontrolling interests for the proportionate share of operations for ownership interests not held by our stockholders. All intercompany transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. These estimates include such items as: Spin-Off related adjustments; income taxes; impairment of long-lived assets; casualty losses; fair value evaluations; depreciation and amortization; and equity-based compensation measurements. |
Reclassifications | Reclassifications Certain line items on the consolidated balance sheet as of December 31, 2017 2017 2016 |
Investment In Real Estate | Investment in Real Estate Property and equipment and other investments in real estate are stated at cost less accumulated depreciation computed using a straight-line method over the following estimated useful life of each asset: Buildings and improvements 5 to 40 years Furniture, fixtures and other equipment 2 to 10 years We capitalize expenditures that increase the overall value of an asset or extend an asset’s life, typically associated with hotel refurbishment, renovation, and major repairs. Such costs primarily include third party contract labor, materials, professional design and other direct costs, and during the redevelopment and renovation period interest, real estate taxes and insurance costs. The interest, real estate taxes and insurance capitalization period begins when the activities related to development have begun and ceases when the project is substantially complete and the assets are held available for use or occupancy. Once such a project is substantially complete and the associated assets are ready for intended use, interest, real estate taxes and insurance costs are no longer capitalized. Normal maintenance and repair costs are expensed as incurred. |
Impairment Of Real Estate Related Assets | Impairment of Real Estate Related Assets If events or circumstances indicate that the carrying amount of a property may not be recoverable over our expected holding period, we make an assessment of the property’s recoverability by comparing the carrying amount of the asset to our estimate of the aggregate undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. Any such impairment is treated for accounting purposes similar to an asset acquisition at the estimated fair value, which includes the elimination of the asset’s accumulated depreciation and amortization. |
Assets Held for Sale | Assets Held for Sale For sales of real estate or assets classified as held for sale, we evaluate whether the disposition will have a major effect on our operations and financial results and will therefore qualify as a strategic shift. If the disposition represents a strategic shift, it will be classified as discontinued operations in our consolidated financial statements for all periods presented. If the disposition does not represent a strategic shift, it will be presented in continuing operations in our consolidated financial statements. We classify hotels as held for sale when criteria are met in accordance with GAAP. At that time, we present the assets and obligations associated with the real estate held for sale separately in our consolidated balance sheet, and we cease recording depreciation and amortization expense related to that asset. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all cash on hand, demand deposits with financial institutions, and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair market value. |
Accounts Receivable | Accounts Receivable Accounts receivable primarily consists of receivables due from hotel guests, credit card companies and insurance settlements and are carried at estimated collectable amounts. We periodically evaluate our receivables for collectability based on historical experience, the length of time receivables are past due and the financial condition of the debtor. Accounts receivable are written off when determined to be uncollectable and collection efforts have generally ceased. Our insurance settlement receivables included in accounts receivable are recorded based upon the terms of our insurance policies and our estimates of insurance losses. We recognize business interruption claims as revenue when collected and accordingly our accounts receivable do not include any amounts related to estimated business interruption claim recoveries. As of December 31, 2018 and 2017, the Company had $13 million and $23 million of insurance settlement receivables, respectively. |
Debt and Deferred Debt Issuance Costs | Debt and Deferred Debt Issuance Costs Deferred debt issuance costs include costs incurred in connection with the issuance of debt, including costs associated with the entry into our loan agreements and revolving credit facility, and are presented as a direct reduction from the carrying amount of debt. These debt issuance costs are deferred and amortized to expense on a straight-line basis over the term of the debt, which approximates the effective interest amortization method. This amortization expense is included as a component of interest expense. When debt is paid prior to its scheduled maturity date or the underlying terms are materially modified, the remaining carrying value of deferred debt issuance costs, along with certain other payments to lenders, is included in loss on extinguishment of debt. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or pay to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels, which are as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Valuations in this category are inherently less reliable than quoted market prices due to the degree of subjectivity involved in determining appropriate methodologies and the applicable underlying observable market assumptions. • 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. These inputs cannot be validated by readily determinable market data and generally involve considerable judgment by management. We use the highest level of observable market data if such data is available without undue cost and effort. |
Derivative Instruments | Derivative Instruments We use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates. We regularly monitor the financial stability and credit standing of the counterparties to our derivative instruments. We do not enter into derivative financial instruments for trading or speculative purposes. We record all derivatives at fair value. On the date the derivative contract is entered, we designate the derivative as one of the following: a hedge of a forecasted transaction or the variability of cash flows to be paid (“Cash Flow Hedge”), a hedge of the fair value of a recognized asset or liability (“Fair Value Hedge”), or an undesignated hedge instrument. Changes in the fair value of a derivative that is qualified, designated and highly effective as a Cash Flow Hedge are recorded in the consolidated statements of comprehensive income (loss) until they are reclassified into earnings when the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a Fair Value Hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Cash flows from designated derivative financial instruments are classified within the same category as the item being hedged in the consolidated statements of cash flows. Changes in fair value of undesignated hedge instruments are recorded in current period earnings. On a quarterly basis, we assess the effectiveness of our designated hedges in offsetting the variability in the cash flows or fair values of the hedged assets or obligations via use of a statistical regression and hypothetical derivative approach. We discontinue hedge accounting prospectively when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, is sold, terminated or exercised. As of December 31, 2018, our only derivative, an interest rate cap, is an undesignated hedge instrument. |
Revenue Recognition | Revenue Recognition We adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, Newly Adopted Accounting Standards Our revenues primarily consist of operating lease revenues from room rentals, which are accounted for under GAAP in accordance with lease accounting standards. Room revenues is recognized as earned on a daily basis, net of customer incentive discounts, cash rebates and refunds. Other revenues include revenues generated by the incidental support of hotel operations for hotels and are recognized under the revenue accounting standard as the service obligation is completed. Other revenues also include lease revenue from conference and banquet halls, restaurants, billboards and cell towers, all of which are operating leases. Such leases with a term in excess of one year are recognized on a straight-line basis over the term of the lease. |
Equity-Based Compensation | Equity-Based Compensation We have a stock-based incentive award plan for our employees and directors. Equity-based compensation expense associated with these awards is recognized in general and administrative expenses in our consolidated statements of operations. We recognize the cost of services received in an equity-based payment transaction with an employee or director as services are received and record either a corresponding increase in equity or a liability, depending on whether the instruments granted satisfy the equity or liability classification criteria. Measurement for these equity awards is the estimated fair value at the grant date of the equity instruments. The equity-based compensation expense is recognized straight-line over the vesting period. We recognize forfeitures as they occur. Dividends related to unvested awards are charged to retained earnings. |
Income Taxes | Income Taxes Subsequent to the Spin-Off, we are organized in conformity with and operate in a manner that will allow us to elect to be taxed as a REIT for U.S. federal income tax purposes beginning with our tax year ended December 31, 2018, and we expect to continue to be organized and operate so as to qualify as a REIT. To qualify as a REIT, we must continually satisfy requirements related to, among other things, the real estate qualification of sources of our income, the real estate composition and values of our assets, the amounts we distribute to our stockholders annually and the diversity of ownership of our stock. To the extent we qualify as a REIT, we generally will not be subject to U.S. federal income tax on taxable income generated by our REIT activities that we distribute to our stockholders. Accordingly, no provision for U.S. federal income tax expense has been included in our consolidated financial statements for the year ended December 31, 2018 related to our REIT operations; however, our TRS is subject to U.S. federal, state and local income taxes and our REIT may be subject to state and local taxes. The Company was also subject to U.S. federal, state, local and foreign income taxes prior to the Spin-Off. The Company uses the asset and liability method of accounting for income taxes. Under this method, current income tax expense represents the amounts expected to be reported on the Company’s income tax returns, and deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be applied to taxable income in the years in which those temporary differences are expected to reverse. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law. The Tax Act significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, implementing limitations on net operating loss carryovers, and allowing ordinary dividend income from a REIT to be eligible for a 20% qualified business income deduction. The Tax Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. Accordingly, for the years ended December 31, 2018 and 2017, we have measured our federal tax expense at 21%, writing off approximately $132 million in deferred tax liabilities, net for the year ended December 31, 2017. |
Concentrations of Credit Risk and Business Risk | Concentrations of Credit Risk and Business Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents. We utilize financial institutions that we consider to be of high credit quality and consider the risk of default to be minimal. We also monitor the credit-worthiness of our customers and financial institutions before extending credit or making investments. Certain balances in cash and cash equivalents exceed the Federal Deposit Insurance Corporation limit of $250,000; however, we believe the credit risk related to these deposits is minimal. Substantially all of our revenues are derived from our lodging operations and our wholly-owned hotels. Lodging operations are particularly sensitive to adverse economic and competitive conditions and trends, which could adversely affect the Company’s business, financial condition, and results of operations. We have a concentration of hotels operating in Texas, Florida and California. The number of hotels, percentages of total hotels and the percentages of our total revenues, excluding revenue from discontinued operations, from these states as of and for the year ended December 31, 2018 is as follows: Number of Hotels Percentage of Total Hotels Percentage of Total Revenue Texas 68 22 % 22 % Florida 49 16 % 14 % California 21 6 % 11 % Total 138 44 % 47 % Our geographic concentration has not significantly changed during the last three years ended December 31, 2018. |
Segment Reporting | Segment Reporting Our hotel investments have similar economic characteristics and our service offerings and delivery of services are provided in a similar manner, using the same types of facilities and similar technologies. Our chief operating decision maker, the Company’s Chief Executive Officer, reviews our financial information on an aggregated basis. As a result, we have concluded that we have one reportable business segment. |
Principal Components of Expenses | Principal Components of Expenses As more fully explained in Note 11, “Commitments and Contingencies – Hotel Management and Franchise Agreements,” our management company is responsible for the day to day operations of our hotels. For many expenses, the manager directly contracts for the services in the capacity as a principal, and we reimburse our manager in accordance with the agreements. We present the following expense components and only classify the fee portion of expense as management and royalty fees. We classify all amounts owed to our manager and franchisor in accounts payable and accrued expenses. Rooms — These expenses include hotel expenses of housekeeping, reservation systems (per our franchise agreements), room and breakfast supplies and front desk costs. Other departmental and support These expenses include labor and other expenses that constitute non-room operating expenses, including parking, telecommunications, on-site administrative departments, sales and marketing, loyalty program, recurring repairs and maintenance and utility expenses. Property tax, insurance and other These expenses consist primarily of real and personal property taxes, other local taxes, ground rent, equipment rent and insurance. These expenses primarily include casualty losses incurred resulting from property damage or destruction caused by any sudden, unexpected or unusual event such as a hurricane or significant casualty in excess of related insurance proceeds. |
Newly Issued and Adopted Accounting Standards | Newly Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), regarding the accounting for leases for both lessees and lessors. In July 2018, ASU 2016-02 was amended, providing another transition method by allowing companies to initially apply the new lease standard in the year of adoption and not the earliest comparative period. The lease standard amendment also provided a practical expedient for an accounting policy election for lessors, by class of underlying asset, to not separate nonlease components from the associated lease components, similar to the practical expedient provided for lessees. The lessor practical expedient is only available if the timing and pattern of transfer are the same for the nonlease and lease components and the lease components, if accounted for separately, would be classified as an operating lease. In December 2018, ASU 2016-02 was updated with ASU 2018-20 providing guidance for certain lessor costs paid by lessees directly to third parties as compared to those that are reimbursed to the lessor. Costs paid to third parties directly by a lessee will be excluded from variable payments, and therefore from revenue. Costs reimbursed by the lessee to the lessor for these same costs, however will be treated as variable payments by the lessor, and therefore included in revenue and expense. Lessees will need to recognize on their balance sheet a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The liability will be equal to the present value of lease payments. The asset will be based on the liability, adjusted for any initial direct costs of the lease, lease incentives or early lease payments, where applicable. For income statement purposes, the current dual classification model was retained, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line rent expense (similar to current operating leases) while finance leases will result in interest and amortization expense (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied in current lease accounting. The new standard may be adopted using a modified retrospective transition and provides for certain practical expedients. We are evaluating the impact of ASU 2016-02 on our consolidated financial statements, where we believe the primary impact as a lessee will relate to leases where we are the ground lessee. For lessor accounting, our primary activity relates to daily hotel leases, where we would not expect the new lease standard to have a material effect on our revenue. Other lease related activity, primarily related to restaurants, cell towers and billboards, is not material. In light of the recently issued lease standard amendment and the new practical expedients, we continue to evaluate the impact of the new leasing standard. We plan to adopt the new standard effective January 1, 2019 using the modified retrospective approach and the option of not adjusting years prior to the period of adoption. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The guidance primarily affects entities holding financial assets including customer related accounts receivable. In November 2018, this was further updated with the issuance of ASU 2018-19, which excludes operating leases from the scope. Accordingly, we expect the guidance will apply to our trade receivables, notes receivable, and any other future financial assets that have the contractual right to receive cash that we may acquire in the future. The guidance is effective for us for fiscal years, and interim periods beginning in 2020, where early adoption is permitted. Historically, credit losses have not been material to the Company. We are currently evaluating the impact of this guidance on our financial position, results of operations and related disclosures but do not expect the implementation of this standard to have a material impact on our consolidated financial position and results of operations. In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under this ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The Company accounts for its share-based payments to members of its board of directors in the same manner as share-based payments to its employees. Other than to members of our board of directors, the Company does not award share-based payments to any nonemployees. We plan to adopt the new standard effective January 1, 2019, and do not expect the implementation of this standard to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements for fair value measurements. While some disclosures have been removed or modified, new disclosures have been added. The guidance is effective for us no later than January 1, 2020. Early adoption is permitted, where the Company is permitted to early adopt the portion of the guidance regarding the removal or modification of the fair value measurement disclosures while waiting to adopt the requirement regarding additional disclosures until the effective date. We are currently evaluating the impact of this guidance, but do not expect the implementation of this guidance to have a material impact on our consolidated financial statements. Effective January 1, 2018, we adopted the new standard for revenue accounting. The revised guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and superseded prior revenue recognition guidance, including industry-specific revenue guidance. The revised guidance replaced most existing revenue and real estate sale recognition guidance in GAAP. The standard specifically excludes lease contracts, which is our primary recurring revenue source; however, our revenue accounting for incidental hotel revenue will follow the revised guidance. We adopted the new standard using the modified retrospective transition method, where financial statement presentations prior to the date of adoption are not adjusted. Transactions that were not closed as of the adoption date were adjusted to reflect the new standard where we recorded a net reduction to opening retained earnings of approximately $15 million, net of tax, as of January 1, 2018, which primarily related to our discontinued operations. The adoption of this standard did not have a material impact on our continuing operations. Effective January 1, 2018, we adopted FASB ASU 2017-05, Other Gains and Losses from the Derecognition of Nonfinancial Assets which establishes guidance for the derecognition of a business, including instances in which the business is considered in substance real estate. In cases where a controlling interest in real estate is sold but a noncontrolling interest is retained, we may record a gain or loss related to both the sold and retained interests. The adoption of this standard did not have an impact on our consolidated financial statements, but depending on future transactions, may in the future. Effective January 1, 2018, we adopted FASB ASU 2018-05, Income Taxes - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118, which provides guidance from the Securities and Exchange Commission (“SEC”) allowing for the recognition of provisional amounts in the financial statements as a result of the Tax Act that was signed into law in December 2017. The guidance allows for a measurement period of up to one year from the enactment date to finalize the accounting related to the Tax Act. The adoption of this standard did not have a material impact on our reported income tax expense, effective income tax rate or our consolidated financial statements. From time to time, new accounting standards are issued by FASB or other standards setting bodies, which we adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of recently adopted or recently issued standards that are not yet effective have not or will not have a material impact on our consolidated financial statements upon adoption. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Number of Owned and Joint Venture Hotels | The following table sets forth the number of owned and joint venture hotels as of December 31, 2018, 2017 and 2016, respectively: 2018 2017 2016 # of hotels # of rooms # of hotels # of rooms # of hotels # of rooms Owned (1) 314 40,200 316 40,400 321 41,000 Joint Venture 1 200 1 200 1 200 Totals 315 40,400 317 40,600 322 41,200 (1) As of December 31, 2018, 2017 and 2016, owned hotels includes one, three and five hotels, respectively, designated as assets held for sale. |
Significant Accounting Polici_3
