Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Entity Registrant Name | CONDOR HOSPITALITY TRUST, INC. | |
Entity Central Index Key | 929,545 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 11,554,691 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Investment in hotel properties, net | $ 150,652 | $ 96,158 |
Investment in unconsolidated joint venture | 8,747 | 9,036 |
Cash and cash equivalents | 15,032 | 8,326 |
Restricted cash, property escrows | 4,131 | 5,350 |
Accounts receivable, net of allowance for doubtful accounts of $25 and $21 | 1,271 | 1,416 |
Prepaid expenses and other assets | 1,396 | 1,666 |
Derivative assets, at fair value | 137 | |
Investment in hotel properties held for sale, net | 12,013 | 18,713 |
Total Assets | 193,379 | 140,665 |
Liabilities | ||
Accounts payable, accrued expenses, and other liabilities | 5,796 | 4,698 |
Dividends payable | 2,253 | 1,125 |
Derivative liabilities, at fair value | 8 | |
Convertible debt, at fair value | 1,075 | 1,315 |
Long-term debt, net of deferred financing costs | 69,945 | 56,775 |
Long-term debt related to hotel properties held for sale, net of deferred financing costs | 3,288 | 5,945 |
Total Liabilities | 82,357 | 69,866 |
Shareholders' Equity | ||
Common stock, $.01 par value, 200,000,000 shares authorized; 11,554,282 and 762,590 shares outstanding | 115 | 8 |
Additional paid-in capital | 226,119 | 118,655 |
Accumulated deficit | (128,230) | (112,024) |
Total Shareholders' Equity | 98,004 | 67,972 |
Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $1,726 and $2,008 | 2,968 | 2,827 |
Total Equity | 100,972 | 70,799 |
Total Liabilities and Equity | 193,379 | 140,665 |
Series D Preferred Stock [Member] | ||
Shareholders' Equity | ||
6.25% Series D, 6,700,000 shares authorized, $.01 par value, 6,245,156 shares outstanding, liquidation preference of $63,427 | $ 61,333 | |
Series E Preferred Stock [Member] | ||
Liabilities | ||
Redeemable preferred stock 6.25% Series E, 925,000 shares authorized, $.01 par value, 925,000 shares outstanding, liquidation preference of $9,250 | $ 10,050 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Accounts receivable, allowance for doubtful accounts | $ 25 | $ 21 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares outstanding | 11,554,282 | 762,590 |
Noncontrolling interest in consolidated partnership, redemption value | $ 1,726 | $ 2,008 |
Series E Preferred Stock [Member] | ||
Preferred stock, annual dividend rate | 6.25% | |
Redeemable preferred stock, shares authorized | 925,000 | |
Redeemable preferred stock, par value | $ 0.01 | |
Redeemable preferred stock, shares outstanding | 925,000 | |
Redeemable preferred stock, liquidation preference | $ 9,250 | |
Series D Preferred Stock [Member] | ||
Preferred stock, annual dividend rate | 6.25% | |
Preferred stock, shares authorized | 6,700,000 | |
Preferred stock, par value | $ 0.01 | |
Preferred stock, shares outstanding | 6,245,156 | |
Preferred stock, liquidation preference | $ 63,427 |
Consolidated Statement Of Opera
Consolidated Statement Of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue | ||
Room rentals and other hotel services | $ 10,361 | $ 12,503 |
Operating Expenses | ||
Hotel and property operations | 7,613 | 9,711 |
Depreciation and amortization | 1,051 | 1,409 |
General and administrative | 1,492 | 1,448 |
Acquisition and terminated transactions | 502 | 94 |
Equity transactions | 343 | |
Total operating expenses | 11,001 | 12,662 |
Operating loss | (640) | (159) |
Net gain (loss) on disposition of assets | (3) | 3,367 |
Equity in earnings of joint venture | 111 | |
Net gain on derivatives and convertible debt | 175 | 6,117 |
Other expense, net | (1) | (21) |
Interest expense | (971) | (1,329) |
Loss on debt extinguishment | (800) | (173) |
Impairment loss, net | (271) | (793) |
Earnings (loss) from continuing operations before income taxes | (2,400) | 7,009 |
Income tax expense | ||
Earnings (loss) from continuing operations | (2,400) | 7,009 |
Gain from discontinued operations, net of tax | 678 | |
Net earnings (loss) | (2,400) | 7,687 |
Loss (earnings) attributable to noncontrolling interest | 50 | (389) |
Net earnings (loss) attributable to controlling interests | (2,350) | 7,298 |
Dividends declared and undeclared and in kind dividends deemed on preferred stock | (11,603) | (17,740) |
Net loss attributable to common shareholders | $ (13,953) | $ (10,442) |
Earnings per Share | ||
Continuing operations - Basic and Diluted | $ (4.75) | $ (14.63) |
Discontinued operations - Basic and Diluted | 0.91 | |
Total - Basic and Diluted Earnings per Share | $ (4.75) | $ (13.72) |
Consolidated Statement Of Equit
Consolidated Statement Of Equity - USD ($) shares in Thousands, $ in Thousands | Series D Preferred Stock [Member]Accumulated Deficit [Member] | Series D Preferred Stock [Member]Parent [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member]Accumulated Deficit [Member] | Series E Preferred Stock [Member]Parent [Member] | Series E Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2015 | $ 38 | $ 49 | $ 138,387 | $ (105,858) | $ 32,616 | $ 1,879 | $ 34,495 | ||||||
Balance, shares at Dec. 31, 2015 | 3,803 | 4,942 | |||||||||||
Stock-based compensation | 27 | 27 | 27 | ||||||||||
Long-term incentive plan | 42 | 42 | |||||||||||
Reclassification of Series A and B Preferred Stock | $ (8) | (7,390) | (5,028) | (12,426) | (12,426) | ||||||||
Reclassification of Series A and B Preferred Stock, shares | (803) | ||||||||||||
Exchange of Series C Preferred and issuance of Series D | $ 61,419 | (12,517) | (20,416) | 28,486 | 28,486 | ||||||||
Exchange of Series C Preferred and issuance of Series D Preferred Stock, shares | 3,245 | ||||||||||||
Net earnings (loss) | 7,298 | 7,298 | 389 | 7,687 | |||||||||
Balance at Mar. 31, 2016 | $ 61,449 | $ 49 | 118,507 | (124,004) | 56,001 | 2,310 | 58,311 | ||||||
Balance, shares at Mar. 31, 2016 | 6,245 | 4,942 | |||||||||||
Balance at Dec. 31, 2016 | $ 61,333 | $ 8 | 118,655 | (112,024) | 67,972 | 2,827 | 70,799 | ||||||
Balance, shares at Dec. 31, 2016 | 6,245 | 763 | |||||||||||
Stock-based compensation | 34 | 34 | 34 | ||||||||||
Stock-based compensation, shares | 14 | ||||||||||||
Long-term incentive plan | 43 | 43 | |||||||||||
Conversion of Series D Preferred to common stock and issuance of Series E Preferred | $ (61,333) | $ 60 | 61,273 | (10,903) | (10,903) | (10,903) | |||||||
Conversion of Series D Preferred to common stock and issuance of Series E Preferred, shares | (6,245) | 6,005 | |||||||||||
Issuance of common stock | $ 47 | 45,869 | 45,916 | 45,916 | |||||||||
Issuance of common stock, shares | 4,772 | ||||||||||||
Fractional common shares settled in reverse stock split | (1) | (1) | (1) | ||||||||||
Issuance of common units | 148 | 148 | |||||||||||
Preferred dividends declared | $ (650) | $ (650) | $ (650) | $ (50) | $ (50) | $ (50) | |||||||
Common stock dividends declared ($0.195 per share) | (2,253) | (2,253) | (2,253) | ||||||||||
Warrant exchange | 289 | 289 | 289 | ||||||||||
Net earnings (loss) | (2,350) | (2,350) | (50) | (2,400) | |||||||||
Balance at Mar. 31, 2017 | $ 115 | $ 226,119 | $ (128,230) | $ 98,004 | $ 2,968 | $ 100,972 | |||||||
Balance, shares at Mar. 31, 2017 | 11,554 |
Consolidated Statement Of Equi6
Consolidated Statement Of Equity (Parenthetical) | 3 Months Ended |
Mar. 31, 2017$ / shares | |
Consolidated Statement Of Equity [Abstract] | |
Common stock dividends declared, per share | $ 0.195 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ (2,400) | $ 7,687 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Depreciation and amortization expense | 1,051 | 1,409 |
Net loss (gain) on disposition of assets | 3 | (4,048) |
Net gain on derivatives and convertible debt | (175) | (6,117) |
Equity in earnings of joint venture | (111) | |
Amortization of deferred financing costs | 136 | 175 |
Loss on extinguishment of debt | 800 | 173 |
Impairment loss | 271 | 793 |
Stock-based compensation and long term incentive plan expense | 77 | 69 |
Warrant issuance costs | 289 | 12 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in assets | 277 | (655) |
Increase in liabilities | 991 | 1,411 |
Net cash provided by operating activities | 1,209 | 909 |
Cash flows from investing activities: | ||
Additions to hotel properties | (870) | (694) |
Distribution in excess of cumulative earnings from joint venture | 400 | |
Deposit on hotel property | (188) | |
Hotel acquisitions | (54,602) | |
Proceeds from sale of hotel assets | 6,508 | 9,008 |
Net changes in capital expenditure escrows | 1,635 | 954 |
Net cash provided by (used in) investing activities | (47,117) | 9,268 |
Cash flows from financing activities: | ||
Deferred financing costs | (2,554) | (3) |
Proceeds from long-term debt | 89,000 | 6,415 |
Principal payments on long-term debt | (76,405) | (12,436) |
Debt early extinguishment penalties | (454) | (113) |
Proceeds from common stock issuance | 45,916 | |
Fractional common shares settled in reverse stock split | (1) | |
Series A and B Preferred Stock redemption, including accumulated dividends | (20,147) | |
Series D Preferred Stock issuance | 28,997 | |
Series E Preferred Stock issuance costs | (1,004) | |
Cash dividends paid to common shareholders | (149) | |
Cash dividends paid to preferred shareholders | (1,676) | (1,484) |
Other items | (59) | (6) |
Net cash provided by financing activities | 52,614 | 1,223 |
Increase in cash and cash equivalents | 6,706 | 11,400 |
Cash and cash equivalents, beginning of period | 8,326 | 4,870 |
Cash and cash equivalents, end of period | 15,032 | 16,270 |
Supplemental cash flow information: | ||
Interest paid | 798 | 1,165 |
Income taxes paid | 88 | |
Schedule of noncash investing and financing activities: | ||
Fair value of CHLP common units issued in acquisitions | 148 | |
In kind dividends deemed on preferred stock | $ 9,900 | $ 23,960 |
Organization And Summary Of Sig
Organization And Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Organization And Summary Of Significant Accounting Policies [Abstract] | |
Organization And Summary Of Significant Accounting Policies | NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Condor Hospitality Trust, Inc. (“CDOR ,” “Condor,” or the “Company”), which until July 15, 2015 was formerly named Supertel Hospitality, Inc., was incorporated in Virginia on August 23, 1994 and was reincorporated in Maryland on November 19, 2014. CDOR is a self-administered real estate investment trust (“REIT”) for federal income tax purposes that specializes in the investment and ownership of high quality select service, limited service, extended stay, and compact full service hotels. As of March 31 , 2017 , the Company owned 20 hotels in 10 states, including one hotel owned through an 80% interest in an unconsolidated joint venture ( the “ Atlanta JV”). Condor, through its wholly owned subsidiary, Condor Hospitality REIT Trust (formerly Supertel Hospitality REIT Trust), owns a controlling interest in Condor Hospitality Limited Partnership (“CHLP”) (formerly Supertel Limited Partnership) , for which we serve as general partner . CHLP, including its various subsidiary partnerships, holds substantially all of the Company’s assets (with the exception of the furniture and equipment of 16 properties held by TRS Leasing, Inc.) and conducts all of its operations. At March 31, 2017 , the Company owned 98.7% of the partnership operating units (“partnership units”) of CHLP with the remaining partnership units owned by other limited partners and long-term incentive plan unit holders. The Company’s 100% owned E&P Financing Limited Partnership no longer owns any assets or conducts any operations following the sale of its last remaining property in January 2016. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required by the Internal Revenue Service (“IRS”) for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, CHLP and its subsidiaries lease our hotel properties to the Company’s wholly owned taxable REIT subsidiary, TRS Leasing, Inc., and its wholly owned subsidiaries (the “TRS”). The TRS in turn engages third-party eligible independent contractors to manage the hotels. CHLP, the TRS, and their respective subsidiaries are consolidated into the Company’s financial statements. References to “we,” “our,” and “us” herein refer to Condor Hospitality Trust, Inc., including, as the context requires, its direct and indirect subsidiaries. Historically, as a result of the geographic areas in which we operate, the operations of our hotels have been seasonal in nature. Generally, occupancy rates, revenue, and operating income have been greater in the second and third quarters of the calendar year than in the first and fourth quarters, with the exception of our hotels located in Florida, which experience peak demand in the first and fourth quarters annually . The re sults of the hotels acquired in and since 2015, because of their locations and chain scale, are expected to be less seasonal in nature than our legacy portfolio of assets. Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of the Company, as well as the accounts of CHLP and its subsidiaries and our wholly owned TRS and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Effective on March 15, 2017, the Company effected a reverse stock split of its common stock at a ratio of 1-for-6.5 . No fractional shares of common stock were issued as fractional shares were settled in cash. Unless otherwise noted, impacted amounts and share information included in the financial statements and notes thereto have been retroactively adjusted for the stock split as if such stock split occurred on the first day of the first period presented. Certain amounts in the notes to the financial statements may be slightly different than previously reported due to rounding of fractional shares as a result of the reverse stock split. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the general instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the financial statements for the periods presented. Interim results are not necessarily indicative of full-year performance for t he year ending December 31, 2017 or any future period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . Estimates, Risks, and Uncertainties The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as revenue and expenses recognized during the reporting period. Actual results could differ from those estimates. Because the state of the economy and the real estate market can significantly impact hotel operating performance and the estimated fair value of our assets, it is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change. Investment in Joint Venture If it is determined that we do not have a controlling interest in a joint venture , either through our financial interest in a variable interest entity (“VIE”) or through our voting interest in a voting interest entity (“VOE”) and we have the ability to provide significant influence , the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize our share of net earnings or losses of the affiliate as they occur , with losses limited to the extent of our investment in, advances to, and commitments to the investee. Pursuant to our Atlanta JV agreement, allocations of the profits and losses of our Atlanta JV may be allocated disproportionately to nominal ownership percentages due to specified preferred return rate thresholds. Distributions received from a joint venture are classified in the statement of cash flows using the cumulative distributions approach. Distributions are classified as cash inflows from operating activities unless cumulative distributions, including those from prior periods not designated as a return of investment, exceed cumulative recognized equity in earnings of the joint venture. Excess distributions are classified as cash inflows from investing activities as a return of investment. On an annual basis or at interim periods if events and circumstances indicate that the investment may be impaired, the Company reviews the carrying value of its investment in unconsolidated joint venture to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. The investment is considered impaired if its estimated fair value is less than the carrying amount of the investment and that impairment is other than temporary. Assets Held for Sale and Discontinued Operations A hotel is considered held for sale (a) when a contract for sale is entered into, a substantial, nonrefundable deposit has been committed by the purchaser, and sale is expected to occur within one year, or (b) if management has committed to and is actively engaged in a plan to sell the property, the property is available for sale in its current condition, and it is probable the sale will be completed within one year. If a hotel is considered held for sale as of the most recent balance sheet presented or was sold prior to that balance sheet date, the hotel property and the debt it collateralizes are shown as held for sale in all periods presented. Depreciation of our hotels is discontinued at the time they are considered held for sale. Historically, we have presented the results of operations of hotel properties that have been sold or are considered held for sale as discontinued operations in all periods presented. In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . The amendments in ASU 2014-08 changed the criteria for reporting a discontinued operation and require new disclosures of both discontinued operations and certain other significant disposals that do not meet the definition of a discontinued operation. Only disposals representing a strategic shift in operations that have a major effect on an entity’s operations and financial results should be presented as discontinued operations subsequent to adoption. The Company adopted this pronouncement on October 1, 2014. As a result of this adoption, only the operations of hotels meeting the criteria to be considered held for sale prior to October 1, 2014 are included in discontinued operations for all periods presented as no individual hotel disposition represents a strategic shift in operations or has a major effect on our operations or financial results. Impairment Losses On a quarterly basis, the Company reviews the carrying value of each held for use hotel to determine if certain circumstances, known as triggering events, exist indicating impairment to the carrying value of the hotel or that depreciation periods should be modified. These triggering events include a significant change in the cash flows of or a significant adverse change in the business climate for a hotel. If facts or circumstances support the possibility of impairment, the Company will prepare an estimate of the undiscounted future cash flows, without interest charges, of the specific hotel and determine if the investment in such hotel is recoverable based on these undiscounted future cash flows. If the investment is not recoverable based on this analysis, an impairment charge will be taken, if necessary, to reduce the carrying value of the hotel to the hotel’s fair value. At the end of each reporting period, if the fair value of a held for sale property less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. Impairment losses on held for sale properties may be subsequently recovered up to the amount of the cumulative impairment losses taken while the property is held for sale should future revisions to fair value estimates be required. If active marketing ceases or the property no longer meets the criteria to be classified as held for sale, the property is reclassified to held for use and measured at the lower of its (a) carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for use, or (b) its fair valu e at the date of the decision not to sell. Income Taxes The Company qualifies and intends to continue to qualify as a REIT under the applicable provisions of the Internal Revenue Code (the “Code”), as amended. In general, under such Code provisions, a trust which has made the required election and, in the taxable year, meets certain requirements and distributes to its shareholders at least 90% of its REIT taxable income, will not be subject to federal income tax to the extent of the income currently distributed to shareholders. A REIT will incur a 100% tax on the net gain derived from any sale or other disposition of property that the REIT holds primarily for sale to customers in the ordinary course of a trade or business. We do not believe any of our hotels were held primarily for sale in the ordinary course of our trade or business. However, if the IRS would successfully assert that we held such hotels primarily for sale in the ordinary course of our business, the gain from such sales could be subject to a 100% prohibited transaction tax. Taxable income from non-REIT activities managed through the TRS, which is taxed as a C-Corporation, is subject to federal, state, and local income taxes. We account for the federal income taxes of our TRS using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of the TRS and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on the consideration of available evidence, including tax planning strategies and projections for future taxable income over the periods in which the remaining deferred tax assets are deductible. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not (defined as a likelihood of more than 50% ) that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are utilized to determine the value of certain liabilities, to perform impairment assessments, to account for hotel acquisitions, and for disclosure purposes. Fair value measurements are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Directly or indirectly observable inputs other than quoted prices included in Level 1. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. Level 3: Unobservable inputs for which there is little or no market data, which require a reporting entity to develop its own assumptions. Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or valuation techniques may have a material effect on estimated fair value measurements. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. With the exception of fixed rate debt (see Note 8 ) and other financial instruments carried at fair value, the carrying amounts of the Company’s financial instruments approximates their fair values due to their short-term nature or variable market-based interest rates. Fair Value Option Under U.S. GAAP, the Company has the irrevocable option to report most financial assets and financial liabilities at fair value on an instrument by instrument basis, with changes in fair value reported in net earnings. This option was elected for the treatment of the Company’s convertible debt entered in to on March 16, 2016 (see Note 7 ). Recently Adopted Accounting Standards In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity , which clarifies certain of the criteria for determining whether derivative features in a hybrid financial instrument should be separately recognized. ASU 2014-16 is effective for fiscal years beginning after December 15, 2015 and permits either a retrospective or cumulative effect transition method. ASU 2014-16 was adopted by the Company on January 1, 2016 and was utilized in determining the accounting for the 6.25% Series D Cumulative Convertible Preferred Stock (“Series D Preferred Stock”) issued in March 2016 and the 6.25% Series E Cumulative Convertible Preferred Stock (“Series E Preferred Stock”) issued in March 2017 (see Note 10 ). In February 2015, the FASB issued ASU No. 2015-02, Consolidation - Amendments to the Consolidation Analysis , which amends the current consolidation guidance effecting both the VIE and VOE consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The Company adopted this standard on January 1, 2016 and concluded that CHLP now meets the criteria to be considered a VIE of which the Company is the primary beneficiary and, accordingly, the Company continues to consolidate CHLP. The Company’s sole significant asset is its investment in CHLP, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of CHLP. All of the Company’s debt is an obligation of CHLP. This ASU was also used in the determination of the accounting for the Atlanta JV entered into in August 2016 (see Note 4). In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The Company adopted this standard on January 1, 2016 and pr esents all debt issuance costs as a direct deduction from the carrying value of the debt liability. Adoption of this standard was applied retrospectively for all periods presented, effecting only the presentation of the balance sheet. The adoption of this standard did not have a material impact on the Company's financial position and had no impact on the results of operations or cash flows. Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The original updated accounting guidance was effective for annual and interim reporting periods in fiscal years beginning after December 15, 2016, however, in July 2015, the FASB approved a one year delay of the effective date to fiscal years beginning after December 15, 2017. As such, the standard will be effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effec t transition method. The Company has begun to evaluate each of its revenue streams under the new model. Based on preliminary assessments, the Company does not expect the adoption of this guidance to materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales. Furthermore, for real estate sales to third parties, primarily a result of disposition of real estate in exchange for cash with few contingencies, we do not expect the standard to significantly impact the recognition of or accounting for these sales. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which supersedes most existing lease guidance in U.S. GAAP when it becomes effective. ASU 2016-02 requires, among other changes to the lease accounting guidance, lessees to recognize most leases on-balance sheet via a right o f use asset and lease liability and additional qualitative and quantitative disclosures. ASU 2016-02 is effective for the Company for annual periods in fiscal years beginning after December 15, 2019, permits early adoption, and mandates a modified retrospective transition method. The Company is required to adopt ASU 2016-02 on January 1, 2020. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU-2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment , which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This guidance is effective for the Company for years beginning after December 15, 2017 but earlier adoption is permitted. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which clarifies how companies should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance requires companies to show the changes in the total of cash, cash equivalents, and restricted cash equivalents in the statement of cash flows. This guidance is effective for the Company for years b eginning after December 15, 2017 , including interim periods within those years and should be applied retroactively. Early adoption is permitted. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or business combinations. As a result of the standard, we anticipate that the majority of our hotel purchases will be considered asset purchases as opposed to business combinations. However, the determination will be made on a transaction-by-transaction basis and we do not expect the determination to materially change the recognition of the assets and liabilities acquired. This standard will be applied on a prospective basis and, therefore, it does not affect the accounting for any of our previous transactions. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. Reclassifications Certain amounts in prior year financial statements have been reclassified to conform to current year presentation. Liquidity We expect to meet our short-term liquidity requirements through net cash provided by operations, existing cash balances and working capital, short-term borrowings under our $90,000 secured revolving credit facility (the “credit facility”) , and the release of restricted cash upon the satisfaction of usage requirements. At March 31, 2017 , the Company had $15,032 of cash and cash equivalents on hand and $20,901 of unused availability under its credit facility . Our short-term liquidity requirements consist primarily of operating expenses and other expenditures directly associated with our hotel properties, recurring maintenance and capital expenditures necessary to maintain our hotels in accordance with brand standards, interest expense and scheduled principal payments on outstanding indebtedness, restricted cash funding obligations, and the payment of dividends in accordance with the REIT requirements of the Code and as required in connection with our Series E Preferred Stock. Prior to the consideration of any asset sales or our ability to refinance debt subsequent to March 31, 2017 , contractual principal payments on our debt outstanding, which include only normal amortization, total $1,103 through June 30, 2018. We also presently expect to invest approximately $4,000 to $5,000 in capital expenditures related to hotel properties we currently own through June 30, 2018 . To maintain our REIT tax status, we generally must distribute at least 90% of our taxable income to our shareholders annually. In addition, we are subject to a 4% non-deductible excise tax if the actual amount distributed to shareholders in a calendar year is less than a minimum amount specified under the federal income tax laws. We have a general dividend policy of paying out approximately 100% of annual REIT taxable income. The actual amount of any future dividends will be determined by the Board of Directors based on our actual results of operations, economic conditions, capital expenditure requirements, and other factors that the Board of Directors deems relevant. Our longer-term liquidity requirement s consist primarily of the cost of acquiring additional hotel properties, renovations and other one-time capital expenditures that periodically are made related to our hotel properties, and scheduled debt payments, including maturing loans. Possible sources of liquidity to fund debt maturities and acquisitions and to meet other obligations include additional secured o r unsecured debt financings, proceeds from public or private issuances of debt or equity securities , and additional borrowings under our existing credit facility. |
Investment In Hotel Properties
Investment In Hotel Properties | 3 Months Ended |
Mar. 31, 2017 | |
Investment In Hotel Properties [Abstract] | |
Investment In Hotel Properties | NOTE 2. I NVESTMENT IN HOTEL PROPERTIES Investments in hotel properties consisted of the following at March 31, 2017 and December 31, 2016 : As of March 31, 2017 December 31, 2016 Held for sale Held for use Total Held for sale Held for use Total Land $ 1,794 $ 17,510 $ 19,304 $ 2,392 $ 14,020 $ 16,412 Buildings, improvements, vehicle 14,166 132,251 146,417 23,118 85,565 108,683 Furniture and equipment 4,215 17,790 22,005 5,427 12,776 18,203 Construction-in-progress 17 413 430 23 63 86 Investment in hotel properties 20,192 167,964 188,156 30,960 112,424 143,384 Less accumulated depreciation (8,179) (17,312) (25,491) (12,247) (16,266) (28,513) Investment in hotel properties, net $ 12,013 $ 150,652 $ 162,665 $ 18,713 $ 96,158 $ 114,871 |
Acquisition Of Hotel Properties
Acquisition Of Hotel Properties | 3 Months Ended |
Mar. 31, 2017 | |
Acquisition Of Hotel Properties [Abstract] | |
Acquisition Of Hotel Properties | NOTE 3. ACQUISITION OF HOTEL PROPERTIES On March 24, 2017, the Company acquired three wholly owned properties, the Home2 Suites Lexington University / Medical Center (Kentucky), the Home2 Suites Austin / Round Rock, and the Home 2 Suites Tallahassee State Capitol. The allocation of the purchase price based on fair value, which was determined using Level 3 fair value inputs, was as included in the table below. Land Buildings, improvements, and vehicle Furniture and equipment Intangible asset Total purchase price Debt originated at acquisition Issuance of CHLP partnership units Net cash Home2 Suites $ 905 $ 14,204 $ 1,351 $ 40 $ 16,500 $ 16,455 $ 45 $ - Lexington, Kentucky Home2 Suites 1,087 14,345 1,285 33 16,750 16,705 45 - Round Rock, Texas Home2 Suites 1,519 18,229 1,727 25 21,500 21,442 58 - Tallahassee, Florida Total $ 3,511 $ 46,778 $ 4,363 $ 98 $ 54,750 $ 54,602 $ 148 $ - The $54,750 purchase price was funded with a draw on the credit facility totaling $54,602 and the issuance of 593,896 partnership units from CHLP with a value of $148 . The Company had no acquisitions of wholly owned properties during the three months ended March 31, 2016 . Pro Forma Results In addition to the three properties discussed above, t he Company also entered into the Atlanta JV which then acquired one hotel in August of 2016 (see Note 4 ) and the Company acquired one wholly owned property, the Aloft Leawood / Overland Park (Kansas City), for a purchase price of $22,500 on December 14, 2016 . The following condensed pro forma financial data is presented as if al l acquisitions completed in 2017 had been completed on January 1, 2016 and as if all the acquisitions completed in 2016, including that completed by the Atlanta JV, had been comple ted on January 1, 2015 . Supplemental pro forma earnings were adjusted to exclude all acquisition expense recognized in the periods presented as if these acquisition costs had been incurred in prior periods but were not adjusted to remove the results of hotels sold during and between the periods . Results for periods prior to the Company’s ownership are based on information provided by the prior owners, adjusted for differences in interest expense, depreciation expense, and management fees following the Company’s ownership. The condensed pro forma financial data is not necessarily indicative of what the actual results of operations of the Company would have been assuming the acquisitions had bee n consummated on January 1, 2016 or 2015 , nor do they purport to represent the results of operations for future periods. Three months ended March 31, 2017 2016 Total revenue $ 12,868 $ 16,541 Operating income $ 424 $ 736 Net loss attributable to common shareholders $ (13,489) $ (10,517) Net loss per share attributable to common shareholders - Basic $ (4.59) $ (13.84) Net loss per share attributable to common shareholders - Diluted $ (4.59) $ (13.84) |
Investment In Unconsolidated Jo
Investment In Unconsolidated Joint Venture | 3 Months Ended |
Mar. 31, 2017 | |
Investment In Unconsolidated Joint Venture [Abstract] | |
Investment In Unconsolidated Joint Venture | NOTE 4. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE On August 1, 2016, the Company entered into a joint venture with Three Wall Capital LLC and certain of its affiliates (“TWC”) to acquire an Aloft hotel in downtown Atlanta, Georgia for $44,550 on August 22, 2016. The Company accounts for the Atlanta JV under the equity method. Condor owns 80% of the Atlanta JV with TWC owning the remaining 20% . The Atlanta JV is comprised of two companies: Spring Street Hotel Property II LLC, of which CHLP indirectly owns an 80% equity interest, and Spring Street Hotel OpCo II LLC, of which our TRS indirectly owns an 80% equity interest. TWC owns the remaining 20% equity interest in these two companies. The purchase price for the Atlanta Aloft was partially paid with $33,750 of proceeds from a term loan secured by the property. The term loan, obtained from LoanCore Capital Credit REIT LLC, has an initial term of 24 months with three 12 -month extension periods, which may be exercised at the Atlanta JV’s option subject to certain conditions and fees. The interest rate is a floating rate calculated on the one-month LIBOR plus 5.0% , and as a condition to closing, the Atlanta JV purchased a LIBOR cap of 3.0% . The current interest rate on the loan is 6.0% . The loan is non-recourse to the Atlanta JV, subject to specified exceptions. The loan is also non-recourse to Condor, except for certain customary carve-outs which are guaranteed by the Company. Under the Atlanta JV agreement, the Atlanta JV is managed by TWC in accordance with business plans and budgets approved by both partners. Major decisions as detailed in the agreement also require joint approval. Condor may remove TWC as manager of the Atlanta JV and appoint a new manager only upon the occurrence of certain events. The Atlanta Aloft hotel is managed by Boast Hotel Management Company LLC (“Boast”), an affiliate of TWC. The Atlanta JV paid to Boast total management fees of $89 for the three months ended March 31, 2017. Net cash flow and profits from the Atlanta JV will be distributed each fiscal year first with a 10% preferred return on capital contributions to Condor, second with a 10% preferred return on capital contributions to TWC, and third with any remainder distributed to the partners based on their pro-rata equity ownership. Losses are allocated based on pro-rata equity ownership. The Atlanta JV agreement also includes buy-sell rights for both members (generally after three years of hotel ownership for Condor and after five years for TWC) and Condor has a purchase option for TWC’s Atlanta JV ownership interest exercisable between the third and fifth anniversary of the hotel closing. The following tables represent the total assets, liabilities, equity, and components of net earnings, including the Company’s share, of the Atlanta JV as of and for the three months ended March 31, 2017: As of March 31, 2017 Investment in hotel properties, net $ 48,981 Cash and cash equivalents 1,650 Restricted cash, property escrows 739 Accounts receivable, prepaid expenses, and other assets 543 Total Assets $ 51,913 Accounts payable, accrued expenses, and other liabilities $ 1,558 Distribution payable 48 Land option liability 6,189 Long-term debt, net of deferred financing costs 33,212 Total Liabilities 41,007 Condor equity 8,747 TWC equity 2,159 Total Equity 10,906 Total Liabilities and Equity $ 51,913 Three months ended March 31, 2017 Revenue Room rentals and other hotel services $ 2,989 Operating Expenses Hotel and property operations 1,861 Depreciation and amortization 411 Total operating expenses 2,272 Operating income 717 Net loss on disposition of assets (1) Interest expense (605) Net earnings $ 111 Condor allocated earnings $ 111 TWC allocated earnings - Net earnings $ 111 |
Disposition Of Hotel Properties
Disposition Of Hotel Properties And Discontinued Operations | 3 Months Ended |
Mar. 31, 2017 | |
Disposition Of Hotel Properties And Discontinued Operations [Abstract] | |
Disposition Of Hotel Properties And Discontinued Operations | NOTE 5. DISPOSITIONS OF HOTEL PROPERTIES AND DISCONTINUED OPERATIONS As of March 31, 2017 , the Company had five hotels classified as held for sale. At the beginning of 2017 , the Company had seven hotels held for sale and during the three months ended March 31, 2017 sold two properties . None of the hotels reclassified as held for sale since the Company’s adoption of ASU 2014-08 on October 1, 2014 represent a strategic shift that has (or will have) a major e ffect on the entity’s operations and financial results. As a result, only hotels classified as held for sale prior to October 1, 2014 (excluding those subsequently reclassified as held for use) , the last of which was sold in January 2016 , are included in discontinued operations with all other hotels, including those subsequently sold or classified as held for sale, reported in continuing operations. In the three months ended March 31, 2017 and 2016 , the Company sold two and four hotels, respectively , resulting in total gains of $0 and $4, 059 , respectively, of which $0 and $3,378 , respectively, was included in continuing operations. The hotels sold during the three months ended March 31, 2017 had been previously impaired and recoveries of impairment totaling $80 were recognized upon their sale. The Company allocates interest expense to discontinued operations for debt that is to be assumed or that is required to be repaid as a result of disposal transactions. The following table sets forth the components of discontinued operations for the three months ended March 31, 2016 : Three months ended March 31, 2016 Revenue $ 6 Hotel and property operations expense (4) Net gain (loss) on disposition of assets 681 Interest expense (5) Gain from discontinued operations, net of tax $ 678 Capital expenditures $ - |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2017 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | NOTE 6 . LONG-TERM DEBT On March 1, 2017, a significant portion of the Company’s debt (including all debt outstanding at December 31, 2016 with the except ion of the two variable rate Western Alliance Bank loans and the two fixed rate Great Western Bank loans) was re financed with the credit facility that matures on March 1, 2020 . The credit agreement was entered into with KeyBank National Association, as administrative agent and lender, KeyBanc Capital Markets Inc. and The Huntington National Bank, as joint leader arrangers, and other lenders and agents party thereto. The credit agreement provides for a $90,000 senior secured credit facility and includes an accordion feature that would allow the credit facility to be increased to $400,000 with additional lender commitments. Subsequent to March 31, 2017, the Company closed on an increase in the credit facility from $90,000 to $150,000 (see Note 16). Available borrowing capacity under the credit facility is based on a borrowing base formula for the pool of hotel properties securing the facility. As of the closing date, the collateral pool consisted of 14 hotel properties and total available borrowing capacity under the credit facility w as $41,050 . At March 31, 2017, following the subsequent purchases and sa les of hotels during the quarter (see Notes 3 and 5) and the common stock equity raise (see Note 9) , the collateral pool consisted of 15 hotel properties and total available borrowing capacity under th e credit facility totaled $66,461 . The credit facility is guaranteed by the Company and its material subsidiaries that do not have stand-alone financing. Borrowings under the credit facility accrue interest based on a leverage-based pricing grid, at the Company’s option, at either LIBOR plus a spread ranging from 2.25% to 3.00% (depending on leverage) or a base rate plus a spread ranging from 1.25% to 2.00% (depending on leverage). The credit facility matures in March 2020 and has two one -year extension options , subject to certain conditions, including the completion of specific capital achievements. The credit facility contains customary representations and warranties, covenants and events of default. Upon the closing of the credit facility, $34,250 was immediately drawn down to repay existing debt and related expenses. Prior to March 31, 2017, net proceeds from the Com pany’s hotel sales (see Note 5 ) were used to pay down a total of $6,440 on the credit facility, proceeds from the credit facility totaling $54,750 were used to fund the Company’s acquisitions plus related expenses (see Note 3), and a portion of the proceeds from the Company’s common stock offering totaling $37,000 (see Note 9) was used to pay down the credit facility. Long-term debt related to wholly owned properties , including debt related to hotel properties held for sale, consisted of the following loans payable at March 31, 2017 and December 31, 2016 : Lender Balance at March 31, 2017 Interest rate at March 31, 2017 Maturity Amortization provision Properties encumbered at March 31, 2017 Balance at December 31, 2016 Fixed rate debt Great Western Bank (1) $ 14,222 4.33% 12/2021 25 years 1 $ 14,326 Great Western Bank (1) 1,547 4.33% 12/2021 7 years - 1,599 Western Alliance Bank - - - - - 4,806 Western Alliance Bank - - - - - 2,803 Cantor Commercial Real Estate Lending - - - - - 5,713 Morgan Stanley Mortgage Capital Holdings, LLC - - - - - 912 Total fixed rate debt 15,769 30,159 Variable rate debt Western Alliance Bank 4,852 4.31% (2) 11/2020 25 years 1 4,882 Western Alliance Bank 9,802 4.31% (2) 11/2020 25 years 1 9,863 KeyBank credit facility (3) 45,560 4.80% (4) 03/2020 Interest only 15 - The Huntington National Bank - - - - - 7,361 LMREC 2015 - CREI, Inc. (Latitude) - - - - - 11,124 Total variable rate debt 60,214 18 33,230 Total long-term debt $ 75,983 $ 63,389 Less: Deferred financing costs (2,750) (669) Total long-term debt, net of deferred financing costs 73,233 62,720 Less: Long-term debt related to hotel properties held for sale, net of deferred financing costs of $187 and $55 (3,288) (5,945) Long-term debt related to hotel properties held for use, net of deferred financing costs of $2,563 and $614 $ 69,945 $ 56,775 (1) Both loans are collateralized by Aloft Leawood ( 2 ) 90-day LIBOR plus 3.25% (3 ) Total unused availability under this credit facility was $20,901 at March 31, 2017; commitment fee on unused facility is 0.20% (4 ) Borrowings under the facility accrue interest based on a leverage-based pricing grid, at the Company’s option, at either LIBOR plus a spread ranging from 2.25% to 3.00% (depending on leverage) or a base rate plus a spread ranging from 2.5% to 2.00% (depending on leverage) ; 30-day LIBOR for $50,000 notional capped at 2.5% after giving effect to market rate cap (see Note 8) Debt is classified as held for sale if the properties collateralizing it are held for sale. Debt associated with assets held for sale is classified in the table below based on its contractual maturity although the balances are expected to be repaid within one year upon the sale of the related hotel p roperties. Aggregate annual principal payments on debt for the remainder of 2017 and thereafter are as follows: Held for sale Held for use Total Remainder of 2017 $ - $ 652 $ 652 2018 - 909 909 2019 - 950 950 2020 3,475 56,325 59,800 2021 - 13,672 13,672 Total $ 3,475 $ 72,508 $ 75,983 Financial Covenants The Company’s debt agreements contain requirements as to the maintenance of minimum levels of debt servic e and fixed charge coverage, required loan-to-value and leverage ratios, required levels of tangible net worth, and place certain restrictions on dividends. As of March 31, 2017, we were in compliance with our financial covenants. If we fail to pay our indebtedness when due, fail to comply with covenants or otherwise default on our loans, unless waived, we could incur higher interest rates during the period of such loan defaults, be required to immediately pay our indebtedness, and ultimately lose our hotels through lender foreclosure if we are unable to obtain alternative sources of financing with acceptable terms. Our credit facility contains cross-default provisions which would allow the lenders under our credit facility to declare a default and accelerate our indebtedness to them if we default on our other loans and such default would permit that lender to accelerate our indebtedness under any such loan. As of March 31, 2017, we are not in default of any of our loan s. |
