(State of Incorporation) | (I.R.S. Employer Identification No.) | |||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
| ☑ | Accelerated filer | ☐ | |||||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
Emerging growth company | |||||||||||||||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||||||||||||||
| Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. | |||||||||||||||||
| If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. | ☐ | ||||||||||||||||
| Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). | ☐ | ||||||||||||||||
Item No. | Part I | Page | ||||||||||||
Special Note Regarding Forward-Looking Statements | ||||||||||||||
Market and Industry Data | ||||||||||||||
Trademarks, Service Marks, and Tradenames | ||||||||||||||
Disclaimer | ||||||||||||||
| Certain Defined Terms | ||||||||||||||
Item 1. | Business | |||||||||||||
Item 1A. | Risk Factors | |||||||||||||
Item 1B. | Unresolved Staff Comments | |||||||||||||
Item 2. | Properties | |||||||||||||
Item 3. | Legal Proceedings | |||||||||||||
Item 4. | Mine Safety Disclosures | |||||||||||||
| Part II | ||||||||||||||
Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |||||||||||||
Item 6. | [Reserved] | |||||||||||||
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||||||||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | |||||||||||||
Item 8. | Financial Statements and Supplementary Data | |||||||||||||
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | |||||||||||||
Item 9A. | Controls and Procedures | |||||||||||||
Item 9B. | Other Information | |||||||||||||
| Part III | ||||||||||||||
Item 10. | Directors, Executive Officers and Corporate Governance | |||||||||||||
Item 11. | Executive Compensation | |||||||||||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |||||||||||||
Item 13. | Certain Relationships and Related Transactions | |||||||||||||
Item 14. | Principal Accounting Fees and Services | |||||||||||||
| Part IV | ||||||||||||||
| Item 15. | Exhibits and Financial Statements Schedules | |||||||||||||
Item 16. | Form 10-K Summary | |||||||||||||
Signatures | ||||||||||||||

| Number of Hotels | Number of Rooms | Percentage of Total Rooms | ||||||||||||||||||
| Marriott | ||||||||||||||||||||
| Autograph Collection | 4 | 471 | 5.0 | % | ||||||||||||||||
| Marriott | 3 | 1,449 | 15.2 | % | ||||||||||||||||
| Renaissance | 1 | 522 | 5.5 | % | ||||||||||||||||
| The Ritz-Carlton | 2 | 567 | 6.0 | % | ||||||||||||||||
| W | 1 | 346 | 3.6 | % | ||||||||||||||||
| Westin | 2 | 875 | 9.2 | % | ||||||||||||||||
| Subtotal | 13 | 4,230 | 44.5 | % | ||||||||||||||||
| Hyatt | ||||||||||||||||||||
| Andaz | 3 | 451 | 4.7 | % | ||||||||||||||||
| Hyatt Centric | 1 | 120 | 1.3 | % | ||||||||||||||||
| Hyatt Regency | 4 | 2,375 | 25.0 | % | ||||||||||||||||
| Park Hyatt | 1 | 327 | 3.4 | % | ||||||||||||||||
| The Unbound Collection | 1 | 119 | 1.3 | % | ||||||||||||||||
| Subtotal | 10 | 3,392 | 35.7 | % | ||||||||||||||||
| Fairmont | 2 | 730 | 7.7 | % | ||||||||||||||||
| Kimpton | 4 | 637 | 6.7 | % | ||||||||||||||||
| Loews | 1 | 285 | 3.0 | % | ||||||||||||||||
| Hilton - Waldorf Astoria | 1 | 127 | 1.3 | % | ||||||||||||||||
| Total branded | 31 | 9,401 | 98.9 | % | ||||||||||||||||
| Independent | 1 | 107 | 1.1 | % | ||||||||||||||||
| Total portfolio | 32 | 9,508 | 100 | % | ||||||||||||||||
| Hotel | Rooms | Year Acquired/Opened | State | Brand Affiliation | Hotel Management Company(2) | Chain Scale Segment(3) | ||||||||||||||||||||||||||||||||
Andaz Napa(4) | 141 | 2013 | CA | Hyatt | Hyatt | L | ||||||||||||||||||||||||||||||||
| Andaz San Diego | 159 | 2013 | CA | Hyatt | Hyatt | L | ||||||||||||||||||||||||||||||||
| Andaz Savannah | 151 | 2013 | GA | Hyatt | Hyatt | L | ||||||||||||||||||||||||||||||||
| Bohemian Hotel Savannah Riverfront, Autograph Collection | 75 | 2012 | GA | Marriott | Kessler | UU | ||||||||||||||||||||||||||||||||
| Fairmont Dallas | 545 | 2011 | TX | Fairmont | Accor | L | ||||||||||||||||||||||||||||||||
| Fairmont Pittsburgh | 185 | 2018 | PA | Fairmont | Accor | L | ||||||||||||||||||||||||||||||||
| Grand Bohemian Hotel Charleston, Autograph Collection | 50 | 2015 | SC | Marriott | Kessler | UU | ||||||||||||||||||||||||||||||||
| Grand Bohemian Hotel Mountain Brook, Autograph Collection | 99 | 2015 | AL | Marriott | Kessler | UU | ||||||||||||||||||||||||||||||||
Grand Bohemian Hotel Orlando, Autograph Collection(4) | 247 | 2012 | FL | Marriott | Kessler | UU | ||||||||||||||||||||||||||||||||
| Hyatt Centric Key West Resort & Spa | 120 | 2013 | FL | Hyatt | Hyatt | UU | ||||||||||||||||||||||||||||||||
| Hyatt Regency Grand Cypress | 779 | 2017 | FL | Hyatt | Hyatt | UU | ||||||||||||||||||||||||||||||||
| Hyatt Regency Portland at the Oregon Convention Center | 600 | 2019 | OR | Hyatt | Hyatt | UU | ||||||||||||||||||||||||||||||||
Hyatt Regency Santa Clara(5) | 505 | 2013 | CA | Hyatt | Hyatt | UU | ||||||||||||||||||||||||||||||||
| Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | 491 | 2017 | AZ | Hyatt | Hyatt | UU | ||||||||||||||||||||||||||||||||
| Kimpton Canary Hotel Santa Barbara | 97 | 2015 | CA | Kimpton | Kimpton | UU | ||||||||||||||||||||||||||||||||
| Kimpton Hotel Monaco Salt Lake City | 225 | 2013 | UT | Kimpton | Kimpton | UU | ||||||||||||||||||||||||||||||||
| Kimpton Hotel Palomar Philadelphia | 230 | 2015 | PA | Kimpton | Kimpton | UU | ||||||||||||||||||||||||||||||||
| Kimpton RiverPlace Hotel | 85 | 2015 | OR | Kimpton | Kimpton | UU | ||||||||||||||||||||||||||||||||
| Loews New Orleans Hotel | 285 | 2013 | LA | Loews | Loews | L | ||||||||||||||||||||||||||||||||
| Lorien Hotel & Spa | 107 | 2013 | VA | Independent | Davidson | I | ||||||||||||||||||||||||||||||||
| Marriott Dallas Downtown | 416 | 2010 | TX | Marriott | Marriott | UU | ||||||||||||||||||||||||||||||||
Marriott San Francisco Airport Waterfront(4) | 688 | 2012 | CA | Marriott | Marriott | UU | ||||||||||||||||||||||||||||||||
Marriott Woodlands Waterway Hotel & Convention Center(5) | 345 | 2007 | TX | Marriott | Marriott | UU | ||||||||||||||||||||||||||||||||
| Park Hyatt Aviara Resort, Golf Club & Spa | 327 | 2018 | CA | Hyatt | Hyatt | L | ||||||||||||||||||||||||||||||||
Renaissance Atlanta Waverly Hotel & Convention Center(4) | 522 | 2012 | GA | Marriott | Renaissance | UU | ||||||||||||||||||||||||||||||||
| The Ritz-Carlton, Denver | 202 | 2018 | CO | Marriott | Marriott | L | ||||||||||||||||||||||||||||||||
The Ritz-Carlton, Pentagon City(5) | 365 | 2017 | VA | Marriott | Marriott | L | ||||||||||||||||||||||||||||||||
| Royal Palms Resort & Spa, The Unbound Collection by Hyatt | 119 | 2017 | AZ | Hyatt | Hyatt | L | ||||||||||||||||||||||||||||||||
| W Nashville | 346 | 2022 | TN | Marriott | Marriott | L | ||||||||||||||||||||||||||||||||
| Waldorf Astoria Atlanta Buckhead | 127 | 2018 | GA | Hilton | Waldorf Astoria | L | ||||||||||||||||||||||||||||||||
| Westin Galleria Houston | 469 | 2013 | TX | Marriott | Westin | UU | ||||||||||||||||||||||||||||||||
| Westin Oaks Houston at the Galleria | 406 | 2013 | TX | Marriott | Westin | UU | ||||||||||||||||||||||||||||||||
| Property | Current Lease Term Expiration | Renewal Rights / Purchase Rights | Current Monthly Minimum or Base Rent(1) | Base Rent Increases at Renewal | Lease Type | |||||||||||||||||||||||||||
| Ground Lease: Entire Property | ||||||||||||||||||||||||||||||||
| Hyatt Regency Santa Clara | April 30, 2035 | 4 x 10 years, 1 x 9 years(2) | $62,013 | No increase unless lessee exercises its option to expand at which time base rent will be increased by $800 for each additional hotel room in excess of 500 | Triple Net | |||||||||||||||||||||||||||
| The Ritz-Carlton, Pentagon City | May 7, 2040 | 2 x 25 years | $53,375 | Fair market rent adjustment at commencement of lease renewal | Triple Net | |||||||||||||||||||||||||||
| Ground Lease: Partial Property | ||||||||||||||||||||||||||||||||
| Convention Center at Marriott Woodlands Waterway Hotel & Convention Center | June 30, 2100 | No renewal rights | $11,927(3) | Not applicable | Triple Net | |||||||||||||||||||||||||||
| Dividend per Share/Unit | For the Quarter Ended | Record Date | Payable Date | |||||||||||||||||
| $0.10 | September 30, 2022 | September 30, 2022 | October 14, 2022 | |||||||||||||||||
| $0.10 | December 31, 2022 | December 31, 2022 | January 13, 2023 | |||||||||||||||||

| Value of Investment at December 31, | ||||||||||||||||||||||||||||||||||||||
| Name | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||||||||||||||||
Xenia Hotels & Resorts, Inc. | $ | 100.00 | $ | 83.73 | $ | 111.00 | $ | 81.41 | $ | 97.00 | $ | 71.06 | ||||||||||||||||||||||||||
DJUSHL REIT Index | 100.00 | 83.21 | 91.28 | 60.95 | 72.44 | 67.72 | ||||||||||||||||||||||||||||||||
Russell 2000 Index | 100.00 | 87.82 | 108.66 | 128.61 | 146.23 | 114.70 | ||||||||||||||||||||||||||||||||
FTSE NAREIT Equity Index | 100.00 | 91.28 | 110.51 | 97.78 | 135.89 | 99.17 | ||||||||||||||||||||||||||||||||
| Period | Total Number of Shares Purchased | Weighted- Average Price Paid Per Share | Total Numbers of Shares Purchased as Part of Publicly Announced Plans | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Program (in thousands) | ||||||||||||||||||||||
| October 1 to October 31, 2022 | 415,434 | $ | 15.18 | 415,434 | $ | 86,473 | ||||||||||||||||||||
| November 1 to November 30, 2022 | 1,038,390 | $ | 14.50 | 1,038,390 | $ | 171,412 | ||||||||||||||||||||
| December 1 to December 31, 2022 | 337,992 | $ | 14.66 | 337,992 | $ | 166,457 | ||||||||||||||||||||
| Total | 1,791,816 | $ | 14.69 | 1,791,816 | ||||||||||||||||||||||
| Property | Date | No. of Rooms | Gross Sale Price | |||||||||||||||||
| Kimpton Hotel Monaco Chicago | 01/2022 | 191 | $ | 36,000 | ||||||||||||||||
| Bohemian Hotel Celebration, Autograph Collection | 10/2022 | 115 | $ | 27,750 | ||||||||||||||||
| Kimpton Hotel Monaco Denver | 12/2022 | 189 | $ | 69,750 | ||||||||||||||||
| Total for the year ended December 31, 2022 | 495 | $ | 133,500 | |||||||||||||||||
| Marriott Charleston Town Center | 11/2021 | 352 | $ | 5,000 | ||||||||||||||||
| Total for the year ended December 31, 2021 | 352 | $ | 5,000 | |||||||||||||||||
| Residence Inn Boston Cambridge | 10/2020 | 221 | $ | 107,500 | ||||||||||||||||
| Marriott Napa Valley Hotel & Spa | 10/2020 | 275 | $ | 100,096 | ||||||||||||||||
| Hotel Commonwealth | 11/2020 | 245 | $ | 113,000 | ||||||||||||||||
| Renaissance Austin Hotel | 11/2020 | 492 | $ | 70,000 | ||||||||||||||||
| Total for the year ended December 31, 2020 | 1,233 | $ | 390,596 | |||||||||||||||||
| Property | Location | Date | No. of Rooms | Net Purchase Price | ||||||||||||||||||||||
| W Nashville | Nashville, TN | 03/2022 | 346 | $ | 328,500 | |||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | Change | |||||||||||||||
Number of properties at January 1 | 34 | 35 | (1) | ||||||||||||||
| Properties acquired | 1 | — | 1 | ||||||||||||||
| Properties disposed | (3) | (1) | 2 | ||||||||||||||
| Number of properties at December 31 | 32 | 34 | (2) | ||||||||||||||
| Number of rooms at January 1 | 9,659 | 10,011 | (352) | ||||||||||||||
Rooms in properties acquired or added to portfolio upon completion of property improvements(1) | 346 | — | 346 | ||||||||||||||
Rooms in properties disposed or combined during property improvements(2) | (497) | (352) | (145) | ||||||||||||||
| Number of rooms at December 31 | 9,508 | 9,659 | (151) | ||||||||||||||
| Portfolio Statistics: | |||||||||||||||||
Occupancy(3) | 62.9 | % | 47.5 | % | 1,540 bps | ||||||||||||
ADR(3) | $ | 258.76 | $ | 218.41 | 18.5% | ||||||||||||
RevPAR(3) | $ | 162.75 | $ | 103.64 | 57.0% | ||||||||||||
Hotel operating income (in thousands)(4) | $ | 325,332 | $ | 170,141 | 91.2% | ||||||||||||
| Year Ended December 31, | |||||||||||||||||||||||
| 2022 | 2021 | Increase | % Change | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
Rooms revenues | $ | 576,279 | $ | 377,020 | $ | 199,259 | 52.9 | % | |||||||||||||||
Food and beverage revenues | 337,792 | 173,035 | 164,757 | 95.2 | % | ||||||||||||||||||
Other revenues | 83,536 | 66,133 | 17,403 | 26.3 | % | ||||||||||||||||||
Total revenues | $ | 997,607 | $ | 616,188 | $ | 381,419 | 61.9 | % | |||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||||
| 2022 | 2021 | Increase | % Change | ||||||||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms expenses | $ | 137,589 | $ | 93,538 | $ | 44,051 | 47.1 | % | |||||||||||||||
Food and beverage expenses | 224,391 | 125,233 | 99,158 | 79.2 | % | ||||||||||||||||||
Other direct expenses | 23,847 | 18,258 | 5,589 | 30.6 | % | ||||||||||||||||||
Other indirect expenses | 249,992 | 186,517 | 63,475 | 34.0 | % | ||||||||||||||||||
Management and franchise fees | 36,456 | 22,501 | 13,955 | 62.0 | % | ||||||||||||||||||
| Total hotel operating expenses | $ | 672,275 | $ | 446,047 | $ | 226,228 | 50.7 | % | |||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||||
| 2022 | 2021 | Increase / (Decrease) | % Change | ||||||||||||||||||||
| Depreciation and amortization | $ | 132,648 | $ | 129,393 | $ | 3,255 | 2.5 | % | |||||||||||||||
| Real estate taxes, personal property taxes and insurance | 44,388 | 40,888 | 3,500 | 8.6 | % | ||||||||||||||||||
| Ground lease expense | 2,793 | 1,153 | 1,640 | 142.2 | % | ||||||||||||||||||
| General and administrative expenses | 34,250 | 30,564 | 3,686 | 12.1 | % | ||||||||||||||||||
| Gain on business interruption insurance | (2,487) | (1,602) | (885) | (55.2) | % | ||||||||||||||||||
| Other operating expenses | 1,070 | 213 | 857 | 402.3 | % | ||||||||||||||||||
| Impairment and other losses | 1,278 | 30,416 | (29,138) | (95.8) | % | ||||||||||||||||||
| Total corporate and other expenses | $ | 213,940 | $ | 231,025 | $ | (17,085) | (7.4) | % | |||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||||
| 2022 | 2021 | Increase / (Decrease) | % Change | ||||||||||||||||||||
Non-operating income and expenses: | |||||||||||||||||||||||
Gain (loss) on sale of investment properties | $ | 27,286 | $ | (75) | $ | 27,361 | 36,481.3 | % | |||||||||||||||
Other income (loss) | 4,178 | (2,297) | 6,475 | 281.9 | % | ||||||||||||||||||
Interest expense | (82,727) | (81,285) | 1,442 | 1.8 | % | ||||||||||||||||||
| Loss on extinguishment of debt | (294) | (1,356) | (1,062) | (78.3) | % | ||||||||||||||||||
Income tax expense | (2,205) | (718) | 1,487 | 207.1 | % | ||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Net income (loss) | $ | 57,630 | $ | (146,615) | $ | (166,886) | |||||||||||
| Adjustments: | |||||||||||||||||
| Interest expense | 82,727 | 81,285 | 61,975 | ||||||||||||||
| Income tax expense (benefit) | 2,205 | 718 | (15,867) | ||||||||||||||
| Depreciation and amortization | 132,648 | 129,393 | 146,511 | ||||||||||||||