Significant Accounting Policies and Recently Issued Accounting Standards (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Property Plant and Equipment Estimated Useful Life | Property and equipment and other investments in real estate are stated at cost less accumulated depreciation computed using a straight-line method over the following estimated useful life of each asset: Buildings and improvements 5 to 40 years Furniture, fixtures and other equipment 2 to 10 years |
Summary Of The Number of Hotels, Percentages of Total Hotels And Total Revenues, Excluding Revenue from Discontinued Operations | The number of hotels, percentages of total hotels and the percentages of our total revenues, excluding revenue from discontinued operations, from these states as of and for the year ended December 31, 2018 is as follows: Number of Hotels Percentage of Total Hotels Percentage of Total Revenue Texas 68 22 % 22 % Florida 49 16 % 14 % California 21 6 % 11 % Total 138 44 % 47 % |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Hotel Franchise and Hotel Management Business Presented as Discontinued Operations | The following table summarizes the results of the hotel franchise and hotel management business which are presented as discontinued operations (in millions). 2018 2017 2016 FRANCHISE, MANAGEMENT AND OTHER FEE BASED REVENUES $ 58 $ 145 $ 135 OPERATING EXPENSES Corporate, general, administrative and marketing 64 108 95 Depreciation and amortization 4 8 8 Total Operating Expenses 68 116 103 Operating Income (Loss) (10 ) 29 32 OTHER EXPENSES: Interest expense (15 ) (34 ) (34 ) Loss on extinguishment of debt (7 ) 1 — Total Other Expenses (22 ) (33 ) (34 ) Loss Before Income Taxes (32 ) (4 ) (2 ) Income tax benefit (expense), primarily current 7 3 (2 ) Loss from Discontinued Operations, net of tax $ (25 ) $ (1 ) $ (4 ) |
Summary of Carrying Amounts of Major Classes of Assets and Liabilities Included in Discontinued Operations | The following table presents the carrying amounts of the major classes of assets and liabilities of LQH Parent that were included in discontinued operations as of December 31, 2017 (in millions): 2017 ASSETS FROM DISCONTINUED OPERATIONS Total real estate, net $ 49 Intangible assets, net of accumulated amortization 171 Accounts receivable, net 24 Other assets 36 Total Assets from Discontinued Operations $ 280 LIABILITIES FROM DISCONTINUED OPERATIONS Debt, net $ 696 Accounts payable and accrued expenses 109 Other liabilities 21 Deferred tax liabilities 20 Total Liabilities from Discontinued Operations $ 846 |
Summary of Selected Financial Information of LQH Parent Included in Condensed Consolidated Statements of Cash Flows | As such, the following table presents selected financial information of LQH Parent included in the consolidated statements of cash flows (in millions): 2018 2017 2016 Non-cash items included in net income (loss): Depreciation and amortization $ 4 $ 8 $ 8 Amortization of deferred costs 1 3 3 Loss on extinguishment of debt 7 — — Equity based compensation expense 4 9 7 Investing activities: Capital expenditures $ 11 $ 22 $ 18 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table presents other assets as of December 31, 2018 and 2017 (in millions): 2018 2017 Lender and other escrows $ 20 $ — Prepaid expenses 6 12 Intangible assets, net 5 5 Federal and state tax receivables 4 — Assets held for sale 3 9 Other assets, primarily hotel supplies 16 6 Total other assets $ 54 $ 32 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | The following table presents the carrying amount of our debt as of December 31, 2018, and 2017 (in millions): 2018 2017 Interest Rate as of December 31, 2018 (1) Maturity Date CMBS Facility $ 1,035 $ — One-month LIBOR + 2.75% 2020 (2) Revolving Facility — — One-month LIBOR + 4.50% 2020 (3) Term Facility — 1,003 N/A N/A 1,035 1,003 Less deferred debt issuance costs and original issue discount (21 ) (11 ) Total debt, net $ 1,014 $ 992 (1) One-month LIBOR at December 31, 2018 was 2.52%. (2) After maturity in 2020, includes five one-year extension options at the Company’s option, subject to certain conditions. (3) After maturity in 2020, includes one one-year extension option at the Company’s option, subject to certain conditions. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Summary of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses include the following as of December 31, 2018 and 2017 (in millions): 2018 2017 Due to hotel manager $ 44 $ — Real estate taxes 23 21 Sales and occupancy taxes 8 8 Interest 3 9 Other accounts payable and accrued expenses 21 27 Total accounts payable and accrued expenses $ 99 $ 65 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Real Estate and Assets Held for Sale and Impairment Charges of Financial Assets and Liabilities | The amount of the recorded fair value for each year for real estate and assets held for sale and the related impairment charges by year were as follows (in millions): Year Ended December 31, Fair Value of Real Estate After Impairment Real Estate Impairment Charge Fair Value of Assets Held for Sale Assets Held For Sale Impairment Charge 2018 $ 161 $ 154 $ — $ — 2017 $ — $ — $ 9 $ 1 2016 $ 235 $ 97 $ 29 $ 7 |
Carrying Amount and Estimated Fair Values of Financial Assets and Liabilities | For those financial instruments not carried at fair value, the carrying amount and estimated fair values of our financial assets and liabilities were as follows as of December 31, 2018 and 2017 (in millions): 2018 2017 Carrying Amount Fair Value Carrying Amount Fair Value Debt - CMBS Facility (1)(2) $ 1,035 $ 1,035 $ — $ — Debt - Term Facility (1)(3) — — 1,003 1,007 Mandatorily redeemable preferred shares (1) 15 15 — — (1) (2) Carrying amount excludes deferred debt issuance costs of $21 million as of December 31, 2018. (3) Carrying amount excludes deferred debt issuance costs and original issue discount of $11 million as of December 31, 2017. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Non-Cancellable Payment for Operating Leases | As of December 31, 2018, approximate future minimum non-cancellable payments for all our operating leases are as following (in millions): Year ending December 31, Operating ground lease commitments 2019 $ 3 2020 3 2021 3 2022 2 2023 2 Thereafter 98 $ 111 As of December 31, 2018, approximate future minimum rental income to be received under non-cancelable operating leases, in excess of one-year, is as follows (in millions): Year ending December 31, Operating lease income 2019 $ 3 2020 3 2021 2 2022 1 2023 1 Thereafter 2 $ 12 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Provision | The components of our income tax provision (benefit) from continuing operations are as follows (in millions): For the years ended December 31, 2018 2017 2016 Current provision: Federal $ 181 $ 3 $ 8 State 46 3 2 Total current provision 227 6 10 Deferred benefit: Federal (168 ) (115 ) (7 ) State (38 ) — (5 ) Total deferred benefit (206 ) (115 ) (12 ) Total provision (benefit) for income taxes $ 21 $ (109 ) $ (2 ) |
Significant Components of Deferred Tax Assets and Liabilities | The significant components of our deferred tax assets and liabilities as of December 31, 2018 and 2017 (December 31, 2017 includes continuing and discontinued operations) are as follows (in millions): 2018 2017 Deferred Tax Assets Net Operating Losses $ — $ 6 Insurance Accruals 1 6 Tax Credits — 9 Intangibles — 6 Allowance for Doubtful Accounts — 1 Compensation Accruals — 9 Other — 1 Total deferred tax assets 1 38 Less: Valuation Allowance — (5 ) Total deferred tax assets, net of valuation allowance 1 33 Deferred Tax Liabilities Real Estate, net (4 ) (220 ) Trademark — (40 ) Returns Club — (1 ) Cancellation of Debt Income — (2 ) Linens, uniforms and supplies (4 ) (3 ) Deferred Tax Liabilities (8 ) (266 ) Net Deferred Tax Liabilities $ (7 ) $ (233 ) |
Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate | The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following items for the years ended December 31, 2018, 2017 and 2016 (in millions): 2018 2017 2016 Statutory U.S. federal income tax provision (benefit) $ (45 ) $ 15 $ — State income tax, net of U.S. federal tax benefit 2 3 (1 ) REIT operations not subject to tax 43 — — Impact of Spin-Off 15 — — Write-off of NOL 5 — — Nondeductible restructuring costs 7 5 — Tax credits — (1 ) (1 ) Effects of the Tax Cuts and Jobs Acts 1 (128 ) — Change in valuation allowance (5 ) (4 ) — Other (2 ) 1 — Income tax expense (benefit) $ 21 $ (109 ) $ (2 ) |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | The Company files income tax returns in the U.S. federal jurisdiction and several state jurisdictions. The Company has open tax years back to 2010. We utilize our available tax attributes at the federal and state levels to the extent allowed by applicable law. The Company anticipates that it is reasonably possible a state may challenge our use of certain state tax benefits, although we believe any proposed adjustment pertaining to the use of those state tax benefits would not result in a material change to our financial position. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2018, 2017 and 2016 is as follows (in millions): 2018 2017 2016 Unrecognized tax benefits, beginning of the year $ 3 $ 3 $ 3 Gross decrease in unrecognized tax positions in the current year (3 ) — — Unrecognized tax benefits, end of the year $ — $ 3 $ 3 |
Summary of Cash Distributions to Common Stockholders | For federal income tax purposes, the cash distributions to common stockholders are characterized as follows for the year ended December 31, 2018: Ordinary income 50 % Return of capital 50 % 100 % |
Revenue - (Tables)
Revenue - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Non-Cancellable Payment for Operating Leases | As of December 31, 2018, approximate future minimum non-cancellable payments for all our operating leases are as following (in millions): Year ending December 31, Operating ground lease commitments 2019 $ 3 2020 3 2021 3 2022 2 2023 2 Thereafter 98 $ 111 As of December 31, 2018, approximate future minimum rental income to be received under non-cancelable operating leases, in excess of one-year, is as follows (in millions): Year ending December 31, Operating lease income 2019 $ 3 2020 3 2021 2 2022 1 2023 1 Thereafter 2 $ 12 |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Supplemental Cash Flow Information | The following table presents the supplemental cash flow information for the years ended December 31, 2018, 2017 and 2016 (in millions): For the Year Ended December 31, 2018 2017 2016 Supplemental cash flow information: Interest paid during the period $ 81 $ 77 $ 77 Income taxes paid during the period, net of refunds $ 7 $ 22 $ 10 Supplemental non-cash disclosure: Capital expenditures included in accounts payable $ 9 $ 14 $ 6 Cash flow hedge adjustment, net of tax $ 1 $ 5 $ 1 Casualty receivable related to real estate $ 10 $ 23 $ 4 Dividends payable on common stock $ 12 $ — $ — |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Activity of RSAs and RSUs | The following table summarizes the RSAs and RSUs granted, vested (including units used to satisfy employee income tax withholding), forfeited and unvested as of December 31, 2018, which represent our equity-based compensation activity inclusive of and post completion of our Spin-Off: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2018 560,015 $ 26.29 Granted 723,123 27.39 Conversion of the performance units upon completion of the Spin-Off 423,510 27.92 Vested (781,293 ) 27.22 Forfeited (26,663 ) 26.99 Unvested and outstanding at December 31, 2018 898,692 $ 27.14 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators Used for Computation of Basic and Diluted (Loss) Earnings Per Share | The following table sets forth the computation of basic and diluted earnings (loss) per share (in millions, except per share data): For the Years Ended December 31, 2018 2017 2016 Numerator: Income (loss) from Continuing Operations, net of tax $ (237 ) $ 153 $ 3 Loss on Discontinued Operations, net of tax (25 ) (1 ) (4 ) Net income (loss) attributable to CorePoint Lodging stockholders $ (262 ) $ 152 $ (1 ) Denominator: Weighted average number of shares outstanding, basic 58.4 58.0 59.1 Weighted average number of shares outstanding, diluted 58.4 58.3 59.1 Basic earnings (loss) per share from continuing operations $ (4.04 ) $ 2.63 $ 0.04 Basic earnings (loss) per share from discontinued operations (0.43 ) (0.01 ) (0.06 ) Basic earnings (loss) per share $ (4.47 ) $ 2.62 $ (0.02 ) Diluted earnings (loss) per share from continuing operations $ (4.04 ) $ 2.62 $ 0.04 Diluted earnings (loss) per share from discontinued operations (0.43 ) (0.02 ) (0.06 ) Diluted earnings (loss) per share $ (4.47 ) $ 2.60 $ (0.02 ) |
Quarterly Results (Tables)
Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results | Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2018 and 2017 (in millions, except per share data): 2018 Quarters Ended March 31 June 30 September 30 December 31 Total Revenues $ 196 $ 233 $ 234 $ 199 Operating income (loss) 2 (2 ) 7 (164 ) Income (loss) from Continuing Operations, net of tax (10 ) (28 ) (13 ) (186 ) Income (loss) from Discontinued Operations, net of tax (5 ) (20 ) — — Net income (loss) attributable to CorePoint Lodging stockholders (15 ) (48 ) (13 ) (186 ) Basic loss per share: Continuing operations $ (0.17 ) $ (0.48 ) $ (0.22 ) $ (3.17 ) Discontinued operations (0.09 ) (0.34 ) — — Basic loss per share $ (0.26 ) $ (0.82 ) $ (0.22 ) $ (3.17 ) Diluted loss per share: Continuing operations $ (0.17 ) $ (0.48 ) $ (0.22 ) $ (3.17 ) Discontinued operations (0.09 ) (0.34 ) — — Diluted loss per share $ (0.26 ) $ (0.82 ) $ (0.22 ) $ (3.17 ) Common stock dividend declared per share $ — $ — $ 0.267 $ 0.20 2017 Quarters Ended March 31 June 30 September 30 December 31 Total Revenues $ 204 $ 225 $ 227 $ 180 Operating (loss) income 22 45 29 (4 ) Income from Continuing Operations, net of tax 6 19 10 118 Income (loss) from Discontinued Operations, net of tax (4 ) (2 ) 3 2 Net income attributable to CorePoint Lodging stockholders 2 17 13 120 Basic earnings (loss) per share: Continuing operations $ 0.10 $ 0.32 $ 0.16 $ 2.04 Discontinued operations (0.08 ) (0.03 ) 0.06 0.03 Basic earnings per share $ 0.02 $ 0.29 $ 0.22 $ 2.08 Diluted earnings (loss) per share: Continuing operations $ 0.10 $ 0.32 $ 0.16 $ 2.03 Discontinued operations (0.08 ) (0.03 ) 0.06 0.03 Diluted earnings per share $ 0.02 $ 0.29 $ 0.22 $ 2.06 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) - $ / shares | May 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Organization and Basis of Presentation [Line Items] | |||
Company formation date | 2017-05 | ||
Common Stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 2,000,000,000 |
Spin-off date | May 30, 2018 | ||
Stockholders' equity, reverse stock split | in connection with the Spin-Off, each share of the common stock of LQH Parent (par value $0.01) was reclassified and combined into one half of a share of the common stock of LQH Parent (par value $0.02) (the “Reverse Stock Split”) | as of May 18, 2018, received one share of CorePoint common stock for each share of LQH Parent common stock held after giving effect to the Reverse Stock Split. | |
Common Stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
LQH Parent [Member] | |||
Organization and Basis of Presentation [Line Items] | |||
Stockholders' equity, reverse stock split | Each holder of LQH Parent common stock received one share of CorePoint common stock | ||
Common Stock, par value | $ 0.02 |
Organization and Basis of Pre_4
Organization and Basis of Presentation - Summary of Number of Owned and Joint Venture Hotels (Detail) | Dec. 31, 2018HotelRoom | Dec. 31, 2017HotelRoom | Dec. 31, 2016HotelRoom |
Real Estate Properties [Line Items] | |||
Number of hotels | Hotel | 315 | 317 | 322 |
Number of rooms | Room | 40,400 | 40,600 | 41,200 |
Owned [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | Hotel | 314 | 316 | 321 |
Number of rooms | Room | 40,200 | 40,400 | 41,000 |
Joint Venture [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | Hotel | 1 | 1 | 1 |
Number of rooms | Room | 200 | 200 | 200 |
Organization and Basis of Pre_5
Organization and Basis of Presentation - Summary of Number of Owned and Joint Venture Hotels (Parenthetical) (Detail) - Hotel | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Number of hotels held for sale | 1 | 3 | 5 |
Significant Accounting Polici_4
Significant Accounting Policies and Recently Issued Accounting Standards - Summary of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 5 years |
Buildings and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 40 years |
Furniture, Fixtures and Other Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 2 years |
Furniture, Fixtures and Other Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 10 years |
Significant Accounting Polici_5
Significant Accounting Policies and Recently Issued Accounting Standards - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Insurance settlements receivable | $ 13,000,000 | $ 23,000,000 | ||
Income tax provision (benefits) | $ 21,000,000 | $ (109,000,000) | $ (2,000,000) | |
REIT dividends qualified business income deduction | 20.00% | |||
Corporate income tax rate | 21.00% | 35.00% | ||
Deferred tax liability write off | $ 132,000,000 | |||
Federal deposit insurance corporation limit | $ 250,000 | |||
Number of reportable business segment | Segment | 1 | |||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Decrease in retained earnings | $ (15,000,000) | |||
REIT [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Income tax provision (benefits) | $ 0 |
Significant Accounting Polici_6
Significant Accounting Policies and Recently Issued Accounting Standards - Summary Of The Number of Hotels, Percentages of Total Hotels And Total Revenues, Excluding Revenue from Discontinued Operations (Detail) | 12 Months Ended |
Dec. 31, 2018Hotel | |
Concentration Risk [Line Items] | |
Number of Hotels | 138 |
Percentage of Total Hotels | 44.00% |
Percentage of Total Revenue | 47.00% |
Texas | |
Concentration Risk [Line Items] | |
Number of Hotels | 68 |
Percentage of Total Hotels | 22.00% |
Percentage of Total Revenue | 22.00% |
Florida | |
Concentration Risk [Line Items] | |
Number of Hotels | 49 |
Percentage of Total Hotels | 16.00% |
Percentage of Total Revenue | 14.00% |
California | |
Concentration Risk [Line Items] | |
Number of Hotels | 21 |
Percentage of Total Hotels | 6.00% |
Percentage of Total Revenue | 11.00% |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | May 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Stockholders' equity, reverse stock split | in connection with the Spin-Off, each share of the common stock of LQH Parent (par value $0.01) was reclassified and combined into one half of a share of the common stock of LQH Parent (par value $0.02) (the “Reverse Stock Split”) | as of May 18, 2018, received one share of CorePoint common stock for each share of LQH Parent common stock held after giving effect to the Reverse Stock Split. | |
Common Stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
LQH Parent [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Stockholders' equity, reverse stock split | Each holder of LQH Parent common stock received one share of CorePoint common stock | ||
Common Stock, par value | 0.02 | ||
Disposal group including discontinued operation merger consideration per share | $ 16.80 | ||
Disposal group including discontinued operation, consideration, repayment of debt | $ 715 | ||
Disposal group including discontinued operation, reserve for estimated taxes | $ 240 | $ 240 | |
Gain or loss on separation of disposed net assets and liabilities | 0 | ||
Adjustment in stockholders’ equity | 752 | ||
Cash payment in connection with spin-off | $ 1,000 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Hotel Franchise and Hotel Management Business Presented as Discontinued Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OTHER EXPENSES: | |||||||||
Loss on extinguishment of debt | $ (10) | ||||||||
Loss from Discontinued Operations, net of tax | $ (20) | $ (5) | $ 2 | $ 3 | $ (2) | $ (4) | (25) | $ (1) | $ (4) |
Discontinued Operations [Member] | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
FRANCHISE, MANAGEMENT AND OTHER FEE BASED REVENUES | 58 | 145 | 135 | ||||||
OPERATING EXPENSES | |||||||||
Corporate, general, administrative and marketing | 64 | 108 | 95 | ||||||
Depreciation and amortization | 4 | 8 | 8 | ||||||
Total Operating Expenses | 68 | 116 | 103 | ||||||
Operating Income (Loss) | (10) | 29 | 32 | ||||||
OTHER EXPENSES: | |||||||||
Interest expense | (15) | (34) | (34) | ||||||
Loss on extinguishment of debt | (7) | 1 | |||||||
Total Other Expenses | (22) | (33) | (34) | ||||||
Loss Before Income Taxes | (32) | (4) | (2) | ||||||
Income tax benefit (expense), primarily current | 7 | 3 | (2) | ||||||
Loss from Discontinued Operations, net of tax | $ (25) | $ (1) | $ (4) |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Carrying Amounts of Major Classes of Assets and Liabilities Included in Discontinued Operations (Detail) $ in Millions | Dec. 31, 2017USD ($) |
ASSETS FROM DISCONTINUED OPERATIONS | |
Total Assets from Discontinued Operations | $ 280 |
LIABILITIES FROM DISCONTINUED OPERATIONS | |
Total Liabilities from Discontinued Operations | 846 |
LQH Parent [Member] | Discontinued Operations [Member] | |
ASSETS FROM DISCONTINUED OPERATIONS | |
Total real estate, net | 49 |
Intangible assets, net of accumulated amortization | 171 |
Accounts receivable, net | 24 |
Other assets | 36 |
Total Assets from Discontinued Operations | 280 |
LIABILITIES FROM DISCONTINUED OPERATIONS | |
Debt, net | 696 |
Accounts payable and accrued expenses | 109 |
Other liabilities | 21 |
Deferred tax liabilities | 20 |
Total Liabilities from Discontinued Operations | $ 846 |
Discontinued Operations - Sum_3
Discontinued Operations - Summary of Selected Financial Information of LQH Parent Included in Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Non-cash items included in net income (loss): | |||
Depreciation and amortization | $ 160 | $ 148 | $ 147 |
Loss on extinguishment of debt | (17) | 0 | 0 |
Equity-based compensation expense | 11 | 16 | 14 |
LQH Parent [Member] | Discontinued Operations [Member] | |||
Non-cash items included in net income (loss): | |||
Depreciation and amortization | 4 | 8 | 8 |
Amortization of deferred costs | 1 | 3 | 3 |
Loss on extinguishment of debt | 7 | ||
Equity-based compensation expense | 4 | 9 | 7 |
Investing activities: | |||
Capital expenditures | $ 11 | $ 22 | $ 18 |
Investments In Real Estate - Ad
Investments In Real Estate - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)Hotel | Dec. 31, 2017USD ($)Hotel | Dec. 31, 2016USD ($)Hotel | |
Real Estate Properties [Line Items] | |||
Number of hotels sold | Hotel | 2 | 5 | 19 |
Proceeds from sale of hotel | $ 6 | $ 32 | $ 68 |
Gain (loss) on sale of hotels | 0.1 | 3 | 5 |
Impairment loss | $ 154 | $ 1 | $ 104 |
Number of hotels partially impaired | Hotel | 1 | ||
Number of hotels held for sale | Hotel | 1 | 3 | 5 |
Service [Member] | |||
Real Estate Properties [Line Items] | |||
Depreciation | $ 154 | $ 140 | $ 139 |
50 Owned Hotels Held for Sale [Member] | |||
Real Estate Properties [Line Items] | |||
Impairment loss | $ 80 | ||
Number of hotels for possible sale | Hotel | 50 | ||
20 Owned Hotels Held for Sale [Member] | |||
Real Estate Properties [Line Items] | |||
Impairment loss | $ 20 | ||
Number of hotels held for sale | Hotel | 8 | ||
2 Owned Hotels [Member] | |||
Real Estate Properties [Line Items] | |||
Impairment loss | $ 4 | ||
Number of hotels partially impaired | Hotel | 2 | ||
Level 3 Fair Value Measurements [Member] | |||
Real Estate Properties [Line Items] | |||