Convertible Debt At Fair Value
Convertible Debt At Fair Value | 3 Months Ended |
Mar. 31, 2017 | |
Convertible Debt At Fair Value [Abstract] | |
Convertible Debt At Fair Value | NOTE 7. CONVERTIBLE DEBT AT FAIR VALUE As part of an agreement entered into on March 16, 2016 (the “Exchange Agreement”) with Real Estate Strategies, L.P. (“RES”) (see Note 10), the Company issued to RES a Convertible Promissory Note (the “Note”), bearing interest at 6.25% per annum, in the principal amount of $1,012 initially convertible into shares of Series D Preferred Stock, which could be subsequently converted into 97,269 shares of common stock. Following the conversion of all of the outstanding Series D Preferred Stock into common stock and the issuance of the Series E Preferred Stock on March 1, 2017, the Note was amended to be convertible directly into 97,269 shares of common stock at any time at the option of RES or automatically when the Series E Preferred Stock is required to be converted or is redeemed in whole (see Note 10). The Note is not convertible to the extent at the time the conversion would cause RES, together with its affiliates, to beneficially own more than 49% of the voting stock of the Company . Any conversion reduce s the principal amount of the Note proportionally. The Company has made an irrevocable election to record this Convertible Debt in its entirety at fair value utilizing the fair value option available under U.S. GAAP in order to more accurately reflect the economic value of this Note. As such, gains and losses on the Note are included in net gain on derivatives and convertible debt within net earnings each reporting period. Gains (losses) related to this Note were recognized totaling $240 and ($ 387) during the three months ended March 31, 2017 and 2016, respectively. The fair value of the Note was determined using a trinomial lattice-based model, which is a generally accepted computational model typically used for pricing options. The fair value of the Note on the date of issuance was determined to be equal to its principal amount. Interest expense related to this Note is recorded separately from other changes in its fair value within interest expense each period . The following table represent s the difference between the fair value and the unpaid principal balance of the Note as of March 31, 2017 : Fair value as of March 31, 2017 Unpaid principal balance as of March 31, 2017 Fair value carrying amount over/(under) unpaid principal 6.25% Convertible Debt $ 1,075 $ 1,012 $ 63 |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Measurements And Derivative Instruments [Abstract] | |
Fair Value Measurements And Derivative Instruments | NOTE 8. FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS Our determination of fair value measurements is based on the assumptions that market participants would use in pricing the asset or liability. At March 31, 2017 , the Compan y’s convertible debt (see Note 7 ) and certain derivative instruments were the only financial instruments measured in the financial statements at fair value on a recurring basis. Nonrecurring fair value measurements were utilized in the determination of the fair value of acquired properties in 2017 (see Note 3), in the accounting for the Company’s equity transactions that oc curred in March 2016 and 2017 (see Note 10 ) , and in the valuation of impaired hotels during the three months ended March 31, 2017 and 2016 . Derivative Instruments C urrently, the Company uses derivatives, such as interest rate swaps and caps, to manage its interest rate risk. The fair value of interest rate positions is determined using the standard market methodology of netting discounted expected future cash receipts and payments. Variable interest rates used in the calculation of projected receipts and payments on the positions are based on expectations of future interest rates derived from observable market interest rate curves and volatilities. Derivatives expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the agreements. The Company believes it minimizes this credit risk by transacting with major creditworthy financial institutions. These interest rate positions at March 31, 2017 and December 31, 2016 are as follows: Associated debt Type Terms Effective date Maturity date Notional amount at March 31, 2017 Notional amount at December 31, 2016 Credit facility Cap Caps 30-day LIBOR at 2.50% 03/2017 03/2019 $ 50,000 $ - Huntington Swap Swaps 30-day LIBOR + 2.25% for fixed rate of 4.13% cancellable at Company's option anytime after 11/01/2018 without penalty 11/2015 11/2020 $ - $ 7,361 Latitude Cap Caps 30-day LIBOR at 1.0% 03/016 06/2017 $ - $ 11,124 Additionally, prior to the execution of th e Exchange Agreement (see Note 10 ) on March 16, 2016 , which extinguished the instrument, the Company was required to bifurcate and include on the balance sheet at fair value the embedded conversion option in the 6.25% Serie s C Cumulative Convertible Preferred Stock (“Series C Preferred Stock”) due to the presence of an antidilution provision that required an adjustment in the common stock conversion ratio should subsequent issuances of the Company’s common stock be issued below the instrument’s original conversion price of $52.00 per share. Similarly, at December 31, 2015, prior to the execution of the Exchange Agreement, the terms of the common stock warrants issued to the holders of the Seri es C Preferred Stock (see Note 10 ) also included an antidilution provision that required a reduction in the warrant’s exercise price of $62.40 should the conversion ratio of the Series C Preferred Stock be adjusted due to its antidilution provisions. Accordingly, the warrants did not qualify for equity classification, and, as a result, the fair value of the warrants was shown as a derivative liability on the consolidated balance sheet. With the execution of the Exchange Agreement, this provision of these warrants was effectively eliminated and the conversion price was locked permanently at its current amount on the date of the extinguishment of the Series C Preferred Stock ( $12.48 ). Following this modificatio n of terms, the warrants qualified for equity classification and were reclassified to additional paid- in capital at their fair value of $611 on the date of the modification. The fair value of the derivative liabilities recognized in connection with the Series C Preferred Stock was determined using the Monte Carlo simulation method. The Monte Carlo simulation method is a generally accepted statistical method used to generate a defined number of stock price paths in order to develop a reasonable estimate of the range of future expected stock prices of the Company and its peer group and minimize standard error. Included in the Series E Preferred Stock issued on March 1, 2017 is a redemption right that allows the Company, upon the occurrence of a Qualified Offering (defined as a single offering of common stock of at least $50,000 or up to three offerings in the aggregate of at least $75,000 , all with certain minimum prices per share and a potential make whole payment required in certain scenarios ) , to redeem up to a total of 490,250 shares of Series E Preferred Stock for specific percentages of its liquidation preference. Because this redemption right is contingent upon the occurrence of a Qualified Offering, the Company was required to bifurcate and include on the balance sheet at fair value the embedded redemption right. This option was determined to be an asset with a fair value on the date of issuance of $150 using a trinomial lattice-based model, considered a Level 3 fair value measurement. A Qualified Offering was completed on March 29, 2017 (see Note 9). All derivatives recognized by the Company are reported as either derivative assets or liabilities on the consolidated balance sheet s and are adjusted to their fair value at each reporting date. All gains and losses on derivative instruments are included in net gain on derivatives and convertible debt and with the exception of realized gains and losses related to the interest rate instruments, which are included in interest expense on the consolidated statements of operations. Net gains (losses) of $ (65) and $5,730 were recognized related to derivative instruments for the three months ended March 31 , 2017 and 2016 , respectively. Recurring Fair Value Measurements The following tables provide the fair value of the Company’s financial assets and ( liabilities ) carried at fair value and measured on a recurring basis: Fair value at March 31, 2017 Level 1 Level 2 Level 3 Interest rate derivatives $ 44 $ - $ 44 $ - Series E Preferred embedded redemption option 93 - - 93 Convertible debt (1,075) - - (1,075) Total $ (938) $ - $ 44 $ (982) Fair value at December 31, 2016 Level 1 Level 2 Level 3 Interest rate derivatives $ (8) $ - $ (8) $ - Convertible debt (1,315) - - (1,315) Total $ (1,323) $ - $ (8) $ (1,315) There were no transfers between levels during the three months ended March 31, 2017 or 2016 . The following table s present a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that use significant unobservable inputs (Level 3) and the related gains and losses recorded in the consolidated statements of operations during the period s : Three months ended March 31, 2017 2016 Series E Preferred embedded redemption option Convertible debt Total Series C Preferred embedded derivative RES warrant derivative Convertible debt Total Fair value, beginning of period $ - $ (1,315) $ (1,315) $ (6,271) $ (2,411) $ - $ (8,682) Net gains (losses) recognized in earnings (57) 240 183 4,848 1,800 (387) 6,261 Purchase and issuances 150 - 150 - - (1,012) (1,012) Sales and settlements - - - 1,423 - - 1,423 Gross transfers into Level 3 - - - - - - - Gross transfers out of Level 3 - - - - 611 (1) - 611 Fair value, end of period $ 93 $ (1,075) $ (982) $ - $ - $ (1,399) $ (1,399) - Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period $ (57) $ 240 $ 183 $ - $ - $ (387) $ (387) (1) RES warrants were permanently reclassified to additional paid- in capital as discussed above Fair Value of Long-Term Debt The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of debt obligati ons with similar credit risks . Credit spreads take into consideration general market conditions and maturity. The inputs utilized in estimating the fair value of debt are classified in Level 2 of the fair value hierarchy. Both t he carrying value and estimated fair value of the Company’s long-term debt are presented net of deferred financing costs in the table below: Carrying value as of Estimated fair value as of March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Held for use $ 69,945 $ 56,775 $ 69,052 $ 56,842 Held for sale 3,288 5,945 3,288 6,378 Total $ 73,233 $ 62,720 $ 72,340 $ 63,220 Impaired Hotel Properties In the performance of impairment analysis for both held for sale and held for use properties, fair value is determined with the assistance of independent real estate brokers and through the use of operating results and revenue multiples based on the Company’s experience with hotel sales as well as available industry information. For held for sale properties, estimated selling costs are based on our experience with similar asset sales. These are considered Level 3 inputs. All impairment in the table below related to held for use properties relates to impairments taken when those properties were previously held for sale or upon their reclassified to held for use. The amount of impairment and recovery of previously recorded impairment recognized in the three months ended March 31, 2017 and 2016 is shown in the table s below: Three months ended March 31, 2017 2016 Number of hotels Impairment (loss) recovery Number of hotels Impairment (loss) recovery Held for sale hotels: Impairment loss 1 $ (351) 2 $ (676) Impairment recovery - - - - Sold hotels: Impairment loss - - 1 (117) Impairment recovery 2 80 - - Total net impairment (loss) recovery: 3 $ (271) 3 $ (793) |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Common Stock | NOTE 9. COMMON STOCK The Company’s common stock is duly authorized, fully paid, and non-assessable. On February 28, 2017, the holders of the Series D Preferred Stock voluntarily converted their shares into 6,004,957 shares of common stock (adjusted for the reverse stock split discussed below) at $10.40 per share pursuant to the terms of the preferred stock (see Note 10). Effective on March 15, 2017, the Company effected a reverse stock split of its common stock at a ratio of 1-for-6.5 . No fractional shares of common stock were issued as fractional shares were settled in cash. A total of 73 shares were settled for $1 . Unless otherwise noted, impacted amounts and share information included in the consolidated financial statements and notes thereto have been retroactively adjusted for the stock split as if such stock split occurred on the first day of the first period presented. On March 29, 2017, the Company closed an underwritten public offering of 4,772,500 shares of its common stock, including 622,500 shares issued pursuant to the full exercise of an option to purchase additional shares of common stock granted to the underwriters, at a public offering price per share of $10.50 . Net proceeds, after the payment of related expenses, from this offering totaled $45,916 . |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Preferred Stock | NOTE 10. PREFERRED STOCK On March 16, 2016, the Company entered into a series of agreements providing for: · the issuance and sale of Condor’s Series D Preferred Sto ck under a private transaction to SREP III Flight-Investco, L.P. (“SREP”), an affiliate of StepStone Group LP; · the exchange of all of Condor’s outstanding Series C Preferred Stock for Series D Preferred Stock; and · the cash redemption of all of Condor’s outs tanding 8% Series A Cumulative Preferred Stock (“Series A Preferred Stock”) and 10% Series B Cumulative Preferred Stock (“Series B Preferred Stock”). In connection with these transactions, the Company and SREP entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) dated March 16, 2016 pursuant to which Condor issued and sold 3,000,000 shares of Series D Preferred Stock to SREP on the March 16, 2016 for an aggregate purchase price of $30,000 . The Stock Purchase Agreement required that $20,147 of the purchase price be deposited into an escrow account for the purpose of effecting the redemption of the Series A and Series B Preferred Stock and that the remaining amount of the purchase price be delivered to Condor. Simultaneously, the Company entered into the Exchange Agreement with RES pursuant to which all 3,000,000 outstanding shares of Series C Preferred Stock were exchanged for 3,000,000 shares of Series D Preferred Stock. Under the Exchange Agreement, in lieu of payment of accrued and unpaid dividends in the amount of $4,947 on the Series C Preferred Stock, Condor (a) paid to RES an amount of cash equal to $1,484 , (b) issued to RES 245,156 shares of Series D Preferred Stock (such that RES, IRSA and their affiliates do not beneficially own in excess of 49% of the voting stock of Condor) and (c) issued to RES a convertible promissory note, bearing interest at 6.25% per annum, in the principal amount of $1,012 (see Note 7 ). Pursuant to the Stock Purchase Agreement, on April 15, 2016, Condor redeemed all of the outstanding Series A and Series B Preferred Stock , in accordance with redemption notices issued on March 16, 2016, as follows: · all 803,270 outs tanding shares of the Series A Preferred S tock at the redemption price of $10.00 per share plus $2.084940 per share in accrued and unpaid dividends (plus compounded interest) through the redemption date for a total redemption price of $9,707 ; and · all 332,500 outs tanding shares of the Series B Preferred S tock at the redemption price of $25.00 per share plus $6.354167 per share in accrued and unpaid dividends through the redemption date for a total redemption price of $10,425 . On February 28, 2017, the holders of the Series D Preferred Stock voluntarily converted their shares into 6,004,957 shares of common stock at $10.40 per share pursuant to the terms of the preferred stock. The terms of the Series D Preferred Stock provided for automatic conversion following certain future common stock offerings, and also provided for potential additional payments to the holders depending on the sales price of common stock in the offerings. As a result of the voluntary conversion, the holders are no longer entitled to the potential payments. To induce the holders of the Series D Preferred Stock to voluntarily convert their shares, the Company issued the holders 925,000 shares of a new series of preferred stock, the Series E Preferred Stock. The effect of these transactions on the Company’s preferred stock and the key terms of the remaining series of the Company’s preferred stock are discussed individually below . Series A Preferred Stock On April 15, 2016, the remaining 803,270 outstanding shares of Series A Preferred Stock were redeemed. The difference between the recorded value of the Series A Preferred Stock prior to the issuance of the redemption notice and the redemption value of the Series A Preferred Stock plus related expenses, a total of $2,288 , was recorded as a reduction of accumulated deficit during the three months ended March 31, 2016 as the amount is considered a deemed dividend on the Series A Preferred Stock. Of this amount, $836 for the three months ended March 31, 2016 was recorded as a reduction of net earnings attributable to common shar eholders as the portion of this deemed dividend s that was in excess of preferred dividends deducted to arrive at net earnings attributable to common shareholders in previous periods. Series B Redeemable Preferred Stock On April 15, 2016, the remaining 332,500 shares of Series B Preferred Stock were redeemed. The difference between the recorded value of the Series B Preferred Stock prior to the issuance of the redemption notice and the redemption value of the Series B Preferred Stock, a total $2,740 , was recorded as a reduction of accumulated deficit during the three months ended March 31 , 2016 as the amount is considered a deemed dividend on the Series B Preferred Stock. Of th is amount , $870 for the three months ended March 31, 2016 was recorded as a reduction of net earnings attributable to common shareholders as the portion of this deemed dividend that was in excess of preferred dividends deducted to arrive at net earnings attributable to common shareholders in previous periods. Series C Convertible Preferred Stock and Warrants On March 16, 2016, the Series C Preferred Stock was extinguished under the Exchange Agreement discussed above. Upon this extinguishment, the difference between the recorded value of the Series C Preferred Stock prior to the exchange and the fair value of the consideration received in the exchange, a total of $20,366 , was recorded as a reduction of accumulated deficit as the amount is considered a deemed dividend on the Series C Preferred Stock. Of this amount, $15,874 was recorded as a reduction of net earnings attributable to common shareholders as the portion of this deemed dividend that was in excess of preferred dividends deducted to arrive at net earnings attributable to common shareholders in previous periods. On January 24, 2017, the Company exchanged 23,160 new warrants (the “New Warrants”) to purchase common stock of the Company for 576,923 warrants (the “Old Warrants” ) held by RES. The number of New Warrants issued in exchange for the Old Warrants equals the number of shares of common stock issuable upon exercise of the Old Warrants pursuant to a cashless exercise provisions of the Old Warrants. The New Warrants are exercisable for 23,160 shares of common stock, have an exercise price of $0.0065 for each common share , and expire on January 24, 2019 . On the date of the exchange, the New Warrants had a fair value in excess of the Old Warrants of $289 , which is reflected as other expense and an increase in additional paid-in capital as the exchange is assumed to be equivalent to the modification of an equity classified instrument. Series D Convertible Preferred Stock Following the execution of the Stock Purchase Agreement and Exchange Agreement on March 16, 2016, there were 6,245,156 shares of Series D Preferred Stock outstanding. The Series D Preferred stockholders rank ed senior to the Company’s common stock and any other preferred stock issuances and receive d preferential cumulative cash dividends at a rate of 6.25% per annum, payable quarterly in arrears on each March 31, June 30, September 30 , and December 31, or, if not a business day, the next succeeding business day, of the $10.00 face value per share. Dividends on the Series D Preferred Stock accrue d whether or not the Company had earnings, whether or not t here were funds legally available for the payment of such dividends, w hether or not such dividends were