| EBITDA | $ | 275,210 | $ | 64,781 | $ | 25,733 | |||||||||||
Impairment of investment properties(1) | — | 28,899 | 29,044 | ||||||||||||||
| (Gain) loss on sale of investment properties | (27,286) | 75 | (93,630) | ||||||||||||||
| EBITDAre | $ | 247,924 | $ | 93,755 | $ | (38,853) | |||||||||||
| Depreciation and amortization related to corporate assets | (444) | (409) | (392) | ||||||||||||||
Gain on insurance recoveries(2) | (3,550) | — | — | ||||||||||||||
| Loss on extinguishment of debt | 294 | 1,356 | 1,625 | ||||||||||||||
| Terminated transaction costs | — | 1 | 994 | ||||||||||||||
Amortization of share-based compensation expense(3) | 11,411 | 11,615 | 10,930 | ||||||||||||||
| Non-cash ground rent and straight-line rent expense | 44 | 118 | 145 | ||||||||||||||
Other income attributed to forfeited deposits from terminated transactions(4) | — | — | (28,750) | ||||||||||||||
Other non-recurring expenses(5) | 1,309 | 1,622 | 2,568 | ||||||||||||||
| Adjusted EBITDAre attributable to common stock and unit holders | $ | 256,988 | $ | 108,058 | $ | (51,733) | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Net income (loss) | $ | 57,630 | $ | (146,615) | $ | (166,886) | |||||||||||
| Adjustments: | |||||||||||||||||
| Depreciation and amortization related to investment properties | 132,204 | 128,984 | 146,119 | ||||||||||||||
Impairment of investment properties(1) | — | 28,899 | 29,044 | ||||||||||||||
| (Gain) loss on sale of investment property | (27,286) | 75 | (93,630) | ||||||||||||||
| FFO attributable to common stock and unit holders | $ | 162,548 | $ | 11,343 | $ | (85,353) | |||||||||||
| Reconciliation to Adjusted FFO | |||||||||||||||||
Gain on insurance recoveries(2) | (3,550) | — | — | ||||||||||||||
| Loss on extinguishment of debt | 294 | 1,356 | 1,625 | ||||||||||||||
| Terminated transaction costs | — | 1 | 994 | ||||||||||||||
Loan related costs, net of adjustment related to non-controlling interests(3) | 5,260 | 5,952 | 3,874 | ||||||||||||||
Amortization of share-based compensation expense(4) | 11,411 | 11,615 | 10,930 | ||||||||||||||
| Non-cash ground rent and straight-line rent expense | 44 | 118 | 145 | ||||||||||||||
Other income attributed to forfeited deposits from terminated transactions(5) | — | — | (28,750) | ||||||||||||||
Other non-recurring expenses (income)(6) | 1,309 | 1,622 | 2,568 | ||||||||||||||
| Adjusted FFO attributable to common stock and unit holders | $ | 177,316 | $ | 32,007 | $ | (93,967) | |||||||||||
| Rate Type | Rate(1) | Maturity Date | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
| Mortgage Loans | |||||||||||||||||||||||||||||
| Renaissance Atlanta Waverly Hotel & Convention Center | Variable | (2) | 7.03 | % | 8/14/2024 | $ | 99,590 | $ | 100,000 | ||||||||||||||||||||
| Andaz Napa | Variable | (3) | 6.29 | % | 9/13/2024 | 54,560 | 55,640 | ||||||||||||||||||||||
| The Ritz-Carlton, Pentagon City | Fixed | (4) | — | % | — | — | 65,000 | ||||||||||||||||||||||
| Grand Bohemian Hotel Orlando, Autograph Collection | Fixed | 4.53 | % | 3/1/2026 | 55,685 | 56,796 | |||||||||||||||||||||||
| Marriott San Francisco Airport Waterfront | Fixed | 4.63 | % | 5/1/2027 | 110,153 | 112,102 | |||||||||||||||||||||||
| Total Mortgage Loans | 5.64 | % | (5) | $ | 319,988 | $ | 389,538 | ||||||||||||||||||||||
| Corporate Credit Facilities | |||||||||||||||||||||||||||||
| Corporate Credit Facility Term Loan $125M | Variable | (6) | 5.84 | % | 9/13/2024 | 125,000 | 125,000 | ||||||||||||||||||||||
| Revolving Credit Facility | Variable | (7) | 6.14 | % | 2/28/2024 | — | — | ||||||||||||||||||||||
| Total Corporate Credit Facilities | $ | 125,000 | $ | 125,000 | |||||||||||||||||||||||||
| 2020 Senior Notes $500M | Fixed | 6.38 | % | 8/15/2025 | 500,000 | 500,000 | |||||||||||||||||||||||
| 2021 Senior Notes $500M | Fixed | 4.88 | % | 6/1/2029 | 500,000 | 500,000 | |||||||||||||||||||||||
Loan premiums, discounts and unamortized deferred financing costs, net (8) | (15,883) | (20,307) | |||||||||||||||||||||||||||
| Total Debt, net of loan premiums, discounts and unamortized deferred financing costs | 5.65 | % | (5) | $ | 1,429,105 | $ | 1,494,231 | ||||||||||||||||||||||
| Year Ended December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Net cash provided by operating activities | $ | 187,129 | $ | 40,763 | |||||||
| Net cash used in investing activities | (265,393) | (24,210) | |||||||||
| Net cash (used in) provided by financing activities | (110,057) | 108,892 | |||||||||
| Net (decrease) increase in cash and cash equivalents and restricted cash | $ | (188,321) | $ | 125,445 | |||||||
| Cash and cash equivalents and restricted cash, at beginning of year | 554,231 | 428,786 | |||||||||
| Cash and cash equivalents and restricted cash, at end of year | $ | 365,910 | $ | 554,231 | |||||||
| 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Maturing debt(1): | |||||||||||||||||||||||||||||||||||||||||||||||
| Fixed rate debt | $ | 3,205 | $ | 3,355 | $ | 503,512 | $ | 54,379 | $ | 101,386 | $ | 500,000 | $ | 1,165,837 | $ | 1,063,944 | |||||||||||||||||||||||||||||||
| Variable rate debt | 2,333 | 276,818 | — | — | — | — | 279,151 | 277,914 | |||||||||||||||||||||||||||||||||||||||
| Total | $ | 5,538 | $ | 280,173 | $ | 503,512 | $ | 54,379 | $ | 101,386 | $ | 500,000 | $ | 1,444,988 | $ | 1,341,858 | |||||||||||||||||||||||||||||||
| Weighted-average interest rate on debt: | |||||||||||||||||||||||||||||||||||||||||||||||
| Fixed rate debt | 4.59% | 4.59% | 6.36% | 4.53% | 4.63% | 4.88% | 5.48% | 5.94% | |||||||||||||||||||||||||||||||||||||||
| Variable rate debt | 6.69% | 6.35% | —% | —% | —% | —% | 6.35% | 7.43% | |||||||||||||||||||||||||||||||||||||||
| Exhibit Number | Exhibit Description | |||||||
| Separation and Distribution Agreement by and between Inland American Real Estate Trust, Inc. (n/k/a InvenTrust Properties Corp.) and Xenia Hotels & Resorts, Inc., dated as of January 20, 2015 (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on January 23, 2015) | ||||||||
2.2 ++ | Purchase and Sale Agreement dated as of February 25, 2022, and among Nashville Gulch Hotel LLC and XHR Acquisitions, LLC (incorporated by reference to Exhibit 2.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-36594) filed on May 3, 2022) | |||||||
| Articles of Restatement of Xenia Hotels & Resorts, Inc., as filed on November 10, 2015 with the Maryland Department of Assessments and Taxation (incorporated by reference to Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-36594) filed on November 12, 2015) | ||||||||
| Articles Supplementary of Xenia Hotels and Resorts, Inc., as filed on November 10, 2015 with the Maryland Department of Assessments and Taxation (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-36594) filed on November 12, 2015) | ||||||||
| Articles Supplementary of Xenia Hotels and Resorts, Inc., as filed on March 15, 2017 with the Maryland Department of Assessments and Taxation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on March 15, 2017) | ||||||||
Articles of Amendment of Xenia Hotels and Resorts, Inc. as filed on May 22, 2018 with the Maryland Department of Assessments and Taxation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on May 23, 2018) | ||||||||
| Articles Supplementary of Xenia Hotels and Resorts, Inc., as filed on May 22, 2018 with the Maryland Department of Assessments and Taxation (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on May 23, 2018) | ||||||||
| Third Amended and Restated Bylaws of Xenia Hotels & Resorts, Inc. (incorporated by reference to Exhibit 3.6 to the Company’s Quarterly Report on Form 10-Q (File No. 001-36594) filed on November 2, 2022) | ||||||||
4.1* | Description of the Registrants Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 | |||||||
| Indenture, dated August 18, 2020, among XHR LP, Xenia Hotels & Resorts, Inc., the subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on August 18, 2020) | ||||||||
| Form of 6.375% Senior Secured Note due 2025 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on August 18, 2020) | ||||||||
| Amendment No. 2 to Amended and Restated Revolving Credit Facility, dated July 30, 2020, among XHR LP, as borrower, Company and certain subsidiaries of the Company, as guarantors, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K (File No. 001-36594) filed on August 18, 2020) | ||||||||
| Amendment No. 4 to Term Loan Agreement, dated July 30, 2020, among XHR LP, as borrower, Company and certain subsidiaries of the Company, as guarantors, KeyBank National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 4.7 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on August 18, 2020) | ||||||||
| Amendment No. 3 to Amended and Restated Revolving Credit Agreement, dated October 14, 2020, among XHR LP, as borrower, Company and certain subsidiaries of the Company, as guarantors, JP Morgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on October 20, 2020) | ||||||||
| Amendment No. 5 to Term Loan Agreement, dated October 14, 2020, among XHR LP, as borrower, Company and certain subsidiaries of the Company, as guarantors, KeyBank National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on October 20, 2020) | ||||||||
| Facility Increase Joinder to Amended and Restated Revolving Credit Agreement, dated October 14, 2020, among XHR LP, as borrower, Company and certain subsidiaries of the Company party thereto as guarantors, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 4.6 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on October 20, 2020) | ||||||||
| Amendment No. 4 to Amended and Restated Revolving Credit Agreement, dated May 20, 2021, among XHR LP, as borrower, Company and certain subsidiaries of the Company, as guarantors, JP Morgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on May 27, 2021) | ||||||||
| Amendment No. 6 to Term Loan Agreement, dated May 20, 2021, among XHR LP, as borrower, Company and certain subsidiaries of the Company, as guarantors, KeyBank National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on May 27, 2021) | ||||||||
| Indenture, dated May 27, 2021, among XHR LP, Xenia Hotels & Resorts, Inc., the subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on May 27, 2021) | ||||||||
| Form of 4.875% Senior Secured Note due 2029 (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K (File No. 001-36594) filed on May 27, 2021) | ||||||||
| Fourth Amended and Restated Agreement of Limited Partnership of XHR LP, dated as of November 10, 2015 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-36594) filed on November 12, 2015) | ||||||||
| First Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of XHR LP dated October 30, 2019 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-36594) filed on October 31, 2019) | ||||||||
| Amended and Restated Revolving Credit Agreement, dated as of January 11, 2018, among XHR LP, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on January 12, 2018) | ||||||||
| Amended and Restated Parent Guaranty, dated as of January 11, 2018, by Xenia Hotels & Resorts, Inc. for the benefit of JPMorgan Chase Bank, N.A., as administrative agent for the lenders (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on January 12, 2018) | ||||||||
| Amended and Restated Subsidiary Guaranty, dated as of January 11, 2018, by certain subsidiaries of XHR LP for the benefit of JPMorgan Chase Bank, N.A., as administrative agent for the lenders (incorporated by reference to Exhibit 10.4 to the Company’s Annual Report on Form 10-K (File No. 001-36594) filed on February 27, 2018) | ||||||||
| Amendment No. 1 to Amended and Restated Revolving Credit Agreement, dated as of June 30, 2020, by and among XHR LP, as borrower, Company and certain subsidiaries of the Company, as guarantors, JP Morgan Chase Bank, N.A., as administrative agent, the lenders and other parties party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on July 6, 2020) | ||||||||
| Amendment No. 3 to Term Loan Agreement, dated as of June 30, 2020, by and among XHR LP, as borrower, Company and certain subsidiaries of the Company, as guarantors, KeyBank National Association, as administrative agent, the lenders party thereto and other parties party thereto (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on July 6, 2020) | ||||||||
| Revolving Credit and Term Loan Agreement, dated as of January 10, 2023, by and among XHR LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other parties party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on January 11, 2023) | ||||||||
| Parent Guaranty, dated as of January 10, 2023, by Xenia Hotels & Resorts, Inc. for the benefit of JPMorgan Chase Bank, N.A. as administrative agent (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K (File No. 001-36594) filed on January 11, 2023) | ||||||||
| Xenia Hotels & Resorts, Inc., XHR Holding, Inc. and XHR LP 2015 Incentive Award Plan (incorporated by reference to Exhibit 10.14 to Amendment No. 3 to the Company’s Registration Statement on Form 10 (File No. 001-36594) filed on January 9, 2015) | ||||||||
| First Amendment to Xenia Hotels & Resorts, Inc., XHR Holding, Inc. and XHR LP 2015 Incentive Award Plan (incorporated by reference to Exhibit 10.13 to the Company’s Annual Report on Form 10-K (File No. 001-36594) filed on February 28, 2017) | ||||||||
| Form of Class A Performance LTIP Unit Agreement (2017) (incorporated by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K (File No. 001-36594) filed on February 28, 2017) | ||||||||
| Form of Time-Based LTIP Unit Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on May 7, 2015) | ||||||||
| Form of Time-Based Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-36594) filed on May 11, 2016) | ||||||||
| Xenia Hotels & Resorts, Inc. Director Compensation Program, as Amended and Restated, dated as of February 19, 2020 (incorporated by reference to Exhibit 10.1 to the Company’s Annual Report on Form 10-K (File No. 001-36594) filed on February 25, 2020) | ||||||||
| Form of LTIP Unit Agreement (Non-Employee Directors) (incorporated by reference to Exhibit 10.18 to the Company's Annual Report on Form 10-K (File No. 001-36594) filed on February 27, 2018) | ||||||||
| Form of Indemnification Agreement entered into between Xenia Hotels & Resorts, Inc. and each of its directors and executive officers (incorporated by reference to Exhibit 10.15 to Amendment No. 3 to the Company’s Registration Statement on Form 10 (File No. 001-36594) filed on January 9, 2015) | ||||||||
| Form of Severance Agreement (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on May 7, 2015) | ||||||||
| Xenia Hotels & Resorts, Inc. Retirement Policy dated as of February 18, 2020 (incorporated by reference to Exhibit 10.15 to the Company’s Annual Report on Form 10-K (File No. 001-36594) filed on February 25, 2020) | ||||||||