Impairment loss | $ 154 | ||
Level 3 Fair Value Measurements [Member] | Minimum [Member] | Measurement Input, Revenue Multiple [Member] | Hotels with Ground Lease [Member] | |||
Real Estate Properties [Line Items] | |||
Fair value inputs multtiples of revenue | 1.25 | ||
Level 3 Fair Value Measurements [Member] | Minimum [Member] | Measurement Input, Revenue Multiple [Member] | Hotels without Ground Lease [Member] | |||
Real Estate Properties [Line Items] | |||
Fair value inputs multtiples of revenue | 1.5 | ||
Level 3 Fair Value Measurements [Member] | Maximum [Member] | Measurement Input, Revenue Multiple [Member] | Hotels with Ground Lease [Member] | |||
Real Estate Properties [Line Items] | |||
Fair value inputs multtiples of revenue | 1.75 | ||
Level 3 Fair Value Measurements [Member] | Maximum [Member] | Measurement Input, Revenue Multiple [Member] | Hotels without Ground Lease [Member] | |||
Real Estate Properties [Line Items] | |||
Fair value inputs multtiples of revenue | 2.75 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets [Abstract] | ||
Lender and other escrows | $ 20 | |
Prepaid expenses | 6 | $ 12 |
Intangible assets, net | 5 | 5 |
Federal and state tax receivables | 4 | |
Assets held for sale | 3 | 9 |
Other assets, primarily hotel supplies | 16 | 6 |
Total other assets | $ 54 | $ 32 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) $ in Millions | May 30, 2018USD ($) | Dec. 31, 2018Hotel | Dec. 31, 2017Hotel |
Other Assets [Line Items] | |||
Number of hotels classified as assets held for sale | Hotel | 1 | 3 | |
CMBS Loan Agreement [Member] | |||
Other Assets [Line Items] | |||
Aggregate notional amount | $ | $ 1,035 | ||
LIBOR floor percentage | 3.25% | ||
Interest rate swap agreement expiration date | Jul. 15, 2020 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 14 Months Ended | |
May 30, 2018 | Dec. 31, 2018 | Mar. 06, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||
Debt before deferred debt issuance costs and original issue discount | $ 1,035 | $ 1,003 | ||
Less deferred debt issuance costs and original issue discount | (21) | (11) | ||
Total debt, net | $ 1,014 | 992 | ||
Revolving Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | 2020 | |||
Revolving Facility [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.50% | |||
CMBS Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt before deferred debt issuance costs and original issue discount | $ 1,035 | |||
Total debt, net | $ 1,035 | |||
Maturity Date | 2020 | |||
CMBS Facility [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 2.75% | |||
Term Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt before deferred debt issuance costs and original issue discount | 1,003 | |||
Less deferred debt issuance costs and original issue discount | (11) | |||
Total debt, net | $ 1,003 | |||
Interest Rate | 3.00% | 2.75% |
Debt - Schedule of Long-Term _2
Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2018Extension | |
LIBOR [Member] | |
Debt Instrument [Line Items] | |
Debt, base interest rate | 2.52% |
Revolving Facility [Member] | |
Debt Instrument [Line Items] | |
Number of extension options | 1 |
Extension period | 1 year |
CMBS Facility [Member] | |
Debt Instrument [Line Items] | |
Number of extension options | 5 |
Extension option period | 1 year |
Debt - Additional Information (
Debt - Additional Information (Detail) | May 30, 2018USD ($)HotelExtension | May 29, 2018USD ($) | Apr. 14, 2014 | May 30, 2018USD ($) | Dec. 31, 2018USD ($)Extension | Mar. 06, 2018 |
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | $ 10,000,000 | |||||
Revolving Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility extended expiration period | 1 year | |||||
Unused commitment fee percentage | 0.50% | |||||
Revolving Facility [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 4.50% | |||||
Revolving Facility [Member] | Core Point Borrower L L C [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior secured credit facility | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | |||
Line of credit facility maturity date | May 30, 2020 | |||||
Revolving credit facility, drawn amount | $ 25,000,000 | $ 25,000,000 | ||||
Line of credit facility extended expiration period | 1 year | |||||
Revolving Facility [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unused commitment fee percentage | 10.00% | |||||
CMBS Loan Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | $ 10,000,000 | |||||
Term Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.00% | 2.75% | ||||
CMBS Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, description of variable rate basis | one-month LIBOR | |||||
Additional interest expense | $ 2,000,000 | |||||
Debt instrument, number of extension options | Extension | 5 | |||||
Debt instrument each extension option period | 1 year | |||||
Debt instrument prepayment description | (i) all accrued interest through the end of the applicable accrual period and (ii) prior to the payment date in December 2019 a spread maintenance premium and in certain cases third party LIBOR breakage costs. | |||||
Spread maintenance premium for prepayments after the payment date | $ 0 | $ 0 | ||||
Debt Instrument Debt Yield Description | The most restrictive of these conditions provide that after giving effect to such release the debt yield for the CMBS Facility (generally defined as hotel property operating net income before interest, depreciation and corporate general and administrative expenses divided by the outstanding principal balance of the CMBS Facility, “Debt Yield”) is not less than the greater of (x) 16.44% and (y) the lessor of (i) the Debt Yield in effect immediately prior to such release and (ii) 16.94% (such result the “Release Debt Yield”). However, if such release is in connection with the sale of a property to an unrelated third party, such sold property may be released if the CMBS Borrower prepays an amount equal to the greater of (x) the allocated portion of the outstanding CMBS Facility plus a premium ranging from 5% to 10%, as defined in the CMBS Loan Agreement and (y) the lesser of (i) the full net proceeds from the sale of the property received by the Company and (ii) the amount necessary to satisfy the Release Debt Yield. | |||||
Debt Instrument Debt Yield Percentage Under Condition 1 | 16.44% | |||||
Debt Instrument Debt Yield Percentage Under Condition 2 | 16.94% | |||||
Upfront reserve deposited for lender | $ 15,000,000 | |||||
CMBS Facility [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.75% | |||||
CMBS Facility [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument prepayment amount, percentage | 20.00% | |||||
CMBS Facility [Member] | First Five Years Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.75% | |||||
CMBS Facility [Member] | First Five Years Term Loan | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Yield Percentage | 12.33% | |||||
CMBS Facility [Member] | Sixth Year Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.90% | |||||
CMBS Facility [Member] | Sixth Year Term Loan | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Yield Percentage | 12.83% | |||||
CMBS Facility [Member] | Seventh Year Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.00% | |||||
CMBS Facility [Member] | Seventh Year Term Loan | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Yield Percentage | 12.83% | |||||
CMBS Facility [Member] | CorePoint CMBS Borrower [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Premium Percentage Minimum | 5.00% | |||||
Debt Instrument Debt Premium Percentage Maximum | 10.00% | |||||
CMBS Facility [Member] | CorePoint CMBS Borrower [Member] | Commercial Mortgage Backed Securities [Member] | Secured Mortgage [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of debt | $ 1,035,000,000 | $ 1,035,000,000 | ||||
Number of owned and ground leased hotels whose mortgages are used to secure mortgage loan | Hotel | 307 | |||||
Number of owned and ground leased hotels for which excess cash flow pledge is made | Hotel | 7 | |||||
Debt instrument initial term | 2 years | |||||
Debt instrument, number of extension options | Extension | 5 | |||||
Debt instrument each extension option period | 1 year | |||||
Core Point Revolver Borrower | Revolving Facility [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.50% | |||||
Core Point Revolver Borrower | Revolving Facility [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 4.50% |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | May 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Class Of Stock [Line Items] | ||||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||
Proceeds from issuance of redeemable preferred stock | $ 15 | $ 0 | $ 0 | |
Series A Preferred Stock [Member] | ||||
Class Of Stock [Line Items] | ||||
Aggregate liquidation preference, value | $ 15 | |||
Payment of cash dividend on preferred stock percentage per annum | 13.00% | |||
Preferred stock leverage ratio, increase percentage | 7.50% | |||
Preferred stock leverage ratio, decrease percentage | 1.00% | |||
Percentage of preferred stock cash dividend required to pay if event of default occurs | 15.00% | |||
Percentage of preferred stock leverage ratio increase if an event of default occurs | 16.50% | |||
Wholly Owned Subsidiary of LQH Parent [Member] | Series A Preferred Stock [Member] | ||||
Class Of Stock [Line Items] | ||||
Number of shares issued | 15,000 | 15,000 | ||
Preferred stock, par value | $ 0.01 | |||
Proceeds from issuance of redeemable preferred stock | $ 15 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses - Summary of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Due to hotel manager | $ 44 | |
Real estate taxes | 23 | $ 21 |
Sales and occupancy taxes | 8 | 8 |
Interest | 3 | 9 |
Other accounts payable and accrued expenses | 21 | 27 |
Total accounts payable and accrued expenses | $ 99 | $ 65 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets fair value | $ 161 | $ 235 | |
Interest expense | 64 | $ 49 | $ 48 |
Level 2 | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets fair value | 0.2 | ||
Interest expense | $ 1 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Real Estate and Assets Held for Sale and Impairment Charges of Financial Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |||
Fair Value of Real Estate After Impairment | $ 161 | $ 235 | |
Real Estate Impairment Charge | $ 154 | 97 | |
Fair Value of Assets Held for Sale | $ 9 | 29 | |
Assets Held For Sale Impairment Charge | $ 1 | $ 7 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt, net | $ 1,014 | $ 992 |
Mandatorily Redeemable Preferred Shares [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt, net | 15 | |
Debt, fair value | 15 | |
CMBS Facility [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt, net | 1,035 | |
Debt, fair value | $ 1,035 | |
Term Facility [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt, net | 1,003 | |
Debt, fair value | $ 1,007 |
Fair Value Measurements - Car_2
Fair Value Measurements - Carrying Amount and Estimated Fair Values of Financial Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs and original issue discount | $ 21 | $ 11 |
CMBS Facility [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt issuance cost net | $ 21 | |
Term Facility [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs and original issue discount | $ 11 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | May 30, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | |||||
Total interest payments | $ 81,000,000 | $ 77,000,000 | $ 77,000,000 | ||
Mr. Glenn Alba [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to Related Parties | $ 8,000 | ||||
Previously Managed Hotels [Member] | |||||
Related Party Transaction [Line Items] | |||||
Purchase products and services from affiliates | 1,000,000 | 3,000,000 | $ 5,000,000 | ||
Senior Secured Term Loan Facility [Member] | Blackstone | |||||
Related Party Transaction [Line Items] | |||||
Senior secured credit facility | 518,000,000 | $ 82,000,000 | |||
Total interest payments | $ 6,000,000 | ||||
Contributed for loan asset securitization | 518,000,000 | ||||
Investment in asset securitization subordinate risk interest amount | $ 99,000,000 | ||||
Blackstone | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment ownership percentage | 30.00% | ||||
LQH Parent [Member] | |||||
Related Party Transaction [Line Items] | |||||
Merger and separation agreement of cash payment | $ 1,000,000,000 | ||||
Dividends paid | $ 0 | ||||
Wholly Owned Subsidiary of LQH Parent [Member] | Series A Preferred Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of shares issued | 15,000 | 15,000 | |||
Number of shares issued (value) | $ 15,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | May 30, 2018Renewal_Options | Jul. 07, 2014USD ($) | Dec. 31, 2018USD ($)Renewal_Options | Dec. 31, 2018USD ($)Renewal_OptionsFranchise | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Commitments And Contingencies [Line Items] | ||||||
Management fee | $ 26,000,000 | $ 26,000,000 | ||||
Franchise agreement fees | $ 68,000,000 | |||||
Royalty fees | 26,000,000 | |||||
Lenders escrow | 20,000,000 | $ 20,000,000 | ||||
Date of business spin off | May 30, 2018 | |||||
Purchase commitments | 25,000,000 | $ 25,000,000 | ||||
Total rent expense | 5,000,000 | 5,000,000 | $ 5,000,000 | |||
Contingent rent | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |||
Internal Revenue Service (IRS) [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Notice of taxable adjustment from IRS | $ 158,000,000 | |||||
Tax rate impose on REIT, federal and state tax authorities | 100.00% | |||||
Percentage of excise tax would be imposed on real estate investment trust equal to excess rent | 100.00% | |||||
Internal Revenue Service (IRS) [Member] | Wyndham Worldwide [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Reserve | $ 240,000,000 | $ 240,000,000 | ||||
La Quinta Management L.L.C [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Management and royalty fees as percentage of total gross revenues | 5.00% | |||||
Management agreement date | May 30, 2018 | |||||
Management agreement term for managing hotel | 20 years | |||||
Number of hotel management agreement renewal options | Renewal_Options | 2 | |||||
Hotel management agreements, renewal period | 5 years | |||||
La Quinta Franchising LLC [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of franchise agreements | Franchise | 314 | |||||
Percentage of royalty fee on gross room revenue | 5.00% | |||||
Term of the franchise agreements end year | 2038 | |||||
Number of franchise renewal options available | Renewal_Options | 1 | 1 | ||||
Franchise agreements renewal period | 10 years | |||||
Percentage of reservation fee based on hotels gross room revenue | 2.00% | |||||
Percentage of marketing fee based on hotels gross room revenues | 2.50% | |||||
Percentage of loyalty program fee based on hotels room night revenue and other miscellaneous ancillary fees | 5.00% | |||||
Percentage of facility potentially eligible for such capital expenditure | 63.00% | |||||
Lenders escrow | $ 15,000,000 | $ 15,000,000 | ||||
La Quinta Franchising LLC [Member] | Minimum [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Minimum range of capital expenditure needs to be incurred per Hotel room | $ 1,500 | |||||
Period to meet brand standards set forth by franchisor by incurring certain capital expenditures per hotel room | 2 years | |||||
Time period within capital expenditure requirements needs to be complied | 2 years | |||||
La Quinta Franchising LLC [Member] | Maximum [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Minimum range of capital expenditure needs to be incurred per Hotel room | $ 7,500 | |||||
Period to meet brand standards set forth by franchisor by incurring certain capital expenditures per hotel room | 11 years | |||||
Time period within capital expenditure requirements needs to be complied | 9 years |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Non-cancellable Payment for Operating Lease (Details) $ in Millions | Dec. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2019 | $ 3 |
2020 | 3 |
2021 | 3 |
2022 | 2 |
2023 | 2 |
Thereafter | 98 |
Operating leases future minimum payments due | $ 111 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Percentage of taxable income not distributed for any year elected as REIT status that subject to income tax | 100.00% | ||
Income tax federal statutory rate | 21.00% | 35.00% | |
Tax cuts and jobs act of 2017, incomplete accounting, change in tax rate, deferred tax assets and liability, provisional income tax (Expense) benefit | $ 132 | $ 132 | |
Tax cuts and jobs act of 2017 incomplete accounting change in tax rate deferred tax assets and liabilities valuation allowance | 4 | ||
Dividend distributions to common stockholders | $ 0 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current provision: | |||
Federal | $ 181 | $ 3 | $ 8 |
State | 46 | 3 | 2 |
Total current provision | 227 | 6 | 10 |
Deferred benefit: | |||
Federal | (168) | (115) | (7) |
State | (38) | (5) | |
Total deferred benefit | (206) | (115) | (12) |
Total provision (benefit) for income taxes | $ 21 | $ (109) | $ (2) |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets | ||
Net Operating Losses | $ 6 | |
Insurance Accruals | $ 1 | 6 |
Tax Credits | 9 | |
Intangibles | 6 | |
Allowance for Doubtful Accounts | 1 | |
Compensation Accruals | 9 | |
Other | 1 | |
Total deferred tax assets | 1 | 38 |
Less: Valuation Allowance | (5) | |
Total deferred tax assets, net of valuation allowance | 1 | 33 |
Deferred Tax Liabilities | ||
Real Estate, net | (4) | (220) |
Trademark | (40) | |
Returns Club | (1) | |
Cancellation of Debt Income | (2) | |
Linens, uniforms and supplies | (4) | (3) |
Deferred Tax Liabilities | (8) | (266) |
Net Deferred Tax Liabilities | $ (7) | $ (233) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal income tax provision (benefit) | $ (45) | $ 15 | |
State income tax, net of U.S. federal tax benefit | 2 | 3 | $ (1) |
REIT operations not subject to tax | 43 | ||
Impact of Spin-Off | 15 | ||
Write-off of NOL | 5 | ||
Nondeductible restructuring costs | 7 | 5 | |
Tax credits | (1) | (1) | |
Effects of the Tax Cuts and Jobs Acts | 1 | (128) | |
Change in valuation allowance | (5) | (4) | |
Other | (2) | 1 | |
Income tax expense (benefit) | $ 21 | $ (109) | $ (2) |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, beginning of the year | $ 3 | $ 3 | $ 3 |
Gross decrease in unrecognized tax positions in the current year | (3) | 0 | 0 |
Unrecognized tax benefits, end of the year | $ 0 | $ 3 | $ 3 |
Income Taxes - Summary of Cash
Income Taxes - Summary of Cash Distributions to Common Stockholders (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Ordinary income | 50.00% |
Return of capital | 50.00% |
Dividend Of Common Stock Percentage | 100.00% |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | |||
Rental Revenue Percentage | 98.00% | ||
Rent expense | $ 4 | $ 4 | $ 4 |
Contingent rent expense | $ 0.4 | $ 0.4 | $ 0.5 |
Revenue - Future Minimum Rental
Revenue - Future Minimum Rental Income to be Received (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 3 |
2020 | 3 |
2021 | 2 |
2022 | 1 |
2023 | 1 |
Thereafter | 2 |
Operating Leases, Future Minimum Payments Receivable, Total | $ 12 |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental cash flow information: | |||
Interest paid during the period | $ 81 | $ 77 | $ 77 |
Income taxes paid during the period, net of refunds | 7 | 22 | 10 |
Supplemental non-cash disclosure: | |||
Capital expenditures included in accounts payable | 9 | 14 | 6 |
Cash flow hedge adjustment, net of tax | 1 | 5 | 1 |
Casualty receivable related to real estate | 10 | $ 23 | $ 4 |
Dividends payable on common stock | $ 12 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Continuing Operations [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Equity-based compensation expense recognized | $ 7,000,000 | $ 7,000,000 | $ 7,000,000 |
Discontinued Operations [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Equity-based compensation expense recognized | 4,000,000 | $ 9,000,000 | $ 7,000,000 |
Performance Based Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Performance Awards Performance Period | 3 years | 3 years | |
RSAs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Amount of unvested shares | 884,068 | ||
RSU [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Amount of unvested shares | $ 14,624 | ||
Minimum [Member] | Time-based restricted stock and restricted units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 1 year | 1 year | |
Maximum [Member] | Time-based restricted stock and restricted units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 3 years | 3 years | |
Omnibus Incentive Plan [Member] | Common Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 8 | ||
Share-based compensation arrangement by share-based payment award, number of shares available for issuance | 7 | ||
Omnibus Incentive Plan [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Omnibus Incentive Plan [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 4 years |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Activity of RSAs and RSUs (Detail) - RSAs and RSUs [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Number of Shares | |
Beginning balance | shares | 560,015 |
Granted | shares | 723,123 |
Conversion of the performance units upon completion of the Spin-Off | shares | 423,510 |
Vested | shares | (781,293) |
Forfeited | shares | (26,663) |
Ending balance | shares | 898,692 |
Weighted-Average Grant Date Fair Value | |
Beginning balance | $ / shares | $ 26.29 |
Granted | $ / shares | 27.39 |
Conversion of the performance units upon completion of the Spin-Off | $ / shares | 27.92 |
Vested | $ / shares | 27.22 |
Forfeited | $ / shares | 26.99 |
Ending balance | $ / shares | $ 27.14 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | May 30, 2018 | Dec. 31, 2018 | Dec. 31, 2018 |
Earnings Per Share [Abstract] | |||
Reverse stock split, description | in connection with the Spin-Off, each share of the common stock of LQH Parent (par value $0.01) was reclassified and combined into one half of a share of the common stock of LQH Parent (par value $0.02) (the “Reverse Stock Split”) | as of May 18, 2018, received one share of CorePoint common stock for each share of LQH Parent common stock held after giving effect to the Reverse Stock Split. | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 0.5 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Numerators and Denominators Used for Computation of Basic and Diluted (Loss) Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Income (loss) from Continuing Operations, net of tax | $ (186) | $ (13) | $ (28) | $ (10) | $ 118 | $ 10 | $ 19 | $ 6 | $ (237) | $ 153 | $ 3 |
Loss on Discontinued Operations, net of tax | (20) | (5) | 2 | 3 | (2) | (4) | (25) | (1) | (4) | ||
Net Income (loss) attributable to CorePoint Lodging stockholders | $ (186) | $ (13) | $ (48) | $ (15) | $ 120 | $ 13 | $ 17 | $ 2 | $ (262) | $ 152 | $ (1) |
Denominator: | |||||||||||
Weighted average number of shares outstanding, basic | 58.4 | 58 | 59.1 | ||||||||
Weighted average number of shares outstanding, diluted | 58.4 | 58.3 | 59.1 | ||||||||
Basic earnings (loss) per share from continuing operations | $ (3.17) | $ (0.22) | $ (0.48) | $ (0.17) | $ 2.04 | $ 0.16 | $ 0.32 | $ 0.10 | $ (4.04) | $ 2.63 | $ 0.04 |
Basic earnings (loss) per share from discontinued operations | (0.34) | (0.09) | 0.03 | 0.06 | (0.03) | (0.08) | (0.43) | (0.01) | (0.06) | ||
Basic earnings (loss) per share | (3.17) | (0.22) | (0.82) | (0.26) | 2.08 | 0.22 | 0.29 | 0.02 | (4.47) | 2.62 | (0.02) |