declared , and w hether or not such dividends were prohibited by agreement. If the dividends on the Series D Preferred Stock had been in arrears for four consecutive quarters, then upon notice by holders of in the aggregate not less than 40% of the outstanding Series D P referred Stock, the Company would (a) take all appropriate action reasonably within its means to maximize the assets legally available for paying such dividends and to monetize such assets (for example, but without limiting the generality of the foregoing, by selling or liquidating all of some of the Company’s assets or by selling the Company as a going concern), (b) pay out of all such assets legally available (including any proceeds from any sale or liquidation of such assets) the maximum possible amount of such unpaid dividends, and (c) thereafter, at any time and from time to time when additional assets of the Company (including any proceeds from any sale or liquidation of such assets) beca me legally available to pay such unpaid dividends, pay such remaining unpaid dividends until all dividends accumulated on t he Series D Preferred Stock had been fully paid. Dividends were paid when due throughout the life of the instrument. Each shar e of Series D Preferred Stock was convertible, at the option of the holder, at any time into a number of shares of common stock determined by dividing the conversion price of $10.40 into an amount equal to the $10.00 face value per share plus accrued and unpaid dividends, if any. The conversion price was subject to anti-dilution adjustments upon the occurrence of stock splits and stock dividends. Each outstanding share of Series D Preferred Stock would be converted into a number of shares of common stock determined by dividing the conversion price of $1 0.4 0 into the $10.0 0 face value per share, which was equal to a rate of 0.9615385 shares of common stock for each share of Series D Preferred Stock, automatically upon closing of a Qualified Offering without any further action by the holders of such shares or the Company. The Series D Preferred Stock was redeemable by the Company at any time subject to certain restrictions, in whole or in a partial redemption of up to $30,000 , at $12.00 per share on or before March 16, 2019, $13.00 per share from March 16, 2019 to March 16, 2020, and $14.00 per share on or after March 16, 2020 , plus all accrued and unpaid dividen ds. If a Qualified Offering had not occurred on or before September 30, 2021, holders that hold in the aggregate not less than 40% of the outstanding shares of t he Series D Preferred Stock had the right to elect to have the Company fully liquidate in a commercially reasonable manner as determined by the Board of Directors of the Company to provide for liquidation distributions to the holders of the Series D Preferred Stock in an amount per sh are equal to $14.00 in cash plus accrued and unpaid dividends. Once this right had been exercised and t he Company had been notified, the dividend rate on the Series D Preferred Stock after September 30, 2021 would increase from 6.25% per annum to 12.5% per annum. The holders of Series D Preferred Stock vote d their Series D Preferred Stock as a single class with the holders of the common stock on all matters submitted to such holders for vote or consent. For each such vote or consent, each share of S eries D Preferred Stock entitled the holder to cast one vote for each whole vote (rounded to the nearest whole number) that such holder would be entitled to cast had such holder converted its Series D Preferred Stock into shares of common stock as of the date immediately prior to the record date for determining the shareholders of the Company eligible to vote on any such matter. The fair value of the Series D Preferred Stock was determined to be equal to its face value on the date of issuance. As discussed above, on February 28, 2017, the holders of the Series D Preferred Stock voluntarily converted their shares into 6,004,957 shares of common stock at $10.40 per share pursuant to the terms of the preferred stock. At the time of conversion, the Series D Preferred Stock holders were issued 925,000 shares of newly created Series E Preferred Stock. Series E Redeemable Convertible Preferred Stock Following the voluntary conversion of the Series D Preferred Stock on February 28, 2017 , the only shares of preferred stock outstanding are 925,000 shares of Seri es E Preferred Stock . The Series E Preferred Stock ranks senior to the Company’s common stock and any other preferred stock issuances and receives preferential cumulative cash dividends at a rate of 6.25% per annum, payable quarterly of the $10.00 face value per share. If the Company fails to pay a dividend then during the period that dividends are not paid, the dividend rate increases to 12.5% , if specific equity offering or offerings have not occurred, and increases 9.50% per annum if such equity or equity offerings have occurred. Dividends on the Series E Preferred Stock accrue whether or not the Company has earnings, whether or not there are funds legally available for the payment of such dividends, whether or not such dividends are declared, and whether or not such dividends are prohibited by agreement. Subject to certain shareholder approvals, required under Nasdaq Marketplace Rules, which Condor will seek and expects to obtain at the next annual shareholders meeting, each share of Series E Preferred Stock is convertible, at the option of the holder, at any time on or after February 28, 2019, into a number of shares of common stock determined by dividing the conversion price of $13.845 into an amount equal to the $10.00 face value per share plus accrued and unpaid dividends, if any. Upon liquidation, each share of Series E Preferred Stock is entitled to $10.00 per share, accrued and unpaid dividends, and an additional amount based on liquidation preference that the holders may have foregone by converting their Series D Preferred Stock into common stock, as adjusted for stock appreciation and dividends paid on the common stock. The conversion price is subject to anti-dilution adjustments upon the occurrence of stock splits and stock dividends. Following a specific equity offering or offerings, from time to time a number of shares of Series E Preferred Stock automatically converts into common stock if the common stock trades at 120% of the conversion price for 60 trading days, and the number of shares converted will be determined by certain trading volumes measures. The Company has rights to redeem up to 490,250 shares of the Series E Preferred Stock at prices from 110% to 130% of its liquidation value. Subject to certain shareholder approvals, required under Nasdaq Marketplace Rules, which Condor will seek and expects to obtain at the next annual shareholders meeting , t he holders have put rights commencing March 16, 2021 to put the Series E Preferred Stock to the Company at 130% of its liquidation preference, which the Company can satisfy with cash or common stock. The Series E Preferred Stock votes as a class on matters generally affecting the Series E Preferred Stock, and as long as 434,750 shares of Series E Preferred Stock ( 47% of the originally issued shares of Series E Preferred Stock) remain outstanding, then 75% approval of the Series E Preferred Stock will be required to approve merger, consolidation, liquidation or winding up of Condor, related party transactions exceeding $120 , payment of dividends on common stock except from funds from operations or to maintain REIT status, the grant of exemptions from Condor’s charter limitation on ownership of 9.9% of any class or series of its securities (exclusive of persons currently holding exemptions), issuance of preferred stock or commitment or agreement to do any of the foregoing. RES and SREP are the sole shareholders of the Series E Preferred Stock. RES and SREP are also parties to director designation agreements pursuant to which each of RES and SREP have rights to designate directors for election , the number of which is determined by the percentage voting power they have in the election of directors. The number of directors that may currently be designate d constitutes a majority of the Company’s Board of Directors. All of the directors designated by RES and SREP have been determined by the Company’s Board of Directors to be independent under applicable stock exchange rules. However, because RES and SREP hold all o f the Series E Preferred Stock and may design ate a majority of the Board of D irectors, th ey are deemed to have potential influence on the put and call options discussed above, and therefore the Series E Preferred Stock is classified as temporary equit y. The Series E Preferred Stock was determined to have a fair value of $9,900 on the date of issuance as measured using a trinomial lattice-based model. From this value, the embedded redemption option (see Note 8), which was determined to be an asset with a fair value on the date of issuance of $150 using the same model, was bifurcated and will be accounted for at fair value at each period end. These are considered Level 3 fair value measurements. The issuance of the Series E Preferred Stock is considered an inducement to convert the Series D Preferred Stock to common stock and as such, its fair value at issuance, plus related expenses, is reflected as a reduction of retained earnings and an increase in dividends declared and undeclared and in kind dividends deemed on preferred stock. I m pact of Preferred Stock on Net Loss Attributable to Common Shareholders The components of dividends declared and undeclared and in kind dividend s deemed on preferred stock are as follow s : Three months ended March 31, 2017 2016 Preferred A dividends accrued at stated rate $ - $ 190 Preferred A additional deemed dividends upon redemption - 646 Preferred B dividends accrued at stated rate - 208 Preferred B additional deemed dividends upon redemption - 662 Preferred C dividends accrued at stated rate - 455 Preferred C additional deemed dividends at exchange - 15,419 Preferred D dividends accrued at stated rate 650 160 Preferred D inducement to convert 10,903 - Preferred E dividends accrued at stated rate 50 - Dividends declared and undeclared and in kind dividends deemed on preferred stock $ 11,603 $ 17,740 |
Noncontrolling Interest Of Comm
Noncontrolling Interest Of Common Units In CHLP | 3 Months Ended |
Mar. 31, 2017 | |
Noncontrolling Interest Of Common Units CHLP [Abstract] | |
Noncontrolling Interest Of Common Units In CHLP | NOTE 11 . NONCONTROLLING INTEREST OF PARTNERSHIP UNITS IN CH LP Noncontrolling interest in CH LP represents the limited partners’ proportionate share of the equity in the operating partnership and long-term incentiv e plan (“LTIP”) units (see Note 12 ). Earnings and loss are allocated to noncontrolling interest in accordance with the weighted a verage percentage ownership of CH LP during the period. Our ownership interest in CH LP as of March 31, 2017 was 98.7% and as of December 31, 2016 was 97.8% , which includes consideration of the partnership units of the limited partners as well as the LTIP units. At March 31, 2017 and December 31, 2016, 8,466,839 and 7,872,943 CHLP partnership units owned by minority interest holders were outstanding, respectively, which includes 3,203,687 and 2,609,791 partnership units held by limited partners , respectively, and 5,263,152 LTIP units outstanding which were not yet earned at both periods . The combined redemption value for the partnership units and LTIP units was $1,726 and $2,008 at March 31, 2017 and December 31, 2016 , respectively. Each limited partner of CH LP may, subject to cer tain limitations, require that CH LP redeem all or a portion of his or her partnership units at any time after a specified period following the date the units were acquired, by delivering a redempt ion notice to CH LP. When a limited partner tenders partnership units for redemption, the Company can, at its sole discretion, choose to purchase the units for either (1) a number of shares of Company common stock at a rate of one shar e of common stock for each 52 partnership units redeemed or (2) cash in an amount equal to the market value of the number of shares of Company common stock the limited partner would have received if the Company chose to purchase the units for common stock. No partnership units were redeemed during the three months ended March 31, 2017 or 2016. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | NOTE 12 . STOCK-BASED COMPENSATION The Company previously had in place a 2006 Stock Plan which had been approved by the Company’s shareholders. The 2006 Stock Plan authorized the grant of stock options, stock appreciation rights, restricted stock, and stock bonuses of up to 9,615 shares of common stock. The 2006 Stock Plan expired on December 31, 2015 . As a replacement for the 2006 Stock Plan, the Board of Directors adopted the Condor 2016 Stock Plan, which was approved by the Company’s shareholders at the annual shareholders meeting on June 15, 2016. The 2016 Stock Plan authorizes the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, deferred stock units, and other forms of stock-based compensation. The maximum number of shares of the Company’s common stock that may be issued under the 2016 Stock Plan is 461,538 . During the three months ended March 31, 2017 , 714 shares of common stock were issued to members of the Investment Committee of the Board of Directors and 13,593 unvested share awards were issued to management under the 2016 Stock Plan. Stock-based compensation for awards with a service condition only is measured based on the fair value of the award on the date of grant and recognized as compensation expense on a straight line basis over the service period. The compensation cost related to awards for which vesting is contingent upon achieving a market based criteria is measured at the fair value of the award on the date of grant, including consideration of the market criteria, and amortized on a straight line basis over the performance period. The fair value of the award at grant is measured using either the closing stock price on the date of grant (for vested and unvested share awards), the Black-Scholes model (for options and warrants), or a Monte Carlo simulation (for LTIP awards), as appropriate. Compensation cost is recognized as additional paid-in capital for awards of the Company’s common stock and as noncontroll ing interest for LTIP awards of CHLP partnership units. The Company has elected to expense forfeitures of stock-based compensation as they occur. Options and Unvested Share Awards At March 31, 2017 , the Company had a total of 865 v ested stock options with a weighted average exercise price of $48.945 per share outstanding under the 2006 Stock Plan and no unvested s tock options. On March 31, 2017, the Company granted 13,593 unvested share awards to two executive officers. The fair value of these awards on the date of grant totaled $144 , all of which is unrecognized compensation expense tha t will be recognized over the five year ratable vesting period of the shares. Warrants On March 2, 2015, the Company granted a warrant to an executive officer of the Company outside of the 2006 Stock Plan as an inducement material to the executive’s acceptance of employment. The warrant entitled the executive to purchase a total of 101,213 authorized but previously unissued shares of the Company’s common stock at a price of (i) $9.88 per share (the adjusted closing bid price of the common stock on Nasdaq on March 2, 2015) if at least one -third but not more than one -half of the shares were purchased on or prior to March 17, 2015, and (ii) $12.48 per share for shares purchased after that date. The warrant has a three -year term. The executive officer exercised the warrant in part to purchase 35,060 shares on March 11, 2015 at the price of $9.88 per share. The warrant remains exercisable for 66,153 shares at an exercise price of $12.48 per share. As of March 31, 2017, the total unrecognized compensation cost related to these warrants was $91 , which is expected to be recognized over the next 11 months. Long-Term Incentive Plan Awards On March 2, 2015, the Company granted an equity award of 5,263,152 LTIP units, re presenting profit interests in CH LP, to an executive officer of the C ompany. The LTIP units are earned in one -third increments upon the Company’s common stock achieving price per share milestones of $22.75 , $29.25 , and $35.75 , respectively. Earned LTIP units vest in March 2018 , or earlier upon a change in control of the Company, and upon vesting can be converted into CH LP partnership units which can be redeemed at the rate of one share of common stock for each 52 earned LTIP units for up to 101,213 common shares. As of March 31, 2017 , the total unrecognized compensation cost related to these LTIP units was $156 , which is expected to be recognized over the next 11 months . Investment Committee Share Compensation Independent directors serving as members of the Investment Committee of the Board of Directors receive their monthly Investment Committee fees in the form of shares of the Company’s common stock if issuance is availabl e under a shareholder approved stock p lan, priced as the average of the closing price of the stock for the first 20 trading days of the calendar year. A total of 714 and 0 shares , respectively, were issued to the independent director s of the Investment Committee during the three months ended March 31, 2017 and 2016 . Stock-Based Compensation Expense The expense recognized in the consolidated financial statements for stock-based compensation, including LTIP units, related to employees and directors for the three months ended March 31 , 2017 and 2016 was $77 and $69 , respectively, all of which is included in general and administrative expense . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 13 . INCOME TAXES We have provided a full valuation allowance against our net deferred tax asset during all periods presented due to the uncertainty of realization resulting from past operating losses which results in no tax expense or benefit for the three months ended March 31, 2017 and 2016. After consideration of limitations related to a change in control as defined under Internal Revenue Code Section 382 (“Section 382”) following the Company’s 2012 transactions with RES (see Note 10), the TRS’s net operating loss carryforward at March 31, 2017 as determined for federal income tax purposes was $3,291 . The availability of the loss carryforwards will expire from 2022 through 2035 . The Company is currently in the process of evaluating whether the Company’s 2016 and 2017 equity transactions (see Notes 9 and 10) will require further limitation of the usage of net operating losses under Section 382. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 14 . EARNINGS PER SHARE The following is a reconciliation of basic and diluted earnings per common share (“EPS”): Three months ended March 31, 2017 2016 Numerator: Basic and Diluted (1) Net loss attributable to common shareholders: Continuing operations $ (13,953) $ (11,146) Discontinued operations - 704 Total $ (13,953) $ (10,442) Denominator Weighted average number of common shares - Basic and Diluted 2,937,698 760,129 Earnings per Share Continuing operations - Basic and Diluted $ (4.75) $ (14.63) Discontinued operations - Basic and Diluted - 0.91 Total - Basic and Diluted Earnings per Share $ (4.75) $ (13.72) (1) The earnings or loss attributable to noncontrolling interest is allocated between continuing and discontinued operations for the purpose of the EPS calculation The following table summarizes the weighted average number of potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted EPS as they are antidilutive: Three months ended March 31, 2017 2016 Outstanding stock options 865 865 Unvested stock awards - 161 Warrants - RES 170,830 576,923 Warrants - Employees 66,153 66,153 Series C Preferred Stock - 2,409,129 Series D Preferred Stock 3,936,347 1,055,816 Series E Preferred Stock 230,127 - Convertible debt 97,269 17,102 LTIP partnership units (1) 101,213 101,213 CHLP partnership units (1) 51,076 46,074 Total potentially dilutive securities excluded from the denominator 4,653,880 4,273,436 (1) LTIP and partnership units of CH LP have been omitted from the denominator for the purpose of computing diluted EPS since the effect of including these amounts in the numerator and denominator would h ave no impact on calculated EPS |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | NOTE 15 . COMMITMENTS AND CONTINGENCIES Management Agreements Our TRS engages eligible independent contractors as property managers for each of our hotels in accordance with the requirements for qualification as a REIT. The hotel management agreements provide that the management companies have control of all operational aspects of the hotels, including employee-related matters. The management companies must generally maintain each hotel under their management in good repair and condition and perform routine maintenance, repairs, and minor alterations. Additionally, the management companies must operate the hotels in accordance with the national franchise agreements that cover the hotels, which includes, as applicable, using franchisor sales an d reservation systems and abiding by the franchisors’ marketing standards. The management agreements generally require the TRS to fund debt service, working capital needs, and capital expenditures and to fund the management companies ’ third-party operating expenses , except those expenses not related to the operation of the hotels. The TRS also is responsible for obtaining and maintaining certain insurance policies with respect to the hotels. Each of the management companies employed by the TRS at March 31 , 2017 receive a base monthly management fee of 3.0% to 3.5% of gross hotel revenue, with incentives for performance which increase such fee to a maximum of 5.0% . For the three months ended March 31, 2017 and 2016, base management fees incurred totaled $324 and $399 , respectively, all of which was included in continuing operations as hotel and property operations expense. Incentive management fees, included in continuing operations in their entirety, totaled $ 25 and $ 6 , respectively, for the three months ended March 31, 2017 and 2016 . The management agreements generally have initial terms of one to three years and renew for additional terms of one year unless either party to the agreement gives the other party written notice of termination at least 90 days before the end of a term. The Company may terminate a management agreement, subject to cure rights, if certain performance metrics tied to both individual hotel and total managed portfolio performance are not met. The Company may also terminate a management agreement with respect to a hotel at any time without reason upon payment of a termination fee. The management agreements terminate with respect to a hotel upon sale of the hotel, subject to certain notice requirements. Franchise Agreements As of March 31 , 2017 , 18 of our 19 wholly owned properties operate under franchise licenses from national hotel companies. Under our franchise agreements, we are required to pay franchise fees generally between 3.3% and 5.5% of room revenue, plus additional fees for marketing, central reservation systems, and other franchisor programs and services that amount to between 2.5% and 6.0% of room revenue. The franchise agreements typically have 10 to 25 year terms although certain agreements may be terminated by either party on certain anniversary dates specified in the agreements. Further, each agreement provides for early termination fees in the event the agreement is terminated before the stated term. Franchise fee expense totaled $668 and $759 , for the three months ended March 31 , 2017 and 2016, respectively , all of which was included in continuing operations as hotel and property operations expense. The initial fees incurred to enter into the franchise agreements are capitalized and amortized over the life of the franchise agreements. Leases The C ompany assumed a land lease agreement at the time of purchase related to one hotel owned at March 31, 2017. This lease requires monthly payments of the greater of $2 or 5% of room revenue and is associated with a property held for sale at March 31, 2017. Land lease expense totaled $9 and $23 , respectively, for the three months ended March 31 , 2017 and 2016 , all of which was included in continuing operations as hotel and property operations expense. The Company entered into three new office lease agreements in 2016, replacing all existing office lease agreements which expired in 2016. These leases expire in 2019 through 2021 and have combined rent expense of approximately $153 annually. Office lease expense totaled $38 and $ 46 in the three months ended March 31 , 2017 and 2016 , respectively, and is included in general and administrative expense. Litigation Various claims and legal proceedings arise in the ordinary course of business and may be pending against the Company and its properties. We are not currently involved in any material litigation, nor, to our knowledge, is any material litigation threatened against us. The Company has insurance to cover potential material losses and we believe it is not reasonably possible that such matters will have a material impact on our financial condition or results of operations. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 16. SUBSEQUENT EVENTS The Company sold the 61 -room Comfort Inn in Harlan, Kentucky on April 3, 2017 for gross proceeds of $1,850 and the 62 -room Comfort Suites in Lafayette, Indiana on April 18, 2017 for gross proceeds of $3,885 . Net proceeds from the sales were a pplied to the Company’s credit facility. On April 14, 2017, the Company closed on the acquisition of the Home2 Suites Memphis / Southaven for a purchase price of $19,000 . The acquisition of this hotel included the assumption of an existing securitized loan on the property totaling approximately $9,100 . The loan bears interest at a fixed rate of 4.54% , requires monthly principal and interest payments of $48 , and matures on August 1, 2024 . On April 29, 2017, the Company entered into a hotel purchase agreement to purchase a Hampton Inn and Suites in Lake Mary, Florida, a suburb of Orlando, for $ 19,250 . The closing of the acquisition is subject to customary closing conditions including accuracy of representations and warranties and compliance with covenants and obligations and is expected to occur in the late second quarter or early third quarter of 2017. On May 11, 2017, the Company closed on an expansion of its $90,000 credit facility to $150,000 of committed borrowing capacity. The credit facility continues to include an accordion feature that would allow the Company to increase the size of the credit facility up to $400,000 with additional lender commitments. |
Organization And Summary Of S24
Organization And Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2017 | |
Organization And Summary Of Significant Accounting Policies [Abstract] | |
Description Of Business | Description of Business Condor Hospitality Trust, Inc. (“CDOR ,” “Condor,” or the “Company”), which until July 15, 2015 was formerly named Supertel Hospitality, Inc., was incorporated in Virginia on August 23, 1994 and was reincorporated in Maryland on November 19, 2014. CDOR is a self-administered real estate investment trust (“REIT”) for federal income tax purposes that specializes in the investment and ownership of high quality select service, limited service, extended stay, and compact full service hotels. As of March 31 , 2017 , the Company owned 20 hotels in 10 states, including one hotel owned through an 80% interest in an unconsolidated joint venture ( the “ Atlanta JV”). Condor, through its wholly owned subsidiary, Condor Hospitality REIT Trust (formerly Supertel Hospitality REIT Trust), owns a controlling interest in Condor Hospitality Limited Partnership (“CHLP”) (formerly Supertel Limited Partnership) , for which we serve as general partner . CHLP, including its various subsidiary partnerships, holds substantially all of the Company’s assets (with the exception of the furniture and equipment of 16 properties held by TRS Leasing, Inc.) and conducts all of its operations. At March 31, 2017 , the Company owned 98.7% of the partnership operating units (“partnership units”) of CHLP with the remaining partnership units owned by other limited partners and long-term incentive plan unit holders. The Company’s 100% owned E&P Financing Limited Partnership no longer owns any assets or conducts any operations following the sale of its last remaining property in January 2016. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required by the Internal Revenue Service (“IRS”) for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, CHLP and its subsidiaries lease our hotel properties to the Company’s wholly owned taxable REIT subsidiary, TRS Leasing, Inc., and its wholly owned subsidiaries (the “TRS”). The TRS in turn engages third-party eligible independent contractors to manage the hotels. CHLP, the TRS, and their respective subsidiaries are consolidated into the Company’s financial statements. References to “we,” “our,” and “us” herein refer to Condor Hospitality Trust, Inc., including, as the context requires, its direct and indirect subsidiaries. Historically, as a result of the geographic areas in which we operate, the operations of our hotels have been seasonal in nature. Generally, occupancy rates, revenue, and operating income have been greater in the second and third quarters of the calendar year than in the first and fourth quarters, with the exception of our hotels located in Florida, which experience peak demand in the first and fourth quarters annually . The re sults of the hotels acquired in and since 2015, because of their locations and chain scale, are expected to be less seasonal in nature than our legacy portfolio of assets. |
Basis Of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of the Company, as well as the accounts of CHLP and its subsidiaries and our wholly owned TRS and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Effective on March 15, 2017, the Company effected a reverse stock split of its common stock at a ratio of 1-for-6.5 . No fractional shares of common stock were issued as fractional shares were settled in cash. Unless otherwise noted, impacted amounts and share information included in the financial statements and notes thereto have been retroactively adjusted for the stock split as if such stock split occurred on the first day of the first period presented. Certain amounts in the notes to the financial statements may be slightly different than previously reported due to rounding of fractional shares as a result of the reverse stock split. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the general instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the financial statements for the periods presented. Interim results are not necessarily indicative of full-year performance for t he year ending December 31, 2017 or any future period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . |
Estimates, Risks And Uncertainties | Estimates, Risks, and Uncertainties The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as revenue and expenses recognized during the reporting period. Actual results could differ from those estimates. Because the state of the economy and the real estate market can significantly impact hotel operating performance and the estimated fair value of our assets, it is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change. |
Investment In Joint Venture | Investment in Joint Venture If it is determined that we do not have a controlling interest in a joint venture , either through our financial interest in a variable interest entity (“VIE”) or through our voting interest in a voting interest entity (“VOE”) and we have the ability to provide significant influence , the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize our share of net earnings or losses of the affiliate as they occur , with losses limited to the extent of our investment in, advances to, and commitments to the investee. Pursuant to our Atlanta JV agreement, allocations of the profits and losses of our Atlanta JV may be allocated disproportionately to nominal ownership percentages due to specified preferred return rate thresholds. Distributions received from a joint venture are classified in the statement of cash flows using the cumulative distributions approach. Distributions are classified as cash inflows from operating activities unless cumulative distributions, including those from prior periods not designated as a return of investment, exceed cumulative recognized equity in earnings of the joint venture. Excess distributions are classified as cash inflows from investing activities as a return of investment. On an annual basis or at interim periods if events and circumstances indicate that the investment may be impaired, the Company reviews the carrying value of its investment in unconsolidated joint venture to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. The investment is considered impaired if its estimated fair value is less than the carrying amount of the investment and that impairment is other than temporary. |
Assets Held For Sale And Discontinued Operations | Assets Held for Sale and Discontinued Operations A hotel is considered held for sale (a) when a contract for sale is entered into, a substantial, nonrefundable deposit has been committed by the purchaser, and sale is expected to occur within one year, or (b) if management has committed to and is actively engaged in a plan to sell the property, the property is available for sale in its current condition, and it is probable the sale will be completed within one year. If a hotel is considered held for sale as of the most recent balance sheet presented or was sold prior to that balance sheet date, the hotel property and the debt it collateralizes are shown as held for sale in all periods presented. Depreciation of our hotels is discontinued at the time they are considered held for sale. Historically, we have presented the results of operations of hotel properties that have been sold or are considered held for sale as discontinued operations in all periods presented. In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . The amendments in ASU 2014-08 changed the criteria for reporting a discontinued operation and require new disclosures of both discontinued operations and certain other significant disposals that do not meet the definition of a discontinued operation. Only disposals representing a strategic shift in operations that have a major effect on an entity’s operations and financial results should be presented as discontinued operations subsequent to adoption. The Company adopted this pronouncement on October 1, 2014. As a result of this adoption, only the operations of hotels meeting the criteria to be considered held for sale prior to October 1, 2014 are included in discontinued operations for all periods presented as no individual hotel disposition represents a strategic shift in operations or has a major effect on our operations or financial results. |
Impariment Losses | Impairment Losses On a quarterly basis, the Company reviews the carrying value of each held for use hotel to determine if certain circumstances, known as triggering events, exist indicating impairment to the carrying value of the hotel or that depreciation periods should be modified. These triggering events include a significant change in the cash flows of or a significant adverse change in the business climate for a hotel. If facts or circumstances support the possibility of impairment, the Company will prepare an estimate of the undiscounted future cash flows, without interest charges, of the specific hotel and determine if the investment in such hotel is recoverable based on these undiscounted future cash flows. If the investment is not recoverable based on this analysis, an impairment charge will be taken, if necessary, to reduce the carrying value of the hotel to the hotel’s fair value. At the end of each reporting period, if the fair value of a held for sale property less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. Impairment losses on held for sale properties may be subsequently recovered up to the amount of the cumulative impairment losses taken while the property is held for sale should future revisions to fair value estimates be required. If active marketing ceases or the property no longer meets the criteria to be classified as held for sale, the property is reclassified to held for use and measured at the lower of its (a) carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for use, or (b) its fair valu e at the date of the decision not to sell. |
Income Taxes | Income Taxes The Company qualifies and intends to continue to qualify as a REIT under the applicable provisions of the Internal Revenue Code (the “Code”), as amended. In general, under such Code provisions, a trust which has made the required election and, in the taxable year, meets certain requirements and distributes to its shareholders at least 90% of its REIT taxable income, will not be subject to federal income tax to the extent of the income currently distributed to shareholders. A REIT will incur a 100% tax on the net gain derived from any sale or other disposition of property that the REIT holds primarily for sale to customers in the ordinary course of a trade or business. We do not believe any of our hotels were held primarily for sale in the ordinary course of our trade or business. However, if the IRS would successfully assert that we held such hotels primarily for sale in the ordinary course of our business, the gain from such sales could be subject to a 100% prohibited transaction tax. Taxable income from non-REIT activities managed through the TRS, which is taxed as a C-Corporation, is subject to federal, state, and local income taxes. We account for the federal income taxes of our TRS using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of the TRS and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on the consideration of available evidence, including tax planning strategies and projections for future taxable income over the periods in which the remaining deferred tax assets are deductible. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not (defined as a likelihood of more than 50% ) that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are utilized to determine the value of certain liabilities, to perform impairment assessments, to account for hotel acquisitions, and for disclosure purposes. Fair value measurements are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Directly or indirectly observable inputs other than quoted prices included in Level 1. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. Level 3: Unobservable inputs for which there is little or no market data, which require a reporting entity to develop its own assumptions. Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or valuation techniques may have a material effect on estimated fair value measurements. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. With the exception of fixed rate debt (see Note 8 ) and other financial instruments carried at fair value, the carrying amounts of the Company’s financial instruments approximates their fair values due to their short-term nature or variable market-based interest rates. |
Fair Value Option | Fair Value Option Under U.S. GAAP, the Company has the irrevocable option to report most financial assets and financial liabilities at fair value on an instrument by instrument basis, with changes in fair value reported in net earnings. This option was elected for the treatment of the Company’s convertible debt entered in to on March 16, 2016 (see Note 7 ). |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity , which clarifies certain of the criteria for determining whether derivative features in a hybrid financial instrument should be separately recognized. ASU 2014-16 is effective for fiscal years beginning after December 15, 2015 and permits either a retrospective or cumulative effect transition method. ASU 2014-16 was adopted by the Company on January 1, 2016 and was utilized in determining the accounting for the 6.25% Series D Cumulative Convertible Preferred Stock (“Series D Preferred Stock”) issued in March 2016 and the 6.25% Series E Cumulative Convertible Preferred Stock (“Series E Preferred Stock”) issued in March 2017 (see Note 10 ). In February 2015, the FASB issued ASU No. 2015-02, Consolidation - Amendments to the Consolidation Analysis , which amends the current consolidation guidance effecting both the VIE and VOE consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The Company adopted this standard on January 1, 2016 and concluded that CHLP now meets the criteria to be considered a VIE of which the Company is the primary beneficiary and, accordingly, the Company continues to consolidate CHLP. The Company’s sole significant asset is its investment in CHLP, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of CHLP. All of the Company’s debt is an obligation of CHLP. This ASU was also used in the determination of the accounting for the Atlanta JV entered into in August 2016 (see Note 4). In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The Company adopted this standard on January 1, 2016 and pr esents all debt issuance costs as a direct deduction from the carrying value of the debt liability. Adoption of this standard was applied retrospectively for all periods presented, effecting only the presentation of the balance sheet. The adoption of this standard did not have a material impact on the Company's financial position and had no impact on the results of operations or cash flows. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The original updated accounting guidance was effective for annual and interim reporting periods in fiscal years beginning after December 15, 2016, however, in July 2015, the FASB approved a one year delay of the effective date to fiscal years beginning after December 15, 2017. As such, the standard will be effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effec t transition method. The Company has begun to evaluate each of its revenue streams under the new model. Based on preliminary assessments, the Company does not expect the adoption of this guidance to materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales. Furthermore, for real estate sales to third parties, primarily a result of disposition of real estate in exchange for cash with few contingencies, we do not expect the standard to significantly impact the recognition of or accounting for these sales. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which supersedes most existing lease guidance in U.S. GAAP when it becomes effective. ASU 2016-02 requires, among other changes to the lease accounting guidance, lessees to recognize most leases on-balance sheet via a right o f use asset and lease liability and additional qualitative and quantitative disclosures. ASU 2016-02 is effective for the Company for annual periods in fiscal years beginning after December 15, 2019, permits early adoption, and mandates a modified retrospective transition method. The Company is required to adopt ASU 2016-02 on January 1, 2020. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU-2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment , which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This guidance is effective for the Company for years beginning after December 15, 2017 but earlier adoption is permitted. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which clarifies how companies should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance requires companies to show the changes in the total of cash, cash equivalents, and restricted cash equivalents in the statement of cash flows. This guidance is effective for the Company for years b eginning after December 15, 2017 , including interim periods within those years and should be applied retroactively. Early adoption is permitted. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or business combinations. As a result of the standard, we anticipate that the majority of our hotel purchases will be considered asset purchases as opposed to business combinations. However, the determination will be made on a transaction-by-transaction basis and we do not expect the determination to materially change the recognition of the assets and liabilities acquired. This standard will be applied on a prospective basis and, therefore, it does not affect the accounting for any of our previous transactions. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. |
Reclassifications | Reclassifications Certain amounts in prior year financial statements have been reclassified to conform to current year presentation. |