| Form Time-Based Restricted Stock Unit Agreement (2020) (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-36594) filed on May 11, 2020) | ||||||||
| Form Performance-Based Restricted Stock Unit Agreement (2020) (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q (File No. 001-36594) filed on May 11, 2020) | ||||||||
| Form Time-Based LTIP Unit Agreement (2020) (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q (File No. 001-36594) filed on May 11, 2020) | ||||||||
| Form of Class A Performance Unit Agreement (2020) (incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q (File No. 001-36594) filed on May 11, 2020) | ||||||||
| Form of Time-Based LTIP Unit Agreement (2020) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on June 8, 2020) | ||||||||
| Second Amendment to the Xenia Hotels & Resorts, Inc., XHR Holding, Inc. and XHR LP 2015 Incentive Award Plan (incorporated by reference Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on May 19, 2020) | ||||||||
| Third Amendment to the Xenia Hotels & Resorts, Inc., XHR Holding, Inc. and XHR LP 2015 Incentive Award Plan (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-36594) filed on May 19, 2020) | ||||||||
21.1* | Subsidiaries of Xenia Hotels & Resorts, Inc. | |||||||
23.1* | Consent of KPMG LLP | |||||||
31.1* | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||
31.2* | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||
32.1* | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||
| 101.INS | XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||
| 101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |||||||
| 101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
| 101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
| 101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
| 101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
/s/ MARCEL VERBAAS | ||||||||
By: | Marcel Verbaas | |||||||
Chairman and Chief Executive Officer | ||||||||
Date: | March 1, 2023 | |||||||
| Signature | Title | Date | ||||||||||||||||||
By: | /s/ MARCEL VERBAAS | Chairman and Chief Executive Officer (principal executive officer) | March 1, 2023 | |||||||||||||||||
Name: | Marcel Verbaas | |||||||||||||||||||
By: | /s/ ATISH SHAH | Executive Vice President, Chief Financial Officer and Treasurer (principal financial officer) | March 1, 2023 | |||||||||||||||||
Name: | Atish Shah | |||||||||||||||||||
By: | /s/ JOSEPH T. JOHNSON | Senior Vice President and Chief Accounting Officer (principal accounting officer) | March 1, 2023 | |||||||||||||||||
Name: | Joseph T. Johnson | |||||||||||||||||||
By: | /s/ DENNIS D. OKLAK | Lead Director | March 1, 2023 | |||||||||||||||||
Name: | Dennis D. Oklak | |||||||||||||||||||
By: | /s/ JOHN H. ALSCHULER, JR. | Director | March 1, 2023 | |||||||||||||||||
Name: | John H. Alschuler, Jr. | |||||||||||||||||||
By: | /s/ KEITH E. BASS | Director | March 1, 2023 | |||||||||||||||||
Name: | Keith E. Bass | |||||||||||||||||||
By: | /s/ THOMAS M. GARTLAND | Director | March 1, 2023 | |||||||||||||||||
Name: | Thomas M. Gartland | |||||||||||||||||||
By: | /s/ BEVERLY K. GOULET | Director | March 1, 2023 | |||||||||||||||||
Name: | Beverly K. Goulet | |||||||||||||||||||
By: | /s/ ARLENE ISAACS-LOWE | Director | March 1, 2023 | |||||||||||||||||
Name: | Arlene Isaacs-Lowe | |||||||||||||||||||
By: | /s/ MARY ELIZABETH McCORMICK | Director | March 1, 2023 | |||||||||||||||||
Name: | Mary Elizabeth McCormick | |||||||||||||||||||
By: | /s/ TERRENCE O. MOOREHEAD | Director | March 1, 2023 | |||||||||||||||||
Name: | Terrence O. Moorehead | |||||||||||||||||||
Page | |||||||||||
Financial Statements | |||||||||||
Report of Independent Registered Public Accounting Firm ( | F-2 | ||||||||||
| Consolidated Balance Sheets as of December 31, 2022 and 2021 | F-5 | ||||||||||
| Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2022, 2021 and 2020 | F-6 | ||||||||||
| Consolidated Statements of Changes in Equity for the years ended December 31, 2022, 2021 and 2020 | F-8 | ||||||||||
| Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020 | F-9 | ||||||||||
Notes to the Consolidated Financial Statements | F-11 | ||||||||||
| Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2022 | F-42 | ||||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||
| Assets | |||||||||||
| Investment properties: | |||||||||||
| Land | $ | $ | |||||||||
| Buildings and other improvements | |||||||||||
| Total | $ | $ | |||||||||
| Less: accumulated depreciation | ( | ( | |||||||||
| Net investment properties | $ | $ | |||||||||
| Cash and cash equivalents | |||||||||||
| Restricted cash and escrows | |||||||||||
| Accounts and rents receivable, net of allowance for doubtful accounts | |||||||||||
| Intangible assets, net of accumulated amortization (Note 5 and Note 8) | |||||||||||
| Other assets | |||||||||||
| Assets held for sale | |||||||||||
| Total assets | $ | $ | |||||||||
| Liabilities | |||||||||||
| Debt, net of loan premiums, discounts and unamortized deferred financing costs (Note 6) | $ | $ | |||||||||
| Accounts payable and accrued expenses | |||||||||||
| Distributions payable | |||||||||||
| Other liabilities | |||||||||||
| Liabilities associated with assets held for sale | |||||||||||
| Total liabilities | $ | $ | |||||||||
| Commitments and Contingencies (Note 13) | |||||||||||
| Stockholders' equity | |||||||||||
Common stock, $ | |||||||||||
| Additional paid in capital | |||||||||||
| Accumulated other comprehensive loss | ( | ||||||||||
| Accumulated distributions in excess of net earnings | ( | ( | |||||||||
| Total Company stockholders' equity | $ | $ | |||||||||
| Non-controlling interests | |||||||||||
| Total equity | $ | $ | |||||||||
| Total liabilities and equity | $ | $ | |||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Revenues: | |||||||||||||||||
| Rooms revenues | $ | $ | $ | ||||||||||||||
| Food and beverage revenues | |||||||||||||||||
| Other revenues | |||||||||||||||||
| Total revenues | $ | $ | $ | ||||||||||||||
| Expenses: | |||||||||||||||||
| Rooms expenses | |||||||||||||||||
| Food and beverage expenses | |||||||||||||||||
| Other direct expenses | |||||||||||||||||
| Other indirect expenses | |||||||||||||||||
| Management and franchise fees | |||||||||||||||||
| Total hotel operating expenses | $ | $ | $ | ||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Real estate taxes, personal property taxes and insurance | |||||||||||||||||
| Ground lease expense | |||||||||||||||||
| General and administrative expenses | |||||||||||||||||
| Gain on business interruption insurance | ( | ( | |||||||||||||||
| Other operating expenses | |||||||||||||||||
| Impairment and other losses | |||||||||||||||||
| Total expenses | $ | $ | $ | ||||||||||||||
| Operating income (loss) | $ | $ | ( | $ | ( | ||||||||||||
| Gain (loss) on sale of investment properties | ( | ||||||||||||||||
| Other income (loss) | ( | ||||||||||||||||
| Interest expense | ( | ( | ( | ||||||||||||||
| Loss on extinguishment of debt | ( | ( | ( | ||||||||||||||
| Net income (loss) before income taxes | $ | $ | ( | $ | ( | ||||||||||||
| Income tax (expense) benefit | ( | ( | |||||||||||||||
| Net income (loss) | $ | $ | ( | $ | ( | ||||||||||||
| Net (income) loss attributable to non-controlling interests | $ | ( | $ | $ | |||||||||||||
| Net income (loss) attributable to common stockholders | $ | $ | ( | $ | ( | ||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Basic and diluted earnings (loss) per share | |||||||||||||||||
| Net income (loss) per share available to common stockholders | $ | $ | ( | $ | ( | ||||||||||||
| Weighted-average number of common shares (basic) | |||||||||||||||||
| Weighted-average number of common shares (diluted) | |||||||||||||||||
| Comprehensive Income (Loss): | |||||||||||||||||
| Net income (loss) | $ | $ | ( | $ | ( | ||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||
| Unrealized gain (loss) on interest rate derivative instruments | ( | ||||||||||||||||
| Reclassification adjustment for amounts recognized in net income (loss) (interest expense) | |||||||||||||||||
| $ | $ | ( | $ | ( | |||||||||||||
| Comprehensive income (loss) attributable to non-controlling interests: | |||||||||||||||||
| Comprehensive (income) loss attributable to non-controlling interests | $ | ( | $ | $ | |||||||||||||
| Comprehensive income (loss) attributable to the Company | $ | $ | ( | $ | ( | ||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Additional paid in capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Distributions in Excess of Net Earnings | Non-controlling Interests of Operating Partnership | Total | |||||||||||||||||||||||||||||||||||
| Balance at December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
| Repurchase of common shares, net | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Dividends, common share / units ($ | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | |||||||||||||||||||||||||||||||||||||||
| Shares redeemed to satisfy tax withholding on vested share-based compensation | ( | ( | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
| Redemption of Operating Partnership Units | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||
| Unrealized loss on interest rate derivative instruments | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
| Reclassification adjustment for amounts recognized in net loss | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2020 | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
| Share-based compensation | — | ||||||||||||||||||||||||||||||||||||||||
| Shares redeemed to satisfy tax withholding on vested share-based compensation | ( | ( | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
| Redemption of Operating Partnership Units | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||
| Unrealized gain on interest rate derivative instruments | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Reclassification adjustment for amounts recognized in net loss | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2021 | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Repurchase of common shares, net | ( | ( | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Dividends, common share / units ($ | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
| Share-based compensation | — | ||||||||||||||||||||||||||||||||||||||||
| Shares redeemed to satisfy tax withholding on vested share-based compensation | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||
| Unrealized gain on interest rate derivative instruments | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Reclassification adjustment for amounts recognized in net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income (loss) | $ | $ | ( | $ | ( | ||||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||
| Depreciation | |||||||||||||||||
| Non-cash ground rent and amortization of other intangibles | |||||||||||||||||
| Amortization of debt premiums, discounts, and financing costs | |||||||||||||||||
| Loss on extinguishment of debt | |||||||||||||||||
| (Gain) loss on sale of investment properties | ( | ( | |||||||||||||||
| Impairment and other losses | |||||||||||||||||
| Gain on insurance recoveries | ( | ||||||||||||||||
| Share-based compensation expense | |||||||||||||||||
| Deferred interest expense | ( | ||||||||||||||||
| Other non-cash adjustments | |||||||||||||||||
| Changes in assets and liabilities: | |||||||||||||||||
| Accounts and rents receivable | ( | ( | |||||||||||||||
| Other assets | ( | ( | ( | ||||||||||||||
| Accounts payable and accrued expenses | ( | ||||||||||||||||
| Other liabilities | ( | ||||||||||||||||
| Net cash provided by (used in) operating activities | $ | $ | $ | ( | |||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Purchase of investment properties | ( | ||||||||||||||||
| Capital expenditures | ( | ( | ( | ||||||||||||||
| Proceeds from sale of investment properties | |||||||||||||||||
| Proceeds from property insurance | |||||||||||||||||
| Performance guaranty payments | |||||||||||||||||
| Net cash (used in) provided by investing activities | $ | ( | $ | ( | $ | ||||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Payoff of mortgage debt | ( | ( | ( | ||||||||||||||
| Principal payments of mortgage debt | ( | ( | ( | ||||||||||||||
| Principal payments on Corporate Credit Facility Term Loan | ( | ( | |||||||||||||||
| Proceeds from draws on the Revolving Credit Facility | |||||||||||||||||
| Payments on the Revolving Credit Facility | ( | ( | |||||||||||||||
| Proceeds from Senior Notes | |||||||||||||||||
| Payment of loan fees and issuance costs | ( | ( | |||||||||||||||
| Repurchase of common shares | ( | ( | |||||||||||||||
| Redemption of Operating Partnership Units | ( | ( | |||||||||||||||
| Dividends and dividend equivalents | ( | ( | ( | ||||||||||||||
| Shares redeemed to satisfy tax withholding on vested share-based compensation | ( | ( | ( | ||||||||||||||
| Net cash (used in) provided by financing activities | $ | ( | $ | $ | |||||||||||||
| Net (decrease) increase in cash and cash equivalents and restricted cash | ( | ||||||||||||||||
| Cash and cash equivalents and restricted cash, at beginning of year | |||||||||||||||||
| Cash and cash equivalents and restricted cash, at end of year | $ | $ | $ | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Supplemental disclosure of cash flow information: | |||||||||||||||||
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the amount shown in the consolidated statements of cash flows: | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||||||||
Restricted cash | |||||||||||||||||
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | $ | $ | $ | ||||||||||||||
The following represents cash paid during the periods presented for the following: | |||||||||||||||||
Cash paid for interest, net of capitalized interest | $ | $ | $ | ||||||||||||||
Cash paid for income taxes | |||||||||||||||||
| Supplemental schedule of non-cash investing and financing activities: | |||||||||||||||||
| Accrued capital expenditures | $ | $ | $ | ||||||||||||||
| Distributions payable | |||||||||||||||||
| Mortgage assumed by buyer related to sale of investment property | |||||||||||||||||
| Year Ended | ||||||||
| Primary Markets | December 31, 2022 | |||||||
| Orlando, FL | $ | |||||||
| Phoenix, AZ | ||||||||
| San Diego, CA | ||||||||
| Houston, TX | ||||||||
| Dallas, TX | ||||||||
| Atlanta, GA | ||||||||
| Denver, CO | ||||||||
| San Francisco/San Mateo, CA | ||||||||
| Washington, DC-MD-VA | ||||||||
| Nashville, TN | ||||||||
| Other | ||||||||
Total | $ | |||||||
| Year Ended | ||||||||
| Primary Markets | December 31, 2021 | |||||||