Diluted earnings (loss) per share from continuing operations | (3.17) | (0.22) | (0.48) | (0.17) | 2.03 | 0.16 | 0.32 | 0.10 | (4.04) | 2.62 | 0.04 |
Diluted earnings (loss) per share from discontinued operations | (0.34) | (0.09) | 0.03 | 0.06 | (0.03) | (0.08) | (0.43) | (0.02) | (0.06) | ||
Diluted earnings (loss) per share | $ (3.17) | $ (0.22) | $ (0.82) | $ (0.26) | $ 2.06 | $ 0.22 | $ 0.29 | $ 0.02 | $ (4.47) | $ 2.60 | $ (0.02) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Mar. 21, 2019 | Nov. 05, 2018 |
Subsequent Event [Line Items] | ||
Cash dividends declared, per share | $ 0.20 | |
Dividends payable, declared date | Nov. 5, 2018 | |
Dividends declared, payable date | Jan. 15, 2019 | |
Dividends payable, date of record | Dec. 31, 2018 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Cash dividends declared, per share | $ 0.20 | |
Dividends payable, declared date | Mar. 21, 2019 | |
Dividends declared, payable date | Apr. 15, 2019 | |
Dividends payable, date of record | Apr. 2, 2019 |
Quarterly Results - Summary of
Quarterly Results - Summary of Quarterly Results (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total Revenues | $ 199 | $ 234 | $ 233 | $ 196 | $ 180 | $ 227 | $ 225 | $ 204 | $ 862 | $ 836 | $ 871 |
Operating income (loss) | (164) | 7 | (2) | 2 | (4) | 29 | 45 | 22 | (157) | 92 | 47 |
Income (loss) from Continuing Operations, net of tax | (186) | (13) | (28) | (10) | 118 | 10 | 19 | 6 | (237) | 153 | 3 |
Loss from discontinued operations, net of tax | (20) | (5) | 2 | 3 | (2) | (4) | (25) | (1) | (4) | ||
Net Income (loss) attributable to CorePoint Lodging stockholders | $ (186) | $ (13) | $ (48) | $ (15) | $ 120 | $ 13 | $ 17 | $ 2 | $ (262) | $ 152 | $ (1) |
Earnings (loss) per share: | |||||||||||
Basic from continuing operations | $ (3.17) | $ (0.22) | $ (0.48) | $ (0.17) | $ 2.04 | $ 0.16 | $ 0.32 | $ 0.10 | $ (4.04) | $ 2.63 | $ 0.04 |
Basic from discontinued operations | (0.34) | (0.09) | 0.03 | 0.06 | (0.03) | (0.08) | (0.43) | (0.01) | (0.06) | ||
Basic earnings (loss) per share | (3.17) | (0.22) | (0.82) | (0.26) | 2.08 | 0.22 | 0.29 | 0.02 | (4.47) | 2.62 | (0.02) |
Diluted loss per share: | |||||||||||
Diluted from continuing operations | (3.17) | (0.22) | (0.48) | (0.17) | 2.03 | 0.16 | 0.32 | 0.10 | (4.04) | 2.62 | 0.04 |
Diluted from discontinued operations | (0.34) | (0.09) | 0.03 | 0.06 | (0.03) | (0.08) | (0.43) | (0.02) | (0.06) | ||
Diluted earnings (loss) per share | (3.17) | (0.22) | $ (0.82) | $ (0.26) | $ 2.06 | $ 0.22 | $ 0.29 | $ 0.02 | (4.47) | $ 2.60 | $ (0.02) |
Dividends on common stock, per share | $ 0.20 | $ 0.267 | $ 0.467 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,035 | |||
Initial Cost to Company, Land | 779.8 | |||
Initial Cost to Company, Buildings and Improvements | 2,218.2 | |||
Costs Capitalized Subsequent to Acquisition | 645 | |||
Gross Amounts Carried | 3,643 | $ 3,808 | $ 3,697 | $ 3,840 |
Accumulated Depreciation | (1,386) | $ (1,425) | $ (1,332) | $ (1,247) |
El Paso Cielo Vista | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1 | |||
Initial Cost to Company, Land | 2.3 | |||
Initial Cost to Company, Buildings and Improvements | 4.7 | |||
Costs Capitalized Subsequent to Acquisition | (1.1) | |||
Gross Amounts Carried | 5.9 | |||
Accumulated Depreciation | $ (2.9) | |||
Year Built | 1988 | |||
Date of Acquisition | 2006 | |||
Charlotte Airport South | NORTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.8 | |||
Initial Cost to Company, Land | 0.7 | |||
Initial Cost to Company, Buildings and Improvements | 6 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 9 | |||
Accumulated Depreciation | $ (3.8) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Atlanta Perimeter Medical Center | GEORGIA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.8 | |||
Initial Cost to Company, Land | 4.6 | |||
Initial Cost to Company, Buildings and Improvements | 9.2 | |||
Costs Capitalized Subsequent to Acquisition | 6.5 | |||
Gross Amounts Carried | 20.3 | |||
Accumulated Depreciation | $ (5.6) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Fremont Silicon Valley | California | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11.9 | |||
Initial Cost to Company, Land | 3.3 | |||
Initial Cost to Company, Buildings and Improvements | 2.4 | |||
Costs Capitalized Subsequent to Acquisition | 2.6 | |||
Gross Amounts Carried | 8.3 | |||
Accumulated Depreciation | $ (2.7) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Ontario Airport | California | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7.4 | |||
Initial Cost to Company, Land | 9 | |||
Initial Cost to Company, Buildings and Improvements | 13.9 | |||
Costs Capitalized Subsequent to Acquisition | 3.5 | |||
Gross Amounts Carried | 26.4 | |||
Accumulated Depreciation | $ (6.3) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Orlando Airport North | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7.2 | |||
Initial Cost to Company, Land | 6.5 | |||
Initial Cost to Company, Buildings and Improvements | 11.4 | |||
Costs Capitalized Subsequent to Acquisition | 4.5 | |||
Gross Amounts Carried | 22.4 | |||
Accumulated Depreciation | $ (5.7) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Greenville Haywood Road | SOUTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6.9 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 7.5 | |||
Costs Capitalized Subsequent to Acquisition | 3 | |||
Gross Amounts Carried | 11.5 | |||
Accumulated Depreciation | $ (4.4) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Las Vegas Summerlin Tech Center | NEVADA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7.1 | |||
Initial Cost to Company, Land | 5.3 | |||
Initial Cost to Company, Buildings and Improvements | 10.3 | |||
Costs Capitalized Subsequent to Acquisition | 4.7 | |||
Gross Amounts Carried | 20.3 | |||
Accumulated Depreciation | $ (5.2) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Atlanta Ballpark Galleria | GEORGIA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6.5 | |||
Initial Cost to Company, Land | 3.6 | |||
Initial Cost to Company, Buildings and Improvements | 8.8 | |||
Costs Capitalized Subsequent to Acquisition | 3.1 | |||
Gross Amounts Carried | 15.5 | |||
Accumulated Depreciation | $ (5.2) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Memphis Primacy Parkway | TENNESSEE | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.6 | |||
Initial Cost to Company, Land | 2.3 | |||
Initial Cost to Company, Buildings and Improvements | 9.8 | |||
Costs Capitalized Subsequent to Acquisition | (5.4) | |||
Gross Amounts Carried | 6.7 | |||
Accumulated Depreciation | $ (2.1) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Austin Southwest | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6.8 | |||
Initial Cost to Company, Land | 13.5 | |||
Initial Cost to Company, Buildings and Improvements | 4.8 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 20.3 | |||
Accumulated Depreciation | $ (3.1) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Houston Bush I A H South | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.6 | |||
Initial Cost to Company, Land | 2.8 | |||
Initial Cost to Company, Buildings and Improvements | 9.2 | |||
Costs Capitalized Subsequent to Acquisition | (5.5) | |||
Gross Amounts Carried | 6.5 | |||
Accumulated Depreciation | $ (1.2) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Oklahoma City N W Expwy | OKLAHOMA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.4 | |||
Initial Cost to Company, Land | 2 | |||
Initial Cost to Company, Buildings and Improvements | 8.7 | |||
Costs Capitalized Subsequent to Acquisition | 5.1 | |||
Gross Amounts Carried | 15.8 | |||
Accumulated Depreciation | $ (4.8) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Orlando U C F | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.3 | |||
Initial Cost to Company, Land | 5.5 | |||
Initial Cost to Company, Buildings and Improvements | 10 | |||
Costs Capitalized Subsequent to Acquisition | 4 | |||
Gross Amounts Carried | 19.5 | |||
Accumulated Depreciation | $ (4.4) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Winston Salem | NORTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.7 | |||
Initial Cost to Company, Land | 5.8 | |||
Initial Cost to Company, Buildings and Improvements | 9.4 | |||
Costs Capitalized Subsequent to Acquisition | 2.1 | |||
Gross Amounts Carried | 17.3 | |||
Accumulated Depreciation | $ (5) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Orlando Drive Conv Center | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.9 | |||
Initial Cost to Company, Land | 6.3 | |||
Initial Cost to Company, Buildings and Improvements | 13.5 | |||
Costs Capitalized Subsequent to Acquisition | 1.7 | |||
Gross Amounts Carried | 21.5 | |||
Accumulated Depreciation | $ (5.7) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
University Area Chapel Hill | NORTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4 | |||
Initial Cost to Company, Land | 3.1 | |||
Initial Cost to Company, Buildings and Improvements | 10.4 | |||
Costs Capitalized Subsequent to Acquisition | 3.1 | |||
Gross Amounts Carried | 16.6 | |||
Accumulated Depreciation | $ (5.3) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Raleigh Durham Southpoint | NORTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.7 | |||
Initial Cost to Company, Land | 0.9 | |||
Initial Cost to Company, Buildings and Improvements | 7.1 | |||
Costs Capitalized Subsequent to Acquisition | 3.5 | |||
Gross Amounts Carried | 11.5 | |||
Accumulated Depreciation | $ (5.4) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Austin Airport | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6 | |||
Initial Cost to Company, Land | 2.5 | |||
Initial Cost to Company, Buildings and Improvements | 9.7 | |||
Costs Capitalized Subsequent to Acquisition | 7.1 | |||
Gross Amounts Carried | 19.3 | |||
Accumulated Depreciation | $ (5.5) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Greensboro | NORTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.9 | |||
Initial Cost to Company, Land | 4 | |||
Initial Cost to Company, Buildings and Improvements | 9.2 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 15.2 | |||
Accumulated Depreciation | $ (4.8) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Lafayette North | LOUISIANA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.2 | |||
Initial Cost to Company, Land | 2.1 | |||
Initial Cost to Company, Buildings and Improvements | 5.7 | |||
Costs Capitalized Subsequent to Acquisition | (4.7) | |||
Gross Amounts Carried | 3.1 | |||
Accumulated Depreciation | $ (1.4) | |||
Year Built | 1969 | |||
Date of Acquisition | 2006 | |||
El Paso East Lomaland | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.5 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 6.4 | |||
Costs Capitalized Subsequent to Acquisition | 1.5 | |||
Gross Amounts Carried | 9 | |||
Accumulated Depreciation | $ (6.4) | |||
Year Built | 1980 | |||
Date of Acquisition | 2006 | |||
Odessa | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.5 | |||
Initial Cost to Company, Land | 0.7 | |||
Initial Cost to Company, Buildings and Improvements | 6.3 | |||
Costs Capitalized Subsequent to Acquisition | 2.7 | |||
Gross Amounts Carried | 9.7 | |||
Accumulated Depreciation | $ (6.6) | |||
Year Built | 1981 | |||
Date of Acquisition | 2006 | |||
Amarillo Airport | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.2 | |||
Initial Cost to Company, Land | 1.2 | |||
Initial Cost to Company, Buildings and Improvements | 6.3 | |||
Costs Capitalized Subsequent to Acquisition | (4.5) | |||
Gross Amounts Carried | 3 | |||
Accumulated Depreciation | $ (0.8) | |||
Year Built | 1983 | |||
Date of Acquisition | 2006 | |||
Midland Wall St | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.9 | |||
Initial Cost to Company, Land | 0.4 | |||
Initial Cost to Company, Buildings and Improvements | 7.1 | |||
Costs Capitalized Subsequent to Acquisition | 2.8 | |||
Gross Amounts Carried | 10.3 | |||
Accumulated Depreciation | $ (5.9) | |||
Year Built | 1983 | |||
Date of Acquisition | 2006 | |||
Tyler | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1 | |||
Initial Cost to Company, Land | 2.8 | |||
Initial Cost to Company, Buildings and Improvements | 6.9 | |||
Costs Capitalized Subsequent to Acquisition | (6.4) | |||
Gross Amounts Carried | 3.3 | |||
Accumulated Depreciation | $ (1) | |||
Year Built | 1983 | |||
Date of Acquisition | 2006 | |||
Farmington | NEW MEXICO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.6 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 5.9 | |||
Costs Capitalized Subsequent to Acquisition | 0.9 | |||
Gross Amounts Carried | 7.8 | |||
Accumulated Depreciation | $ (4.4) | |||
Year Built | 1983 | |||
Date of Acquisition | 2006 | |||
Corpus Christi South | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.7 | |||
Initial Cost to Company, Land | 2.3 | |||
Initial Cost to Company, Buildings and Improvements | 6.5 | |||
Costs Capitalized Subsequent to Acquisition | (5.2) | |||
Gross Amounts Carried | 3.6 | |||
Accumulated Depreciation | $ (0.6) | |||
Year Built | 1983 | |||
Date of Acquisition | 2006 | |||
Austin South I35 | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.2 | |||
Initial Cost to Company, Land | 1.9 | |||
Initial Cost to Company, Buildings and Improvements | 6.3 | |||
Costs Capitalized Subsequent to Acquisition | 1.4 | |||
Gross Amounts Carried | 9.6 | |||
Accumulated Depreciation | $ (5) | |||
Year Built | 1983 | |||
Date of Acquisition | 2006 | |||
San Antonio Riverwalk | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 21.5 | |||
Initial Cost to Company, Land | 14.2 | |||
Initial Cost to Company, Buildings and Improvements | 17.9 | |||
Costs Capitalized Subsequent to Acquisition | 6.9 | |||
Gross Amounts Carried | 39 | |||
Accumulated Depreciation | $ (9.1) | |||
Year Built | 2005 | |||
Date of Acquisition | 2006 | |||
Laredo I35 | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.2 | |||
Initial Cost to Company, Land | 1.8 | |||
Initial Cost to Company, Buildings and Improvements | 4.6 | |||
Costs Capitalized Subsequent to Acquisition | 2.9 | |||
Gross Amounts Carried | 9.3 | |||
Accumulated Depreciation | $ (6.3) | |||
Year Built | 1969 | |||
Date of Acquisition | 2006 | |||
El Paso Airport | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.1 | |||
Initial Cost to Company, Land | 3.3 | |||
Initial Cost to Company, Buildings and Improvements | 5.2 | |||
Costs Capitalized Subsequent to Acquisition | 2.2 | |||
Gross Amounts Carried | 10.7 | |||
Accumulated Depreciation | $ (6.5) | |||
Year Built | 1969 | |||
Date of Acquisition | 2006 | |||
New Orleans Causeway | LOUISIANA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0.9 | |||
Initial Cost to Company, Buildings and Improvements | 3.2 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 5.2 | |||
Accumulated Depreciation | $ (4.5) | |||
Year Built | 1970 | |||
Date of Acquisition | 2006 | |||
San Antonio South | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.2 | |||
Initial Cost to Company, Land | 1.9 | |||
Initial Cost to Company, Buildings and Improvements | 4.4 | |||
Costs Capitalized Subsequent to Acquisition | 2.5 | |||
Gross Amounts Carried | 8.8 | |||
Accumulated Depreciation | $ (5.9) | |||
Year Built | 1970 | |||
Date of Acquisition | 2006 | |||
Waco University | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2.1 | |||
Initial Cost to Company, Buildings and Improvements | 4.2 | |||
Costs Capitalized Subsequent to Acquisition | (4.5) | |||
Gross Amounts Carried | $ 1.8 | |||
Date of Acquisition | 2006 | |||
Dallas Uptown | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.2 | |||
Initial Cost to Company, Land | 5.4 | |||
Initial Cost to Company, Buildings and Improvements | 1.5 | |||
Costs Capitalized Subsequent to Acquisition | 2.5 | |||
Gross Amounts Carried | 9.4 | |||
Accumulated Depreciation | $ (2.9) | |||
Year Built | 1971 | |||
Date of Acquisition | 2006 | |||
Wichita Falls Event Center North | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.6 | |||
Initial Cost to Company, Land | 1.9 | |||
Initial Cost to Company, Buildings and Improvements | 5.9 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 10.1 | |||
Accumulated Depreciation | $ (7.3) | |||
Year Built | 1973 | |||
Date of Acquisition | 2006 | |||
Denver Cherry Creek | COLORADO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.3 | |||
Initial Cost to Company, Land | 4.4 | |||
Initial Cost to Company, Buildings and Improvements | 4 | |||
Costs Capitalized Subsequent to Acquisition | 3.3 | |||
Gross Amounts Carried | 11.7 | |||
Accumulated Depreciation | $ (5.7) | |||
Year Built | 1974 | |||
Date of Acquisition | 2006 | |||
Dallas D F W Airport South Irving | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7 | |||
Initial Cost to Company, Land | 0.6 | |||
Initial Cost to Company, Buildings and Improvements | 5.8 | |||
Costs Capitalized Subsequent to Acquisition | 2.5 | |||
Gross Amounts Carried | 8.9 | |||
Accumulated Depreciation | $ (3.5) | |||
Year Built | 2002 | |||
Date of Acquisition | 2006 | |||
Lubbock Downtown Civic Center | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.4 | |||
Initial Cost to Company, Land | 0.5 | |||
Initial Cost to Company, Buildings and Improvements | 6.9 | |||
Costs Capitalized Subsequent to Acquisition | 2.1 | |||
Gross Amounts Carried | 9.5 | |||
Accumulated Depreciation | $ (8.3) | |||
Year Built | 1976 | |||
Date of Acquisition | 2006 | |||
Austin Oltorf | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.3 | |||
Initial Cost to Company, Land | 6.5 | |||
Initial Cost to Company, Buildings and Improvements | 3.8 | |||
Costs Capitalized Subsequent to Acquisition | 1.5 | |||
Gross Amounts Carried | 11.8 | |||
Accumulated Depreciation | $ (5.1) | |||
Year Built | 1975 | |||
Date of Acquisition | 2006 | |||
San Antonio Lackland | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.7 | |||
Initial Cost to Company, Land | 0.7 | |||
Initial Cost to Company, Buildings and Improvements | 6 | |||
Costs Capitalized Subsequent to Acquisition | 3 | |||
Gross Amounts Carried | 9.7 | |||
Accumulated Depreciation | $ (8) | |||
Year Built | 1975 | |||
Date of Acquisition | 2006 | |||
Killeen Fort Hood | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.8 | |||
Initial Cost to Company, Land | 1.4 | |||
Initial Cost to Company, Buildings and Improvements | 6.1 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 9.8 | |||
Accumulated Depreciation | $ (7.2) | |||
Year Built | 1976 | |||
Date of Acquisition | 2006 | |||
Clute Lake Jackson | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.4 | |||
Initial Cost to Company, Land | 0.4 | |||
Initial Cost to Company, Buildings and Improvements | 5.2 | |||
Costs Capitalized Subsequent to Acquisition | 2.1 | |||
Gross Amounts Carried | 7.7 | |||
Accumulated Depreciation | $ (5.5) | |||
Year Built | 1977 | |||
Date of Acquisition | 2006 | |||
Austin University Area | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.7 | |||
Initial Cost to Company, Land | 1.9 | |||
Initial Cost to Company, Buildings and Improvements | 6.1 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 10 | |||
Accumulated Depreciation | $ (6.2) | |||
Year Built | 1977 | |||
Date of Acquisition | 2006 | |||
Indianapolis Airport Lynhurst | INDIANA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 1.3 | |||
Initial Cost to Company, Buildings and Improvements | 7.2 | |||
Costs Capitalized Subsequent to Acquisition | 1.5 | |||
Gross Amounts Carried | 10 | |||
Accumulated Depreciation | $ (7.1) | |||
Year Built | 1980 | |||
Date of Acquisition | 2006 | |||
Tallahassee North | Florida | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.7 | |||
Initial Cost to Company, Land | 3 | |||
Initial Cost to Company, Buildings and Improvements | 9.1 | |||
Costs Capitalized Subsequent to Acquisition | 2.6 | |||
Gross Amounts Carried | 14.7 | |||
Accumulated Depreciation | $ (9.1) | |||
Year Built | 1979 | |||
Date of Acquisition | 2006 | |||
College Station | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.3 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 9.9 | |||
Costs Capitalized Subsequent to Acquisition | 2.8 | |||
Gross Amounts Carried | 13.7 | |||
Accumulated Depreciation | $ (10.1) | |||
Year Built | 1980 | |||
Date of Acquisition | 2006 | |||
Costa Mesa Orange County | California | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.4 | |||
Initial Cost to Company, Land | 7.5 | |||
Initial Cost to Company, Buildings and Improvements | 6.2 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 16 | |||
Accumulated Depreciation | $ (6.7) | |||
Year Built | 1980 | |||
Date of Acquisition | 2006 | |||
Abilene | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 0.8 | |||
Initial Cost to Company, Buildings and Improvements | 5.4 | |||
Costs Capitalized Subsequent to Acquisition | 1.4 | |||
Gross Amounts Carried | 7.6 | |||
Accumulated Depreciation | $ (5.4) | |||
Year Built | 1979 | |||
Date of Acquisition | 2006 | |||
Reno | NEVADA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4 | |||
Initial Cost to Company, Land | 1.4 | |||
Initial Cost to Company, Buildings and Improvements | 7.3 | |||
Costs Capitalized Subsequent to Acquisition | 1.5 | |||
Gross Amounts Carried | 10.2 | |||
Accumulated Depreciation | $ (7.1) | |||
Year Built | 1981 | |||
Date of Acquisition | 2006 | |||
Columbus Fort Benning | GEORGIA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 4.8 | |||
Initial Cost to Company, Buildings and Improvements | 5.8 | |||
Costs Capitalized Subsequent to Acquisition | (2.9) | |||
Gross Amounts Carried | 7.7 | |||
Accumulated Depreciation | $ (5.4) | |||
Year Built | 1980 | |||
Date of Acquisition | 2006 | |||
Columbus Airport Area | OHIO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1 | |||
Initial Cost to Company, Land | 0.8 | |||
Initial Cost to Company, Buildings and Improvements | 2.5 | |||
Costs Capitalized Subsequent to Acquisition | 1.3 | |||
Gross Amounts Carried | 4.6 | |||
Accumulated Depreciation | $ (2.9) | |||
Year Built | 1980 | |||
Date of Acquisition | 2006 | |||
Champaign | ILLINOIS | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.8 | |||
Initial Cost to Company, Land | 1.8 | |||
Initial Cost to Company, Buildings and Improvements | 6.7 | |||
Costs Capitalized Subsequent to Acquisition | 1.7 | |||
Gross Amounts Carried | 10.2 | |||
Accumulated Depreciation | $ (5.5) | |||
Year Built | 1982 | |||
Date of Acquisition | 2006 | |||
San Antonio I35 At Rittiman Road | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.2 | |||
Initial Cost to Company, Land | 0.7 | |||
Initial Cost to Company, Buildings and Improvements | 7.1 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 9.8 | |||
Accumulated Depreciation | $ (7.4) | |||
Year Built | 1981 | |||
Date of Acquisition | 2006 | |||
Denver Aurora | COLORADO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.8 | |||
Initial Cost to Company, Land | 1.6 | |||
Initial Cost to Company, Buildings and Improvements | 4.9 | |||
Costs Capitalized Subsequent to Acquisition | 1.2 | |||
Gross Amounts Carried | 7.7 | |||
Accumulated Depreciation | $ (3.9) | |||
Year Built | 1982 | |||
Date of Acquisition | 2006 | |||
Nashville South | TENNESSEE | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.9 | |||
Initial Cost to Company, Land | 0.8 | |||
Initial Cost to Company, Buildings and Improvements | 5.9 | |||
Costs Capitalized Subsequent to Acquisition | 2.5 | |||
Gross Amounts Carried | 9.2 | |||
Accumulated Depreciation | $ (5.5) | |||
Year Built | 1982 | |||
Date of Acquisition | 2006 | |||
Lexington | KENTUCKY | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 2.5 | |||