Liquidity | Liquidity We expect to meet our short-term liquidity requirements through net cash provided by operations, existing cash balances and working capital, short-term borrowings under our $90,000 secured revolving credit facility (the “credit facility”) , and the release of restricted cash upon the satisfaction of usage requirements. At March 31, 2017 , the Company had $15,032 of cash and cash equivalents on hand and $20,901 of unused availability under its credit facility . Our short-term liquidity requirements consist primarily of operating expenses and other expenditures directly associated with our hotel properties, recurring maintenance and capital expenditures necessary to maintain our hotels in accordance with brand standards, interest expense and scheduled principal payments on outstanding indebtedness, restricted cash funding obligations, and the payment of dividends in accordance with the REIT requirements of the Code and as required in connection with our Series E Preferred Stock. Prior to the consideration of any asset sales or our ability to refinance debt subsequent to March 31, 2017 , contractual principal payments on our debt outstanding, which include only normal amortization, total $1,103 through June 30, 2018. We also presently expect to invest approximately $4,000 to $5,000 in capital expenditures related to hotel properties we currently own through June 30, 2018 . To maintain our REIT tax status, we generally must distribute at least 90% of our taxable income to our shareholders annually. In addition, we are subject to a 4% non-deductible excise tax if the actual amount distributed to shareholders in a calendar year is less than a minimum amount specified under the federal income tax laws. We have a general dividend policy of paying out approximately 100% of annual REIT taxable income. The actual amount of any future dividends will be determined by the Board of Directors based on our actual results of operations, economic conditions, capital expenditure requirements, and other factors that the Board of Directors deems relevant. Our longer-term liquidity requirement s consist primarily of the cost of acquiring additional hotel properties, renovations and other one-time capital expenditures that periodically are made related to our hotel properties, and scheduled debt payments, including maturing loans. Possible sources of liquidity to fund debt maturities and acquisitions and to meet other obligations include additional secured o r unsecured debt financings, proceeds from public or private issuances of debt or equity securities |
Investment In Hotel Properties
Investment In Hotel Properties (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investment In Hotel Properties [Abstract] | |
Schedule Of Investments In Hotel Properties | As of March 31, 2017 December 31, 2016 Held for sale Held for use Total Held for sale Held for use Total Land $ 1,794 $ 17,510 $ 19,304 $ 2,392 $ 14,020 $ 16,412 Buildings, improvements, vehicle 14,166 132,251 146,417 23,118 85,565 108,683 Furniture and equipment 4,215 17,790 22,005 5,427 12,776 18,203 Construction-in-progress 17 413 430 23 63 86 Investment in hotel properties 20,192 167,964 188,156 30,960 112,424 143,384 Less accumulated depreciation (8,179) (17,312) (25,491) (12,247) (16,266) (28,513) Investment in hotel properties, net $ 12,013 $ 150,652 $ 162,665 $ 18,713 $ 96,158 $ 114,871 |
Acquisition Of Hotel Properti26
Acquisition Of Hotel Properties (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Acquisition Of Hotel Properties [Abstract] | |
Schedule Of Purchase Price Allocation | Land Buildings, improvements, and vehicle Furniture and equipment Intangible asset Total purchase price Debt originated at acquisition Issuance of CHLP partnership units Net cash Home2 Suites $ 905 $ 14,204 $ 1,351 $ 40 $ 16,500 $ 16,455 $ 45 $ - Lexington, Kentucky Home2 Suites 1,087 14,345 1,285 33 16,750 16,705 45 - Round Rock, Texas Home2 Suites 1,519 18,229 1,727 25 21,500 21,442 58 - Tallahassee, Florida Total $ 3,511 $ 46,778 $ 4,363 $ 98 $ 54,750 $ 54,602 $ 148 $ - |
Schedule Of Pro Forma Results | Three months ended March 31, 2017 2016 Total revenue $ 12,868 $ 16,541 Operating income $ 424 $ 736 Net loss attributable to common shareholders $ (13,489) $ (10,517) Net loss per share attributable to common shareholders - Basic $ (4.59) $ (13.84) Net loss per share attributable to common shareholders - Diluted $ (4.59) $ (13.84) |
Investment In Unconsolidated 27
Investment In Unconsolidated Joint Venture (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investment In Unconsolidated Joint Venture [Abstract] | |
Schedule Of Financial Position of Unconsolidated Joint Ventures | As of March 31, 2017 Investment in hotel properties, net $ 48,981 Cash and cash equivalents 1,650 Restricted cash, property escrows 739 Accounts receivable, prepaid expenses, and other assets 543 Total Assets $ 51,913 Accounts payable, accrued expenses, and other liabilities $ 1,558 Distribution payable 48 Land option liability 6,189 Long-term debt, net of deferred financing costs 33,212 Total Liabilities 41,007 Condor equity 8,747 TWC equity 2,159 Total Equity 10,906 Total Liabilities and Equity $ 51,913 |
Summary Of Results Of Operations Of Unconsolidated Joint Ventures | Three months ended March 31, 2017 Revenue Room rentals and other hotel services $ 2,989 Operating Expenses Hotel and property operations 1,861 Depreciation and amortization 411 Total operating expenses 2,272 Operating income 717 Net loss on disposition of assets (1) Interest expense (605) Net earnings $ 111 Condor allocated earnings $ 111 TWC allocated earnings - Net earnings $ 111 |
Disposition Of Hotel Properti28
Disposition Of Hotel Properties And Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disposition Of Hotel Properties And Discontinued Operations [Abstract] | |
Components Of Discontinued Operations | Three months ended March 31, 2016 Revenue $ 6 Hotel and property operations expense (4) Net gain (loss) on disposition of assets 681 Interest expense (5) Gain from discontinued operations, net of tax $ 678 Capital expenditures $ - |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Long-Term Debt [Abstract] | |
Summary Of Long Term Debt | Lender Balance at March 31, 2017 Interest rate at March 31, 2017 Maturity Amortization provision Properties encumbered at March 31, 2017 Balance at December 31, 2016 Fixed rate debt Great Western Bank (1) $ 14,222 4.33% 12/2021 25 years 1 $ 14,326 Great Western Bank (1) 1,547 4.33% 12/2021 7 years - 1,599 Western Alliance Bank - - - - - 4,806 Western Alliance Bank - - - - - 2,803 Cantor Commercial Real Estate Lending - - - - - 5,713 Morgan Stanley Mortgage Capital Holdings, LLC - - - - - 912 Total fixed rate debt 15,769 30,159 Variable rate debt Western Alliance Bank 4,852 4.31% (2) 11/2020 25 years 1 4,882 Western Alliance Bank 9,802 4.31% (2) 11/2020 25 years 1 9,863 KeyBank credit facility (3) 45,560 4.80% (4) 03/2020 Interest only 15 - The Huntington National Bank - - - - - 7,361 LMREC 2015 - CREI, Inc. (Latitude) - - - - - 11,124 Total variable rate debt 60,214 18 33,230 Total long-term debt $ 75,983 $ 63,389 Less: Deferred financing costs (2,750) (669) Total long-term debt, net of deferred financing costs 73,233 62,720 Less: Long-term debt related to hotel properties held for sale, net of deferred financing costs of $187 and $55 (3,288) (5,945) Long-term debt related to hotel properties held for use, net of deferred financing costs of $2,563 and $614 $ 69,945 $ 56,775 (1) Both loans are collateralized by Aloft Leawood ( 2 ) 90-day LIBOR plus 3.25% (3 ) Total unused availability under this credit facility was $20,901 at March 31, 2017; commitment fee on unused facility is 0.20% (4 ) Borrowings under the facility accrue interest based on a leverage-based pricing grid, at the Company’s option, at either LIBOR plus a spread ranging from 2.25% to 3.00% (depending on leverage) or a base rate plus a spread ranging from 2.5% to 2.00% (depending on leverage) ; 30-day LIBOR for $50,000 notional capped at 2.5% after giving effect to market rate cap (see Note 8) |
Aggregate Annual Principal Payments On Debt Associated With Assets Held For Use And Held For Sale | Held for sale Held for use Total Remainder of 2017 $ - $ 652 $ 652 2018 - 909 909 2019 - 950 950 2020 3,475 56,325 59,800 2021 - 13,672 13,672 Total $ 3,475 $ 72,508 $ 75,983 |
Convertible Debt At Fair Value
Convertible Debt At Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Convertible Debt At Fair Value [Abstract] | |
Difference Between Fair Value And Unpaid Principal Balance Of Note | Fair value as of March 31, 2017 Unpaid principal balance as of March 31, 2017 Fair value carrying amount over/(under) unpaid principal 6.25% Convertible Debt $ 1,075 $ 1,012 $ 63 |
Fair Value Measurements And D31
Fair Value Measurements And Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Measurements And Derivative Instruments [Abstract] | |
Schedule Of Interest Rate Swaps And Caps | Associated debt Type Terms Effective date Maturity date Notional amount at March 31, 2017 Notional amount at December 31, 2016 Credit facility Cap Caps 30-day LIBOR at 2.50% 03/2017 03/2019 $ 50,000 $ - Huntington Swap Swaps 30-day LIBOR + 2.25% for fixed rate of 4.13% cancellable at Company's option anytime after 11/01/2018 without penalty 11/2015 11/2020 $ - $ 7,361 Latitude Cap Caps 30-day LIBOR at 1.0% 03/016 06/2017 $ - $ 11,124 |
Schedule Of Fair Value Assets And (Liabilities) Carried At Fair Value And Measured On Recurring Basis | Fair value at March 31, 2017 Level 1 Level 2 Level 3 Interest rate derivatives $ 44 $ - $ 44 $ - Series E Preferred embedded redemption option 93 - - 93 Convertible debt (1,075) - - (1,075) Total $ (938) $ - $ 44 $ (982) Fair value at December 31, 2016 Level 1 Level 2 Level 3 Interest rate derivatives $ (8) $ - $ (8) $ - Convertible debt (1,315) - - (1,315) Total $ (1,323) $ - $ (8) $ (1,315) |
Reconciliation Of Fair Value Liabilities Measured On Recurring Basis | Three months ended March 31, 2017 2016 Series E Preferred embedded redemption option Convertible debt Total Series C Preferred embedded derivative RES warrant derivative Convertible debt Total Fair value, beginning of period $ - $ (1,315) $ (1,315) $ (6,271) $ (2,411) $ - $ (8,682) Net gains (losses) recognized in earnings (57) 240 183 4,848 1,800 (387) 6,261 Purchase and issuances 150 - 150 - - (1,012) (1,012) Sales and settlements - - - 1,423 - - 1,423 Gross transfers into Level 3 - - - - - - - Gross transfers out of Level 3 - - - - 611 (1) - 611 Fair value, end of period $ 93 $ (1,075) $ (982) $ - $ - $ (1,399) $ (1,399) - Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period $ (57) $ 240 $ 183 $ - $ - $ (387) $ (387) (1) RES warrants were permanently reclassified to additional paid- in capital as discussed above |
Schedule Of Carrying Value And Estimated Fair Value Of Long-Term Debt | Carrying value as of Estimated fair value as of March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Held for use $ 69,945 $ 56,775 $ 69,052 $ 56,842 Held for sale 3,288 5,945 3,288 6,378 Total $ 73,233 $ 62,720 $ 72,340 $ 63,220 |
Schedule Of Impairment And Recovery Of Previously Recorded Impairment | Three months ended March 31, 2017 2016 Number of hotels Impairment (loss) recovery Number of hotels Impairment (loss) recovery Held for sale hotels: Impairment loss 1 $ (351) 2 $ (676) Impairment recovery - - - - Sold hotels: Impairment loss - - 1 (117) Impairment recovery 2 80 - - Total net impairment (loss) recovery: 3 $ (271) 3 $ (793) |
Preferred Stock (Tables)
Preferred Stock (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Components Of Dividends Declared And Undeclared And In Kind Dividends Deemed On Preferred Stock | Three months ended March 31, 2017 2016 Preferred A dividends accrued at stated rate $ - $ 190 Preferred A additional deemed dividends upon redemption - 646 Preferred B dividends accrued at stated rate - 208 Preferred B additional deemed dividends upon redemption - 662 Preferred C dividends accrued at stated rate - 455 Preferred C additional deemed dividends at exchange - 15,419 Preferred D dividends accrued at stated rate 650 160 Preferred D inducement to convert 10,903 - Preferred E dividends accrued at stated rate 50 - Dividends declared and undeclared and in kind dividends deemed on preferred stock $ 11,603 $ 17,740 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Basic And Diluted Earnings Per Common Share | Three months ended March 31, 2017 2016 Numerator: Basic and Diluted (1) Net loss attributable to common shareholders: Continuing operations $ (13,953) $ (11,146) Discontinued operations - 704 Total $ (13,953) $ (10,442) Denominator Weighted average number of common shares - Basic and Diluted 2,937,698 760,129 Earnings per Share Continuing operations - Basic and Diluted $ (4.75) $ (14.63) Discontinued operations - Basic and Diluted - 0.91 Total - Basic and Diluted Earnings per Share $ (4.75) $ (13.72) (1) The earnings or loss attributable to noncontrolling interest is allocated between continuing and discontinued operations for the purpose of the EPS calculation |
Schedule Of Potentially Dilutive Securities Excluded From Computation Of Earnings Per Share | Three months ended March 31, 2017 2016 Outstanding stock options 865 865 Unvested stock awards - 161 Warrants - RES 170,830 576,923 Warrants - Employees 66,153 66,153 Series C Preferred Stock - 2,409,129 Series D Preferred Stock 3,936,347 1,055,816 Series E Preferred Stock 230,127 - Convertible debt 97,269 17,102 LTIP partnership units (1) 101,213 101,213 CHLP partnership units (1) 51,076 46,074 Total potentially dilutive securities excluded from the denominator 4,653,880 4,273,436 (1) LTIP and partnership units of CH LP have been omitted from the denominator for the purpose of computing diluted EPS since the effect of including these amounts in the numerator and denominator would h ave no impact on calculated EPS |
Organization And Summary Of S34
Organization And Summary Of Significant Accounting Policies (Details) | Jun. 30, 2018USD ($) | Mar. 15, 2017shares | Feb. 28, 2017 | Mar. 16, 2016 | Mar. 31, 2017USD ($)propertystate | Dec. 31, 2016USD ($) | May 11, 2017USD ($) | Mar. 01, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Number of hotels | property | 20 | |||||||||
Number of states the entity owns hotels | state | 10 | |||||||||
Reverse stock split, conversion ratio | 0.1538 | |||||||||
Reverse stock split, fractional shares issued | shares | 0 | |||||||||
Cash and cash equivalents on hand | $ 15,032,000 | $ 8,326,000 | $ 16,270,000 | $ 4,870,000 | ||||||
Long-term debt | 75,983,000 | $ 63,389,000 | ||||||||
Forecast [Member] | ||||||||||
Long-term debt | $ 1,103,000 | |||||||||
Minimum [Member] | Forecast [Member] | ||||||||||
Capital expenditures | 4,000,000 | |||||||||
Maximum [Member] | Forecast [Member] | ||||||||||
Capital expenditures | $ 5,000,000 | |||||||||
Held For Sale [Member] | ||||||||||
Long-term debt | 3,475,000 | |||||||||
KeyBank Credit Facility [Member] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 90,000,000 | |||||||||
Available borrowing capacity | $ 20,901,000 | |||||||||
Atlanta Joint Venture [Member] | ||||||||||
Number of hotels | property | 1 | |||||||||
Ownership percentage | 80.00% | |||||||||
Condor Hospitality Limited Partnership [Member] | ||||||||||
Ownership percentage of minority interest | 98.70% | 97.80% | ||||||||
E&P Financing Limited Partnership [Member] | ||||||||||
Ownership percentage of minority interest | 100.00% | |||||||||
TRS Leasing, Inc [Member] | ||||||||||
Number of properties held by related parties | property | 16 | |||||||||
Subsequent Event [Member] | KeyBank Credit Facility [Member] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | |||||||||
Series D Preferred Stock [Member] | ||||||||||
Preferred stock, annual dividend rate | 6.25% | 6.25% | ||||||||
Series E Preferred Stock [Member] | ||||||||||
Preferred stock, annual dividend rate | 6.25% | 6.25% |
Investment In Hotel Propertie35
Investment In Hotel Properties (Schedule Of Investments In Hotel Properties) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Real Estate [Line Items] | ||
Investment in hotel properties, Held for sale | $ 20,192 | $ 30,960 |
Less accumulated depreciation, Held For Sale | (8,179) | (12,247) |
Investment in hotel properties, net, Held For Sale | 12,013 | 18,713 |
Investment in hotel properties, Held For Use | 167,964 | 112,424 |
Less accumulated depreciation, Held For Use | (17,312) | (16,266) |
Investments in hotel properties, net, Held For Use | 150,652 | 96,158 |
Investments in hotel properties | 188,156 | 143,384 |
Less accumulated depreciation | (25,491) | (28,513) |
Investments in hotel properties, net, Total | 162,665 | 114,871 |
Land [Member] | ||
Real Estate [Line Items] | ||
Investment in hotel properties, Held for sale | 1,794 | 2,392 |
Investment in hotel properties, Held For Use | 17,510 | 14,020 |
Investments in hotel properties | 19,304 | 16,412 |
Building, Improvements, Vehicle [Member] | ||
Real Estate [Line Items] | ||
Investment in hotel properties, Held for sale | 14,166 | 23,118 |
Investment in hotel properties, Held For Use | 132,251 | 85,565 |
Investments in hotel properties | 146,417 | 108,683 |
Furniture And Equipment [Member] | ||
Real Estate [Line Items] | ||
Investment in hotel properties, Held for sale | 4,215 | 5,427 |
Investment in hotel properties, Held For Use | 17,790 | 12,776 |
Investments in hotel properties | 22,005 | 18,203 |
Construction-In-Progress [Member] | ||
Real Estate [Line Items] | ||
Investment in hotel properties, Held for sale | 17 | 23 |
Investment in hotel properties, Held For Use | 413 | 63 |
Investments in hotel properties | $ 430 | $ 86 |
Acquisition Of Hotel Properti36
Acquisition Of Hotel Properties (Narrative) (Details) $ in Thousands | Mar. 24, 2017property | Dec. 14, 2016USD ($)property | Aug. 22, 2016USD ($)property | Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($)property |
Business Acquisition [Line Items] | |||||
Number of wholly owned properties acquired | property | 0 | ||||
Revenues | $ 10,361 | $ 12,503 | |||
Net income (loss) | (2,350) | 7,298 | |||
Acquisition costs | 502 | $ 94 | |||
Home2 Suites [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of wholly owned properties acquired | property | 3 | ||||
Aloft Hotel, Leawood, Kansas [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of wholly owned properties acquired | property | 1 | ||||
Purchase price | $ 22,500 | ||||
Level 3 [Member] | Home2 Suites [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price | 54,750 | ||||
Debt originated at acquisition | $ 54,602 | ||||
Level 3 [Member] | Condor Hospitality Limited Partnership [Member] | Home2 Suites [Member] | Noncontrolling Interest [Member] | |||||
Business Acquisition [Line Items] | |||||
Common units issued | shares | 593,896 | ||||
Value of common units issued | $ 148 | ||||
Level 3 [Member] | Atlanta Joint Venture [Member] | Aloft Hotel, Atlanta, Georgia [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of wholly owned properties acquired | property | 1 | ||||
Purchase price | $ 44,550 | ||||
Debt originated at acquisition | $ 33,750 |
Acquisition Of Hotel Properti37
Acquisition Of Hotel Properties (Schedule Of Purchase Price Allocation) (Details) - Level 3 [Member] - Home2 Suites [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |
Land | $ 3,511 |
Building, improvements, and vehicles | 46,778 |
Furniture and equipment | 4,363 |
Intangible asset | 98 |
Total purchase price | 54,750 |
Debt originated at acquisition | 54,602 |
Net cash | |
Lexington, Kentucky [Member] | |
Business Acquisition [Line Items] | |
Land | 905 |
Building, improvements, and vehicles | 14,204 |
Furniture and equipment | 1,351 |
Intangible asset | 40 |
Total purchase price | 16,500 |
Debt originated at acquisition | 16,455 |
Net cash | |
Round Rock, Texas [Member] | |
Business Acquisition [Line Items] | |
Land | 1,087 |
Building, improvements, and vehicles | 14,345 |
Furniture and equipment | 1,285 |
Intangible asset | 33 |
Total purchase price | 16,750 |
Debt originated at acquisition | 16,705 |
Net cash | |
Tallahassee, Florida [Member] | |
Business Acquisition [Line Items] | |
Land | 1,519 |
Building, improvements, and vehicles | 18,229 |
Furniture and equipment | 1,727 |
Intangible asset | 25 |
Total purchase price | 21,500 |
Debt originated at acquisition | 21,442 |
Net cash | |
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | |
Business Acquisition [Line Items] | |
Issuance of common units | 148 |
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Lexington, Kentucky [Member] | |
Business Acquisition [Line Items] | |
Issuance of common units | 45 |
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Round Rock, Texas [Member] | |
Business Acquisition [Line Items] | |
Issuance of common units | 45 |
Condor Hospitality Limited Partnership [Member] | Noncontrolling Interest [Member] | Tallahassee, Florida [Member] | |
Business Acquisition [Line Items] | |
Issuance of common units | $ 58 |
Acquisition Of Hotel Properti38
Acquisition Of Hotel Properties (Schedule Of Pro Forma Results) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Acquisition Of Hotel Properties [Abstract] | ||
Total revenue | $ 12,868 | $ 16,541 |
Operating income | 424 | 736 |
Net loss attributable to common shareholders | $ (13,489) | $ (10,517) |
Net loss per share attributable to common shareholders - Basic | $ (4.59) | $ (13.84) |
Net loss per share attributable to common shareholders - Diluted | $ (4.59) | $ (13.84) |
Investment In Unconsolidated 39
Investment In Unconsolidated Joint Venture (Narrative) (Details) $ in Thousands | Aug. 22, 2016USD ($) | Mar. 31, 2017USD ($)entityitem | Mar. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | |||
Management fees incurred | $ 324 | $ 399 | |
Three Wall Capital LLC [Member | Spring Street Hotel Property II LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 20.00% | ||
Three Wall Capital LLC [Member | Spring Street Hotel OpCo II LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 20.00% | ||
Atlanta Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 80.00% | ||
Number of companies comprised in joint venture | entity | 2 | ||
Management fees incurred | $ 89 | ||
Atlanta Joint Venture [Member] | Condor Hospitality Trust, Inc. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Preferred return on capital contributions | 10.00% | ||
Buy-sell rights | 3 years | ||
Atlanta Joint Venture [Member] | Condor Hospitality Trust, Inc. [Member] | Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchase option period | 3 years | ||
Atlanta Joint Venture [Member] | Condor Hospitality Trust, Inc. [Member] | Maximum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchase option period | 5 years | ||
Atlanta Joint Venture [Member] | Three Wall Capital LLC [Member | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 20.00% | ||
Preferred return on capital contributions | 10.00% | ||