| Orlando, FL | $ | |||||||
| Phoenix, AZ | ||||||||
| San Diego, CA | ||||||||
| Houston, TX | ||||||||
| Atlanta, GA | ||||||||
| Denver, CO | ||||||||
| Dallas, TX | ||||||||
| Washington, DC-MD-VA | ||||||||
| Florida Keys | ||||||||
| San Francisco/San Mateo, CA | ||||||||
| Other | ||||||||
| Total | $ | |||||||
| Year Ended | ||||||||
| Primary Markets | December 31, 2020 | |||||||
| Orlando, FL | $ | |||||||
| Phoenix, AZ | ||||||||
| Houston, TX | ||||||||
| San Diego, CA | ||||||||
| Atlanta, GA | ||||||||
| Dallas, TX | ||||||||
| San Francisco/San Mateo, CA | ||||||||
| Denver, CO | ||||||||
| Washington, DC-MD-VA | ||||||||
| California North | ||||||||
| Other | ||||||||
Total | $ | |||||||
| December 31, 2022 | ||||||||
Land | $ | |||||||
Buildings and improvements | ||||||||
Furniture, fixtures, and equipment | ||||||||
Intangible and other assets(1) | ||||||||
Other liability(2) | ( | |||||||
Total purchase price(3) | $ | |||||||
| Property | Date | Rooms (unaudited) | Gross Sale Price | Net Proceeds | Gain / (Loss) on Sale | |||||||||||||||||||||||||||
| Kimpton Hotel Monaco Chicago | 01/2022 | $ | $ | $ | ||||||||||||||||||||||||||||
| Bohemian Hotel Celebration, Autograph Collection | 10/2022 | |||||||||||||||||||||||||||||||
| Kimpton Hotel Monaco Denver | 12/2022 | |||||||||||||||||||||||||||||||
| Total for the year ended December 31, 2022 | $ | $ | $ | |||||||||||||||||||||||||||||
| Marriott Charleston Town Center | 11/2021 | $ | $ | $ | ( | |||||||||||||||||||||||||||
| Total for the year ended December 31, 2021 | $ | $ | $ | ( | ||||||||||||||||||||||||||||
| Residence Inn Boston Cambridge | 10/2020 | $ | $ | $ | ||||||||||||||||||||||||||||
| Marriott Napa Valley Hotel & Spa | 10/2020 | |||||||||||||||||||||||||||||||
| Hotel Commonwealth | 11/2020 | ( | ||||||||||||||||||||||||||||||
| Renaissance Austin Hotel | 11/2020 | |||||||||||||||||||||||||||||||
| Total for the year ended December 31, 2020 | $ | $ | $ | |||||||||||||||||||||||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||
| Intangible assets: | |||||||||||
| Acquired in-place lease intangibles | $ | $ | |||||||||
| Advance bookings | |||||||||||
Accumulated amortization | ( | ( | |||||||||
| Net intangible assets | $ | $ | |||||||||
Goodwill | |||||||||||
| Total intangible assets, net of accumulated amortization | $ | $ | |||||||||
| Year Ended December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Acquired in-place lease intangibles | $ | $ | |||||||||
| Advance bookings | $ | $ | |||||||||
| 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
| Acquired in-place lease intangibles | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Advance bookings | |||||||||||||||||||||||||||||||||||||||||
Total amortization | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Rate Type | Rate(1) | Maturity Date | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
| Mortgage Loans | |||||||||||||||||||||||||||||
| Renaissance Atlanta Waverly Hotel & Convention Center | Variable | (2) | % | 8/14/2024 | $ | $ | |||||||||||||||||||||||
| Andaz Napa | Variable | (3) | % | 9/13/2024 | |||||||||||||||||||||||||
| The Ritz-Carlton, Pentagon City | Fixed | (4) | % | — | |||||||||||||||||||||||||
| Grand Bohemian Hotel Orlando, Autograph Collection | Fixed | % | 3/1/2026 | ||||||||||||||||||||||||||
| Marriott San Francisco Airport Waterfront | Fixed | % | 5/1/2027 | ||||||||||||||||||||||||||
| Total Mortgage Loans | % | (5) | $ | $ | |||||||||||||||||||||||||
| Corporate Credit Facilities | |||||||||||||||||||||||||||||
Corporate Credit Facility Term Loan $ | Variable | (6) | % | 9/13/2024 | |||||||||||||||||||||||||
| Revolving Credit Facility | Variable | (7) | % | 2/28/2024 | |||||||||||||||||||||||||
| Total Corporate Credit Facilities | $ | $ | |||||||||||||||||||||||||||
2020 Senior Notes $ | Fixed | % | 8/15/2025 | ||||||||||||||||||||||||||
2021 Senior Notes $ | Fixed | % | 6/1/2029 | ||||||||||||||||||||||||||
Loan premiums, discounts and unamortized deferred financing costs, net (8) | ( | ( | |||||||||||||||||||||||||||
| Total Debt, net of loan premiums, discounts and unamortized deferred financing costs | % | (5) | $ | $ | |||||||||||||||||||||||||
| As of December 31, 2022 | Weighted-Average Interest Rate | |||||||||||||
| 2023 | $ | |||||||||||||
| 2024 | ||||||||||||||
| 2025 | ||||||||||||||
| 2026 | ||||||||||||||
| 2027 | ||||||||||||||
| Thereafter | ||||||||||||||
| Total Debt | $ | |||||||||||||
| Revolving Credit Facility matures in 2024 | ||||||||||||||
| Loan premiums, discounts and unamortized deferred financing costs, net | ( | — | ||||||||||||
| Debt, net of loan premiums, discounts and unamortized deferred financing costs | $ | |||||||||||||
| December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hedged Debt | Type | Fixed Rate | Index + Spread | Effective Date | Maturity | Notional Amounts | Estimated Fair Value | Notional Amounts | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Debt | Swap | 1-Month LIBOR | 1/15/2016 | 10/22/2022 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Debt | Swap | 1-Month LIBOR | 1/15/2016 | 10/22/2022 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Debt | Swap | 1-Month LIBOR | 1/15/2016 | 10/22/2022 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Debt | Swap | 1-Month LIBOR | 1/15/2016 | 10/22/2022 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
$ | Swap | 1-Month LIBOR | 10/13/2017 | 9/13/2022 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
$ | Swap | 1-Month LIBOR | 10/13/2017 | 9/13/2022 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
$ | Swap | 1-Month LIBOR | 10/13/2017 | 9/13/2022 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
$ | Swap | 1-Month LIBOR | 10/13/2017 | 9/13/2022 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Debt(1) | Swap | 1-Month LIBOR | 6/1/2018 | 2/1/2023 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Debt(1) | Swap | 1-Month LIBOR | 1/17/2019 | 2/1/2023 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | |||||||||||||||||||
| Effect of derivative instruments: | Location in Statement of Operations and Comprehensive Income (Loss): | |||||||||||||||||||
| Realized loss on termination of interest rate derivative instruments | Other income (loss) | $ | ( | $ | ( | |||||||||||||||
| Gain recognized in other comprehensive income (loss) | Unrealized gain on interest rate derivative instruments | $ | $ | |||||||||||||||||
| Gain reclassified from accumulated other comprehensive income (loss) to net income (loss) | Reclassification adjustment for amounts recognized in net income (loss) | $ | $ | |||||||||||||||||
| Total interest expense in which effects of cash flow hedges are recorded | Interest expense | $ | $ | |||||||||||||||||
| Fair Value Measurement Date | ||||||||||||||||||||||||||
| December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Location on Consolidated Balance Sheets/ Description of Instrument | Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Recurring Measurements | ||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
Interest rate swaps(1) | $ | $ | $ | ( | $ | |||||||||||||||||||||
| Nonrecurring measurements | ||||||||||||||||||||||||||
| Net Investment Properties | ||||||||||||||||||||||||||
| Kimpton Hotel Monaco Chicago | $ | $ | $ | $ | ||||||||||||||||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||
Goodwill | $ | $ | |||||||||
Cumulative Goodwill Impairment Losses | ( | ( | |||||||||
Carrying Value of Goodwill | $ | $ | |||||||||
| December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
| Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||
Total Mortgage and Corporate Credit Facility Term Loans | $ | $ | $ | $ | ||||||||||||||||||||||
| Senior Notes | ||||||||||||||||||||||||||
Revolving Credit Facility | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Current: | |||||||||||||||||
| Federal | $ | ( | $ | $ | |||||||||||||
| State | ( | ( | ( | ||||||||||||||
| Total current | $ | ( | $ | ( | $ | ||||||||||||
| Deferred: | |||||||||||||||||
| Federal | $ | $ | $ | ( | |||||||||||||
| State | ( | ||||||||||||||||
| Total deferred | $ | $ | $ | ( | |||||||||||||
| Total tax (provision) benefit | $ | ( | $ | ( | $ | ||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| (Provision) benefit for income taxes at statutory rate | $ | ( | $ | $ | |||||||||||||
| Tax impact related to REIT operations | ( | ( | |||||||||||||||
| Income for which no federal tax benefit was recognized | ( | ||||||||||||||||
| Change in federal and state valuation allowances | ( | ( | |||||||||||||||
| Impact of rate change on deferred tax balances | ( | ||||||||||||||||
| State tax (provision) benefit, net of federal | ( | ||||||||||||||||
| Tax benefit related to federal net operating loss carryback rate | |||||||||||||||||
| Change in federal and state valuation allowances on attributes written off | ( | ||||||||||||||||
| Other | ( | ||||||||||||||||
| Total tax (provision) benefit | $ | ( | $ | ( | $ | ||||||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||
| Net operating loss | $ | $ | |||||||||
| Deferred income | |||||||||||
| Other | |||||||||||
| Total deferred tax assets | $ | $ | |||||||||
| Less: Valuation allowance | ( | ( | |||||||||
| Net deferred tax assets | $ | $ | |||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | $ | ( | $ | ( | ||||||||||||
| Dividends paid on unvested share-based compensation | ( | ( | |||||||||||||||
| Undistributed earnings attributable to unvested share-based compensation | ( | ||||||||||||||||
| Net income (loss) available to common stockholders | $ | $ | ( | $ | ( | ||||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average shares outstanding - Basic | |||||||||||||||||
Effect of dilutive share-based compensation(1) | |||||||||||||||||
| Weighted-average shares outstanding - Diluted | |||||||||||||||||
| Basic and diluted earnings (loss) per share: | |||||||||||||||||
| Net income (loss) per share available to common stockholders - basic and diluted | $ | $ | ( | $ | ( | ||||||||||||
Grant Date | Grant Description | Time-Based Grants | Performance-Based Grants | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||||
| March 2020 | 2020 Restricted Stock Units | (1) | $ | |||||||||||||||||||||||
| June 2020 | 2020 Restricted Stock Units | (1) | $ | |||||||||||||||||||||||
| December 2020 | 2020 Restricted Stock Units | $ | ||||||||||||||||||||||||
| March 2021 | 2021 Restricted Stock Units | $ | ||||||||||||||||||||||||
| February 2022 | 2022 Restricted Stock Units | $ | ||||||||||||||||||||||||
| April 2022 | 2022 Restricted Stock Units | $ | ||||||||||||||||||||||||
| June 2022 | 2022 Restricted Stock Units | $ | ||||||||||||||||||||||||
Grant Date | Grant Description | Time-Based LTIP Units | Performance-Based Class A LTIP Units | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||||
| March 2020 | 2020 LTIP Units | (1) | $ | |||||||||||||||||||||||
| June 2020 | 2020 LTIP Units | (1) | $ | |||||||||||||||||||||||
| March 2021 | 2021 LTIP Units | $ | ||||||||||||||||||||||||
| February 2022 | 2022 LTIP Units | $ | ||||||||||||||||||||||||
Grant Date | Grant Description | Time-Based Grants | Grant Date Fair Value | |||||||||||||||||
| May 2020 | 2020 LTIP Units | $ | ||||||||||||||||||
| May 2021 | 2021 LTIP Units | $ | ||||||||||||||||||
| May 2022 | 2022 LTIP Units | $ | ||||||||||||||||||
| 2015 Incentive Award Plan Restricted Stock Units | 2015 Incentive Award Plan LTIP Units(1) | Total | |||||||||||||||
| Unvested as of December 31, 2020 | |||||||||||||||||
| Granted | |||||||||||||||||
Vested(2) | ( | ( | ( | ||||||||||||||
| Expired | ( | ( | ( | ||||||||||||||
| Forfeited | ( | ( | |||||||||||||||
| Unvested as of December 31, 2021 | |||||||||||||||||
| Granted | |||||||||||||||||
Vested(2) | ( | ( | ( | ||||||||||||||
| Forfeited | ( | ( | |||||||||||||||
| Unvested as of December 31, 2022 | |||||||||||||||||
| Weighted-average fair value of unvested shares/units | $ | $ | $ | ||||||||||||||
| Performance Award Grant Date | Percentage of Total Award | Grant Date Fair Value by Component | Volatility | Interest Rate | Dividend Yield | |||||||||||||||||||||||||||
| March 2, 2020 | ||||||||||||||||||||||||||||||||
| Absolute TSR Restricted Stock Units - Type I | $ | |||||||||||||||||||||||||||||||
| Relative TSR Restricted Stock Units - Type I | $ | |||||||||||||||||||||||||||||||
| Absolute TSR Restricted Stock Units - Type II | $ | |||||||||||||||||||||||||||||||
| Relative TSR Restricted Stock Units - Type II | $ | |||||||||||||||||||||||||||||||
| Absolute TSR Class A LTIP Units | $ | |||||||||||||||||||||||||||||||
| Relative TSR Class A LTIP Units | $ | |||||||||||||||||||||||||||||||
| March 1, 2021 | ||||||||||||||||||||||||||||||||
| Absolute TSR Restricted Stock Units | $ | |||||||||||||||||||||||||||||||
| Relative TSR Restricted Stock Units | $ | |||||||||||||||||||||||||||||||
| Absolute TSR Class A LTIP Units | $ | |||||||||||||||||||||||||||||||
| Relative TSR Class A LTIP Units | $ | |||||||||||||||||||||||||||||||
| February 25, 2022 | ||||||||||||||||||||||||||||||||
| Absolute TSR Restricted Stock Units | $ | |||||||||||||||||||||||||||||||
| Relative TSR Restricted Stock Units | $ | |||||||||||||||||||||||||||||||
| Absolute TSR Class A LTIP Units | $ | |||||||||||||||||||||||||||||||
| Relative TSR Class A LTIP Units | $ | |||||||||||||||||||||||||||||||
| December 31, 2022 | ||||||||
Weighted-average remaining lease term, including reasonably certain extension options(1) | ||||||||
Weighted-average discount rate | ||||||||
ROU asset(2) | $ | |||||||
Lease liability(3) | $ | |||||||
Operating lease rent expense | $ | |||||||
Variable lease costs | ||||||||
| Total rent and variable lease costs | $ | |||||||
| December 31, 2022 | ||||||||
| 2023 | $ | |||||||
| 2024 | ||||||||
| 2025 | ||||||||
| 2026 | ||||||||
| 2027 | ||||||||
Thereafter | ||||||||
Total undiscounted lease payments | $ | |||||||
| Less imputed interest | ( | |||||||
Lease liability(1) | $ | |||||||