Initial Cost to Company, Buildings and Improvements | 7.1 | |||
Costs Capitalized Subsequent to Acquisition | 1.6 | |||
Gross Amounts Carried | 11.2 | |||
Accumulated Depreciation | $ (5.6) | |||
Year Built | 1982 | |||
Date of Acquisition | 2006 | |||
Tuscaloosa | ALABAMA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.6 | |||
Initial Cost to Company, Land | 2.5 | |||
Initial Cost to Company, Buildings and Improvements | 6.2 | |||
Costs Capitalized Subsequent to Acquisition | (5.9) | |||
Gross Amounts Carried | 2.8 | |||
Accumulated Depreciation | $ (0.7) | |||
Year Built | 1982 | |||
Date of Acquisition | 2006 | |||
Savannah Midtown | GEORGIA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.6 | |||
Initial Cost to Company, Land | 2 | |||
Initial Cost to Company, Buildings and Improvements | 6.3 | |||
Costs Capitalized Subsequent to Acquisition | 2.2 | |||
Gross Amounts Carried | 10.5 | |||
Accumulated Depreciation | $ (5.3) | |||
Year Built | 1982 | |||
Date of Acquisition | 2006 | |||
Phoenix Sky Harbor Airport | ARIZONA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.8 | |||
Initial Cost to Company, Land | 3.8 | |||
Initial Cost to Company, Buildings and Improvements | 7 | |||
Costs Capitalized Subsequent to Acquisition | 1.8 | |||
Gross Amounts Carried | 12.6 | |||
Accumulated Depreciation | $ (5.8) | |||
Year Built | 1982 | |||
Date of Acquisition | 2006 | |||
San Antonio Market Square | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.9 | |||
Initial Cost to Company, Land | 6.3 | |||
Initial Cost to Company, Buildings and Improvements | 5.8 | |||
Costs Capitalized Subsequent to Acquisition | 2.2 | |||
Gross Amounts Carried | 14.3 | |||
Accumulated Depreciation | $ (5.2) | |||
Year Built | 1982 | |||
Date of Acquisition | 2006 | |||
Bossier City | LOUISIANA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 4.4 | |||
Initial Cost to Company, Buildings and Improvements | 6.7 | |||
Costs Capitalized Subsequent to Acquisition | (7.6) | |||
Gross Amounts Carried | 3.5 | |||
Accumulated Depreciation | $ (0.8) | |||
Year Built | 1982 | |||
Date of Acquisition | 2006 | |||
Eagle Pass | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.1 | |||
Initial Cost to Company, Land | 0.9 | |||
Initial Cost to Company, Buildings and Improvements | 6.7 | |||
Costs Capitalized Subsequent to Acquisition | 1.2 | |||
Gross Amounts Carried | 8.8 | |||
Accumulated Depreciation | $ (5.1) | |||
Year Built | 1982 | |||
Date of Acquisition | 2006 | |||
Baton Rouge University Area | LOUISIANA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.4 | |||
Initial Cost to Company, Land | 4.1 | |||
Initial Cost to Company, Buildings and Improvements | 7.1 | |||
Costs Capitalized Subsequent to Acquisition | (7.7) | |||
Gross Amounts Carried | 3.5 | |||
Accumulated Depreciation | $ (1.5) | |||
Year Built | 1984 | |||
Date of Acquisition | 2006 | |||
Victoria | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.5 | |||
Initial Cost to Company, Land | 2.2 | |||
Initial Cost to Company, Buildings and Improvements | 6.9 | |||
Costs Capitalized Subsequent to Acquisition | (5.9) | |||
Gross Amounts Carried | 3.2 | |||
Accumulated Depreciation | $ (0.5) | |||
Year Built | 1984 | |||
Date of Acquisition | 2006 | |||
New Orleans West Bank Gretna | LOUISIANA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Costs Capitalized Subsequent to Acquisition | $ 12.1 | |||
Gross Amounts Carried | 12.1 | |||
Accumulated Depreciation | $ (7.2) | |||
Year Built | 1984 | |||
Date of Acquisition | 1984 | |||
New Orleans Veterans Metairie | LOUISIANA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Buildings and Improvements | $ 0.6 | |||
Costs Capitalized Subsequent to Acquisition | 4.3 | |||
Gross Amounts Carried | 4.9 | |||
Accumulated Depreciation | $ (4.6) | |||
Year Built | 1984 | |||
Date of Acquisition | 2006 | |||
Lufkin | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 1.3 | |||
Initial Cost to Company, Buildings and Improvements | 5.3 | |||
Costs Capitalized Subsequent to Acquisition | (0.4) | |||
Gross Amounts Carried | 6.2 | |||
Accumulated Depreciation | $ (3.9) | |||
Year Built | 1984 | |||
Date of Acquisition | 2006 | |||
Temple | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.2 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 5.3 | |||
Costs Capitalized Subsequent to Acquisition | (2.7) | |||
Gross Amounts Carried | 3.7 | |||
Accumulated Depreciation | $ (0.7) | |||
Year Built | 1984 | |||
Date of Acquisition | 2006 | |||
Norfolk Virginia Beach | VIRGINIA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.3 | |||
Initial Cost to Company, Land | 5.1 | |||
Initial Cost to Company, Buildings and Improvements | 6.9 | |||
Costs Capitalized Subsequent to Acquisition | (3.9) | |||
Gross Amounts Carried | 8.1 | |||
Accumulated Depreciation | $ (4.6) | |||
Year Built | 1984 | |||
Date of Acquisition | 2006 | |||
San Antonio Sea World Ingram Park | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.1 | |||
Initial Cost to Company, Land | 5.1 | |||
Initial Cost to Company, Buildings and Improvements | 7.3 | |||
Costs Capitalized Subsequent to Acquisition | (1) | |||
Gross Amounts Carried | 11.4 | |||
Accumulated Depreciation | $ (6.4) | |||
Year Built | 1984 | |||
Date of Acquisition | 2006 | |||
Augusta | GEORGIA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 1.2 | |||
Initial Cost to Company, Buildings and Improvements | 6.6 | |||
Gross Amounts Carried | 7.8 | |||
Accumulated Depreciation | $ (5.2) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
El Paso West | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.1 | |||
Initial Cost to Company, Land | 1.6 | |||
Initial Cost to Company, Buildings and Improvements | 6.3 | |||
Costs Capitalized Subsequent to Acquisition | 1.3 | |||
Gross Amounts Carried | 9.2 | |||
Accumulated Depreciation | $ (5) | |||
Year Built | 1984 | |||
Date of Acquisition | 2006 | |||
Tampa Bay Airport | Florida | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.7 | |||
Initial Cost to Company, Land | 8.2 | |||
Initial Cost to Company, Buildings and Improvements | 6.1 | |||
Costs Capitalized Subsequent to Acquisition | (2.2) | |||
Gross Amounts Carried | 12.1 | |||
Accumulated Depreciation | $ (6.3) | |||
Year Built | 1978 | |||
Date of Acquisition | 2006 | |||
Pensacola | Florida | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.7 | |||
Initial Cost to Company, Land | 3.2 | |||
Initial Cost to Company, Buildings and Improvements | 7.4 | |||
Costs Capitalized Subsequent to Acquisition | (6) | |||
Gross Amounts Carried | 4.6 | |||
Accumulated Depreciation | $ (1) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Houston La Porte | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.4 | |||
Initial Cost to Company, Land | 0.9 | |||
Initial Cost to Company, Buildings and Improvements | 4.9 | |||
Costs Capitalized Subsequent to Acquisition | (1.6) | |||
Gross Amounts Carried | 4.2 | |||
Accumulated Depreciation | $ (1) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Stockton | California | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6.5 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 10.3 | |||
Costs Capitalized Subsequent to Acquisition | 1.3 | |||
Gross Amounts Carried | 12.7 | |||
Accumulated Depreciation | $ (7.5) | |||
Year Built | 1984 | |||
Date of Acquisition | 2006 | |||
Pittsburgh Airport | PENNSYLVANIA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.6 | |||
Initial Cost to Company, Land | 0.6 | |||
Initial Cost to Company, Buildings and Improvements | 6.9 | |||
Costs Capitalized Subsequent to Acquisition | 2.4 | |||
Gross Amounts Carried | 9.9 | |||
Accumulated Depreciation | $ (6) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Albuquerque Northeast | NEW MEXICO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.4 | |||
Initial Cost to Company, Land | 2 | |||
Initial Cost to Company, Buildings and Improvements | 6.9 | |||
Costs Capitalized Subsequent to Acquisition | 1.4 | |||
Gross Amounts Carried | 10.3 | |||
Accumulated Depreciation | $ (5.3) | |||
Year Built | 1983 | |||
Date of Acquisition | 2006 | |||
Colorado Springs Garden Of Gods | COLORADO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.3 | |||
Initial Cost to Company, Land | 0.7 | |||
Initial Cost to Company, Buildings and Improvements | 5.2 | |||
Costs Capitalized Subsequent to Acquisition | 1.7 | |||
Gross Amounts Carried | 7.6 | |||
Accumulated Depreciation | $ (4.4) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Sacramento North | California | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.9 | |||
Initial Cost to Company, Buildings and Improvements | 8.3 | |||
Costs Capitalized Subsequent to Acquisition | (2.6) | |||
Gross Amounts Carried | 5.7 | |||
Accumulated Depreciation | $ (4.5) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Denver Golden | COLORADO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5.7 | |||
Initial Cost to Company, Land | 1.7 | |||
Initial Cost to Company, Buildings and Improvements | 6.4 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 10.4 | |||
Accumulated Depreciation | $ (5.6) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Tampa Bay Pinellas Park Clearwater | Florida | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.5 | |||
Initial Cost to Company, Land | 2.8 | |||
Initial Cost to Company, Buildings and Improvements | 5.9 | |||
Costs Capitalized Subsequent to Acquisition | (0.7) | |||
Gross Amounts Carried | 8 | |||
Accumulated Depreciation | $ (4.4) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Amarillo Medical Center | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1 | |||
Initial Cost to Company, Land | 0.9 | |||
Initial Cost to Company, Buildings and Improvements | 6.4 | |||
Costs Capitalized Subsequent to Acquisition | (4.2) | |||
Gross Amounts Carried | 3.1 | |||
Accumulated Depreciation | $ (1.1) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
San Antonio I35 North At Toepperwein | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.5 | |||
Initial Cost to Company, Land | 2.6 | |||
Initial Cost to Company, Buildings and Improvements | 8.7 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 13.6 | |||
Accumulated Depreciation | $ (7.1) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Orlando Airport West | Florida | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.3 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 7.3 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 10.7 | |||
Accumulated Depreciation | $ (5.1) | |||
Year Built | 1987 | |||
Date of Acquisition | 2006 | |||
San Diego Vista | California | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.8 | |||
Initial Cost to Company, Land | 2.4 | |||
Initial Cost to Company, Buildings and Improvements | 7.9 | |||
Costs Capitalized Subsequent to Acquisition | (1) | |||
Gross Amounts Carried | 9.3 | |||
Accumulated Depreciation | $ (4.6) | |||
Year Built | 1987 | |||
Date of Acquisition | 2006 | |||
Denver Northglenn | COLORADO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.2 | |||
Initial Cost to Company, Land | 2.4 | |||
Initial Cost to Company, Buildings and Improvements | 4.5 | |||
Costs Capitalized Subsequent to Acquisition | 1.8 | |||
Gross Amounts Carried | 8.7 | |||
Accumulated Depreciation | $ (4) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Bakersfield South | California | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.2 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 8.5 | |||
Costs Capitalized Subsequent to Acquisition | 1.7 | |||
Gross Amounts Carried | 11.2 | |||
Accumulated Depreciation | $ (6.4) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
San Diego Chula Vista | California | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5 | |||
Initial Cost to Company, Land | 2.2 | |||
Initial Cost to Company, Buildings and Improvements | 8.6 | |||
Costs Capitalized Subsequent to Acquisition | 2.7 | |||
Gross Amounts Carried | 13.5 | |||
Accumulated Depreciation | $ (6.8) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Houston Cyfair | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.8 | |||
Initial Cost to Company, Land | 1.4 | |||
Initial Cost to Company, Buildings and Improvements | 6.9 | |||
Costs Capitalized Subsequent to Acquisition | (5.8) | |||
Gross Amounts Carried | 2.5 | |||
Accumulated Depreciation | $ (0.7) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Fresno Yosemite | California | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5.3 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 9.5 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 12.8 | |||
Accumulated Depreciation | $ (7.2) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Denver Westminster | COLORADO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4 | |||
Initial Cost to Company, Land | 0.9 | |||
Initial Cost to Company, Buildings and Improvements | 5.9 | |||
Costs Capitalized Subsequent to Acquisition | 1.9 | |||
Gross Amounts Carried | 8.7 | |||
Accumulated Depreciation | $ (4.8) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Ventura | California | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7.2 | |||
Initial Cost to Company, Land | 4 | |||
Initial Cost to Company, Buildings and Improvements | 8.3 | |||
Costs Capitalized Subsequent to Acquisition | 2.9 | |||
Gross Amounts Carried | 15.2 | |||
Accumulated Depreciation | $ (5.8) | |||
Year Built | 1988 | |||
Date of Acquisition | 2006 | |||
San Diego Miramar | California | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5.4 | |||
Initial Cost to Company, Land | 2.4 | |||
Initial Cost to Company, Buildings and Improvements | 9 | |||
Costs Capitalized Subsequent to Acquisition | 2.2 | |||
Gross Amounts Carried | 13.6 | |||
Accumulated Depreciation | $ (6.2) | |||
Year Built | 1987 | |||
Date of Acquisition | 2006 | |||
Fort Lauderdale I95 At Hillsboro East | Florida | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.4 | |||
Initial Cost to Company, Land | 2 | |||
Initial Cost to Company, Buildings and Improvements | 11 | |||
Costs Capitalized Subsequent to Acquisition | 3.1 | |||
Gross Amounts Carried | 16.1 | |||
Accumulated Depreciation | $ (8.6) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
San Francisco Airport North | California | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 13.9 | |||
Initial Cost to Company, Land | 3.8 | |||
Initial Cost to Company, Buildings and Improvements | 3.1 | |||
Costs Capitalized Subsequent to Acquisition | 14.4 | |||
Gross Amounts Carried | 21.3 | |||
Accumulated Depreciation | $ (4) | |||
Year Built | 1987 | |||
Date of Acquisition | 2006 | |||
Santa Fe | NEW MEXICO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.3 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 7.5 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 10.6 | |||
Accumulated Depreciation | $ (6.1) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Irvine Spectrum | California | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5.3 | |||
Initial Cost to Company, Land | 7 | |||
Initial Cost to Company, Buildings and Improvements | 8.3 | |||
Costs Capitalized Subsequent to Acquisition | 2.6 | |||
Gross Amounts Carried | 17.9 | |||
Accumulated Depreciation | $ (7.1) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Miami Airport North | Florida | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.7 | |||
Initial Cost to Company, Land | 6.3 | |||
Initial Cost to Company, Buildings and Improvements | 7.2 | |||
Costs Capitalized Subsequent to Acquisition | 4 | |||
Gross Amounts Carried | 17.5 | |||
Accumulated Depreciation | $ (5.8) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Gainesville | Florida | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.1 | |||
Initial Cost to Company, Land | 1.9 | |||
Initial Cost to Company, Buildings and Improvements | 7.7 | |||
Costs Capitalized Subsequent to Acquisition | 1.2 | |||
Gross Amounts Carried | 10.8 | |||
Accumulated Depreciation | $ (5.5) | |||
Year Built | 1989 | |||
Date of Acquisition | 2006 | |||
San Angelo Inn And Conference Center | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.5 | |||
Initial Cost to Company, Land | 2 | |||
Initial Cost to Company, Buildings and Improvements | 6.2 | |||
Costs Capitalized Subsequent to Acquisition | 3 | |||
Gross Amounts Carried | 11.2 | |||
Accumulated Depreciation | $ (7.7) | |||
Year Built | 1974 | |||
Date of Acquisition | 2006 | |||
Moline Airport | ILLINOIS | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.1 | |||
Initial Cost to Company, Land | 0.6 | |||
Initial Cost to Company, Buildings and Improvements | 5.9 | |||
Costs Capitalized Subsequent to Acquisition | 1.4 | |||
Gross Amounts Carried | 7.9 | |||
Accumulated Depreciation | $ (6.7) | |||
Year Built | 1975 | |||
Date of Acquisition | 2006 | |||
St Louis Westport | MISSOURI | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.4 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 7 | |||
Costs Capitalized Subsequent to Acquisition | 3.1 | |||
Gross Amounts Carried | 11.1 | |||
Accumulated Depreciation | $ (4.1) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Seattle Sea Tac Airport | WASHINGTON | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7.4 | |||
Initial Cost to Company, Land | 4.1 | |||
Initial Cost to Company, Buildings and Improvements | 10 | |||
Costs Capitalized Subsequent to Acquisition | 2.8 | |||
Gross Amounts Carried | 16.9 | |||
Accumulated Depreciation | $ (7) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Seattle Bellevue Kirkland | WASHINGTON | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8.1 | |||
Initial Cost to Company, Land | 7.2 | |||
Initial Cost to Company, Buildings and Improvements | 8.3 | |||
Costs Capitalized Subsequent to Acquisition | 3.9 | |||
Gross Amounts Carried | 19.4 | |||
Accumulated Depreciation | $ (6.9) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Tacoma Seattle | WASHINGTON | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7.6 | |||
Initial Cost to Company, Land | 2.4 | |||
Initial Cost to Company, Buildings and Improvements | 15.7 | |||
Costs Capitalized Subsequent to Acquisition | 4.4 | |||
Gross Amounts Carried | 22.5 | |||
Accumulated Depreciation | $ (9.9) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Salt Lake City Layton | UTAH | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.3 | |||
Initial Cost to Company, Land | 0.7 | |||
Initial Cost to Company, Buildings and Improvements | 4.5 | |||
Costs Capitalized Subsequent to Acquisition | 1.8 | |||
Gross Amounts Carried | 7 | |||
Accumulated Depreciation | $ (3.6) | |||
Year Built | 1983 | |||
Date of Acquisition | 2006 | |||
Galveston East Beach | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.4 | |||
Initial Cost to Company, Land | 3.5 | |||
Initial Cost to Company, Buildings and Improvements | 5.5 | |||
Costs Capitalized Subsequent to Acquisition | 4.2 | |||
Gross Amounts Carried | 13.2 | |||
Accumulated Depreciation | $ (4.8) | |||
Year Built | 1978 | |||
Date of Acquisition | 2006 | |||
Clearwater Airport | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.6 | |||
Initial Cost to Company, Land | 2.6 | |||
Initial Cost to Company, Buildings and Improvements | 5.7 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 10.3 | |||
Accumulated Depreciation | $ (4.2) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Arlington North Dallas | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7.8 | |||
Initial Cost to Company, Land | 3.9 | |||
Initial Cost to Company, Buildings and Improvements | 8.1 | |||
Costs Capitalized Subsequent to Acquisition | 16.2 | |||
Gross Amounts Carried | 28.2 | |||
Accumulated Depreciation | $ (8) | |||
Year Built | 2006 | |||
Date of Acquisition | 2006 | |||
Las Cruces Mesilla Valley | NEW MEXICO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 3.7 | |||
Initial Cost to Company, Buildings and Improvements | 5.6 | |||
Costs Capitalized Subsequent to Acquisition | (5.7) | |||
Gross Amounts Carried | 3.6 | |||
Accumulated Depreciation | $ (1) | |||
Year Built | 1980 | |||
Date of Acquisition | 2006 | |||
Houston Stafford Sugarland | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 3.5 | |||
Initial Cost to Company, Buildings and Improvements | 6.2 | |||
Costs Capitalized Subsequent to Acquisition | (5.5) | |||
Gross Amounts Carried | 4.2 | |||
Accumulated Depreciation | $ (0.9) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Tucson East | ARIZONA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.9 | |||
Initial Cost to Company, Land | 4.3 | |||
Initial Cost to Company, Buildings and Improvements | 5.5 | |||
Costs Capitalized Subsequent to Acquisition | 2.8 | |||
Gross Amounts Carried | 12.6 | |||
Accumulated Depreciation | $ (4.5) | |||
Year Built | 1977 | |||
Date of Acquisition | 2006 | |||
Corpus Christi North | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.2 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 5.1 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 8.4 | |||
Accumulated Depreciation | $ (5.9) | |||
Year Built | 1973 | |||
Date of Acquisition | 2006 | |||
Phoenix Thomas Road | ARIZONA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.2 | |||
Initial Cost to Company, Land | 2 | |||
Initial Cost to Company, Buildings and Improvements | 4.7 | |||
Costs Capitalized Subsequent to Acquisition | 1.6 | |||
Gross Amounts Carried | 8.3 | |||
Accumulated Depreciation | $ (5.6) | |||
Year Built | 1973 | |||
Date of Acquisition | 2006 | |||
Dallas North Central | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.2 | |||
Initial Cost to Company, Land | 2.9 | |||
Initial Cost to Company, Buildings and Improvements | 8 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 13.2 | |||
Accumulated Depreciation | $ (4.3) | |||
Year Built | 1974 | |||
Date of Acquisition | 2006 | |||
San Antonio Vance Jackson | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0.7 | |||
Initial Cost to Company, Land | 0.8 | |||
Initial Cost to Company, Buildings and Improvements | 4.6 | |||
Costs Capitalized Subsequent to Acquisition | 1.5 | |||
Gross Amounts Carried | 6.9 | |||
Accumulated Depreciation | $ (5.4) | |||
Year Built | 1974 | |||
Date of Acquisition | 2006 | |||
Huntsville Research Park | ALABAMA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.6 | |||
Initial Cost to Company, Land | 1.8 | |||
Initial Cost to Company, Buildings and Improvements | 6.9 | |||
Costs Capitalized Subsequent to Acquisition | (1.9) | |||
Gross Amounts Carried | 6.8 | |||
Accumulated Depreciation | $ (5.1) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Kansas City Lenexa | KANSAS | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 5 | |||
Costs Capitalized Subsequent to Acquisition | 2.2 | |||
Gross Amounts Carried | 8.2 | |||
Accumulated Depreciation | $ (5.4) | |||
Year Built | 1978 | |||
Date of Acquisition | 2006 | |||
Salt Lake City Midvale | UTAH | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.9 | |||
Initial Cost to Company, Land | 0.8 | |||
Initial Cost to Company, Buildings and Improvements | 4.3 | |||
Costs Capitalized Subsequent to Acquisition | 2.1 | |||
Gross Amounts Carried | 7.2 | |||
Accumulated Depreciation | $ (5) | |||
Year Built | 1978 | |||
Date of Acquisition | 2006 | |||
Mobile | ALABAMA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.8 | |||
Initial Cost to Company, Land | 0.7 | |||
Initial Cost to Company, Buildings and Improvements | 6.2 | |||
Costs Capitalized Subsequent to Acquisition | 2.5 | |||
Gross Amounts Carried | 9.4 | |||
Accumulated Depreciation | $ (7.1) | |||
Year Built | 1979 | |||
Date of Acquisition | 2006 | |||
Merrillville | INDIANA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1 | |||
Initial Cost to Company, Land | 0.6 | |||