Buy-sell rights | 5 years | ||
Condor Hospitality Limited Partnership [Member] | Spring Street Hotel Property II LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 80.00% | ||
TRS Leasing, Inc [Member] | Spring Street Hotel OpCo II LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 80.00% | ||
Aloft Hotel, Atlanta, Georgia [Member] | Atlanta Joint Venture [Member] | Term Loan [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Loan term | 24 months | ||
Number of loan extensions | item | 3 | ||
Extension period | 12 months | ||
Variable rate, interest rate | 6.00% | ||
Aloft Hotel, Atlanta, Georgia [Member] | LIBOR [Member] | Atlanta Joint Venture [Member] | Term Loan [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Reference rate | one-month LIBOR | ||
Basis spread | 5.00% | ||
Interest Rate Cap [Member] | Aloft Hotel, Atlanta, Georgia [Member] | LIBOR [Member] | Atlanta Joint Venture [Member] | Term Loan [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Basis spread | 3.00% | ||
Level 3 [Member] | Aloft Hotel, Atlanta, Georgia [Member] | Atlanta Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchase price | $ 44,550 | ||
Debt originated at acquisition | $ 33,750 |
Investment In Unconsolidated 40
Investment In Unconsolidated Joint Venture (Schedule Of Financial Position of Unconsolidated Joint Ventures) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Investment In Unconsolidated Joint Venture [Abstract] | |
Investment in hotel properties, net | $ 48,981 |
Cash and cash equivalents | 1,650 |
Restricted cash, property escrows | 739 |
Accounts receivable, prepaid expenses, and other assets | 543 |
Total Assets | 51,913 |
Accounts payable, accrued expenses, and other liabilities | 1,558 |
Distribution payable | 48 |
Land option liability | 6,189 |
Long-term debt, net of deferred financing costs | 33,212 |
Total Liabilities | 41,007 |
Condor equity | 8,747 |
TWC equity | 2,159 |
Total Equity | 10,906 |
Total Liabilities and Equity | $ 51,913 |
Investment In Unconsolidated 41
Investment In Unconsolidated Joint Venture (Summary Of Results Of Operations Of Unconsolidated Joint Ventures) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Room rentals and other hotel services | $ 2,989 |
Hotel and property operations | 1,861 |
Depreciation and amortization | 411 |
Total operating expenses | 2,272 |
Operating income | 717 |
Net loss on disposition of assets | (1) |
Interest expense | (605) |
Net earnings | 111 |
Allocated earnings | 111 |
Condor Hospitality Trust, Inc. [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Allocated earnings | 111 |
Three Wall Capital LLC [Member | |
Schedule of Equity Method Investments [Line Items] | |
Allocated earnings |
Disposition Of Hotel Properti42
Disposition Of Hotel Properties And Discontinued Operations (Narrative) (Details) $ in Thousands | 3 Months Ended | 28 Months Ended | ||
Mar. 31, 2017USD ($)property | Mar. 31, 2016USD ($)property | Jan. 31, 2017property | Jan. 01, 2017property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of hotels | property | 20 | |||
Number of properties sold | property | 2 | 4 | ||
Number of hotels reclassified as held for sale that represent a strategic shift | property | 0 | |||
Net gain on sale of properties | $ 0 | $ 4,059 | ||
Continuing Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net gain on sale of properties | $ 0 | 3,378 | ||
Held For Sale [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of hotels | property | 5 | 7 | ||
Impairment Loss [Member] | Continuing Operations [Member] | Sold [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment (loss) recovery, Continuing operations, Sold hotels | $ (117) | |||
Recovery Of Impairment [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment (loss) recovery, Continuing operations, Sold hotels | $ 80 | |||
Recovery Of Impairment [Member] | Continuing Operations [Member] | Sold [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment (loss) recovery, Continuing operations, Sold hotels | $ 80 |
Disposition Of Hotel Properti43
Disposition Of Hotel Properties And Discontinued Operations (Components Of Discontinued Operations) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Disposition Of Hotel Properties And Discontinued Operations [Abstract] | |
Revenue | $ 6 |
Hotel and property operations expense | (4) |
Net gain (loss) on disposition of assets | 681 |
Interest expense | (5) |
Gain from discontinued operations, net of tax | 678 |
Capital expenditures |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Mar. 30, 2017USD ($) | Mar. 29, 2017USD ($) | Mar. 24, 2017USD ($) | Mar. 01, 2017USD ($)loanpropertyitem | Mar. 31, 2017USD ($)property | May 11, 2017USD ($) |
Debt Instrument [Line Items] | ||||||
Debt to be repaid upon sale of related properties, term | 1 year | |||||
KeyBank Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date of debt | Mar. 1, 2020 | |||||
Line of credit facility, maximum borrowing capacity | $ 90,000,000 | |||||
Available borrowing capacity, gross | 41,050,000 | $ 66,461,000 | ||||
Line of credit facility, accordion feature | $ 400,000,000 | $ 400,000,000 | ||||
Number of properties in collateral pool | property | 14 | 15 | ||||
Number of loan extensions | item | 2 | |||||
Extension period | 1 year | |||||
Amount borrowed | $ 34,250,000 | |||||
Payments on line of credit | $ 6,440,000 | $ 37,000,000 | ||||
Proceeds from line of credit | $ 54,750,000 | |||||
Subsequent Event [Member] | KeyBank Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | |||||
Variable Rate Debt [Member] | Multiple Loans Western Alliance Bank [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of loans not refinanced during period | loan | 2 | |||||
Fixed Rate Debt [Member] | Multiple Loans Great Western Bank [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of loans not refinanced during period | loan | 2 | |||||
Minimum [Member] | LIBOR [Member] | KeyBank Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread | 2.25% | 2.25% | ||||
Minimum [Member] | Base Rate [Member] | KeyBank Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread | 1.25% | 2.00% | ||||
Maximum [Member] | LIBOR [Member] | KeyBank Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread | 3.00% | 3.00% | ||||
Maximum [Member] | Base Rate [Member] | KeyBank Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread | 2.00% | 2.50% |
Long-Term Debt (Summary Of Long
Long-Term Debt (Summary Of Long Term Debt) (Details) $ in Thousands | Mar. 01, 2017 | Mar. 31, 2017USD ($)property | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||
Total fixed rate debt | $ 15,769 | $ 30,159 | |
Total variable rate debt | 60,214 | 33,230 | |
Total Long-term debt | 75,983 | 63,389 | |
Less: Deferred financing costs | (2,750) | (669) | |
Total long-term debt, net of deferred financing costs | 73,233 | 62,720 | |
Less: Long-term debt related to hotel properties held for sale, net of deferred financing costs of $55 and $736 | (3,288) | (5,945) | |
Less: Long-term debt related to hotel properties held for sale, net of deferred financing costs of $55 and $736 | $ 69,945 | 56,775 | |
Number of hotels | property | 20 | ||
Deferred financing costs | $ 2,563 | 614 | |
Deferred finance costs, assets held-for-sale | $ 187 | 55 | |
Encumbered Wholly Owned Properties [Member] | |||
Debt Instrument [Line Items] | |||
Number of hotels | property | 18 | ||
Wholly Owned Properties [Member] | |||
Debt Instrument [Line Items] | |||
Number of hotels | property | 19 | ||
Great Western Bank [Member] | |||
Debt Instrument [Line Items] | |||
Total fixed rate debt | $ 14,222 | 14,326 | |
Fixed rate, interest rate | 4.33% | ||
Maturity | Dec. 31, 2021 | ||
Amortization provision | 25 years | ||
Great Western Bank [Member] | Encumbered Wholly Owned Properties [Member] | |||
Debt Instrument [Line Items] | |||
Number of hotels | property | 1 | ||
Great Western Bank [Member] | |||
Debt Instrument [Line Items] | |||
Total fixed rate debt | $ 1,547 | 1,599 | |
Fixed rate, interest rate | 4.33% | ||
Maturity | Dec. 31, 2021 | ||
Amortization provision | 7 years | ||
Western Alliance Bank [Member] | |||
Debt Instrument [Line Items] | |||
Total fixed rate debt | 4,806 | ||
Western Alliance Bank [Member] | |||
Debt Instrument [Line Items] | |||
Total fixed rate debt | 2,803 | ||
Cantor Commercial Real Estate Lending [Member] | |||
Debt Instrument [Line Items] | |||
Total fixed rate debt | 5,713 | ||
Morgan Stanley Mortgage Capital Holdings, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Total fixed rate debt | 912 | ||
Western Alliance Bank [Member] | |||
Debt Instrument [Line Items] | |||
Total variable rate debt | $ 4,852 | 4,882 | |
Variable rate, interest rate | 4.31% | ||
Maturity | Nov. 30, 2020 | ||
Amortization provision | 25 years | ||
Western Alliance Bank [Member] | Encumbered Wholly Owned Properties [Member] | |||
Debt Instrument [Line Items] | |||
Number of hotels | property | 1 | ||
Western Alliance Bank [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Reference rate | 90-day LIBOR | ||
Western Alliance Bank [Member] | |||
Debt Instrument [Line Items] | |||
Total variable rate debt | $ 9,802 | 9,863 | |
Variable rate, interest rate | 4.31% | ||
Maturity | Nov. 20, 2020 | ||
Amortization provision | 25 years | ||
Western Alliance Bank [Member] | Encumbered Wholly Owned Properties [Member] | |||
Debt Instrument [Line Items] | |||
Number of hotels | property | 1 | ||
Western Alliance Bank [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread | 3.25% | ||
KeyBank Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total variable rate debt | $ 45,560 | ||
Variable rate, interest rate | 4.80% | ||
Maturity | Mar. 1, 2020 | ||
Available borrowing capacity | $ 20,901 | ||
Commitment fee | 0.20% | ||
KeyBank Credit Facility [Member] | Encumbered Wholly Owned Properties [Member] | |||
Debt Instrument [Line Items] | |||
Number of hotels | property | 15 | ||
KeyBank Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread | 2.25% | 2.25% | |
KeyBank Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread | 3.00% | 3.00% | |
KeyBank Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread | 1.25% | 2.00% | |
KeyBank Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread | 2.00% | 2.50% | |
The Huntington National Bank [Member] | |||
Debt Instrument [Line Items] | |||
Total variable rate debt | 7,361 | ||
LMREC 2015 - CREI, Inc. (Latitude) [Member] | |||
Debt Instrument [Line Items] | |||
Total variable rate debt | 11,124 | ||
Interest Rate Cap [Member] | KeyBank Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Notional amount | $ 50,000 | ||
Cap interest rate | 2.50% | ||
Interest Rate Cap [Member] | KeyBank Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread | 2.50% | ||
Reference rate | 30-day LIBOR | ||
Interest Rate Cap [Member] | LMREC 2015 - CREI, Inc. (Latitude) [Member] | |||
Debt Instrument [Line Items] | |||
Notional amount | $ 11,124 | ||
Interest Rate Cap [Member] | LMREC 2015 - CREI, Inc. (Latitude) [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread | 1.00% | ||
Reference rate | 30-day LIBOR |
Long-Term Debt (Aggregate Annua
Long-Term Debt (Aggregate Annual Principal Payments On Debt Associated With Assets Held For Use And Held For Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Remainder of 2017 | $ 652 | |
2,018 | 909 | |
2,019 | 950 | |
2,020 | 59,800 | |
2,021 | 13,672 | |
Total Long-term debt | 75,983 | $ 63,389 |
Held For Sale [Member] | ||
Debt Instrument [Line Items] | ||
2,020 | 3,475 | |
Total Long-term debt | 3,475 | |
Held For Use [Member] | ||
Debt Instrument [Line Items] | ||
Remainder of 2017 | 652 | |
2,018 | 909 | |
2,019 | 950 | |
2,020 | 56,325 | |
2,021 | 13,672 | |
Total Long-term debt | $ 72,508 |
Convertible Debt At Fair Valu47
Convertible Debt At Fair Value (Narrative) (Details) - USD ($) | Mar. 01, 2017 | Mar. 16, 2016 | Mar. 31, 2017 | Mar. 31, 2016 |
Debt Instrument [Line Items] | ||||
Gain (loss) on derivatives and convertible debt | $ 175,000 | $ 6,117,000 | ||
6.25% Convertible Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.25% | 6.25% | ||
Principal amount | $ 1,012,000 | |||
Number of shares of common stock debt can convert into | 97,269 | 97,269 | ||
Maximum ownership percentage of voting stock upon debt conversion | 49.00% | |||
Gain (loss) on derivatives and convertible debt | $ (240,000) | $ 387,000 |
Convertible Debt At Fair Valu48
Convertible Debt At Fair Value (Difference Between Fair Value And Unpaid Principal Balance Of Note) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 16, 2016 |
Debt Instrument [Line Items] | |||
Fair value | $ 1,075 | $ 1,315 | |
Unpaid principal balance | 1,012 | ||
Fair value carrying amount over/(under) unpaid principal | $ 63 | ||
6.25% Convertible Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.25% | 6.25% |
Fair Value Measurements And D49
Fair Value Measurements And Derivative Instruments (Narrative) (Details) - USD ($) | Mar. 01, 2017 | Feb. 28, 2017 | Mar. 16, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Feb. 29, 2012 |
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Transfers between levels | $ 0 | $ 0 | ||||
Interest Rate Instruments [Member] | ||||||
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Net gain (loss) on interest rate instruments | $ (65,000) | $ 5,730,000 | ||||
Series C Preferred Stock [Member] | ||||||
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Preferred stock, annual dividend rate | 6.25% | |||||
Debt instrument original conversion price, per share | $ 52 | |||||
Warrants [Member] | ||||||
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Common stock warrants, exercise price | $ 62.40 | |||||
Common stock warrants, adjusted exercise price | $ 12.48 | |||||
Adjustment to additional paid in capital, warrant | $ 611,000 | |||||
Series E Preferred Stock [Member] | ||||||
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Preferred stock, annual dividend rate | 6.25% | 6.25% | ||||
Redemption Rights [Member] | Series E Preferred Stock [Member] | ||||||
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Number of shares called by redemption | 490,250 | |||||
Level 3 [Member] | Redemption Rights [Member] | Series E Preferred Stock [Member] | ||||||
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Assets fair value | $ 150,000 | $ 150,000 | ||||
Minimum [Member] | Series E Preferred Stock [Member] | ||||||
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Debt instrument conversion amount upon closing of qualified offering | 50,000,000 | |||||
Maximum [Member] | Series E Preferred Stock [Member] | ||||||
Fair Value Measurements And Derivative Instruments [Line Items] | ||||||
Debt instrument conversion amount upon closing of qualified offering | $ 75,000,000 |
Fair Value Measurements And D50
Fair Value Measurements And Derivative Instruments (Schedule Of Interest Rate Swaps And Caps) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
KeyBank Credit Facility [Member] | Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Effective date | Mar. 1, 2017 | |
Maturity date | Mar. 1, 2019 | |
Notional amount | $ 50,000 | |
The Huntington National Bank [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Effective date | Nov. 1, 2015 | |
Maturity date | Nov. 1, 2020 | |
Notional amount | $ 7,361 | |
Cancellation date, without penalty | Nov. 1, 2018 | |
LMREC 2015 - CREI, Inc. (Latitude) [Member] | Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Effective date | Mar. 1, 16 | |
Maturity date | Jun. 1, 2017 | |
Notional amount | $ 11,124 | |
LIBOR [Member] | KeyBank Credit Facility [Member] | Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Reference rate | 30-day LIBOR | |
Basis spread | 2.50% | |
LIBOR [Member] | The Huntington National Bank [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Reference rate | 30-day LIBOR | |
Basis spread | 2.25% | |
LIBOR [Member] | LMREC 2015 - CREI, Inc. (Latitude) [Member] | Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Reference rate | 30-day LIBOR | |
Basis spread | 1.00% | |
Federal Funds Effective Swap Rate [Member] | The Huntington National Bank [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Basis spread | 4.13% |
Fair Value Measurements And D51
Fair Value Measurements And Derivative Instruments (Schedule Of Fair Value Assets And (Liabilities) Carried At Fair Value And Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | $ 137 | |
Derivative liability | $ (8) | |
Convertible debt | (1,075) | (1,315) |
Total | (938) | (1,323) |
Level 2 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total | 44 | (8) |
Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Convertible debt | (1,075) | (1,315) |
Total | (982) | (1,315) |
Interest Rate Instruments [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 44 | |
Derivative liability | (8) | |
Interest Rate Instruments [Member] | Level 2 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 44 | |
Derivative liability | $ (8) | |
Series E Preferred Embedded Redemption Option [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 93 | |
Series E Preferred Embedded Redemption Option [Member] | Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | $ 93 |
Fair Value Measurements And D52
Fair Value Measurements And Derivative Instruments (Reconciliation Of Fair Value Liabilities Measured On Recurring Basis) (Details) - Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning of period | $ (1,315) | $ (8,682) |
Net gains (losses) recognized in earnings | 183 | 6,261 |
Purchases and issuances | 150 | (1,012) |
Sales and settlements | 1,423 | |
Gross transfers into Level 3 | ||
Gross transfers out of Level 3 | 611 | |
Fair value, end of period | (982) | (1,399) |
Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period | 183 | (387) |
Series E Preferred Embedded Redemption Option [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning of period | ||
Net gains (losses) recognized in earnings | (57) | |
Purchases and issuances | 150 | |
Sales and settlements | ||
Gross transfers into Level 3 | ||
Gross transfers out of Level 3 | ||
Fair value, end of period | 93 | |
Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period | (57) | |
Series C Preferred Embedded Derivative [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning of period | (6,271) | |
Net gains (losses) recognized in earnings | 4,848 | |
Purchases and issuances | ||
Sales and settlements | 1,423 | |
Gross transfers into Level 3 | ||
Gross transfers out of Level 3 | ||
Fair value, end of period | ||
Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period | ||
Warrant Derivative [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning of period | (2,411) | |
Net gains (losses) recognized in earnings | 1,800 | |
Purchases and issuances | ||
Sales and settlements | ||
Gross transfers into Level 3 | ||
Gross transfers out of Level 3 | ||
Fair value, end of period | ||
Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period | ||
Convertible Debt [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning of period | ||
Net gains (losses) recognized in earnings | (387) | |
Purchases and issuances | (1,012) | |
Sales and settlements | ||
Gross transfers into Level 3 | ||
Gross transfers out of Level 3 | ||
Fair value, end of period | (1,399) | |
Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period | $ (387) | |
Convertible Debt [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning of period | (1,315) | |
Net gains (losses) recognized in earnings | 240 | |
Purchases and issuances | ||
Sales and settlements | ||
Gross transfers into Level 3 | ||
Gross transfers out of Level 3 | ||
Fair value, end of period | (1,075) | |
Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period | $ 240 |
Fair Value Measurements And D53
Fair Value Measurements And Derivative Instruments (Schedule Of Carrying Value And Estimated Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $ 73,233 | $ 62,720 |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 72,340 | 63,220 |
Held For Use [Member] | Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 69,945 | 56,775 |
Held For Use [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 69,052 | 56,842 |
Held For Sale [Member] | Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 3,288 | 5,945 |
Held For Sale [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $ 3,288 | $ 6,378 |
Fair Value Measurements And D54
Fair Value Measurements And Derivative Instruments (Schedule Of Impairment And Recovery Of Previously Recorded Impairment) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)item | Mar. 31, 2016USD ($)item | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Number of hotels | item | 3 | 3 |
Net impairment loss reported in continuing operations | $ (271) | $ (793) |
Impairment (loss) recovery, Total net impairments | (271) | $ (793) |
Recovery Of Impairment [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impairment (loss) recovery, Continuing operations, Sold hotels | $ 80 | |
Held For Sale [Member] | Continuing Operations [Member] | Impairment Loss [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Number of hotels | item | 1 | 2 |
Impairment (loss) recovery, Continuing operations, Held for sale hotels | $ (351) | $ (676) |
Sold [Member] | Continuing Operations [Member] | Impairment Loss [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Number of hotels | item | 1 | |
Impairment (loss) recovery, Continuing operations, Sold hotels | $ (117) | |
Sold [Member] | Continuing Operations [Member] | Recovery Of Impairment [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Number of hotels | item | 2 | |
Impairment (loss) recovery, Continuing operations, Sold hotels | $ 80 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) $ / shares in Units, $ in Thousands | Mar. 29, 2017USD ($)$ / sharesshares | Mar. 15, 2017USD ($)shares | Feb. 28, 2017$ / sharesshares | Mar. 31, 2017USD ($)shares |
Class of Stock [Line Items] | ||||
Shares issued, price per share | $ / shares | $ 10.50 | |||
Reverse stock split, conversion ratio | 0.1538 | |||
Reverse stock split, fractional shares issued | 0 | |||
Reverse stock split, shares settled in cash | 73 | |||
Reverse stock split, shares settled in cash, amount | $ | $ 1 | $ 1 | ||
Issuance of common stock, shares | 4,772,500 | |||
Proceeds from common stock issued | $ | $ 45,916 | $ 45,916 | ||
Pursuant To Full Exercise Of An Option To Purchase Additional Shares Of Common Stock Granted To Underwriters [Member] | ||||
Class of Stock [Line Items] | ||||
Issuance of common stock, shares | 622,500 | |||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Shares issued upon conversion | 6,004,957 | |||
Shares issued, price per share | $ / shares | $ 10.40 | |||