| Initial Cost (A) | Gross amount at which carried at end of period (B) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property | Encumbrance | Land | Buildings and Improvements | Adjustments to Land Basis (C) | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements | Total (D) | Accumulated Depreciation (E,F) | Year of Original Construction | Date of Acquisition | Life on Which Depreciation in Latest Income Statement is Computed (F) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Andaz Napa Napa, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | 2009 | 9/20/2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Andaz San Diego San Diego, CA | 1914 | 3/4/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Andaz Savannah Savannah, GA | 2009 | 9/10/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bohemian Hotel Savannah, Autograph Collection Savannah, GA | ( | 2009 | 8/9/2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Buckhead Atlanta Restaurant Lease Atlanta, GA | 2008 | 12/7/2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fairmont Dallas Dallas, TX | 1968 | 8/1/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fairmont Pittsburgh Pittsburgh, PA | 2010 | 9/26/2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grand Bohemian Hotel Charleston, Autograph Collection Charleston, SC | 2015 | 8/27/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grand Bohemian Hotel Mountain Brook, Autograph Collection Birmingham, AL | 2015 | 10/22/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grand Bohemian Hotel Orlando, Autograph Collection Orlando, FL | 2001 | 12/27/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hyatt Centric Key West Resort & Spa Key West, FL | 1988 | 11/15/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hyatt Regency Grand Cypress Orlando, FL | 1984 | 5/26/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hyatt Regency Portland at the Oregon Convention Center Portland, OR | ( | ( | 2019 | 12/17/2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hyatt Regency Santa Clara Santa Clara, CA | 1986 | 9/20/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch Scottsdale, AZ | 1987 | 10/3/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Initial Cost (A) | Gross amount at which carried at end of period (B) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property | Encumbrance | Land | Buildings and Improvements | Adjustments to Land Basis (C) | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements | Total (D) | Accumulated Depreciation (E,F) | Year of Original Construction | Date of Acquisition | Life on Which Depreciation in Latest Income Statement is Computed (F) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Key West Bottling Court Retail Center Key West, FL | 1953 | 11/25/2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kimpton Canary Hotel Santa Barbara Santa Barbara, CA | 2005 | 7/16/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kimpton Hotel Monaco Salt Lake City Salt Lake City, UT | 1924 | 11/1/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kimpton Hotel Palomar Philadelphia Philadelphia, PA | 1929 | 7/28/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kimpton RiverPlace Hotel Portland, OR | 1985 | 7/16/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loews New Orleans Hotel New Orleans, LA | 1972 | 10/11/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lorien Hotel & Spa Alexandria, VA | 2009 | 10/24/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marriott Dallas Downtown Dallas, TX | 1980 | 9/30/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marriott San Francisco Airport Waterfront San Francisco, CA | 1985 | 3/23/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marriott Woodlands Waterway Hotel & Convention Center Woodlands, TX | 2002 | 11/21/2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Park Hyatt Aviara Resort, Golf Club & Spa Carlsbad, CA | 1997 | 11/20/2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Renaissance Atlanta Waverly Hotel & Convention Center Atlanta, GA | 1983 | 3/23/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Royal Palms Resort & Spa, The Unbound Collection by Hyatt Scottsdale, AZ | 1929 | 10/3/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Ritz-Carlton, Denver Denver, CO | 1982 | 8/24/2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Initial Cost (A) | Gross amount at which carried at end of period (B) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property | Encumbrance | Land | Buildings and Improvements | Adjustments to Land Basis (C) | Adjustments to Basis (C) | Land and Improvements | Buildings and Improvements | Total (D) | Accumulated Depreciation (E,F) | Year of Original Construction | Date of Acquisition | Life on Which Depreciation in Latest Income Statement is Computed (F) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Ritz-Carlton, Pentagon City Arlington, VA | 1990 | 10/4/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| W Nashville Nashville, TN | 2021 | 3/29/2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Waldorf Astoria Atlanta Buckhead Atlanta, GA | 2008 | 12/7/2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Westin Galleria Houston Houston, TX | 1977 | 8/22/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Westin Oaks Houston at the Galleria Houston, TX | 1971 | 8/22/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Totals | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
Balance at January 1 | $ | $ | $ | ||||||||||||||
Acquisitions | |||||||||||||||||
Capital improvements | |||||||||||||||||
Disposals and write-offs | ( | ( | ( | ||||||||||||||
Properties classified as held for sale | ( | ||||||||||||||||
Balance at December 31 | $ | $ | $ | ||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
Balance at January 1 | $ | $ | $ | ||||||||||||||
Depreciation expense, continuing operations | |||||||||||||||||
Depreciation expense, properties classified as held for sale | |||||||||||||||||
Accumulated depreciation, properties classified as held for sale | ( | ||||||||||||||||
Disposals and write-offs | ( | ( | ( | ||||||||||||||
Balance at December 31 | $ | $ | $ | ||||||||||||||
Buildings and improvements | |||||||||||
Tenant improvements | Life of the Lease | ||||||||||
Furniture, fixtures and equipment | - | ||||||||||
| Entity Name | Domestic Jurisdiction | |||||||
| IA Lodging Alexandria King TRS, L.L.C. | Delaware | |||||||
| IA Lodging Alexandria King, L.L.C. | Delaware | |||||||
| IA Lodging Atlanta Waverly TRS, L.L.C. | Delaware | |||||||
| IA Lodging Atlanta Waverly, L.L.C. | Delaware | |||||||
| IA Lodging Austin Arboretum GP, L.L.C. | Delaware | |||||||
| IA Lodging Austin Arboretum LP | Delaware | |||||||
| IA Lodging Austin Arboretum LP, L.L.C. | Delaware | |||||||
| IA Lodging Austin Arboretum TRS LLC | Delaware | |||||||
| IA Lodging Burlingame TRS, L.L.C. | Delaware | |||||||
| IA Lodging Burlingame, L.L.C. | Delaware | |||||||
| IA Lodging Celebration TRS, L.L.C. | Delaware | |||||||
| IA Lodging Celebration, L.L.C. | Delaware | |||||||
| IA Lodging Charleston Lee TRS, L.L.C. | Delaware | |||||||
| IA Lodging Charleston Lee, L.L.C. | Delaware | |||||||
| IA Lodging Chicago Wabash TRS, L.L.C. | Delaware | |||||||
| IA Lodging Chicago Wabash, L.L.C. | Delaware | |||||||
| IA Lodging Dallas Akard Beverage Corporation | Texas | |||||||
| IA Lodging Dallas Akard GP, L.L.C. | Delaware | |||||||
| IA Lodging Dallas Akard LP | Delaware | |||||||
| IA Lodging Dallas Akard LP, L.L.C. | Delaware | |||||||
| IA Lodging Dallas Akard TRS LLC | Delaware | |||||||
| IA Lodging Dallas Pearl GP, L.L.C. | Delaware | |||||||
| IA Lodging Dallas Pearl Limited Partnership | Delaware | |||||||
| IA Lodging Dallas Pearl LP, L.L.C. | Delaware | |||||||
| IA Lodging Dallas Pearl TRS, L.L.C. | Delaware | |||||||
| IA Lodging Denver Champa TRS, L.L.C. | Delaware | |||||||
| IA Lodging Denver Champa, L.L.C. | Delaware | |||||||
| IA Lodging Houston Galleria GP, L.L.C. | Delaware | |||||||
| IA Lodging Houston Galleria LP | Delaware | |||||||
| IA Lodging Houston Galleria LP, L.L.C. | Delaware | |||||||
| IA Lodging Houston Galleria TRS LLC | Delaware | |||||||
| IA Lodging Houston Oaks GP, L.L.C. | Delaware | |||||||
| IA Lodging Houston Oaks LP | Delaware | |||||||
| IA Lodging Houston Oaks LP, L.L.C. | Delaware | |||||||
| IA Lodging Houston Oaks TRS LLC | Delaware | |||||||
| IA Lodging Key West TRS, L.L.C. | Delaware | |||||||
| IA Lodging Key West, L.L.C. | Delaware | |||||||
| IA Lodging Lexington Newtown TRS, L.L.C. | Delaware | |||||||
| IA Lodging Lexington Newtown, L.L.C. | Delaware | |||||||
| IA Lodging Napa First TRS, L.L.C. | Delaware | |||||||
| IA Lodging Napa First, L.L.C. | Delaware | |||||||
| IA Lodging Napa Solano TRS, L.L.C. | Delaware | |||||||
| IA Lodging Napa Solano, L.L.C. | Delaware | |||||||
| IA Lodging New Orleans TRS, L.L.C. | Delaware | |||||||
| IA Lodging New Orleans, L.L.C. | Delaware | |||||||
| IA Lodging Orlando Downtown TRS, L.L.C. | Delaware | |||||||
| IA Lodging Orlando Downtown, L.L.C. | Delaware | |||||||
| IA Lodging Salt Lake City TRS, L.L.C. | Delaware | |||||||
| IA Lodging Salt Lake City, L.L.C. | Delaware | |||||||
| IA Lodging San Diego TRS, L.L.C. | Delaware | |||||||
| IA Lodging San Diego, L.L.C. | Delaware | |||||||
| IA Lodging Santa Clara TRS, L.L.C. | Delaware | |||||||
| IA Lodging Santa Clara, L.L.C. | Delaware | |||||||
| IA Lodging Savannah Barnard TRS, L.L.C. | Delaware | |||||||
| IA Lodging Savannah Barnard, L.L.C. | Delaware | |||||||
| IA Lodging Savannah TRS, L.L.C. | Delaware | |||||||
| IA Lodging Savannah, L.L.C. | Delaware | |||||||
| IA Lodging Woodlands GP, L.L.C. | Delaware | |||||||
| IA Lodging Woodlands LP | Delaware | |||||||
| IA Lodging Woodlands LP, L.L.C. | Delaware | |||||||
| IA Lodging Woodlands TRS LLC | Delaware | |||||||
| IA Urban Hotels Cambridge TRS, L.L.C. | Delaware | |||||||
| IA Urban Hotels Cambridge, L.L.C. | Delaware | |||||||
| IA Urban Hotels Chicago TRS, L.L.C. | Delaware | |||||||
| IA Urban Hotels Chicago, L.L.C. | Delaware | |||||||
| IA Urban Hotels Washington DC Franklin TRS, L.L.C. | Delaware | |||||||
| IA Urban Hotels Washington DC Franklin, L.L.C. | Delaware | |||||||
| Philadelphia 17 GP LLC | Delaware | |||||||
| Philadelphia 17 LP, LLC | Delaware | |||||||
| Xenia Hotels & Resorts, Inc. | Maryland | |||||||
| XHR Acquisitions, LLC | Delaware | |||||||
| XHR Arlington LLC | Delaware | |||||||
| XHR Arlington TRS LLC | Delaware | |||||||
| XHR Atlanta Peachtree LLC | Delaware | |||||||
| XHR Atlanta Peachtree Retail LLC | Delaware | |||||||
| XHR Atlanta Peachtree TRS LLC | Delaware | |||||||
| XHR Boston Commonwealth LLC | Delaware | |||||||
| XHR Boston Commonwealth TRS LLC | Delaware | |||||||
| XHR Bottling Court, LLC | Delaware | |||||||
| XHR Carlsbad Land LLC | Delaware | |||||||
| XHR Carlsbad LLC | Delaware | |||||||
| XHR Carlsbad TRS LLC | Delaware | |||||||
| XHR Charleston Meeting LLC | Delaware | |||||||
| XHR Charleston Meeting TRS LLC | Delaware | |||||||
| XHR Denver Curtis LLC | Delaware | |||||||
| XHR Denver Curtis TRS LLC | Delaware | |||||||
| XHR GP, Inc. | Delaware | |||||||
| XHR Holding, Inc. | Delaware | |||||||
| XHR LP | Delaware | |||||||
| XHR Management, LLC | Delaware | |||||||
| XHR Mountain Brook LLC | Delaware | |||||||
| XHR Mountain Brook TRS LLC | Delaware | |||||||
| XHR Nashville Gulch LLC | Delaware | |||||||
| XHR Nashville Gulch TRS LLC | Delaware | |||||||
| XHR Orlando Cypress LLC | Delaware | |||||||
| XHR Orlando Cypress TRS LLC | Delaware | |||||||
| XHR Payment Manager, L.L.C. | Delaware | |||||||
| XHR Philadelphia 17 LLC | Delaware | |||||||
| XHR Philadelphia 17 TRS LLC | Delaware | |||||||
| XHR Phoenix Palms LLC | Delaware | |||||||
| XHR Phoenix Palms TRS LLC | Delaware | |||||||
| XHR Pittsburgh Market LLC | Delaware | |||||||
| XHR Pittsburgh Market TRS LLC | Delaware | |||||||
| XHR Portland LLC | Delaware | |||||||
| XHR Portland OCC LLC | Delaware | |||||||
| XHR Portland OCC TRS LLC | Delaware | |||||||
| XHR Portland TRS LLC | Delaware | |||||||
| XHR Santa Barbara LLC | Delaware | |||||||
| XHR Santa Barbara TRS LLC | Delaware | |||||||
| XHR Scottsdale Ranch LLC | Delaware | |||||||
| XHR Scottsdale Ranch TRS LLC | Delaware | |||||||
| /s/ MARCEL VERBAAS | ||
| Marcel Verbaas | ||
| Chairman and Chief Executive Officer (Principal Executive Officer) | ||
| /s/ ATISH SHAH | ||
| Atish Shah | ||
| Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | ||
| /s/ MARCEL VERBAAS | ||
| Marcel Verbaas | ||
| Chairman and Chief Executive Officer (Principal Executive Officer) | ||
| /s/ ATISH SHAH | ||
| Atish Shah | ||
| Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | ||
Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Audit Information [Abstract] | |
| Auditor Name | KPMG, LLP |
| Auditor Location | Orlando, FL |
| Auditor Firm ID | 185 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
| Common stock, shares issued (in shares) | 112,519,672 | 114,306,727 |
| Common stock, shares outstanding (in shares) | 112,519,672 | 114,306,727 |
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2020 |
|
| Statement of Stockholders' Equity [Abstract] | ||
| Dividends, common share / units (in dollars per share/unit) | $ 0.20 | $ 0.275 |
Organization |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | Organization Xenia Hotels & Resorts, Inc. (the "Company" or "Xenia") is a Maryland corporation that invests primarily in uniquely positioned luxury and upper upscale hotels and resorts in the top 25 lodging markets as well as key leisure destinations in the United States ("U.S."). Substantially all of the Company's assets are held by, and all the operations are conducted through, XHR LP (the "Operating Partnership"). XHR GP, Inc. is the sole general partner of XHR LP and is wholly-owned by the Company. As of December 31, 2022, the Company collectively owned 97.0% of the common limited partnership units issued by the Operating Partnership ("Operating Partnership Units"). The remaining 3.0% of the Operating Partnership Units are owned by the other limited partners comprised of certain of our executive officers and current or former members of our Board of Directors and includes vested and unvested long-term incentive plan ("LTIP") partnership units. LTIP partnership units may or may not vest based on the passage of time and meeting certain market-based performance objectives. Xenia operates as a real estate investment trust ("REIT") for U.S. federal income tax purposes. To qualify as a REIT, the Company cannot operate or manage its hotels. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to XHR Holding, Inc. and its subsidiaries (collectively with its subsidiaries, "XHR Holding"), the Company's taxable REIT subsidiary ("TRS"), which engages third-party eligible independent contractors to manage the hotels. As of December 31, 2022, the Company owned 32 lodging properties with a total of 9,508 rooms (unaudited). As of December 31, 2021, the Company owned 34 lodging properties with a total of 9,659 rooms (unaudited). As of December 31, 2020, the Company owned 35 lodging properties with 10,011 rooms (unaudited). Ongoing Recovery from COVID-19 Our hotel portfolio experienced a broad-based recovery from COVID-19 during 2022 with a continuation of strong leisure bookings and an acceleration of business transient and group demand. As the recovery continues, we expect that the pace will vary from market to market and may be uneven in nature.