Initial Cost to Company, Buildings and Improvements | 3.5 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 6.1 | |||
Accumulated Depreciation | $ (4) | |||
Year Built | 1979 | |||
Date of Acquisition | 2006 | |||
Cheyenne | WYOMING | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.9 | |||
Initial Cost to Company, Land | 0.5 | |||
Initial Cost to Company, Buildings and Improvements | 6.1 | |||
Costs Capitalized Subsequent to Acquisition | 1.6 | |||
Gross Amounts Carried | 8.2 | |||
Accumulated Depreciation | $ (5.8) | |||
Year Built | 1981 | |||
Date of Acquisition | 2006 | |||
Omaha Northwest | NEBRASKA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.1 | |||
Initial Cost to Company, Land | 0.6 | |||
Initial Cost to Company, Buildings and Improvements | 6.8 | |||
Costs Capitalized Subsequent to Acquisition | (4.3) | |||
Gross Amounts Carried | 3.1 | |||
Accumulated Depreciation | $ (0.8) | |||
Year Built | 1981 | |||
Date of Acquisition | 2006 | |||
Albuquerque Airport | NEW MEXICO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 1.6 | |||
Initial Cost to Company, Buildings and Improvements | 5.5 | |||
Costs Capitalized Subsequent to Acquisition | (3.4) | |||
Gross Amounts Carried | 3.7 | |||
Accumulated Depreciation | $ (0.7) | |||
Year Built | 1982 | |||
Date of Acquisition | 2006 | |||
Fort Myers Central | Florida | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.6 | |||
Initial Cost to Company, Land | 3.4 | |||
Initial Cost to Company, Buildings and Improvements | 7.3 | |||
Costs Capitalized Subsequent to Acquisition | 1.6 | |||
Gross Amounts Carried | 12.3 | |||
Accumulated Depreciation | $ (5.4) | |||
Year Built | 1984 | |||
Date of Acquisition | 2006 | |||
Denver Central | COLORADO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.2 | |||
Initial Cost to Company, Land | 0.8 | |||
Initial Cost to Company, Buildings and Improvements | 5.9 | |||
Costs Capitalized Subsequent to Acquisition | 1.9 | |||
Gross Amounts Carried | 8.6 | |||
Accumulated Depreciation | $ (6.3) | |||
Year Built | 1980 | |||
Date of Acquisition | 2006 | |||
Round Rock North | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.8 | |||
Initial Cost to Company, Land | 1.9 | |||
Initial Cost to Company, Buildings and Improvements | 4.5 | |||
Costs Capitalized Subsequent to Acquisition | 2.2 | |||
Gross Amounts Carried | 8.6 | |||
Accumulated Depreciation | $ (3.8) | |||
Year Built | 1987 | |||
Date of Acquisition | 2006 | |||
Austin Capitol Downtown | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7.1 | |||
Initial Cost to Company, Land | 4.5 | |||
Initial Cost to Company, Buildings and Improvements | 9.2 | |||
Costs Capitalized Subsequent to Acquisition | 4 | |||
Gross Amounts Carried | 17.7 | |||
Accumulated Depreciation | $ (6.2) | |||
Year Built | 1965 | |||
Date of Acquisition | 2006 | |||
Phoenix North | ARIZONA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.3 | |||
Initial Cost to Company, Land | 3.6 | |||
Initial Cost to Company, Buildings and Improvements | 6.6 | |||
Costs Capitalized Subsequent to Acquisition | (1.6) | |||
Gross Amounts Carried | 8.6 | |||
Accumulated Depreciation | $ (4.3) | |||
Year Built | 1979 | |||
Date of Acquisition | 2006 | |||
New Orleans Slidell | LOUISIANA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.8 | |||
Initial Cost to Company, Land | 2.9 | |||
Initial Cost to Company, Buildings and Improvements | 5.1 | |||
Costs Capitalized Subsequent to Acquisition | (3.3) | |||
Gross Amounts Carried | 4.7 | |||
Accumulated Depreciation | $ (1.9) | |||
Year Built | 1967 | |||
Date of Acquisition | 2006 | |||
Redding | California | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.8 | |||
Initial Cost to Company, Land | 1.2 | |||
Initial Cost to Company, Buildings and Improvements | 12.6 | |||
Costs Capitalized Subsequent to Acquisition | 1.8 | |||
Gross Amounts Carried | 15.6 | |||
Accumulated Depreciation | $ (6.8) | |||
Year Built | 1965 | |||
Date of Acquisition | 2006 | |||
New Orleans Airport | LOUISIANA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7.3 | |||
Initial Cost to Company, Land | 4.8 | |||
Initial Cost to Company, Buildings and Improvements | 4.9 | |||
Costs Capitalized Subsequent to Acquisition | 6.2 | |||
Gross Amounts Carried | 15.9 | |||
Accumulated Depreciation | $ (6.4) | |||
Year Built | 1973 | |||
Date of Acquisition | 2006 | |||
Sacramento Downtown | California | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5.6 | |||
Initial Cost to Company, Land | 3 | |||
Initial Cost to Company, Buildings and Improvements | 11.6 | |||
Costs Capitalized Subsequent to Acquisition | (2.9) | |||
Gross Amounts Carried | 11.7 | |||
Accumulated Depreciation | $ (5.9) | |||
Year Built | 1970 | |||
Date of Acquisition | 2006 | |||
Nashville Airport Opryland | TENNESSEE | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.9 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 5.6 | |||
Costs Capitalized Subsequent to Acquisition | 2.6 | |||
Gross Amounts Carried | 9.3 | |||
Accumulated Depreciation | $ (4) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Buena Park | California | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9.6 | |||
Initial Cost to Company, Land | 4.7 | |||
Initial Cost to Company, Buildings and Improvements | 10.4 | |||
Costs Capitalized Subsequent to Acquisition | 3 | |||
Gross Amounts Carried | 18.1 | |||
Accumulated Depreciation | $ (6.3) | |||
Year Built | 1987 | |||
Date of Acquisition | 2006 | |||
San Antonio Airport | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8.2 | |||
Initial Cost to Company, Land | 3.7 | |||
Initial Cost to Company, Buildings and Improvements | 18.2 | |||
Costs Capitalized Subsequent to Acquisition | 3.7 | |||
Gross Amounts Carried | 25.6 | |||
Accumulated Depreciation | $ (9.3) | |||
Year Built | 2002 | |||
Date of Acquisition | 2006 | |||
Lubbock Medical Center | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.8 | |||
Initial Cost to Company, Land | 0.5 | |||
Initial Cost to Company, Buildings and Improvements | 10.6 | |||
Costs Capitalized Subsequent to Acquisition | (6.9) | |||
Gross Amounts Carried | 4.2 | |||
Accumulated Depreciation | $ (0.6) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Las Vegas Airport North Conv Ctr | NEVADA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6.2 | |||
Initial Cost to Company, Land | 18.8 | |||
Initial Cost to Company, Buildings and Improvements | 10.5 | |||
Costs Capitalized Subsequent to Acquisition | 5.1 | |||
Gross Amounts Carried | 34.4 | |||
Accumulated Depreciation | $ (7.5) | |||
Year Built | 1984 | |||
Date of Acquisition | 2006 | |||
Coral Springs University Dr | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.5 | |||
Initial Cost to Company, Land | 4.3 | |||
Initial Cost to Company, Buildings and Improvements | 6 | |||
Costs Capitalized Subsequent to Acquisition | (1.4) | |||
Gross Amounts Carried | 8.9 | |||
Accumulated Depreciation | $ (1.3) | |||
Year Built | 1980 | |||
Date of Acquisition | 2006 | |||
Fort Stockton | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.5 | |||
Initial Cost to Company, Land | 0.5 | |||
Initial Cost to Company, Buildings and Improvements | 4.3 | |||
Costs Capitalized Subsequent to Acquisition | 1.4 | |||
Gross Amounts Carried | 6.2 | |||
Accumulated Depreciation | $ (2.7) | |||
Year Built | 1983 | |||
Date of Acquisition | 2006 | |||
San Marcos | Texas | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.5 | |||
Initial Cost to Company, Land | 2.8 | |||
Initial Cost to Company, Buildings and Improvements | 4.4 | |||
Costs Capitalized Subsequent to Acquisition | 2.5 | |||
Gross Amounts Carried | 9.7 | |||
Accumulated Depreciation | $ (3.2) | |||
Year Built | 1993 | |||
Date of Acquisition | 2006 | |||
Chattanooga Hamilton Place | TENNESSEE | Baymont | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.7 | |||
Initial Cost to Company, Land | 0.8 | |||
Initial Cost to Company, Buildings and Improvements | 7.7 | |||
Costs Capitalized Subsequent to Acquisition | (5.4) | |||
Gross Amounts Carried | 3.1 | |||
Accumulated Depreciation | $ (0.9) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Savannah I95 | GEORGIA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.4 | |||
Initial Cost to Company, Land | 0.7 | |||
Initial Cost to Company, Buildings and Improvements | 8.9 | |||
Costs Capitalized Subsequent to Acquisition | (5.8) | |||
Gross Amounts Carried | 3.8 | |||
Accumulated Depreciation | $ (0.6) | |||
Year Built | 1987 | |||
Date of Acquisition | 2006 | |||
Kingsport Tri Cities Airport | TENNESSEE | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.2 | |||
Initial Cost to Company, Land | 0.5 | |||
Initial Cost to Company, Buildings and Improvements | 6.6 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 9.1 | |||
Accumulated Depreciation | $ (4.2) | |||
Year Built | 1991 | |||
Date of Acquisition | 2006 | |||
Austin At The Domain | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6.3 | |||
Initial Cost to Company, Land | 4.1 | |||
Initial Cost to Company, Buildings and Improvements | 10.2 | |||
Costs Capitalized Subsequent to Acquisition | 5.6 | |||
Gross Amounts Carried | 19.9 | |||
Accumulated Depreciation | $ (5.7) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Dallas Addison Galleria | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.9 | |||
Initial Cost to Company, Land | 2.6 | |||
Initial Cost to Company, Buildings and Improvements | 5.6 | |||
Costs Capitalized Subsequent to Acquisition | 2.4 | |||
Gross Amounts Carried | 10.6 | |||
Accumulated Depreciation | $ (4.2) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Flagstaff | ARIZONA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6.6 | |||
Initial Cost to Company, Land | 4.9 | |||
Initial Cost to Company, Buildings and Improvements | 8.9 | |||
Costs Capitalized Subsequent to Acquisition | 5.7 | |||
Gross Amounts Carried | 19.5 | |||
Accumulated Depreciation | $ (5.6) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Macon | GEORGIA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.4 | |||
Initial Cost to Company, Land | 2.6 | |||
Initial Cost to Company, Buildings and Improvements | 11.1 | |||
Costs Capitalized Subsequent to Acquisition | 2.8 | |||
Gross Amounts Carried | 16.5 | |||
Accumulated Depreciation | $ (6.8) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Fort Lauderdale Cypress Creek I95 | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.7 | |||
Initial Cost to Company, Land | 4.2 | |||
Initial Cost to Company, Buildings and Improvements | 10.8 | |||
Costs Capitalized Subsequent to Acquisition | 6.7 | |||
Gross Amounts Carried | 21.7 | |||
Accumulated Depreciation | $ (8.8) | |||
Year Built | 1987 | |||
Date of Acquisition | 2006 | |||
Dallas D F W Airport North Irving | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.7 | |||
Initial Cost to Company, Land | 2.4 | |||
Initial Cost to Company, Buildings and Improvements | 5.6 | |||
Costs Capitalized Subsequent to Acquisition | 5.6 | |||
Gross Amounts Carried | 13.6 | |||
Accumulated Depreciation | $ (6.6) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Raleigh Durham Airport Hospitality Court | NORTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4 | |||
Initial Cost to Company, Land | 3.8 | |||
Initial Cost to Company, Buildings and Improvements | 10.2 | |||
Costs Capitalized Subsequent to Acquisition | 3.2 | |||
Gross Amounts Carried | 17.2 | |||
Accumulated Depreciation | $ (6.5) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Tucson Airport | ARIZONA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.8 | |||
Initial Cost to Company, Land | 2 | |||
Initial Cost to Company, Buildings and Improvements | 11 | |||
Costs Capitalized Subsequent to Acquisition | 2.5 | |||
Gross Amounts Carried | 15.5 | |||
Accumulated Depreciation | $ (6.4) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Denver Tech Center | COLORADO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.8 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 7.6 | |||
Costs Capitalized Subsequent to Acquisition | 5.2 | |||
Gross Amounts Carried | 13.9 | |||
Accumulated Depreciation | $ (4.4) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Phoenix Scottsdale | ARIZONA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7.6 | |||
Initial Cost to Company, Land | 5.2 | |||
Initial Cost to Company, Buildings and Improvements | 9.4 | |||
Costs Capitalized Subsequent to Acquisition | 3.8 | |||
Gross Amounts Carried | 18.4 | |||
Accumulated Depreciation | $ (5.3) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Birmingham Homewood | ALABAMA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.8 | |||
Initial Cost to Company, Land | 5.1 | |||
Initial Cost to Company, Buildings and Improvements | 10 | |||
Costs Capitalized Subsequent to Acquisition | 2.2 | |||
Gross Amounts Carried | 17.3 | |||
Accumulated Depreciation | $ (5.8) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Fort Worth North | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.7 | |||
Initial Cost to Company, Land | 2.9 | |||
Initial Cost to Company, Buildings and Improvements | 8.7 | |||
Costs Capitalized Subsequent to Acquisition | 5.5 | |||
Gross Amounts Carried | 17.1 | |||
Accumulated Depreciation | $ (5.7) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Myrtle Beach Broadway Area | SOUTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5.8 | |||
Initial Cost to Company, Land | 1.2 | |||
Initial Cost to Company, Buildings and Improvements | 7.6 | |||
Costs Capitalized Subsequent to Acquisition | 2.6 | |||
Gross Amounts Carried | 11.4 | |||
Accumulated Depreciation | $ (4.1) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Denver Louisville Boulder | COLORADO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 7.6 | |||
Costs Capitalized Subsequent to Acquisition | 5.1 | |||
Gross Amounts Carried | 13.7 | |||
Accumulated Depreciation | $ (4.4) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Sherman | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.1 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 7.1 | |||
Costs Capitalized Subsequent to Acquisition | (3.8) | |||
Gross Amounts Carried | 4.4 | |||
Accumulated Depreciation | $ (0.8) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Birmingham Hoover Riverchase | ALABAMA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.5 | |||
Initial Cost to Company, Land | 3.2 | |||
Initial Cost to Company, Buildings and Improvements | 9.7 | |||
Costs Capitalized Subsequent to Acquisition | (7.6) | |||
Gross Amounts Carried | 5.3 | |||
Accumulated Depreciation | $ (0.9) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Shreveport Airport | LOUISIANA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.8 | |||
Initial Cost to Company, Land | 1.7 | |||
Initial Cost to Company, Buildings and Improvements | 8.2 | |||
Costs Capitalized Subsequent to Acquisition | 4.9 | |||
Gross Amounts Carried | 14.8 | |||
Accumulated Depreciation | $ (4.6) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Houston West Park10 | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.2 | |||
Initial Cost to Company, Land | 3.8 | |||
Initial Cost to Company, Buildings and Improvements | 6.8 | |||
Costs Capitalized Subsequent to Acquisition | (7.1) | |||
Gross Amounts Carried | 3.5 | |||
Accumulated Depreciation | $ (0.8) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Fort Worth City View | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.1 | |||
Initial Cost to Company, Land | 6.3 | |||
Initial Cost to Company, Buildings and Improvements | 8 | |||
Costs Capitalized Subsequent to Acquisition | 4.4 | |||
Gross Amounts Carried | 18.7 | |||
Accumulated Depreciation | $ (4.6) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Salt Lake City Airport | UTAH | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.6 | |||
Initial Cost to Company, Land | 2.5 | |||
Initial Cost to Company, Buildings and Improvements | 8 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 12.5 | |||
Accumulated Depreciation | $ (4.3) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Raleigh Crabtree | NORTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4 | |||
Initial Cost to Company, Land | 3.6 | |||
Initial Cost to Company, Buildings and Improvements | 9.8 | |||
Costs Capitalized Subsequent to Acquisition | 3.8 | |||
Gross Amounts Carried | 17.2 | |||
Accumulated Depreciation | $ (6.5) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Arlington South Dallas | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.3 | |||
Initial Cost to Company, Land | 7.4 | |||
Initial Cost to Company, Buildings and Improvements | 7.5 | |||
Costs Capitalized Subsequent to Acquisition | 2.9 | |||
Gross Amounts Carried | 17.8 | |||
Accumulated Depreciation | $ (5.1) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Alexandria Airport | LOUISIANA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.6 | |||
Initial Cost to Company, Land | 2.1 | |||
Initial Cost to Company, Buildings and Improvements | 8.2 | |||
Costs Capitalized Subsequent to Acquisition | (6.8) | |||
Gross Amounts Carried | 3.5 | |||
Accumulated Depreciation | $ (0.7) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Orem University Pkwy | UTAH | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.5 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 9 | |||
Costs Capitalized Subsequent to Acquisition | 5 | |||
Gross Amounts Carried | 15.1 | |||
Accumulated Depreciation | $ (5.1) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Houston Galleria Area | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5.4 | |||
Initial Cost to Company, Land | 13.2 | |||
Initial Cost to Company, Buildings and Improvements | 12 | |||
Costs Capitalized Subsequent to Acquisition | 3.4 | |||
Gross Amounts Carried | 28.6 | |||
Accumulated Depreciation | $ (6.7) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Atlanta Alpharetta | GEORGIA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.1 | |||
Initial Cost to Company, Land | 2.1 | |||
Initial Cost to Company, Buildings and Improvements | 7.4 | |||
Costs Capitalized Subsequent to Acquisition | 5.3 | |||
Gross Amounts Carried | 14.8 | |||
Accumulated Depreciation | $ (4.4) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Tampa Brandon Regency Park | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.4 | |||
Initial Cost to Company, Land | 10.6 | |||
Initial Cost to Company, Buildings and Improvements | 9.6 | |||
Costs Capitalized Subsequent to Acquisition | 3.8 | |||
Gross Amounts Carried | 24 | |||
Accumulated Depreciation | $ (4.6) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Raleigh Cary | NORTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.6 | |||
Initial Cost to Company, Land | 1.5 | |||
Initial Cost to Company, Buildings and Improvements | 7.7 | |||
Costs Capitalized Subsequent to Acquisition | 3.4 | |||
Gross Amounts Carried | 12.6 | |||
Accumulated Depreciation | $ (5.6) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Oklahoma City Norman | OKLAHOMA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.7 | |||
Initial Cost to Company, Land | 2.6 | |||
Initial Cost to Company, Buildings and Improvements | 8.1 | |||
Costs Capitalized Subsequent to Acquisition | 4.7 | |||
Gross Amounts Carried | 15.4 | |||
Accumulated Depreciation | $ (4.6) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Dallas Plano West | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.5 | |||
Initial Cost to Company, Land | 1.9 | |||
Initial Cost to Company, Buildings and Improvements | 7.9 | |||
Costs Capitalized Subsequent to Acquisition | 5.6 | |||
Gross Amounts Carried | 15.4 | |||
Accumulated Depreciation | $ (4.9) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Jacksonville Butler Blvd | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.6 | |||
Initial Cost to Company, Land | 3.8 | |||
Initial Cost to Company, Buildings and Improvements | 10.2 | |||
Costs Capitalized Subsequent to Acquisition | 2.4 | |||
Gross Amounts Carried | 16.4 | |||
Accumulated Depreciation | $ (5.3) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Grand Junction Airport | COLORADO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 8.8 | |||
Costs Capitalized Subsequent to Acquisition | 4.2 | |||
Gross Amounts Carried | 14.1 | |||
Accumulated Depreciation | $ (4.6) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Atlanta Conyers | GEORGIA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.5 | |||
Initial Cost to Company, Land | 4.1 | |||
Initial Cost to Company, Buildings and Improvements | 8.7 | |||
Costs Capitalized Subsequent to Acquisition | 5.2 | |||
Gross Amounts Carried | 18 | |||
Accumulated Depreciation | $ (5.2) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Pueblo | COLORADO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.8 | |||
Initial Cost to Company, Land | 1.3 | |||
Initial Cost to Company, Buildings and Improvements | 7.2 | |||
Costs Capitalized Subsequent to Acquisition | 1.7 | |||
Gross Amounts Carried | 10.2 | |||
Accumulated Depreciation | $ (3.9) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Phoenix Mesa West | ARIZONA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.5 | |||
Initial Cost to Company, Land | 3.3 | |||
Initial Cost to Company, Buildings and Improvements | 10.5 | |||
Costs Capitalized Subsequent to Acquisition | 2.9 | |||
Gross Amounts Carried | 16.7 | |||
Accumulated Depreciation | $ (5) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Lakeland West | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.4 | |||
Initial Cost to Company, Land | 5.7 | |||
Initial Cost to Company, Buildings and Improvements | 9 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 16.7 | |||
Accumulated Depreciation | $ (4.6) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Panama City | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.1 | |||
Initial Cost to Company, Land | 4.5 | |||
Initial Cost to Company, Buildings and Improvements | 9.9 | |||
Costs Capitalized Subsequent to Acquisition | (3.1) | |||
Gross Amounts Carried | 11.3 | |||
Accumulated Depreciation | $ (2.5) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Mesa Superstition Springs | ARIZONA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.5 | |||
Initial Cost to Company, Land | 5 | |||
Initial Cost to Company, Buildings and Improvements | 8.7 | |||
Costs Capitalized Subsequent to Acquisition | 2.7 | |||
Gross Amounts Carried | 16.4 | |||
Accumulated Depreciation | $ (5) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
U S F Near Busch Gardens | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.6 | |||
Initial Cost to Company, Land | 6.9 | |||
Initial Cost to Company, Buildings and Improvements | 7.8 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 17 | |||
Accumulated Depreciation | $ (4.3) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Denver Airport D I A | COLORADO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8.6 | |||
Initial Cost to Company, Land | 4.9 | |||
Initial Cost to Company, Buildings and Improvements | 13.6 | |||
Costs Capitalized Subsequent to Acquisition | 6.1 | |||
Gross Amounts Carried | 24.6 | |||
Accumulated Depreciation | $ (6.8) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Albuquerque West | NEW MEXICO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.1 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 6.7 | |||
Costs Capitalized Subsequent to Acquisition | 2.2 | |||
Gross Amounts Carried | 10 | |||
Accumulated Depreciation | $ (4) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Miami Airport West | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.1 | |||
Initial Cost to Company, Land | 4.7 | |||