Issuance of common stock, shares | 4,772,000 |
Preferred Stock (Narrative) (De
Preferred Stock (Narrative) (Details) - USD ($) | Feb. 28, 2017 | Apr. 15, 2016 | Mar. 16, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 29, 2017 |
Class of Stock [Line Items] | ||||||
Shares issued, price per share | $ 10.50 | |||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued upon conversion | 6,004,957 | |||||
Shares issued, price per share | $ 10.40 | |||||
Real Estate Strategies, L.P. [Member] | Promissory Note [Member] | ||||||
Class of Stock [Line Items] | ||||||
Interest rate | 6.25% | |||||
Principal amount | $ 1,012,000 | |||||
Preferred Stock Series A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, annual dividend rate | 8.00% | |||||
Preferred stock, shares outstanding | 803,270 | |||||
Preferred stock, redemption price | $ 10 | |||||
Dividends unpaid and accrued per share | $ 2.084940 | |||||
Redemption liability | $ 9,707,000 | |||||
Redeemable Preferred Stock Series B [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, annual dividend rate | 10.00% | |||||
Dividends unpaid and accrued per share | $ 6.354167 | |||||
Redeemable preferred stock, shares outstanding | 332,500 | |||||
Preferred stock, temporary equity, redemption price | $ 25 | |||||
Redemption liability | $ 10,425,000 | |||||
Series A and B Preferred Stock [Member] | SREP III Flight Investco L.P. [Member] | ||||||
Class of Stock [Line Items] | ||||||
Escrow deposit for effecting redemtion | $ 20,147,000 | |||||
Series C Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, annual dividend rate | 6.25% | |||||
Series C Preferred Stock [Member] | Real Estate Strategies, L.P. [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares converted | 3,000,000 | |||||
Dividends unpaid and accrued | $ 4,947,000 | |||||
Preferred dividends, cash | $ 1,484,000 | |||||
Series D Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, annual dividend rate | 6.25% | 6.25% | ||||
Preferred stock, value | $ 61,333,000 | |||||
Preferred dividends, cash | $ 650,000 | |||||
Percentage of voting stock | 40.00% | |||||
Preferred stock, shares outstanding | 6,245,156 | 6,245,156 | ||||
Series D Preferred Stock [Member] | SREP III Flight Investco L.P. [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares issued | 3,000,000 | |||||
Preferred stock, value | $ 30,000,000 | |||||
Series D Preferred Stock [Member] | Real Estate Strategies, L.P. [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued upon conversion | 3,000,000 | |||||
Preferred dividends, stock | $ 245,156 | |||||
Series E Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, annual dividend rate | 6.25% | 6.25% | ||||
Preferred stock, value | $ 9,900,000 | |||||
Preferred dividends, cash | $ 50,000 | |||||
Redeemable preferred stock, shares outstanding | 925,000 | 925,000 | ||||
Redeemable preferred stock, shares issued | 925,000 | |||||
Maximum [Member] | Real Estate Strategies, L.P. [Member] | ||||||
Class of Stock [Line Items] | ||||||
Percentage of voting stock | 49.00% |
Preferred Stock (Series A Prefe
Preferred Stock (Series A Preferred Stock) (Narrative) (Details) - USD ($) $ in Thousands | Apr. 15, 2016 | Mar. 31, 2016 |
Class of Stock [Line Items] | ||
Preferred stock, deemed dividend | $ 12,426 | |
Preferred Stock Series A [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares redeemed | 803,270 | |
Preferred stock, deemed dividend | 2,288 | |
Preferred stock dividends, adjustment to net earnings attributable to common shareholders | $ 836 |
Preferred Stock (Series B Redee
Preferred Stock (Series B Redeemable Preferred Stock) (Narrative) (Details) - USD ($) $ in Thousands | Apr. 15, 2016 | Mar. 31, 2016 |
Class of Stock [Line Items] | ||
Preferred stock, deemed dividend | $ 12,426 | |
Redeemable Preferred Stock Series B [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares redeemed | 332,500 | |
Preferred stock, deemed dividend | 2,740 | |
Preferred stock dividends, adjustment to net earnings attributable to common shareholders | $ 870 |
Preferred Stock (Series C Conve
Preferred Stock (Series C Convertible Preferred Stock And Warrants) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 28, 2017 | Jan. 24, 2017 | Mar. 16, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Feb. 29, 2012 |
Class of Stock [Line Items] | ||||||
Preferred stock, deemed dividend | $ 12,426 | |||||
Warrant issuance costs | $ 289 | $ 12 | ||||
Series C Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, deemed dividend | $ 20,366 | |||||
Preferred stock dividends, adjustment to net earnings attributable to common shareholders | $ 15,874 | |||||
New Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued upon conversion | 23,160 | |||||
Common stock warrants, exercise price | $ 0.0065 | |||||
Warrant expiration | Jan. 24, 2019 | |||||
Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock warrants, exercise price | $ 62.40 | |||||
Warrant issuance costs | $ 289 | |||||
Real Estate Strategies, L.P. [Member] | Series C Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares converted | 3,000,000 | |||||
Real Estate Strategies, L.P. [Member] | Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares converted | 576,923 | |||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued upon conversion | 6,004,957 | |||||
Number of shares called by warrant | 23,160 |
Preferred Stock (Series D Conve
Preferred Stock (Series D Convertible Preferred Stock) (Narrative) (Details) $ / shares in Units, $ in Thousands | Feb. 28, 2017$ / sharesshares | Mar. 16, 2016$ / sharesshares | Mar. 31, 2017USD ($)$ / shares | Dec. 31, 2016shares | Mar. 29, 2017$ / shares |
Class of Stock [Line Items] | |||||
Preferred stock, partial redemption value | $ | $ 30,000 | ||||
Shares issued, price per share | $ 10.50 | ||||
Series D Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares outstanding | shares | 6,245,156 | 6,245,156 | |||
Preferred stock, annual dividend rate | 6.25% | 6.25% | |||
Preferred stock, face value | $ 10 | ||||
Percentage of voting stock | 40.00% | ||||
Conversion price per share | $ 10.40 | ||||
Preferred stock, conversion ratio | 0.9615385 | ||||
Series D Preferred Stock [Member] | On Or Before March 16, 2019 [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, redemption price | $ 12 | ||||
Series D Preferred Stock [Member] | March 16, 2019 to March 16, 2020 [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, redemption price | 13 | ||||
Series D Preferred Stock [Member] | On Or After March 16, 2020 [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, redemption price | 14 | ||||
Series D Preferred Stock [Member] | On Or Before September 30,2021 [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, redemption price | $ 14 | ||||
Aggregate outstanding shares required for liquidation election | 40.00% | ||||
Series D Preferred Stock [Member] | After September 30, 2021 [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, annual dividend rate | 12.50% | ||||
Series E Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, annual dividend rate | 6.25% | 6.25% | |||
Preferred stock, face value | $ 10 | ||||
Redeemable preferred stock, shares issued | shares | 925,000 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Shares issued upon conversion | shares | 6,004,957 | ||||
Shares issued, price per share | $ 10.40 |
Preferred Stock (Series E Conve
Preferred Stock (Series E Convertible Preferred Stock) (Narrative) (Details) - Series E Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | Feb. 28, 2017 | Mar. 31, 2017 | Mar. 01, 2017 |
Class of Stock [Line Items] | |||
Redeemable preferred stock, shares outstanding | 925,000 | 925,000 | |
Preferred stock, annual dividend rate | 6.25% | 6.25% | |
Preferred stock, face value | $ 10 | ||
Preferred stock, dividend rate increase resulting from failure to pay dividend, without equity offerings | 12.50% | ||
Preferred stock, dividend rate increase resulting from failure to pay dividend, with equity offerings | 9.50% | ||
Redeemable preferred stock, liquidation preference per share | $ 10 | ||
Preferred stock, percentage of conversion price at which preferred stock automatically converts to common stock | 120.00% | ||
Preferred stock, trading days for preferred stock automatically converting to common stock | 60 days | ||
Number of shares redeemable by company when market price is within defined range | 490,250 | ||
Preferred stock, percentage of liquidation value at which holders can sell | 130.00% | ||
Threshold of originally issued preferred stock shares outstanding required for approval of certain transactions by preferred shareholders | 434,750 | ||
Threshold of originally issued preferred stock shares outstanding required for approval of certain transactions by preferred shareholders, percent | 47.00% | ||
Percentage of approval required for certain transactions by preferred shareholders | 75.00% | ||
Threshold of amount of related party transactions for aprroval by preferred shareholders | $ 120 | ||
Threshold of maximum percentage of shares grantable before shareholder approval required | 9.90% | ||
Preferred stock, value | $ 9,900 | ||
On Or After February 28,2019 [Member] | |||
Class of Stock [Line Items] | |||
Conversion price per share | $ 13.845 | ||
Minimum [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, percentage of liquidation value at which company can redeem preferred stock | 110.00% | ||
Maximum [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, percentage of liquidation value at which company can redeem preferred stock | 130.00% | ||
Level 3 [Member] | Redemption Rights [Member] | |||
Class of Stock [Line Items] | |||
Assets fair value | $ 150 | $ 150 |
Preferred Stock (Components Of
Preferred Stock (Components Of Dividends Declared And Undeclared And In Kind Dividends Deemed On Preferred Stock) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Dividends Payable [Line Items] | ||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | $ 11,603 | $ 17,740 |
Accrued At Stated Rate [Member] | Preferred Stock Series A [Member] | ||
Dividends Payable [Line Items] | ||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 190 | |
Accrued At Stated Rate [Member] | Redeemable Preferred Stock Series B [Member] | ||
Dividends Payable [Line Items] | ||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 208 | |
Accrued At Stated Rate [Member] | Series C Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 455 | |
Accrued At Stated Rate [Member] | Series D Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 650 | 160 |
Accrued At Stated Rate [Member] | Series E Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 50 | |
Deemed Upon Redemption [Member] | Preferred Stock Series A [Member] | ||
Dividends Payable [Line Items] | ||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 646 | |
Deemed Upon Redemption [Member] | Redeemable Preferred Stock Series B [Member] | ||
Dividends Payable [Line Items] | ||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | 662 | |
Deemed At Exchange [Member] | Series C Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | $ 15,419 | |
Inducement To Convert [Member] | Series D Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Dividends declared and undeclared and in kind dividends deemed on preferred stock | $ 10,903 |
Noncontrolling Interest Of Co63
Noncontrolling Interest Of Common Units In CHLP (Details) - USD ($) $ in Thousands | Mar. 02, 2015 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Redeemable Noncontrolling Interest [Line Items] | ||||
Redemption value | $ 1,726 | $ 2,008 | ||
Condor Hospitality Limited Partnership [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Ownership percentage of minority interest | 98.70% | 97.80% | ||
Common units redemption to common stock | 1.923% | |||
Common units redeemed | 0 | 0 | ||
Condor Hospitality Limited Partnership [Member] | Limited Partner [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Common units outstanding | 3,203,687 | 2,609,791 | ||
Common Units and LTIP [Member] | Condor Hospitality Limited Partnership [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Redemption value | $ 1,726 | $ 2,008 | ||
LTIP [Member] | Condor Hospitality Limited Partnership [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Common units outstanding | 5,263,152 | 5,263,152 | ||
Executive Officer [Member] | LTIP [Member] | Condor Hospitality Limited Partnership [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Common units redemption to common stock | 1.923% | |||
Noncontrolling Interest [Member] | Condor Hospitality Limited Partnership [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Common units outstanding | 8,466,839 | 7,872,943 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | Mar. 31, 2017USD ($)$ / sharesitemshares | Mar. 17, 2015$ / shares | Mar. 11, 2015$ / sharesshares | Mar. 02, 2015$ / sharesitemshares | Mar. 31, 2017USD ($)$ / sharesitemshares | Mar. 31, 2016USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation | $ | $ 77 | $ 69 | ||||
2006 Stock Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized | 9,615 | 9,615 | ||||
Expiration date | Dec. 31, 2015 | |||||
2016 Stock Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized | 461,538 | 461,538 | ||||
Members of the Investment Committee of the Board of Directors [Member] | 2016 Stock Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares of options granted | 714 | |||||
Investment Committee of the Board of Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Trading period used to determine award price | 20 days | |||||
Independent Directors of the Investment Committee of the Board of Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued to independent directors | 714 | 0 | ||||
Stock Options [Member] | 2006 Stock Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested options, outstanding | 865 | 865 | ||||
Vested options, weighted average exercise price | $ / shares | $ 48.945 | $ 48.945 | ||||
Unvested Stock Awards [Member] | Management [Member] | 2016 Stock Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share awards granted | 13,593 | |||||
Unvested Stock Awards [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share awards granted | 13,593 | |||||
Number of officers granted share awards | item | 2 | 2 | ||||
Unrecognized compensation cost | $ | $ 144 | $ 144 | ||||
Unvested Stock Awards [Member] | Executive Officer [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 5 years | |||||
Warrants [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of officers granted share awards | item | 1 | |||||
Unrecognized compensation cost | $ | $ 91 | $ 91 | ||||
Number of shares called by redemption | 101,213 | |||||
Common stock warrants, exercise price | $ / shares | $ 12.48 | $ 12.48 | $ 9.88 | $ 9.88 | $ 12.48 | |
Expiration period | 3 years | |||||
Shares purchased with warrants | 35,060 | |||||
Number of shares outstanding under warrant | 66,153 | 66,153 | ||||
Unrecognized compensation cost recognition period | 11 months | |||||
Warrants [Member] | Executive Officer [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units earned, increments | 33.33% | |||||
Warrants [Member] | Executive Officer [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units earned, increments | 50.00% | |||||
LTIP [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock price per share milestone | $ / shares | $ 35.75 | |||||
LTIP [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share awards granted | 5,263,152 | |||||
Number of officers granted share awards | item | 1 | |||||
Unrecognized compensation cost | $ | $ 156 | $ 156 | ||||
Units earned, increments | 33.33% | |||||
Unrecognized compensation cost recognition period | 11 months | |||||
LTIP [Member] | Executive Officer [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock price per share milestone | $ / shares | $ 22.75 | |||||
LTIP [Member] | Executive Officer [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock price per share milestone | $ / shares | $ 29.25 | |||||
LTIP [Member] | Executive Officer [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting date | 2018-03 | |||||
Condor Hospitality Limited Partnership [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common units redemption to common stock | 1.923% | |||||
Condor Hospitality Limited Partnership [Member] | LTIP [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common units redemption to common stock | 1.923% | |||||
Condor Hospitality Limited Partnership [Member] | LTIP [Member] | Executive Officer [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Redemption, number of shares | 101,213 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - TRS Leasing, Inc [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Income Tax Disclosure [Line Items] | |
Net operating loss carryforward for federal income tax purposes | $ 3,291 |
Minimum [Member] | |
Income Tax Disclosure [Line Items] | |
Loss carryforwards expiration period | Dec. 31, 2022 |
Maximum [Member] | |
Income Tax Disclosure [Line Items] | |
Loss carryforwards expiration period | Dec. 31, 2035 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Basic And Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator: Basic And Diluted [Abstract] | ||
Net loss attributable to common shareholders: Continuing operations | $ (13,953) | $ (11,146) |
Net loss attributable to common shareholders: Discontinued operations | 704 | |
Net loss attributable to common shareholders | $ (13,953) | $ (10,442) |
Denominator | ||
Weighted average number of common shares - Basic and Diluted | 2,937,698 | 760,129 |
Earnings per Share: | ||
Continuing operations - Basic and Diluted | $ (4.75) | $ (14.63) |
Discontinued operations - Basic and Diluted | 0.91 | |
Total - Basic and Diluted Earnings per Share | $ (4.75) | $ (13.72) |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Potentially Dilutive Securities Excluded From Computation Of Earnings Per Share) (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities excluded from the denominator | 4,653,880 | 4,273,436 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities excluded from the denominator | 865 | 865 |
Unvested Stock Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities excluded from the denominator | 161 | |
Warrants - Employees [Member} | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities excluded from the denominator | 66,153 | 66,153 |
Series C Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities excluded from the denominator | 2,409,129 | |
Series D Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities excluded from the denominator | 3,936,347 | 1,055,816 |
Series E Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities excluded from the denominator | 230,127 | |
Convertible Debt [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities excluded from the denominator | 97,269 | 17,102 |
LTIP [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities excluded from the denominator | 101,213 | 101,213 |
Real Estate Strategies, L.P. [Member] | Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities excluded from the denominator | 170,830 | 576,923 |
Condor Hospitality Limited Partnership [Member] | Partnership Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities excluded from the denominator | 51,076 | 46,074 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($)property | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)agreement | |
Loss Contingencies [Line Items] | |||
Management fees incurred | $ 324 | $ 399 | |
Incentive management fee | $ 25 | 6 | |
Management agreement renewal additional term | 1 year | ||
Management agreement written notice of termination period | 90 days | ||
Number of hotels | property | 20 | ||
Franchise costs | $ 668 | 759 | |
Number of real estate properties associated with lease agreements | property | 1 | ||
Lease expense | $ 9 | 23 | $ 153 |
Number of new leases entered into during period | agreement | 3 | ||
Office Building [Member] | |||
Loss Contingencies [Line Items] | |||
Lease expense | 38 | $ 46 | |
Lease One [Member] | |||
Loss Contingencies [Line Items] | |||
Monthly lease payment | $ 2 | ||
Monthly lease payments, percentage of room revenue | 5.00% | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Management fee percent | 3.00% | ||
Management agreement term | 1 year | ||
Franchise fee percent | 3.30% | ||
Other franchiser programs and service fee percent | 2.50% | ||
Franchise agreement term | 10 years | ||
Lease expiration | Dec. 31, 2019 | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Management fee percent | 3.50% | ||
Incentive fee percent | 5.00% | ||
Management agreement term | 3 years | ||
Franchise fee percent | 5.50% | ||
Other franchiser programs and service fee percent | 6.00% | ||
Franchise agreement term | 25 years | ||
Lease expiration | Dec. 31, 2021 | ||
Wholly Owned Properties [Member] | |||
Loss Contingencies [Line Items] | |||
Number of hotels | property | 19 | ||
Wholly Owned Properties [Member] | Franchise Rights [Member] | |||
Loss Contingencies [Line Items] | |||
Number of hotels | property | 18 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | Apr. 29, 2017USD ($) | Apr. 18, 2017USD ($)room | Apr. 14, 2017USD ($) | Apr. 03, 2017USD ($)room | Mar. 31, 2017 | May 11, 2017USD ($) | Mar. 01, 2017USD ($) |
KeyBank Credit Facility [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Maturity date of debt | Mar. 1, 2020 | ||||||
Line of credit facility, maximum borrowing capacity | $ 90,000,000 | ||||||
Line of credit facility, accordion feature | $ 400,000,000 | $ 400,000,000 | |||||
Subsequent Event [Member] | KeyBank Credit Facility [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | ||||||
Harlan, Kentucky [Member] | Comfort Inn [Member] | Subsequent Event [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of hotel rooms | room | 61 | ||||||
Proceeds from disposal | $ 1,850,000 | ||||||
Lafayette, Indiana [Member] | Comfort Suites [Member] | Subsequent Event [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of hotel rooms | room | 62 | ||||||
Proceeds from disposal | $ 3,885,000 | ||||||
Home2 Suites [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Purchase price of hotel acquisition | $ 19,000,000 | ||||||
Home2 Suites [Member] | Subsequent Event [Member] | Securitized Loan [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Securitized loan assumed | $ 9,100,000 | ||||||
Interest rate | 4.54% | ||||||
Monthly payment | $ 48,000 | ||||||
Maturity date of debt | Aug. 1, 2024 | ||||||
Hotel Purchase Agreement [Member] | Lake Mary, Florida [Member] | Hampton Inn And Suites [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Purchase price of hotel acquisition | $ 19,250,000 |