|
Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of the Company, the Operating Partnership, XHR Holding, as well as all wholly-owned subsidiaries and consolidated real estate investments. The Company's subsidiaries and real estate investments generally consist of limited liability companies, limited partnerships and the TRS. The effects of all inter-company transactions have been eliminated. Corporate costs associated with our executive offices, personnel and other administrative costs are reflected as general and administrative expenses. Each property maintains its own books and financial records and each entity's assets are not available to satisfy the liabilities of other affiliated entities. Reclassifications Certain prior year amounts in these consolidated financial statements have been reclassified to conform to the presentation as of and for the year ended December 31, 2022. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected economic conditions. Actual results could differ from these estimates. Risks and Uncertainties As a result of the COVID-19 pandemic, the majority of the Company's hotels and resorts temporarily suspended operations for certain periods of time during 2020. All of the Company's hotels had resumed operations by the end of May 2021. While our business is experiencing broad-based recovery from the COVID-19 pandemic led by robust leisure demand and growth in group and business transient travel, future demand may be varied and uneven as the pace and consistency of the global recovery continues to progress and remains uncertain. The Company cannot predict with certainty the full extent and duration of the effects of the COVID-19 pandemic on its business, operating margins, results of operations, cash flows, financial condition, the market price of its common stock, its ability to make distributions to its shareholders, its access to equity and credit markets or its ability to service its indebtedness. Further, the Company continues to monitor and evaluate the challenges associated with inflationary pressures, rising interest rates, a potential domestic and/or global recession, the evolving workforce landscape, particularly related to industry-wide labor shortages and increases in cost of labor, as well as ongoing supply chain issues which may continue to impact the hotels' ability to source operating supplies and other materials. Additionally, the effects of the pandemic or other economic challenges could materially and adversely affect the Company's ability to consummate acquisitions and dispositions of hotel properties in the near term. For the year ended December 31, 2022, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida, Phoenix, Arizona and San Diego, California markets that exceeded 10% of total revenues for the period then ended. For the year ended December 31, 2021, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida, Phoenix, Arizona, San Diego, California, and Houston, Texas markets that exceeded 10% of total revenues for the period then ended. For the year ended December 31, 2020, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida and Phoenix, Arizona markets that exceeded 10% of total revenues for the period then ended. Further, over 30% of the Company's total revenues for the years ended December 31, 2022, 2021 and 2020, respectively, were concentrated in its five largest hotels. In addition, as of December 31, 2022, approximately 23%, 20%, and 12% of total rooms were located in Texas, California and Florida, respectively (unaudited). The concentration of hotels in a certain region may expose us to risks of adverse legislation or economic developments, such as unfavorable treatment from state authorities, negative trends in the industry sectors that are concentrated in these markets and more severe restrictions related to the COVID-19 pandemic, that are greater than if the portfolio were more geographically diverse. These economic developments include regional economic downturns, significant increases in the number of competitive hotels in these markets and potentially higher local property, sales and income taxes in the geographic markets and jurisdictions in which the portfolio is concentrated. In addition, certain hotels may be subject to the effects of adverse acts of nature, such as winter storms, hailstorms, strong winds, tropical storms, hurricanes, wildfires, earthquakes, tornadoes, and tsunamis which have in the past caused flooding and other property damage in specific geographic locations, including in the Texas, California and Florida markets. Consolidation The Company evaluates its investments in partially owned entities to determine whether such entities may be a variable interest entity ("VIE") or voting interest entities. If the entity is determined to be a VIE, the determination of whether the Company is the primary beneficiary must then be made. The primary beneficiary determination is based on a qualitative assessment as to whether the entity has (i) power to direct significant activities of the VIE and (ii) an obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The Company will consolidate a VIE if it is deemed to be the primary beneficiary. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary or the entity is not a VIE and the Company does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. The Operating Partnership is a VIE. The Company's significant asset is its investment in the Operating Partnership, as described in Note 1, and consequently, substantially all of the Company's assets and liabilities represent those assets and liabilities of the Operating Partnership. Non-controlling Interests The Company’s consolidated financial statements include entities in which the Company has a controlling financial interest. Non-controlling interest is the portion of equity in a subsidiary not attributable, directly or indirectly, to a consolidating parent. Such non-controlling interests are reported on the consolidated balance sheet within equity, separately from the Company’s equity. On the consolidated statement of operations and comprehensive (loss) income, revenues, expenses and net income or loss from less-than-wholly-owned consolidated subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and non-controlling interests. Net income or loss is allocated to non-controlling interests based on their weighted-average ownership percentage for the applicable period. The consolidated statements of changes in equity includes beginning balances, activity for the period and ending balances for stockholders’ equity, non-controlling interests and total equity. However, if the Company’s non-controlling interests are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, they must be classified outside of permanent equity. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to non-controlling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company evaluates whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. As of December 31, 2022, all share-based payments awards are included in permanent equity. As of December 31, 2022, the consolidated results of the Company included the ownership interests of its Operating Partnership Units in the Operating Partnership, which are held by certain of the Company's executive officers and current or former members of its Board of Directors. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions periodically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant as the Company does not anticipate the financial institutions’ non-performance. Restricted Cash and Escrows Restricted cash primarily relates to furniture, fixtures and equipment replacement reserves ("FF&E reserves") as required per the terms of our management and franchise agreements, cash held in restricted escrows for real estate taxes and insurance, capital spending reserves and, at times, disposition related hold back escrows. Capitalization and Depreciation Real estate is reflected at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Direct and indirect costs that are related to the construction and improvements of investment properties are capitalized. Interest and costs incurred for property taxes and insurance are capitalized during periods in which activities necessary to get the property ready for its intended use are in progress. The Company did not capitalize any interest for the years ended December 31, 2022 and 2021 and capitalized $0.5 million for the year ended December 31, 2020. The Company also capitalizes project management compensation-related costs and travel expenses as these are costs directly related to the renovations and capital improvements of our hotel portfolio, which included $2.5 million, $2.2 million, and $2.4 million and for the years ended December 31, 2022, 2021 and 2020, respectively. Depreciation expense is computed using the straight-line method. Investment properties are depreciated based upon estimated useful lives of 30 years for building and improvements and 5 to 15 years for furniture, fixtures and equipment and site improvements. Per the terms of one of our management agreements, the third-party manager has guaranteed certain performance thresholds through December 31, 2023. The performance guaranty is related to one of our hotels for which the Company paid consideration to an affiliate of the respective third-party manager to take assignment of the purchase agreement in order to acquire the hotel. If performance does not meet these established thresholds, the third-party manager is required to reimburse the Company for certain fees and/or pay a performance guaranty as calculated per the terms of the respective agreement. During the years ended December 31, 2022, 2021, and 2020, the Company received $2.3 million, $2.9 million and $3.0 million, respectively, as a result of these performance thresholds not being met. The proceeds were recorded as a reduction of the initial basis in land and building and other improvements on the same pro rata basis as the original purchase price allocation and will be amortized over the respective remaining useful life. Acquisition of Real Estate Investments in hotel properties, including land and land improvements, building and building improvements, furniture, fixtures and equipment, and identifiable intangible assets and liabilities, will generally be accounted for as asset acquisitions. Acquired assets are recorded at their relative fair value based on total accumulated costs of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. This includes all costs related to finding, analyzing and negotiating a transaction. The allocation of the purchase price is an area that requires judgment and significant estimates. Tangible and intangible assets include land, building and improvements, furniture, fixtures and equipment, inventory, acquired above market and below market leases, in-place lease value (if applicable), advance bookings, and any assumed financing that is determined to have above or below market terms. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar investment properties in the market at the time that the loan is assumed. The Company allocates a portion of the purchase price to the estimated acquired in-place lease costs based on estimated lease execution costs for similar leases in the market at the time of acquisition and lost rent payments during an assumed lease up period when calculating vacant fair values for properties acquired with space leases to third-party tenants, which is typically retail or restaurant space. The Company also evaluates each acquired lease, including ground leases, based upon current market rates at the acquisition date and considers various factors including geographical location, size and location of leased land or retail space in determining whether the acquired lease is above or below market. After an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market lease intangible based upon the present value of the difference between the contractual lease rate and the estimated market rate. For leases with fixed rate renewals, renewal periods are included in the calculation of below market in-place lease values. The determination of the discount rate used in the present value calculation is based upon the "risk free rate" and current interest rates. This discount rate is a significant factor in determining the market valuation which requires judgment of subjective factors such as market knowledge, economics, demographics, location, visibility, age and physical condition of the property. The portion of the purchase price allocated to acquired above or below market lease costs are amortized on a straight-line basis over the life of the related lease, including the respective renewal periods, and is recorded as non-cash rent expense. The portion of the purchase price allocated to acquired in-place lease intangibles are amortized on a straight-line basis over the life of the related lease and is recorded as amortization expense. The portion of the purchase price allocated to advance bookings is amortized on a straight-line basis over the estimated life and is recorded as amortization expense. Impairment Long-lived assets and intangibles The Company assesses the carrying values of the respective long-lived assets, which includes hotel properties and the related intangible assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Events or circumstances that may cause a review include, but are not limited to, when (1) a hotel property experiences a significant decrease in the market price of the long-lived asset, (2) a hotel property experiences a current or projected loss from operations combined with a history of operating or cash flow losses, (3) it becomes more likely than not that a hotel property will be sold before the end of its useful life, (4) an accumulation of costs is significantly in excess of the amount originally expected for the acquisition, construction or renovation of a long-lived asset, (5) adverse changes in demand occur for lodging at a specific property due to declining national or local economic conditions and/or new hotel construction in markets where the hotel is located, (6) there is a significant adverse change in legal factors or in the business climate that could affect the value of the long-lived asset and/or (7) a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed carrying value, the Company records an impairment charge to the extent that the carrying value exceeds fair value. During the year ended December 31, 2021, the Company recorded an impairment loss of $12.6 million for the 352-room Marriott Charleston Town Center to reduce the carrying value of the long-lived asset to its fair value. The impairment was the result of a shortened estimated hold period due to the expected sale. The hotel was sold in November 2021. Additionally, in November 2021, the Company entered into an agreement to sell the 191-room Kimpton Hotel Monaco Chicago for a sale price of $36.0 million and the buyer funded an at-risk deposit. In accordance with the Company's impairment policy, management estimated the undiscounted cash flows for the scenario of a shortened hold period and for holding the asset long-term. Based on the results of the probability weighted-average undiscounted cash flow analysis, management determined the hotel was impaired as the estimated undiscounted cash flows were less than the carrying value of the hotel as of December 31, 2021. Management determined the impairment loss as the excess of carrying value over estimated fair value. As a result, for the year ended December 31, 2021, the Company recorded an impairment loss of $15.7 million for this property. The hotel was sold in January 2022. Finally, the Company wrote off $0.6 million of previously capitalized design costs related to a renovation project that will no longer be completed due to a change of scope. These impairment losses are included in impairment and other losses on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2021. During the year ended December 31, 2020, the Company recorded an impairment loss of $8.9 million for Renaissance Austin Hotel to reduce the carrying value of the long-lived asset to its fair value. The impairment was the result of a shortened estimated hold period due to the expected sale. The hotel was sold in November 2020. Refer to Notes 4 and 8 for further information. Involuntary Conversion In August 2021, Hurricane Ida impacted Loews New Orleans Hotel located in New Orleans, Louisiana. During the year ended December 31, 2022, the Company expensed additional hurricane-related repair and cleanup costs of $1.3 million. Additionally, for the year ended December 31, 2021, the Company expensed $1.1 million of hurricane-related repair and cleanup costs related to Loews New Orleans Hotel which sustained damage from Hurricane Ida as well as $0.4 million of storm-related repair and cleanup costs related to two hotels that sustained damage as a result of the Texas winter storms in February 2021. These amounts are included in impairment and other losses on the consolidated statement of operations and comprehensive loss for the period then ended. Any insurance proceeds received in excess of the recorded loss will be treated as a gain and will not be recorded until contingencies are resolved. Goodwill The excess of the cost of an acquired entity (i.e. those that met the definition of an acquired business), over the net of the fair values assigned to assets acquired (including identified intangible assets and liabilities) assumed is recorded as goodwill. Goodwill has been recognized and allocated to specific properties. The Company tests goodwill for impairment annually or more frequently if events or changes in circumstances indicate impairment. The Company has the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The optional qualitative assessment determines whether it is more likely than not that the specific goodwill's fair value is less than its carrying amount. If it is determined that it is more likely than not that the goodwill is impaired, the Company performs a single-step analysis to identify and measure impairment. The fair value of goodwill is based on either the direct capitalization method or the discounted cash flow valuation method. The direct capitalization method is based on a capitalization rate, which is generally observable (a Level 2 input, but at times could be unobservable, which is a Level 3 input), applied to the underlying hotel's most recent stabilized trailing twelve month net operating income at the time of the fair value analysis. The discounted cash flow method is based on estimated future cash flow projections that utilize discount rates, terminal capitalization rates, and planned capital expenditures, which are generally unobservable in the market place (Level 3 inputs). These estimates approximate the inputs the Company believes would be utilized by market participants in assessing fair value. The estimates of future cash flows are based on a number of factors, including the historical operating results, estimated growth rates, known trends, and market/economic conditions. If the carrying amount of the property’s assets, including goodwill, exceeds its estimated fair value an impairment charge is recorded in an amount equal to that excess but only to the extent the value of goodwill is reduced to zero. As of December 31, 2022 and 2021, the Company had goodwill of $4.9 million, which is included in intangible assets, net of accumulated amortization on the consolidated balance sheets. During the year ended December 31, 2020, the Company determined the carrying values of goodwill related to Andaz Savannah and Bohemian Hotel Savannah Riverfront, Autograph Collection, were in excess of their fair values and therefore recorded an impairment charge of $20.1 million related to these two hotels. Refer to Notes 5 and 8 for further information. Impairment estimates The use of projected future cash flows, both undiscounted and discounted, and estimated hold periods are based on assumptions that are consistent with the estimates of future expectations and the strategic plan the Company uses to manage its underlying business. These assumptions and estimates about future cash flows, including the uncertainty regarding the extent and duration of the recovery from of the impact of the COVID-19 pandemic on our operations, along with the capitalization and discount rates used to determine these estimates are complex and subjective. The determination of fair value and possible subsequent impairment of long-lived investment properties and/or goodwill is a significant estimate that can and does change based on the Company's continuous process of analyzing each property and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the property at a particular point in time. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analyses could impact these assumptions and result in future impairment charges of the real estate properties. Leases For leases with terms longer than 12 months, the Company evaluates the lease at commencement to determine if the lease is an operating or finance lease and recognizes a right-of-use asset and lease liability on the balance sheet. If a lease includes variable lease payments that are based on an index or rate, such as the Consumer Price Index, these increases are included in the lease liability. For leases that have extension options, which can be exercised at the Company's discretion, management uses judgment to determine if it is reasonably certain that such extension options will be elected. If the extension options are reasonably certain to occur, the Company includes the extended term lease payments in the calculation of the respective lease liability. Lease expense for lease payments is recognized on a straight-line basis over the lease term. If the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The incremental borrowing rate used to discount the lease liability is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Management uses a portfolio approach to develop a base incremental borrowing rate for our various lease types. This approach includes consideration of the Company's incremental borrowing rate at both the corporate and property level and analysis of current market conditions for obtaining new financings. Management then adjusts the base incremental borrowing rate to take into consideration an individual lease's credit risk, total lease payments, and remaining lease term. Certain of our hotels have retail space that is leased to third-parties. Rental income from retail leases is recognized on a straight-line basis over the term of the underlying lease and is included in other income on the consolidated statement of operations and comprehensive (loss) income. Percentage rent is recognized at the point in time in which the underlying thresholds are achieved and percentage rent is earned. Insurance Recoveries Insurance proceeds received in excess of recognized losses are treated as gain and are not recorded until contingencies are resolved. During the year ended December 31, 2022, the Company recorded insurance proceeds related to damage sustained at Loews New Orleans Hotel during Hurricane Ida. These insurance proceeds were in excess of recognized losses and resulted in a gain on insurance recovery $3.6 million for the year ended December 31, 2022, which are included in other income (loss) on the consolidated statements of operations and comprehensive income (loss) for the period then ended. At times, the Company may be entitled to business interruption proceeds for certain properties; however, it will not record an insurance recovery receivable for these types of losses until a final settlement has been reached with the insurance company. Any insurance proceeds received in excess of insurance deductibles will be accounted for as a gain. No business interruption insurance recovery receivables were accrued as of December 31, 2022. During the year ended December 31, 2022, the Company recognized $1.5 million in business interruption insurance proceeds for a portion of lost income at Loews New Orleans Hotel due to the impact of Hurricane Ida in August 2021 as well as $1.0 million in proceeds for lost income for certain properties in Texas due to the impact of the Texas winter storms in February 2021. During the year ended December 31, 2021, the Company recognized $1.6 million in business interruption insurance proceeds, of which $1.1 million was attributed to lost revenue associated with cancellations in 2020 related to the COVID-19 pandemic and $0.5 million was attributed to lost income in 2021 as a result of damage from the Texas winter storms in February 2021. These amounts are included in gain on business interruption insurance on the consolidated statements of operations and comprehensive income (loss) for the periods then ended. Investment Properties Held for Sale In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale, in its present condition; (iii) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its fair value; (iv) the Company has initiated a program to locate a buyer; (v) the Company believes that the sale of the investment property is probable; (vi) the Company has received a significant non-refundable deposit for the purchase of the property; and (vii) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all of the above criteria are met, the Company classifies the investment property as held for sale. On the day that these criteria are met, the Company suspends depreciation and amortization on the investment properties held for sale. The investment properties, other assets and liabilities associated with those investment properties that are held for sale are classified separately on the consolidated balance sheet for the most recent reporting period, and are presented at the lesser of the carrying value or fair value, less costs to sell. Additionally, if the sale constitutes a strategic shift with a major effect on operations, as defined in ASU 2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"), the operations for the investment properties held for sale are classified on the consolidated statement of operations and comprehensive (loss) income as discontinued operations for all periods presented. Disposition of Real Estate The Company accounts for dispositions of real estate in accordance with ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets ("Subtopic 610-20") for the transactions between the Company and unrelated third-parties that are not considered a customer in the ordinary course of business. Typically, the real estate assets disposed of do not represent the transfer of a business or contain a material amount of financial assets, if any. The real estate assets promised in a sales contract are typically nonfinancial assets (i.e. land or a leasehold interest in land, building, furniture, fixtures and equipment) or in substance nonfinancial assets. The Company recognizes a gain or loss in full when the real estate is sold, provided (a) there is a valid contract and (b) transfer of control has occurred. Deferred Financing Costs Financing costs related to the revolving credit facility and long-term debt are recorded at cost and are amortized as interest expense on a straight-line basis, which approximates the effective interest method, over the life of the related debt instrument unless there is a significant modification to the debt instrument. Financing costs related to the Senior Notes are amortized using the effective interest method. The balance of unamortized deferred financing costs related to the revolving credit facility is included in other assets and unamortized deferred financing costs related to all other debt are presented as a reduction in debt, net of loan premiums, discounts and unamortized deferred financing costs on the consolidated balance sheet. At December 31, 2022 and 2021, deferred financing costs related to the revolving credit facility were $7.8 million and $7.8 million, offset by accumulated amortization of $6.4 million and $5.3 million, respectively. At December 31, 2022 and 2021, deferred financing costs related to all other debt were $26.3 million and $27.6 million, offset by accumulated amortization of $10.5 million and $7.3 million, respectively. Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company limits the risks associated with interest rate changes by following established risk management policies and procedures which may include the use of derivative instruments. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract and are recorded on the consolidated balance sheet at fair value, with offsetting changes recorded to other comprehensive income (loss). The Company nets assets and liabilities when the right of offset exists. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as interest expense. The Company incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of December 31, 2022, the Company did not have any derivative instruments. Revenues Revenues consists of amounts derived from hotel operations, including the sale of rooms for lodging accommodations, food and beverage, and other ancillary revenue generated by hotel amenities including parking, spa, golf, resort fees and other services. Revenues are generated from various distribution channels including but not limited to direct bookings, global distribution systems and Internet travel sites. Room transaction prices are based on an individual hotel's location, room type and the bundle of services included in the reservation and are set by the hotel daily. Any discounts, including advanced purchase, loyalty point redemptions or promotions are recognized at the discounted rate whereas rebates and incentives are recorded as a reduction in rooms revenues when earned. Revenues from online channels are generally recognized net of commission fees, unless the end price paid by the guest is known. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the guest. Cash received from a guest prior to check-in is recorded as an advance deposit and is generally recognized as rooms revenue at the time the room reservation has become non-cancellable, upon occupancy or upon expiration of the re-booking date. Advance deposits are included in other liabilities on the consolidated balance sheet. Payment of any remaining balance is typically due from the guest upon check-out. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenues). Food and beverage transaction prices are based on the stated price for the specific food or beverage and varies depending on type, venue and hotel location. Service charges are typically a percentage of food and beverage prices and meeting space rental. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the guest. Cash received in advance of an event is recorded as either a security or advance deposit. Security and advance deposits are recognized as revenue when it becomes non-cancellable or at the time the food and beverage goods and services are rendered to the guest. Payment for the remaining balance of food and beverage goods and services is due upon delivery and completion of such goods and services. Parking and audio visual fees are recognized at the time services are provided to the guest. In parking and audio visual contracts in which we have control over the services provided, we are considered the principal in the agreement and recognize the related revenues gross of associated costs. If we do not have control over the services in the contract, we are considered the agent and record the related revenues net of associated costs. Resort and amenity fees, spa, golf and other ancillary amenity revenues are recognized at the point in time the goods or services have been rendered to the guest at the stated price for the service or amenity. Comprehensive Income The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. For the years ended December 31, 2022, 2021 and 2020, comprehensive income (loss) attributable to the Company was $60.0 million, $(133.2) million and $(173.2) million, respectively. As of December 31, 2022, 2021 and 2020, the Company's accumulated other comprehensive loss was $0.0 million, $(4.1) million and $(14.4) million, respectively. Income Taxes The Company has elected to be taxed and operates in a manner management believes will allow it to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended, (the "Code") for federal income tax purposes. To qualify as a REIT, the Company must satisfy certain requirements related to, among other things, its sources of income, composition of its assets, amounts it distributes to its stockholders and diversity of its stock ownership. So long as the Company qualifies as a REIT, it generally will not be subject to federal income tax on REIT taxable income that is distributed annually to its stockholders. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, it will be subject to federal, state and local income tax on REIT taxable income at regular corporate tax rates and will not be eligible to re-elect REIT status for four years following the failure. The Company may be subject to certain federal, state, and local taxes on its income and assets, including (i) taxes on any undistributed income, (ii) taxes related to its TRS, (iii) certain state or local income taxes, (iv) franchise taxes, (v) property taxes and (vi) transfer taxes. To continue to qualify as a REIT, the Company cannot operate or manage its hotels. Accordingly, the Company, through its Operating Partnership, leases all of its hotels to subsidiaries of its TRS. The Company has elected to treat certain of its consolidated subsidiaries, and may in the future elect to treat any newly formed subsidiary, as a TRS pursuant to the Code. A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal, state and local tax at regular corporate tax rates. Lease revenue at the Operating Partnership and lease expense from the TRS subsidiaries are eliminated in consolidation for financial statement purposes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the estimated future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversal of existing taxable temporary differences, future projected taxable income and tax-planning strategies. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company’s analysis in determining the deferred tax asset valuation allowance involves management judgment and assumptions. Share-Based Compensation The Company maintains the 2015 Incentive Award Plan, which is a share-based incentive plan that provides for the grant of stock options, stock awards, restricted stock units, LTIP Units and other equity-based awards. Share-based compensation is measured at the estimated fair value of the award on the date of grant, adjusted for forfeitures as they occur, and recognized as an expense on a straight-line basis over the longest vesting period for each grant for the entire award. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's share price, expected dividend yield, expected term and assumptions of whether certain of these awards will achieve performance thresholds. Share-based compensation is included in general and administrative expenses in the consolidated statement of operations and comprehensive (loss) income and capitalized in the basis of buildings and other improvements in the consolidated balance sheet for certain employees that manage property developments, renovations and capital improvements. Earnings Per Share Basic earnings per share ("EPS") is computed by dividing the net income available to common stockholders by the weighted-average number of common shares outstanding for the period, excluding the weighted-average number of unvested share-based compensation awards outstanding during the period. Diluted EPS is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period plus the effect of any dilutive securities. Any anti-dilutive securities are excluded from the diluted earnings per share calculation. For the years ended December 31, 2021, and 2020, diluted EPS was computed in the same manner as basic EPS because the Company recorded a loss from continuing operations, which would make potentially dilutive shares anti-dilutive. Segment Information We allocate resources and assess operating performance based on individual hotels and consider each one of our hotels to be an operating segment. All of our individual operating segments meet the aggregation criteria. All of our other real estate investment activities are immaterial and meet the aggregation criteria, and thus, we report one segment: investment in hotel properties. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In July 2021, the Company amended agreements on two mortgage loans replacing LIBOR with the Secured Overnight Financing Rate ("SOFR") effective September 1, 2021. In connection with these amendments, the Company elected not to reassess previous accounting determinations or dedesignate the existing hedging relationships related to the associated swaps. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. As of December 31, 2022, the Company did not have any outstanding derivative instruments. Subsequently, in January 2023, the remainder of our LIBOR-based loans were refinanced with SOFR-based rates and, accordingly, the Company no longer has any LIBOR-based debt.
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| Revenues | Revenues The following represents total revenues disaggregated by primary geographical markets (as defined by STR, Inc. ("STR")) for the years ended December 31, 2022, 2021 and 2020 (in thousands):
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| Asset Acquisition And Disposition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Properties | Investment Properties From time to time, we evaluate acquisition opportunities based on our investment criteria and/or the opportunistic disposition of our hotels in order to take advantage of market conditions or in situations where the hotels no longer fit within our strategic objectives. Acquisitions During the year ended December 31, 2022, the Company acquired a fee-simple interest in the 346-room W Nashville located in Nashville, Tennessee for a purchase price of $328.5 million including acquisition costs and a $1.3 million credit related to an unfinished portion of the hotel provided by seller at closing. The acquisition of W Nashville was funded with cash on hand and was accounted for as an asset acquisition resulting in the related acquisition costs being capitalized as part of the purchase price. The results of operations for W Nashville have been included in the Company’s consolidated statements of operations and comprehensive income (loss) since its acquisition date. The Company recorded the identifiable assets and liabilities, including intangible assets and liabilities, acquired in the asset acquisition at the acquisition date relative fair value, which is based on the total accumulated costs of the acquisition. The following represents the purchase price allocation of the hotel acquired during the year ended December 31, 2022 (in thousands):
(1) As part of the purchase price allocation for W Nashville, the Company allocated $0.1 million to advance bookings that will be amortized over 1.3 years as well as $0.1 million allocated to food inventory. (2) As part of the purchase price allocation for W Nashville, the Company allocated $4.0 million to a liability associated with key money received by the seller from the third-party hotel manager. This liability will be amortized over 29.8 years and in the event of early termination is payable to the third-party hotel manager on a pro rata basis for the remaining portion of the term of the hotel management agreement. (3) The total cost capitalized includes acquisition costs as the transaction was accounted for as an asset acquisition. The Company did not acquire any hotels during the year ended December 31, 2021. Dispositions In November 2021, the Company entered into an agreement to sell the 191-room Kimpton Hotel Monaco Chicago in Chicago, Illinois for a sale price of $36.0 million. The sale closed in January 2022 and did not result in a gain or loss after previously recording an impairment of $15.7 million during the year ended December 31, 2021. Net cash proceeds from the sale, after transaction closing costs, were $32.8 million. In August 2022, the Company entered into an agreement to sell the 115-room Bohemian Hotel Celebration, Autograph Collection, in Celebration, Florida for a sale price of approximately $27.8 million and the buyer funded an at-risk deposit. The sale closed in October 2022 for a gain of $12.5 million. Net cash proceeds from the sale, after transaction closing costs, were $26.2 million. The Company also retained the approximately $0.7 million balance in the FF&E reserve. The recognized gain is included in gain (loss) on sale of investment properties on the consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2022. In September 2022, the Company entered into an agreement to sell the 189-room Kimpton Hotel Monaco Denver, in Denver, Colorado for a sale price of approximately $69.8 million and the buyer funded an at-risk deposit. The sale closed in December 2022 for a gain of $14.7 million. Net cash proceeds from the sale, after transaction closing costs, were $68.1 million. The Company also retained the approximately $1.4 million balance in the FF&E reserve. The recognized gain is included in gain (loss) on sale of investment properties on the consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2022. The following represents the disposition details for the properties sold during the years ended December 31, 2022, 2021, and 2020 (in thousands, except rooms):
The operating results for the hotels sold during the years ended December 31, 2022, 2021 and 2020 are included in the Company's consolidated financial statements as part of continuing operations as these dispositions did not represent a strategic shift or have a major effect on the Company's results of operations.