Initial Cost to Company, Buildings and Improvements | 11.2 | |||
Costs Capitalized Subsequent to Acquisition | 3.6 | |||
Gross Amounts Carried | 19.5 | |||
Accumulated Depreciation | $ (5.2) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Colorado Springs South Airport | COLORADO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7.1 | |||
Initial Cost to Company, Land | 1.3 | |||
Initial Cost to Company, Buildings and Improvements | 11.2 | |||
Costs Capitalized Subsequent to Acquisition | 1.6 | |||
Gross Amounts Carried | 14.1 | |||
Accumulated Depreciation | $ (5.4) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Ft Lauderdale Plantation At Peters Road | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.8 | |||
Initial Cost to Company, Land | 4.3 | |||
Initial Cost to Company, Buildings and Improvements | 10.4 | |||
Costs Capitalized Subsequent to Acquisition | 3.3 | |||
Gross Amounts Carried | 18 | |||
Accumulated Depreciation | $ (5.2) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
New Orleans Downtown | LOUISIANA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8.2 | |||
Initial Cost to Company, Land | 2.2 | |||
Initial Cost to Company, Buildings and Improvements | 16 | |||
Costs Capitalized Subsequent to Acquisition | 13.1 | |||
Gross Amounts Carried | 31.3 | |||
Accumulated Depreciation | $ (8.9) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Phoenix West Peoria | ARIZONA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5.3 | |||
Initial Cost to Company, Land | 4.5 | |||
Initial Cost to Company, Buildings and Improvements | 8.8 | |||
Costs Capitalized Subsequent to Acquisition | 1.6 | |||
Gross Amounts Carried | 14.9 | |||
Accumulated Depreciation | $ (4.5) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Ft Lauderdale Airport | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.3 | |||
Initial Cost to Company, Land | 2.5 | |||
Initial Cost to Company, Buildings and Improvements | 10.7 | |||
Costs Capitalized Subsequent to Acquisition | 5.6 | |||
Gross Amounts Carried | 18.8 | |||
Accumulated Depreciation | $ (5.8) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Denver Southwest Lakewood | COLORADO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5.8 | |||
Initial Cost to Company, Land | 1.2 | |||
Initial Cost to Company, Buildings and Improvements | 6.7 | |||
Costs Capitalized Subsequent to Acquisition | 1.8 | |||
Gross Amounts Carried | 9.7 | |||
Accumulated Depreciation | $ (3.9) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Orlando Lake Mary | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5.4 | |||
Initial Cost to Company, Land | 4.3 | |||
Initial Cost to Company, Buildings and Improvements | 10.1 | |||
Costs Capitalized Subsequent to Acquisition | 5.1 | |||
Gross Amounts Carried | 19.5 | |||
Accumulated Depreciation | $ (5.1) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Ocala | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.8 | |||
Initial Cost to Company, Land | 2.3 | |||
Initial Cost to Company, Buildings and Improvements | 9.7 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 14 | |||
Accumulated Depreciation | $ (4.7) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Phoenix Chandler | ARIZONA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.6 | |||
Initial Cost to Company, Land | 4.6 | |||
Initial Cost to Company, Buildings and Improvements | 8.1 | |||
Costs Capitalized Subsequent to Acquisition | 4.6 | |||
Gross Amounts Carried | 17.3 | |||
Accumulated Depreciation | $ (4.1) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Omaha Southwest | NEBRASKA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0.8 | |||
Initial Cost to Company, Land | 0.6 | |||
Initial Cost to Company, Buildings and Improvements | 2.6 | |||
Costs Capitalized Subsequent to Acquisition | 0.4 | |||
Gross Amounts Carried | 3.6 | |||
Accumulated Depreciation | $ (2.6) | |||
Year Built | 1979 | |||
Date of Acquisition | 2006 | |||
Cleveland Macedonia | OHIO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.9 | |||
Initial Cost to Company, Land | 0.8 | |||
Initial Cost to Company, Buildings and Improvements | 2.1 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 4.9 | |||
Accumulated Depreciation | $ (2.1) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Cleveland Independence | OHIO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 0.7 | |||
Initial Cost to Company, Buildings and Improvements | 2.9 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 5.9 | |||
Accumulated Depreciation | $ (3.2) | |||
Year Built | 1990 | |||
Date of Acquisition | 2006 | |||
Milwaukee Delafield | WISCONSIN | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.3 | |||
Initial Cost to Company, Land | 1.7 | |||
Initial Cost to Company, Buildings and Improvements | 5.2 | |||
Costs Capitalized Subsequent to Acquisition | 2.1 | |||
Gross Amounts Carried | 9 | |||
Accumulated Depreciation | $ (3.3) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Sheboygan | WISCONSIN | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.6 | |||
Initial Cost to Company, Land | 0.3 | |||
Initial Cost to Company, Buildings and Improvements | 4.4 | |||
Costs Capitalized Subsequent to Acquisition | 1.7 | |||
Gross Amounts Carried | 6.4 | |||
Accumulated Depreciation | $ (5.6) | |||
Year Built | 1975 | |||
Date of Acquisition | 2006 | |||
Kansas City North | MISSOURI | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.8 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 3.6 | |||
Costs Capitalized Subsequent to Acquisition | 2.2 | |||
Gross Amounts Carried | 6.9 | |||
Accumulated Depreciation | $ (3.8) | |||
Year Built | 1991 | |||
Date of Acquisition | 2006 | |||
Birmingham Cahaba Park South | ALABAMA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1 | |||
Initial Cost to Company, Land | 2 | |||
Initial Cost to Company, Buildings and Improvements | 4 | |||
Costs Capitalized Subsequent to Acquisition | (2.6) | |||
Gross Amounts Carried | 3.4 | |||
Accumulated Depreciation | $ (0.8) | |||
Year Built | 1987 | |||
Date of Acquisition | 2006 | |||
Springdale | ARKANSAS | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.6 | |||
Initial Cost to Company, Land | 1.8 | |||
Initial Cost to Company, Buildings and Improvements | 4.1 | |||
Costs Capitalized Subsequent to Acquisition | 2.7 | |||
Gross Amounts Carried | 8.6 | |||
Accumulated Depreciation | $ (3.5) | |||
Year Built | 1994 | |||
Date of Acquisition | 2006 | |||
Hartford Bradley International Airport | CONNECTICUT | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.7 | |||
Initial Cost to Company, Land | 1.3 | |||
Initial Cost to Company, Buildings and Improvements | 6 | |||
Costs Capitalized Subsequent to Acquisition | 7.2 | |||
Gross Amounts Carried | 14.5 | |||
Accumulated Depreciation | $ (4.4) | |||
Year Built | 1991 | |||
Date of Acquisition | 2006 | |||
Jacksonville Mandarin San Jose | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4 | |||
Initial Cost to Company, Land | 0.9 | |||
Initial Cost to Company, Buildings and Improvements | 4.2 | |||
Costs Capitalized Subsequent to Acquisition | 3.2 | |||
Gross Amounts Carried | 8.3 | |||
Accumulated Depreciation | $ (3.7) | |||
Year Built | 1989 | |||
Date of Acquisition | 2006 | |||
Orlando South | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.7 | |||
Initial Cost to Company, Land | 3.4 | |||
Initial Cost to Company, Buildings and Improvements | 4.7 | |||
Costs Capitalized Subsequent to Acquisition | 3.5 | |||
Gross Amounts Carried | 11.6 | |||
Accumulated Depreciation | $ (3.8) | |||
Year Built | 1988 | |||
Date of Acquisition | 2006 | |||
Atlanta Midtown Buckhead | GEORGIA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3 | |||
Initial Cost to Company, Land | 2 | |||
Initial Cost to Company, Buildings and Improvements | 1.3 | |||
Costs Capitalized Subsequent to Acquisition | 5.3 | |||
Gross Amounts Carried | 8.6 | |||
Accumulated Depreciation | $ (1.4) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Clive West Des Moines | IOWA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.9 | |||
Initial Cost to Company, Land | 1.4 | |||
Initial Cost to Company, Buildings and Improvements | 5.2 | |||
Costs Capitalized Subsequent to Acquisition | 1.9 | |||
Gross Amounts Carried | 8.5 | |||
Accumulated Depreciation | $ (3.5) | |||
Year Built | 1993 | |||
Date of Acquisition | 2006 | |||
Chicago Gurnee | ILLINOIS | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0.9 | |||
Initial Cost to Company, Land | 1.5 | |||
Initial Cost to Company, Buildings and Improvements | 4.8 | |||
Costs Capitalized Subsequent to Acquisition | (1.5) | |||
Gross Amounts Carried | 4.8 | |||
Accumulated Depreciation | $ (1.1) | |||
Year Built | 1994 | |||
Date of Acquisition | 2006 | |||
Chicago Tinley Park | ILLINOIS | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.5 | |||
Initial Cost to Company, Land | 0.5 | |||
Initial Cost to Company, Buildings and Improvements | 4.1 | |||
Costs Capitalized Subsequent to Acquisition | 3.9 | |||
Gross Amounts Carried | 8.5 | |||
Accumulated Depreciation | $ (4.1) | |||
Year Built | 1995 | |||
Date of Acquisition | 2006 | |||
Baton Rouge Siegan Lane | LOUISIANA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.6 | |||
Initial Cost to Company, Land | 1.9 | |||
Initial Cost to Company, Buildings and Improvements | 4.5 | |||
Costs Capitalized Subsequent to Acquisition | (3.1) | |||
Gross Amounts Carried | 3.3 | |||
Accumulated Depreciation | $ (0.6) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Auburn Worcester | MASSACHUSETTS | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.5 | |||
Initial Cost to Company, Buildings and Improvements | 1.8 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 4.1 | |||
Accumulated Depreciation | $ (2.4) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Detroit Canton | MICHIGAN | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 0.7 | |||
Initial Cost to Company, Buildings and Improvements | 3.9 | |||
Costs Capitalized Subsequent to Acquisition | 2.1 | |||
Gross Amounts Carried | 6.7 | |||
Accumulated Depreciation | $ (3.2) | |||
Year Built | 1987 | |||
Date of Acquisition | 2006 | |||
Detroit Southgate | MICHIGAN | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.6 | |||
Initial Cost to Company, Land | 0.7 | |||
Initial Cost to Company, Buildings and Improvements | 4.8 | |||
Costs Capitalized Subsequent to Acquisition | 1.2 | |||
Gross Amounts Carried | 6.7 | |||
Accumulated Depreciation | $ (3.3) | |||
Year Built | 1991 | |||
Date of Acquisition | 2006 | |||
Meridian | MISSISSIPPI | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.8 | |||
Initial Cost to Company, Land | 1.3 | |||
Initial Cost to Company, Buildings and Improvements | 3.3 | |||
Costs Capitalized Subsequent to Acquisition | 1.9 | |||
Gross Amounts Carried | 6.5 | |||
Accumulated Depreciation | $ (3.4) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Plattsburgh | NEW YORK | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 1.6 | |||
Initial Cost to Company, Buildings and Improvements | 4.5 | |||
Costs Capitalized Subsequent to Acquisition | (1.9) | |||
Gross Amounts Carried | 4.2 | |||
Accumulated Depreciation | $ (0.9) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Cincinnati North | OHIO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0.7 | |||
Initial Cost to Company, Land | 1.2 | |||
Initial Cost to Company, Buildings and Improvements | 3.1 | |||
Costs Capitalized Subsequent to Acquisition | (1.4) | |||
Gross Amounts Carried | 2.9 | |||
Accumulated Depreciation | $ (0.6) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Cleveland Airport North | OHIO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.6 | |||
Initial Cost to Company, Buildings and Improvements | 3.1 | |||
Costs Capitalized Subsequent to Acquisition | 6.3 | |||
Gross Amounts Carried | 9.4 | |||
Accumulated Depreciation | $ (3.3) | |||
Year Built | 1992 | |||
Date of Acquisition | 2006 | |||
Columbus Dublin | OHIO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0.7 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 2.2 | |||
Costs Capitalized Subsequent to Acquisition | (0.1) | |||
Gross Amounts Carried | 3.2 | |||
Accumulated Depreciation | $ (1) | |||
Year Built | 1993 | |||
Date of Acquisition | 2006 | |||
Mansfield | OHIO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.7 | |||
Initial Cost to Company, Land | 1.5 | |||
Initial Cost to Company, Buildings and Improvements | 3.7 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 7.5 | |||
Accumulated Depreciation | $ (3.1) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Hershey Harrisburg Airport | PENNSYLVANIA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.3 | |||
Initial Cost to Company, Land | 3.1 | |||
Initial Cost to Company, Buildings and Improvements | 5.8 | |||
Costs Capitalized Subsequent to Acquisition | 2.1 | |||
Gross Amounts Carried | 11 | |||
Accumulated Depreciation | $ (4.3) | |||
Year Built | 1990 | |||
Date of Acquisition | 2006 | |||
Jackson | TENNESSEE | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.5 | |||
Initial Cost to Company, Land | 2.6 | |||
Initial Cost to Company, Buildings and Improvements | 3.2 | |||
Costs Capitalized Subsequent to Acquisition | (2.3) | |||
Gross Amounts Carried | 3.5 | |||
Accumulated Depreciation | $ (0.9) | |||
Year Built | 1991 | |||
Date of Acquisition | 2006 | |||
Nashville Franklin | TENNESSEE | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3 | |||
Initial Cost to Company, Land | 0.7 | |||
Initial Cost to Company, Buildings and Improvements | 3.5 | |||
Costs Capitalized Subsequent to Acquisition | 2.4 | |||
Gross Amounts Carried | 6.6 | |||
Accumulated Depreciation | $ (2.9) | |||
Year Built | 1993 | |||
Date of Acquisition | 2006 | |||
Milwaukee Airport Oak Creek | WISCONSIN | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.9 | |||
Initial Cost to Company, Land | 0.8 | |||
Initial Cost to Company, Buildings and Improvements | 5.7 | |||
Costs Capitalized Subsequent to Acquisition | 1.3 | |||
Gross Amounts Carried | 7.8 | |||
Accumulated Depreciation | $ (3.8) | |||
Year Built | 1988 | |||
Date of Acquisition | 2006 | |||
Milwaukee West Brookfield | WISCONSIN | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0.8 | |||
Initial Cost to Company, Land | 1.5 | |||
Initial Cost to Company, Buildings and Improvements | 6.1 | |||
Costs Capitalized Subsequent to Acquisition | (3.7) | |||
Gross Amounts Carried | 3.9 | |||
Accumulated Depreciation | $ (1.6) | |||
Year Built | 1991 | |||
Date of Acquisition | 2006 | |||
Stevens Point | WISCONSIN | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0.8 | |||
Initial Cost to Company, Land | 0.2 | |||
Initial Cost to Company, Buildings and Improvements | 3.4 | |||
Costs Capitalized Subsequent to Acquisition | 1 | |||
Gross Amounts Carried | 4.6 | |||
Accumulated Depreciation | $ (2.3) | |||
Year Built | 1989 | |||
Date of Acquisition | 2006 | |||
Tampa Fairgrounds Casino | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.2 | |||
Initial Cost to Company, Land | 0.9 | |||
Initial Cost to Company, Buildings and Improvements | 3 | |||
Costs Capitalized Subsequent to Acquisition | 1.7 | |||
Gross Amounts Carried | 5.6 | |||
Accumulated Depreciation | $ (3) | |||
Year Built | 1988 | |||
Date of Acquisition | 2006 | |||
Brunswick | GEORGIA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2 | |||
Initial Cost to Company, Land | 0.9 | |||
Initial Cost to Company, Buildings and Improvements | 1.2 | |||
Costs Capitalized Subsequent to Acquisition | 3.4 | |||
Gross Amounts Carried | 5.5 | |||
Accumulated Depreciation | $ (1.2) | |||
Year Built | 1990 | |||
Date of Acquisition | 2006 | |||
Toledo Perrysburg | OHIO | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.7 | |||
Initial Cost to Company, Land | 1.6 | |||
Initial Cost to Company, Buildings and Improvements | 1.8 | |||
Costs Capitalized Subsequent to Acquisition | 1.9 | |||
Gross Amounts Carried | 5.3 | |||
Accumulated Depreciation | $ (1.8) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Columbia N E Fort Jackson Area | SOUTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0.9 | |||
Initial Cost to Company, Land | 0.5 | |||
Initial Cost to Company, Buildings and Improvements | 3.9 | |||
Costs Capitalized Subsequent to Acquisition | 2.9 | |||
Gross Amounts Carried | 7.3 | |||
Accumulated Depreciation | $ (4) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Columbia | MISSOURI | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.3 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 4.6 | |||
Costs Capitalized Subsequent to Acquisition | 2.2 | |||
Gross Amounts Carried | 7.9 | |||
Accumulated Depreciation | $ (4.1) | |||
Year Built | 1988 | |||
Date of Acquisition | 2006 | |||
Melbourne Viera | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.2 | |||
Initial Cost to Company, Land | 7.8 | |||
Initial Cost to Company, Buildings and Improvements | 5.2 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 15.3 | |||
Accumulated Depreciation | $ (3.4) | |||
Year Built | 1995 | |||
Date of Acquisition | 2006 | |||
Naples East | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.2 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 5.2 | |||
Costs Capitalized Subsequent to Acquisition | 1.6 | |||
Gross Amounts Carried | 7.8 | |||
Accumulated Depreciation | $ (3.4) | |||
Year Built | 1995 | |||
Date of Acquisition | 2006 | |||
Sunrise Sawgrass Mills | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.4 | |||
Initial Cost to Company, Land | 3.8 | |||
Initial Cost to Company, Buildings and Improvements | 5.2 | |||
Costs Capitalized Subsequent to Acquisition | 5.4 | |||
Gross Amounts Carried | 14.4 | |||
Accumulated Depreciation | $ (4.8) | |||
Year Built | 1995 | |||
Date of Acquisition | 2006 | |||
Detroit Utica | MICHIGAN | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.2 | |||
Initial Cost to Company, Land | 2.1 | |||
Initial Cost to Company, Buildings and Improvements | 5.4 | |||
Costs Capitalized Subsequent to Acquisition | 5.7 | |||
Gross Amounts Carried | 13.2 | |||
Accumulated Depreciation | $ (3.8) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Miami Cutler Bay | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.1 | |||
Initial Cost to Company, Land | 4.6 | |||
Initial Cost to Company, Buildings and Improvements | 4.9 | |||
Costs Capitalized Subsequent to Acquisition | 4.8 | |||
Gross Amounts Carried | 14.3 | |||
Accumulated Depreciation | $ (4.9) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Chicago Willowbrook | ILLINOIS | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.8 | |||
Initial Cost to Company, Land | 2.3 | |||
Initial Cost to Company, Buildings and Improvements | 6.3 | |||
Costs Capitalized Subsequent to Acquisition | 2.1 | |||
Gross Amounts Carried | 10.7 | |||
Accumulated Depreciation | $ (4.9) | |||
Year Built | 1987 | |||
Date of Acquisition | 2006 | |||
Austin Round Rock | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.5 | |||
Initial Cost to Company, Land | 1.2 | |||
Initial Cost to Company, Buildings and Improvements | 1.6 | |||
Costs Capitalized Subsequent to Acquisition | 5.2 | |||
Gross Amounts Carried | 8 | |||
Accumulated Depreciation | $ (2.1) | |||
Year Built | 1998 | |||
Date of Acquisition | 2006 | |||
Milwaukee West New Berlin | WISCONSIN | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.3 | |||
Initial Cost to Company, Land | 3.7 | |||
Initial Cost to Company, Buildings and Improvements | 2.2 | |||
Costs Capitalized Subsequent to Acquisition | 1 | |||
Gross Amounts Carried | 6.9 | |||
Accumulated Depreciation | $ (1.6) | |||
Year Built | 2001 | |||
Date of Acquisition | 2006 | |||
Boston Somerville | MASSACHUSETTS | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 10.8 | |||
Initial Cost to Company, Buildings and Improvements | 12.5 | |||
Costs Capitalized Subsequent to Acquisition | 3.9 | |||
Gross Amounts Carried | 16.4 | |||
Accumulated Depreciation | $ (7.2) | |||
Year Built | 2000 | |||
Date of Acquisition | 2006 | |||
Los Angeles L A X Airport | California | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 16.3 | |||
Initial Cost to Company, Land | 3.1 | |||
Initial Cost to Company, Buildings and Improvements | 17.6 | |||
Costs Capitalized Subsequent to Acquisition | 13 | |||
Gross Amounts Carried | 33.7 | |||
Accumulated Depreciation | $ (12) | |||
Year Built | 1972 | |||
Date of Acquisition | 2006 | |||
Orange County Airport | California | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8.1 | |||
Initial Cost to Company, Land | 2.2 | |||
Initial Cost to Company, Buildings and Improvements | 12.4 | |||
Costs Capitalized Subsequent to Acquisition | 17.5 | |||
Gross Amounts Carried | 32.1 | |||
Accumulated Depreciation | $ (8.5) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Myrtle Beach N Kings Hwy | SOUTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.9 | |||
Initial Cost to Company, Land | 1.2 | |||
Initial Cost to Company, Buildings and Improvements | 5.7 | |||
Costs Capitalized Subsequent to Acquisition | 7.3 | |||
Gross Amounts Carried | 14.2 | |||
Accumulated Depreciation | $ (4) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Islip Mac Arthur Airport | NEW YORK | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6.6 | |||
Initial Cost to Company, Land | 2.3 | |||
Initial Cost to Company, Buildings and Improvements | 16.9 | |||
Costs Capitalized Subsequent to Acquisition | 1.1 | |||
Gross Amounts Carried | 20.3 | |||
Accumulated Depreciation | $ (7.1) | |||
Year Built | 2006 | |||
Date of Acquisition | 2006 | |||
Anaheim | California | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5.6 | |||
Initial Cost to Company, Buildings and Improvements | 7.3 | |||
Costs Capitalized Subsequent to Acquisition | 4.8 | |||
Gross Amounts Carried | 12.1 | |||
Accumulated Depreciation | $ (4.9) | |||
Year Built | 1992 | |||
Date of Acquisition | 2006 | |||
Little Rock Downtown | ARKANSAS | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2 | |||
Initial Cost to Company, Land | 0.8 | |||
Initial Cost to Company, Buildings and Improvements | 7.6 | |||
Costs Capitalized Subsequent to Acquisition | 0.3 | |||
Gross Amounts Carried | 8.7 | |||
Accumulated Depreciation | $ (2.8) | |||
Year Built | 1972 | |||
Date of Acquisition | 2006 | |||
Minneapolis Bloomington West | MINNESOTA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.3 | |||
Initial Cost to Company, Land | 2.1 | |||
Initial Cost to Company, Buildings and Improvements | 12.2 | |||
Costs Capitalized Subsequent to Acquisition | 11.5 | |||
Gross Amounts Carried | 25.8 | |||
Accumulated Depreciation | $ (8.1) | |||
Year Built | 1980 | |||
Date of Acquisition | 2006 | |||
Chicago Downtown | ILLINOIS | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18.2 | |||
Initial Cost to Company, Land | 1.5 | |||
Initial Cost to Company, Buildings and Improvements | 8.4 | |||
Costs Capitalized Subsequent to Acquisition | 49 | |||
Gross Amounts Carried | 58.9 | |||
Accumulated Depreciation | $ (14.9) | |||
Year Built | 2009 | |||
Date of Acquisition | 2009 | |||
Fort Lauderdale Northeast | Florida | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Buildings and Improvements | $ 9.2 | |||
Costs Capitalized Subsequent to Acquisition | 5.4 | |||
Gross Amounts Carried | 14.6 | |||
Accumulated Depreciation | $ (6.1) | |||
Year Built | 1968 | |||
Date of Acquisition | 2006 | |||
West Palm Beach Florida Turnpike | Florida | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.3 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 6.4 | |||
Costs Capitalized Subsequent to Acquisition | 3.7 | |||
Gross Amounts Carried | 11.2 | |||
Accumulated Depreciation | $ (3.6) | |||
Year Built | 1988 | |||
Date of Acquisition | 2006 | |||
South Burlington | VERMONT | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3 | |||
Initial Cost to Company, Land | 1.7 | |||
Initial Cost to Company, Buildings and Improvements | 7.3 | |||
Costs Capitalized Subsequent to Acquisition | 2.3 | |||
Gross Amounts Carried | 11.3 | |||
Accumulated Depreciation | $ (3.4) | |||
Year Built | 1988 | |||
Date of Acquisition | 2007 | |||
St Albans | VERMONT | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.9 | |||
Initial Cost to Company, Land | 1.2 | |||
Initial Cost to Company, Buildings and Improvements | 4.7 | |||
Costs Capitalized Subsequent to Acquisition | 1.9 | |||
Gross Amounts Carried | 7.8 | |||
Accumulated Depreciation | $ (2.7) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Fort Myers Beach Sanibel Gateway | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.8 | |||
Initial Cost to Company, Land | 1.7 | |||
Initial Cost to Company, Buildings and Improvements | 9.8 | |||
Costs Capitalized Subsequent to Acquisition | 2.4 | |||
Gross Amounts Carried | 13.9 | |||
Accumulated Depreciation | $ (3.8) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Charlotte Airport North | NORTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.5 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 4.1 | |||
Costs Capitalized Subsequent to Acquisition | 2.8 | |||
Gross Amounts Carried | 7.9 | |||
Accumulated Depreciation | $ (3.2) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Charleston Riverview | SOUTH CAROLINA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6.6 | |||
Initial Cost to Company, Land | 1.8 | |||
Initial Cost to Company, Buildings and Improvements | 9.9 | |||
Costs Capitalized Subsequent to Acquisition | 4.7 | |||
Gross Amounts Carried | 16.4 | |||
Accumulated Depreciation | $ (5) | |||
Year Built | 1987 | |||
Date of Acquisition | 2006 | |||
Sacramento Rancho Cordova | California | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5.1 | |||
Initial Cost to Company, Land | 2.6 | |||
Initial Cost to Company, Buildings and Improvements | 9.3 | |||
Costs Capitalized Subsequent to Acquisition | 8.8 | |||
Gross Amounts Carried | 20.7 | |||
Accumulated Depreciation | $ (4.6) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Thousand Oaks Newbury Park | California | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.2 | |||
Initial Cost to Company, Land | 2 | |||
Initial Cost to Company, Buildings and Improvements | 11.5 | |||
Costs Capitalized Subsequent to Acquisition | 0.5 | |||
Gross Amounts Carried | 14 | |||
Accumulated Depreciation | $ (5.4) | |||
Year Built | 1987 | |||
Date of Acquisition | 2006 | |||
Baltimore North | MARYLAND | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.6 | |||
Initial Cost to Company, Land | 2.2 | |||
Initial Cost to Company, Buildings and Improvements | 12.3 | |||
Costs Capitalized Subsequent to Acquisition | 5.7 | |||
Gross Amounts Carried | 20.2 | |||
Accumulated Depreciation | $ (5) | |||
Year Built | 1987 | |||
Date of Acquisition | 2007 | |||
Baltimore B W I Airport | MARYLAND | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.6 | |||
Initial Cost to Company, Land | 3.2 | |||
Initial Cost to Company, Buildings and Improvements | 18.3 | |||
Costs Capitalized Subsequent to Acquisition | 7.2 | |||
Gross Amounts Carried | 28.7 | |||
Accumulated Depreciation | $ (7.1) | |||
Year Built | 1990 | |||
Date of Acquisition | 2007 | |||
Columbia Fort Meade | MARYLAND | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.4 | |||
Initial Cost to Company, Land | 2.5 | |||
Initial Cost to Company, Buildings and Improvements | 13.4 | |||
Costs Capitalized Subsequent to Acquisition | (12) | |||
Gross Amounts Carried | 3.9 | |||
Accumulated Depreciation | $ (0.8) | |||
Year Built | 1989 | |||
Date of Acquisition | 2007 | |||
New Haven | CONNECTICUT | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.8 | |||
Initial Cost to Company, Buildings and Improvements | 6.1 | |||
Costs Capitalized Subsequent to Acquisition | 4.9 | |||
Gross Amounts Carried | 11 | |||
Accumulated Depreciation | $ (4.8) | |||
Year Built | 1972 | |||
Date of Acquisition | 2007 | |||
Portland | MAINE | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.6 | |||
Initial Cost to Company, Land | 1.3 | |||
Initial Cost to Company, Buildings and Improvements | 5.4 | |||
Costs Capitalized Subsequent to Acquisition | 8.3 | |||
Gross Amounts Carried | 15 | |||
Accumulated Depreciation | $ (3.4) | |||
Year Built | 1985 | |||
Date of Acquisition | 2007 | |||
Salem | NEW HAMPSHIRE | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.8 | |||
Initial Cost to Company, Land | 1.3 | |||
Initial Cost to Company, Buildings and Improvements | 4.9 | |||
Costs Capitalized Subsequent to Acquisition | 6.6 | |||
Gross Amounts Carried | 12.8 | |||
Accumulated Depreciation | $ (2.7) | |||
Year Built | 1987 | |||
Date of Acquisition | 2007 | |||
Stamford New York City | CONNECTICUT | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.9 | |||
Initial Cost to Company, Land | 5.6 | |||
Initial Cost to Company, Buildings and Improvements | 16.8 | |||
Costs Capitalized Subsequent to Acquisition | (8.7) | |||
Gross Amounts Carried | 13.7 | |||
Accumulated Depreciation | $ (6.7) | |||
Year Built | 1975 | |||
Date of Acquisition | 2007 | |||
Warwick Providence Airport | RHODE ISLAND | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.9 | |||
Initial Cost to Company, Land | 2.9 | |||
Initial Cost to Company, Buildings and Improvements | 10.3 | |||
Costs Capitalized Subsequent to Acquisition | 4.5 | |||
Gross Amounts Carried | 17.7 | |||
Accumulated Depreciation | $ (4.5) | |||
Year Built | 1990 | |||
Date of Acquisition | 2007 | |||
Virginia Beach | VIRGINIA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.8 | |||
Initial Cost to Company, Land | 3.7 | |||
Initial Cost to Company, Buildings and Improvements | 8.6 | |||
Costs Capitalized Subsequent to Acquisition | 8.6 | |||
Gross Amounts Carried | 20.9 | |||
Accumulated Depreciation | $ (4.3) | |||
Year Built | 1987 | |||
Date of Acquisition | 2007 | |||
Garden City | NEW YORK | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.3 | |||
Initial Cost to Company, Land | 7.6 | |||
Initial Cost to Company, Buildings and Improvements | 14.8 | |||
Costs Capitalized Subsequent to Acquisition | 3 | |||
Gross Amounts Carried | 25.4 | |||
Accumulated Depreciation | $ (6.2) | |||
Year Built | 1999 | |||
Date of Acquisition | 2007 | |||
Oshkosh | WISCONSIN | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.4 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 2.7 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 5.7 | |||
Accumulated Depreciation | $ (4) | |||
Year Built | 1973 | |||
Date of Acquisition | 2006 | |||
Wausau | WISCONSIN | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.1 | |||
Initial Cost to Company, Land | 0.9 | |||
Initial Cost to Company, Buildings and Improvements | 4.1 | |||
Costs Capitalized Subsequent to Acquisition | 1.3 | |||
Gross Amounts Carried | 6.3 | |||
Accumulated Depreciation | $ (4.2) | |||
Year Built | 1979 | |||
Date of Acquisition | 2006 | |||
Fort Lauderdale Tamarac East | Florida | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.1 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 2 | |||
Costs Capitalized Subsequent to Acquisition | 3.2 | |||
Gross Amounts Carried | 6.2 | |||
Accumulated Depreciation | $ (0.9) | |||
Year Built | 1988 | |||
Date of Acquisition | 2006 | |||
Tampa Brandon West | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.5 | |||
Initial Cost to Company, Land | 6.7 | |||
Initial Cost to Company, Buildings and Improvements | 3 | |||
Costs Capitalized Subsequent to Acquisition | 2.4 | |||
Gross Amounts Carried | 12.1 | |||
Accumulated Depreciation | $ (3.4) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Atlanta Roswell | GEORGIA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.7 | |||
Initial Cost to Company, Land | 1.2 | |||
Initial Cost to Company, Buildings and Improvements | 2.3 | |||
Costs Capitalized Subsequent to Acquisition | 2.4 | |||
Gross Amounts Carried | 5.9 | |||
Accumulated Depreciation | $ (2.2) | |||
Year Built | 1990 | |||
Date of Acquisition | 2006 | |||
Columbus State University | GEORGIA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0.8 | |||
Initial Cost to Company, Land | 4.6 | |||
Initial Cost to Company, Buildings and Improvements | 3.8 | |||
Costs Capitalized Subsequent to Acquisition | (2.6) | |||
Gross Amounts Carried | 5.8 | |||
Accumulated Depreciation | $ (3.8) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Indianapolis Airport Executive Drive | INDIANA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 0.7 | |||
Initial Cost to Company, Buildings and Improvements | 4.7 | |||
Costs Capitalized Subsequent to Acquisition | 1.3 | |||
Gross Amounts Carried | 6.7 | |||
Accumulated Depreciation | $ (3.8) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Indianapolis East Post Drive | INDIANA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.3 | |||
Initial Cost to Company, Land | 3.5 | |||
Initial Cost to Company, Buildings and Improvements | 4.6 | |||
Costs Capitalized Subsequent to Acquisition | (4.6) | |||
Gross Amounts Carried | 3.5 | |||
Accumulated Depreciation | $ (0.6) | |||
Year Built | 1993 | |||
Date of Acquisition | 2006 | |||
Houston Northwest | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.1 | |||
Initial Cost to Company, Land | 1.4 | |||
Initial Cost to Company, Buildings and Improvements | 2.6 | |||
Costs Capitalized Subsequent to Acquisition | 0.3 | |||
Gross Amounts Carried | 4.3 | |||
Accumulated Depreciation | $ (1.3) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Houston Southwest | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1 | |||
Initial Cost to Company, Land | 1.2 | |||
Initial Cost to Company, Buildings and Improvements | 3 | |||
Costs Capitalized Subsequent to Acquisition | (0.1) | |||
Gross Amounts Carried | 4.1 | |||
Accumulated Depreciation | $ (1.7) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Kenosha Pleasant Prairie | WISCONSIN | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0.9 | |||
Initial Cost to Company, Land | 0.9 | |||
Initial Cost to Company, Buildings and Improvements | 3 | |||
Costs Capitalized Subsequent to Acquisition | 1.3 | |||
Gross Amounts Carried | 5.2 | |||
Accumulated Depreciation | $ (3.2) | |||
Year Built | 1979 | |||
Date of Acquisition | 2006 | |||
North Little Rock Mc Cain Mall | ARKANSAS | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.5 | |||
Initial Cost to Company, Land | 0.9 | |||
Initial Cost to Company, Buildings and Improvements | 4.2 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 7.1 | |||
Accumulated Depreciation | $ (3.1) | |||
Year Built | 1990 | |||
Date of Acquisition | 2006 | |||
Savannah Southside | GEORGIA | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.7 | |||
Initial Cost to Company, Land | 1.8 | |||
Initial Cost to Company, Buildings and Improvements | 4.2 | |||
Costs Capitalized Subsequent to Acquisition | 2.6 | |||
Gross Amounts Carried | 8.6 | |||
Accumulated Depreciation | $ (4.4) | |||
Year Built | 1986 | |||
Date of Acquisition | 2006 | |||
Albuquerque Northwest | NEW MEXICO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Buildings and Improvements | $ 4.4 | |||
Costs Capitalized Subsequent to Acquisition | (2.1) | |||
Gross Amounts Carried | 2.3 | |||
Accumulated Depreciation | $ (0.5) | |||
Year Built | 1990 | |||
Date of Acquisition | 2006 | |||
Houston Baytown East | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.9 | |||
Initial Cost to Company, Land | 0.4 | |||
Initial Cost to Company, Buildings and Improvements | 1.4 | |||
Costs Capitalized Subsequent to Acquisition | 2.8 | |||
Gross Amounts Carried | 4.6 | |||
Accumulated Depreciation | $ (2) | |||
Year Built | 1994 | |||
Date of Acquisition | 2006 | |||
Nashville Airport | TENNESSEE | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.1 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 5.2 | |||
Costs Capitalized Subsequent to Acquisition | 2.7 | |||
Gross Amounts Carried | 8.9 | |||
Accumulated Depreciation | $ (4.8) | |||
Year Built | 1985 | |||
Date of Acquisition | 2006 | |||
Minneapolis Airport Bloomington M S P | MINNESOTA | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2 | |||
Initial Cost to Company, Buildings and Improvements | 7 | |||
Costs Capitalized Subsequent to Acquisition | 4 | |||
Gross Amounts Carried | 11 | |||
Accumulated Depreciation | $ (9.7) | |||
Year Built | 1989 | |||
Date of Acquisition | 2006 | |||
Las Cruces Organ Mountain | NEW MEXICO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.2 | |||
Initial Cost to Company, Land | 2.6 | |||
Initial Cost to Company, Buildings and Improvements | 1.6 | |||
Costs Capitalized Subsequent to Acquisition | (1.4) | |||
Gross Amounts Carried | 2.8 | |||
Accumulated Depreciation | $ (0.6) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
El Paso East | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.5 | |||
Initial Cost to Company, Land | 1.3 | |||
Initial Cost to Company, Buildings and Improvements | 4.9 | |||
Costs Capitalized Subsequent to Acquisition | 1.7 | |||
Gross Amounts Carried | 7.9 | |||
Accumulated Depreciation | $ (3.1) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
El Paso West Bartlett | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0.9 | |||
Initial Cost to Company, Land | 1 | |||
Initial Cost to Company, Buildings and Improvements | 4.3 | |||
Costs Capitalized Subsequent to Acquisition | (1.9) | |||
Gross Amounts Carried | 3.4 | |||
Accumulated Depreciation | $ (0.6) | |||
Year Built | 1992 | |||
Date of Acquisition | 2006 | |||
Lakeland East | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.8 | |||
Initial Cost to Company, Land | 5.3 | |||
Initial Cost to Company, Buildings and Improvements | 3.8 | |||
Costs Capitalized Subsequent to Acquisition | 2.1 | |||
Gross Amounts Carried | 11.2 | |||
Accumulated Depreciation | $ (2.8) | |||
Year Built | 1996 | |||
Date of Acquisition | 2006 | |||
Tampa Busch Gardens | Florida | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.7 | |||
Initial Cost to Company, Land | 1.2 | |||
Initial Cost to Company, Buildings and Improvements | 5.9 | |||
Costs Capitalized Subsequent to Acquisition | 2.9 | |||
Gross Amounts Carried | 10 | |||
Accumulated Depreciation | $ (5.1) | |||
Year Built | 1984 | |||
Date of Acquisition | 2006 | |||
Milwaukee Glendale Hampton Avenue | WISCONSIN | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.1 | |||
Initial Cost to Company, Land | 0.8 | |||
Initial Cost to Company, Buildings and Improvements | 5.9 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Gross Amounts Carried | 8.7 | |||
Accumulated Depreciation | $ (5.2) | |||
Year Built | 1982 | |||
Date of Acquisition | 2006 | |||
Miami Airport East | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.9 | |||
Initial Cost to Company, Land | 2.6 | |||
Initial Cost to Company, Buildings and Improvements | 6.1 | |||
Costs Capitalized Subsequent to Acquisition | 6.6 | |||
Gross Amounts Carried | 15.3 | |||
Accumulated Depreciation | $ (6.1) | |||
Year Built | 1991 | |||
Date of Acquisition | 2006 | |||
Boston Milford | MASSACHUSETTS | La Quinta Inns | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.2 | |||
Initial Cost to Company, Buildings and Improvements | 3.1 | |||
Costs Capitalized Subsequent to Acquisition | 2.5 | |||
Gross Amounts Carried | 5.6 | |||
Accumulated Depreciation | $ (3.3) | |||
Year Built | 1989 | |||
Date of Acquisition | 2006 | |||
Boston Andover | MASSACHUSETTS | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.8 | |||
Initial Cost to Company, Buildings and Improvements | 1.9 | |||
Costs Capitalized Subsequent to Acquisition | 11.9 | |||
Gross Amounts Carried | 13.8 | |||
Accumulated Depreciation | $ (3.1) | |||
Year Built | 1981 | |||
Date of Acquisition | 2006 | |||
Denver Englewood Tech Center | COLORADO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.5 | |||
Initial Cost to Company, Land | 1.4 | |||
Initial Cost to Company, Buildings and Improvements | 4.1 | |||
Costs Capitalized Subsequent to Acquisition | 5.7 | |||
Gross Amounts Carried | 11.2 | |||
Accumulated Depreciation | $ (4) | |||
Year Built | 1972 | |||
Date of Acquisition | 2006 | |||
Bannockburn Deerfield | ILLINOIS | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Buildings and Improvements | $ 9.2 | |||
Costs Capitalized Subsequent to Acquisition | (4) | |||
Gross Amounts Carried | 5.2 | |||
Accumulated Depreciation | $ (2) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Cincinnati Sharonville | OHIO | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.4 | |||
Initial Cost to Company, Land | 2.8 | |||
Initial Cost to Company, Buildings and Improvements | 8.6 | |||
Costs Capitalized Subsequent to Acquisition | 10.5 | |||
Gross Amounts Carried | 21.9 | |||
Accumulated Depreciation | $ (10.3) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
San Antonio Downtown | Texas | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7.1 | |||
Initial Cost to Company, Land | 2.5 | |||
Initial Cost to Company, Buildings and Improvements | 13 | |||
Costs Capitalized Subsequent to Acquisition | 6.6 | |||
Gross Amounts Carried | 22.1 | |||
Accumulated Depreciation | $ (5.8) | |||
Year Built | 1999 | |||
Date of Acquisition | 2006 | |||
Appleton College Avenue | WISCONSIN | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.6 | |||
Initial Cost to Company, Land | 1.6 | |||
Initial Cost to Company, Buildings and Improvements | 5.1 | |||
Costs Capitalized Subsequent to Acquisition | 2.1 | |||
Gross Amounts Carried | 8.8 | |||
Accumulated Depreciation | $ (6) | |||
Year Built | 1988 | |||
Date of Acquisition | 2006 | |||
Milwaukee Bayshore Area | WISCONSIN | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.8 | |||
Initial Cost to Company, Land | 0.4 | |||
Initial Cost to Company, Buildings and Improvements | 11.2 | |||
Costs Capitalized Subsequent to Acquisition | (5.2) | |||
Gross Amounts Carried | 6.4 | |||
Accumulated Depreciation | $ (1.3) | |||
Year Built | 1994 | |||
Date of Acquisition | 2006 | |||
Madison American Center | WISCONSIN | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.9 | |||
Initial Cost to Company, Land | 1.1 | |||
Initial Cost to Company, Buildings and Improvements | 8 | |||
Costs Capitalized Subsequent to Acquisition | (2.2) | |||
Gross Amounts Carried | 6.9 | |||
Accumulated Depreciation | $ (1.5) | |||
Year Built | 1997 | |||
Date of Acquisition | 2006 | |||
Clifton Rutherford | NEW JERSEY | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Buildings and Improvements | $ 24.6 | |||
Costs Capitalized Subsequent to Acquisition | 6.7 | |||
Gross Amounts Carried | 31.3 | |||
Accumulated Depreciation | $ (15.1) | |||
Year Built | 1973 | |||
Date of Acquisition | 2014 | |||
Fairfield | NEW JERSEY | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1.7 | |||
Initial Cost to Company, Buildings and Improvements | 7.7 | |||
Costs Capitalized Subsequent to Acquisition | (1.4) | |||
Gross Amounts Carried | 6.3 | |||
Accumulated Depreciation | $ (0.2) | |||
Year Built | 1974 | |||
Date of Acquisition | 2014 | |||
Armonk Westchester Cnty Apt | NEW YORK | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Buildings and Improvements | $ 8.4 | |||
Costs Capitalized Subsequent to Acquisition | (3.9) | |||
Gross Amounts Carried | 4.5 | |||
Accumulated Depreciation | $ (0.2) | |||
Year Built | 1973 | |||
Date of Acquisition | 2014 | |||
Coral Springs South | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.3 | |||
Initial Cost to Company, Land | 2.1 | |||
Initial Cost to Company, Buildings and Improvements | 7.7 | |||
Costs Capitalized Subsequent to Acquisition | 0.9 | |||
Gross Amounts Carried | 10.7 | |||
Accumulated Depreciation | $ (1.6) | |||
Year Built | 1987 | |||
Date of Acquisition | 2014 | |||
Deerfield Beach I95 | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.1 | |||
Initial Cost to Company, Land | 0.8 | |||
Initial Cost to Company, Buildings and Improvements | 6.5 | |||
Costs Capitalized Subsequent to Acquisition | 0.8 | |||
Gross Amounts Carried | 8.1 | |||
Accumulated Depreciation | $ (1.4) | |||
Year Built | 1986 | |||
Date of Acquisition | 2014 | |||
Sunrise | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.9 | |||
Initial Cost to Company, Land | 3 | |||
Initial Cost to Company, Buildings and Improvements | 9.3 | |||
Costs Capitalized Subsequent to Acquisition | 0.7 | |||
Gross Amounts Carried | 13 | |||
Accumulated Depreciation | $ (1.8) | |||
Year Built | 1994 | |||
Date of Acquisition | 2014 | |||
Miami Lakes | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.5 | |||
Initial Cost to Company, Land | 3.7 | |||
Initial Cost to Company, Buildings and Improvements | 8 | |||
Costs Capitalized Subsequent to Acquisition | 1.6 | |||
Gross Amounts Carried | 13.3 | |||
Accumulated Depreciation | $ (1.8) | |||
Year Built | 1989 | |||
Date of Acquisition | 2014 | |||
Naples Downtown | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3.9 | |||
Initial Cost to Company, Land | 2.7 | |||
Initial Cost to Company, Buildings and Improvements | 8.3 | |||
Costs Capitalized Subsequent to Acquisition | (0.1) | |||
Gross Amounts Carried | 10.9 | |||
Accumulated Depreciation | $ (1.6) | |||
Year Built | 1989 | |||
Date of Acquisition | 2014 | |||
Plantation S W6th Street | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4 | |||
Initial Cost to Company, Land | 2.2 | |||
Initial Cost to Company, Buildings and Improvements | 9.1 | |||
Costs Capitalized Subsequent to Acquisition | 2.4 | |||
Gross Amounts Carried | 13.7 | |||
Accumulated Depreciation | $ (2.1) | |||
Year Built | 1990 | |||
Date of Acquisition | 2014 | |||
Sarasota Downtown | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5 | |||
Initial Cost to Company, Land | 2.1 | |||
Initial Cost to Company, Buildings and Improvements | 9.5 | |||
Costs Capitalized Subsequent to Acquisition | 0.5 | |||
Gross Amounts Carried | 12.1 | |||
Accumulated Depreciation | $ (1.8) | |||
Year Built | 1990 | |||
Date of Acquisition | 2014 | |||
West Palm Beach Airport | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4.1 | |||
Initial Cost to Company, Land | 2 | |||
Initial Cost to Company, Buildings and Improvements | 7.5 | |||
Costs Capitalized Subsequent to Acquisition | 0.6 | |||
Gross Amounts Carried | 10.1 | |||
Accumulated Depreciation | $ (1.5) | |||
Year Built | 1989 | |||
Date of Acquisition | 2014 | |||
Fort Lauderdale Tamarac | Florida | La Quinta Inns And Suites | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2.2 | |||
Initial Cost to Company, Land | 2 | |||
Initial Cost to Company, Buildings and Improvements | 6.7 | |||
Costs Capitalized Subsequent to Acquisition | 1.4 | |||
Gross Amounts Carried | 10.1 | |||
Accumulated Depreciation | $ (1.4) | |||
Year Built | 1987 | |||
Date of Acquisition | 2014 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Parentheticals) (Details) $ in Billions | Dec. 31, 2018USD ($) |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Aggregate cost for federal income tax | $ 2.6 |
Schedule III - Summary of Activ
Schedule III - Summary of Activity for Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate: | |||
Balance at the beginning of the year | $ 3,808 | $ 3,697 | $ 3,840 |
Additions to/improvements of real estate | 188 | 186 | 74 |
Assets sold/written-off/impairments | (353) | (75) | (217) |
Balance at the end of the year | 3,643 | 3,808 | 3,697 |
Accumulated Depreciation: | |||
Balance at the beginning of the year | 1,425 | 1,332 | 1,247 |
Depreciation expense | 154 | 140 | 139 |
Deductions | (193) | (47) | (54) |
Balance at the end of the year | $ 1,386 | $ 1,425 | $ 1,332 |