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | Intangible Assets The following table summarizes the Company’s identified intangible assets and goodwill as of December 31, 2022 and 2021 (in thousands):
The following table summarizes the amortization related to intangible assets for the years ended December 31, 2022 and 2021 (in thousands):
The following table presents the amortization during the next five years and thereafter related to intangible assets at December 31, 2022 (in thousands):
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt Debt as of December 31, 2022 and 2021 consisted of the following (dollar amounts in thousands):
(1)The rates shown represent the annual interest rates as of December 31, 2022. The variable index for the corporate credit facilities reflects a 25 basis point LIBOR floor which was applicable as of December 31, 2022. Effective as of January 10, 2023, the variable index for the corporate credit facilities is adjusted Term SOFR, subject to a zero basis point floor, as further described below under "Corporate Credit Facilities." (2)A variable interest rate loan for which the interest rate was fixed through October 2022, after which the rate reverted to a variable index based on Term SOFR. This mortgage loan was repaid in full in January 2023. (3)A variable interest rate loan for which the interest rate was fixed on $25 million of the balance through October 2022, after which the rate reverted to a variable index based on one-month LIBOR. In January 2023, the Company amended this mortgage loan to update the variable index from one-month LIBOR to Term SOFR and extend the maturity date through January 2028. (4)A variable interest rate loan for which the interest rate was fixed through January 2023. The outstanding balance of this mortgage loan was repaid in January 2022 and the two interest rate swaps associated with this loan were terminated in connection with the repayment. (5)Represents the weighted-average interest rate as of December 31, 2022. (6)The spread to LIBOR varied based on the Company's leverage ratio. The applicable interest rate was set to the highest level of grid-based pricing during the covenant waiver period, however, with the delivery of the compliance certificates under the corporate credit facilities for the fiscal quarter ending June 30, 2022, the Company exited the covenant waiver period and the applicable interest rate reverted to pricing based on the Company's leverage ratio. In January 2023, the corporate credit facility term loan was refinanced with a new $225 million term loan, consisting of a $125 million initial term loan and a $100 million delayed draw term loan and, effective as of January 10, 2023, the spread to Term SOFR varies based on the Company’s leverage ratio as further described below under "Corporate Credit Facilities". (7)Commitments under the revolving credit facility totaled $523 million through February 2022, after which the total commitments decreased to $450 million through the date of the refinancing of the revolving credit facility in January 2023. The spread to LIBOR varied based on the Company's leverage ratio. The applicable interest rate was set to the highest level of grid-based pricing during the covenant waiver period, however, with the delivery of the compliance certificates under the corporate credit facilities for the fiscal quarter ending June 30, 2022, the Company exited the covenant waiver period and the applicable interest rate reverted to pricing based on the Company's leverage ratio. The revolving credit facility was refinanced with a new $450 million revolving line of credit and, effective as of January 10, 2023, the spread to Term SOFR varies based on the Company’s leverage ratio, as further described below under “Corporate Credit Facilities.” (8)Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization. Mortgage Loans Of the total outstanding debt at December 31, 2022, none of the mortgage loans were recourse to the Company. The mortgage loan agreements require contributions to be made to FF&E reserves. In addition, certain quarterly financial covenants have been waived for a period of time specified in the respective amended loan agreements and certain financial covenants have been adjusted following the waiver periods. In January 2022, the Company repaid in full the $65.0 million outstanding balance on the mortgage loan collateralized by The Ritz-Carlton, Pentagon City. Also, in January 2023, the Company amended the mortgage loan collateralized by Andaz Napa to update the variable index on the $55 million loan from LIBOR-based to Term SOFR and extend the maturity date through January 2028. Corporate Credit Facilities XHR LP (the "Borrower") entered into (i) a revolving credit facility pursuant to an Amended and Restated Revolving Credit Agreement, dated as of January 11, 2018, by and among the Borrower, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Revolving Credit Agreement”) and (ii) a corporate credit facility term loan pursuant to a Term Loan Agreement, dated as of September 13, 2017, by and among the Borrower, the lenders from time to time party thereto, and KeyBank National Association, as administrative agent (the “Term Loan Agreement” and, together with the Revolving Credit Agreement, the “Credit Agreements”). In 2020 and 2021, the Borrower entered into amendments to the Credit Agreements (collectively, the “Credit Agreement Amendments”, and the Credit Agreements as so amended, the “Amended Credit Agreements”), which, among other things, (i) relieved the Borrower’s compliance with certain covenants under the Amended Credit Agreements until the date that financial statements were required to be delivered thereunder for the fiscal quarter ending June 30 2022 (the "covenant waiver period"), (ii) modified certain financial covenants, once quarterly testing resumed, through the second quarter of 2023 (the “permitted variations period”), (iii) required compliance with certain additional mandatory prepayment requirements and covenants during the covenant waiver period, including affirmative covenants related to the pledge of equity of certain subsidiaries and a minimum liquidity financial covenant and (iv) imposed restrictions on certain acquisitions, investments, capital expenditures, ground leases and distributions. The Company determined that it met the modified financial covenants for the quarter ended June 30, 2022 and delivered the compliance certificates demonstrating such compliance under the Amended Credit Agreements and, as a result, is no longer subject to the additional restrictions and covenants that applied during the covenant waiver period, other than in respect of certain restrictions and covenants related to the pledge of equity of certain subsidiaries which remain applicable until the end of the permitted variations period. As of December 31, 2022, there was no outstanding balance on the revolving credit facility. During the years ended December 31, 2022, 2021 and 2020, the Company incurred unused commitment fees of approximately $1.4 million, $1.4 million and $0.5 million, respectively. During the year ended December 31, 2022, the Company did not incur interest expense on the revolving credit facility, and incurred interest expense of $1.9 million and $8.6 million during the years ended December 31, 2021 and 2020, respectively. In January 2023, XHR LP (the "Borrower") entered into a new $675 million senior unsecured credit facility comprised of a $450 million revolving line of credit (the “Revolving Line of Credit”), a $125 million term loan (the "Term Loan $125M") and a $100 million delayed draw term loan (the “Term Loan $100M” and, together with the Term Loan $125M, the "2023 Term Loans") pursuant to a Revolving Credit and Term Loan Agreement, dated as of January 10, 2023, by and among the Borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other parties thereto (the “2023 Credit Agreement”). The Revolving Line of Credit and the Term Loan $125M refinanced in full the corporate credit facilities outstanding under the Amended Credit Agreements, and as a result of such refinancing, the pledges of equity of certain subsidiaries securing obligations under the Amended Credit Agreements and the Senior Notes were released. The Term Loan $100M was funded on January 17, 2023 and was used to repay in full the mortgage loan collateralized by Renaissance Atlanta Waverly Hotel & Convention Center that was due August 2024. Proceeds from future Revolving Line of Credit borrowings may be used for working capital, general corporate or other purposes permitted by the 2023 Credit Agreement. The Revolving Line of Credit matures in January 2027 and can be extended up to an additional year. The interest rate on the Revolving Line of Credit is based on a pricing grid with a range of 145 to 275 basis points over the applicable Term SOFR rate as determined by the Company’s leverage ratio. The 2023 Term Loans mature in March 2026, can be extended up to an additional year and bear interest rates consistent with the pricing grid on the Revolving Line of Credit. Senior Notes The Operating Partnership issued $500 million of 6.375% Senior Notes (the "2020 Senior Notes") during the year ended December 31, 2020. In May 2021, the Operating Partnership issued $500 million of 4.875% Senior Notes due in 2029 (the "2021 Senior Notes" and together with the 2020 Senior Notes, the "Senior Notes"). The indentures governing the Senior Notes contain customary covenants that limit the Operating Partnership's ability and, in certain circumstances, the ability of its subsidiaries, to borrow money, create liens on assets, make distributions and pay dividends on or redeem or repurchase stock, make certain types of investments, sell stock in certain subsidiaries, enter into agreements that restrict dividends or other payments from subsidiaries, enter into transactions with affiliates, issue guarantees of indebtedness, and sell assets or merge with other companies. These limitations are subject to a number of important exceptions and qualifications set forth in the indentures. In addition, the indentures governing the Senior Notes require the Operating Partnership to maintain total unencumbered assets as of each fiscal quarter of at least 150% of total unsecured indebtedness, in each case calculated on a consolidated basis. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, by the Company and certain of its subsidiaries that incur or guarantee any indebtedness under the Company’s corporate credit facilities, any additional first lien obligations, certain other bank indebtedness or any other material capital markets indebtedness. The collateral securing the Senior Notes was released in full in connection with the entry into the 2023 Credit Agreement and the refinancing of the obligations under the Amended Credit Agreements. Accordingly, on and after January 10, 2023, the Senior Notes constituted unsecured obligations. The Operating Partnership may redeem the 2021 Senior Notes prior to June 1, 2024 at a make-whole price. After June 1, 2024, the Operating Partnership may also redeem the Senior Notes at certain redemption prices that decline ratably to par. The Operating Partnership may also redeem a portion of the Senior Notes with proceeds from certain equity offerings or certain support received from government authorities in connection with the COVID-19 global pandemic, subject to certain conditions. The Operating partnership may, from time to time, seek to retire or purchase any of the outstanding Senior Notes through cash purchases and/or exchanges for the other securities in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. Financial Covenants Our mortgage loans, revolving credit facility, term loans and Senior Notes contain a number of covenants that restrict our ability to incur debt in excess of calculated amounts, restrict our ability to make distributions under certain circumstances and generally require us to maintain certain financial ratios, such as debt service coverage ratios and loan-to-value tests. Failure of the Company to comply with its financial covenants could result from, among other things, changes in its results of operations, the incurrence of additional debt or changes in general economic conditions. If the Company violates the financial covenants contained in any of its mortgage loans, revolving credit facility, term loans or Senior Notes described above, the Company may attempt to negotiate waivers or amend the terms of the applicable credit agreement with the lenders thereunder; however, the Company can make no assurance that it would be successful in any such negotiations or that, if successful in obtaining waivers or amendments, such amendments or waivers would be on terms attractive to the Company. If a default under the revolving credit facility or term loans were to occur, the Company would potentially have to refinance the debt through additional debt financing, private or public offerings of debt securities or equity financings. If the Company is unable to refinance its debt on acceptable terms, including at maturity of the debt, it may be forced to dispose of hotel properties on disadvantageous terms, potentially resulting in losses that reduce cash flow from operating activities. If, at the time of any refinancing, prevailing interest rates or other factors result in higher interest rates upon refinancing, increases in interest expense would lower the Company’s cash flow and, consequently, cash available for distribution to its stockholders. If the Company is unable to meet mortgage payment obligations, including the payment obligation upon maturity of the mortgage borrowing, the mortgage securing the specific property could be foreclosed upon or otherwise transferred to the mortgagee with a consequent loss of income and asset value to the Company. Further, a cash trap associated with a mortgage loan may limit the overall liquidity of the Company as cash from the hotel securing such mortgage would not be available for the Company to use. As of December 31, 2022, the Company was in compliance with all debt covenants, current on all loan payments and not otherwise in default under the mortgage loans, revolving credit facility, term loan or Senior Notes. Debt Outstanding Debt outstanding as of December 31, 2022 and December 31, 2021 was $1,445 million and $1,515 million and had a weighted-average interest rate of 5.65% and 5.18% per annum, respectively. The following table shows scheduled debt maturities for the next five years and thereafter (in thousands):
During the year ended December 31, 2022, the Company did not capitalize deferred financing costs. As a result of the loan amendments and issuance of the 2021 Senior Notes during the year ended December 31, 2021, the Company capitalized $10.2 million of deferred financing costs. During the year ended December 31, 2020, the Company capitalized $18.1 million of deferred financing costs and expensed $0.7 million of legal fees, which were included in general and administrative expenses on the consolidated statement of operations and comprehensive income (loss) for the period then ended. In connection with the repayment of debt during the years ended December 31, 2022, 2021 and 2020, the Company wrote-off unamortized deferred financing costs of $0.3 million, $1.4 million, and $1.6 million, respectively, which is included in loss on extinguishment of debt in the consolidated statements of operations and comprehensive income (loss) for the periods then ended.
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Derivatives |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives | Derivatives The Company has and in the future may use interest rate swaps as part of its interest rate risk management strategy for variable rate debt. As of December 31, 2022, all interest rate swaps had expired. All prior interest rate swaps were designated as cash flow hedges and involved the receipt of variable rate payments from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Unrealized gains and losses of hedging instruments were reported in other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to currently outstanding derivatives were recognized as an adjustment to income (loss) through interest expense as interest payments are made on the Company’s variable rate debt. During the years ended December 31, 2022, 2021 and 2020, the Company terminated two, four and three interest rate swaps prior to their maturity, respectively, and incurred swap termination costs of $1.6 million, $2.8 million and $0.7 million, respectively, which are included in other income (loss) on the consolidated statements of operations and comprehensive income (loss) for the periods then ended. Derivative instruments held by the Company with the right of offset that were in a net liability position were included in other liabilities on the consolidated balance sheets. The following table summarizes the terms of the derivative financial instruments held by the Company as of December 31, 2022 and 2021 (in thousands):
(1)The Company terminated two interest rate swaps prior to maturity in connection with the repayment of the mortgage loan associated with The Ritz-Carlton, Pentagon City in January 2022. The table below details the location in the consolidated financial statements of the gain (loss) recognized on derivative financial instruments designated as cash flow hedges for the years ended December 31, 2022 and 2021 (in thousands):
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Fair Value Measurements The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: •Level 1 - Quoted prices for identical assets or liabilities in active markets that the entity has the ability to access. •Level 2 - Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. •Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company has estimated the fair value of its financial and non-financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. For assets and liabilities measured at fair value on a recurring and non-recurring basis, quantitative disclosure of their fair value are included in the consolidated balance sheets as of December 31, 2022 and 2021 (in thousands):
(1)Interest rate swap fair values were netted as applicable per the terms of the respective master netting agreements. Recurring Measurements The fair value of each derivative instrument is based on a discounted cash flow analysis of the expected cash flows under each arrangement. This analysis reflects the contractual terms of the derivative instrument, including the period to maturity, and utilizes observable market-based inputs, including interest rate curves and implied volatilities, which are classified within Level 2 of the fair value hierarchy. The Company also incorporates credit value adjustments to appropriately reflect each parties’ nonperformance risk in the fair value measurement, which utilizes Level 3 inputs such as estimates of current credit spreads. However, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of the derivatives and, as a result, that its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. Non-Recurring Measurements Investment Properties During the year ended December 31, 2021, the Company recorded an impairment loss of $12.6 million for the 352-room Marriott Charleston Town Center to reduce the carrying value of the long-lived asset to its fair value. The impairment was the result of a shortened estimated hold period due to the expected sale. The hotel was sold in November 2021. Additionally, in November 2021, the Company entered into an agreement to sell the 191-room Kimpton Hotel Monaco Chicago for a sale price of $36.0 million and the buyer funded an at-risk deposit. In accordance with the Company's impairment policy, management estimated the undiscounted cash flows for the scenario of a shortened hold period and for holding the asset long-term. Based on the results of the probability weighted-average undiscounted cash flow analysis, management determined the hotel was impaired as the estimated undiscounted cash flows were less than the carrying value of the hotel as of December 31, 2021. Management determined the impairment loss as the excess of carrying value over estimated fair value. As a result, for the year ended December 31, 2021, the Company recorded an impairment loss of $15.7 million. The hotel was sold in January 2022. These impairment losses are included in impairment and other losses on the consolidated statement of operations and comprehensive (loss) income for the year ended December 31, 2021. Goodwill Our goodwill balance and related activity as of December 31, 2022 and 2021 is as follows (in thousands):
As a result of the existing market weakness due to new supply in Savannah, Georgia and the material adverse impact the COVID-19 pandemic had on the lodging industry and on our portfolio, the Company performed a single-step analysis to identify and measure impairment for three of our hotels with goodwill, including Andaz Napa, Andaz Savannah and Bohemian Hotel Savannah Riverfront, Autograph Collection at March 31, 2020. Management determined the fair value of these hotels and related goodwill using Level 3 assumptions, which included discounted cash flows based on projected operating income, timing and amount of planned capital expenditures, a terminal capitalization rate, and the applied discount rate. Based on the fair value determinations by management, the Company identified goodwill impairments of $6.1 million related to Andaz Savannah and $10.3 million related to Bohemian Hotel Savannah Riverfront, Autograph Collection. The goodwill impairments were directly attributed to the material adverse impact the COVID-19 pandemic had, and was expected to continue to have, on the results of operations at each hotel. At June 30, 2020, due to the ongoing effect of the pandemic coupled with changes to the supply and demand dynamics in Savannah, Georgia, the Company identified additional goodwill impairment related to Bohemian Hotel Savannah Riverfront, Autograph Collection. Management determined the fair value and related goodwill using Level 3 assumptions, which included discounted cash flows based on projected operating income, timing and amount of planned capital expenditures, a terminal capitalization rate and the applied discount rate. Based on the fair value determined by management, the Company impaired the remaining $3.7 million goodwill of related to this hotel. The goodwill impairment charges for the year ended December 31, 2020 totaled $20.1 million, which is included in impairment and other losses on the consolidated statement of operations and comprehensive income (loss) for the period then ended. Financial Instruments Not Measured at Fair Value The table below represents the fair values of financial instruments presented at carrying values in the consolidated financial statements as of December 31, 2022 and 2021, respectively, (in thousands):
The Company estimates the fair value of its mortgages payable using a weighted-average effective interest rate of 6.24% and 5.23% per annum as of December 31, 2022 and 2021, respectively. The assumptions reflect the terms currently available to borrowers with credit profiles similar to the Company's. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy. At December 31, 2022 and 2021, the carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable and accounts payable and accrued expenses were representative of their fair values due to the short-term nature of these instruments and the recent acquisition of these items.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes The Company elected to be taxed and operates in a manner management believes will allow it to continue to qualify as a REIT under the Code for federal income tax purposes. To qualify as a REIT, the Company must satisfy certain requirements related to, among other things, its sources of income, composition of its assets, amounts it distributes to its stockholders and diversity of its stock ownership. So long as the Company qualifies as a REIT, it generally will not be subject to federal income tax on REIT taxable income that is distributed annually to its stockholders. Accordingly, no provision for federal income taxes has been included in the consolidated financial statements for the years ended December 31, 2022, 2021, and 2020 related to REIT taxable income. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, it will be subject to federal, state and local income tax on REIT taxable income at regular corporate tax rates and will not be eligible to re-elect REIT status for four years following the failure. The Company is also subject to certain federal, state, and local taxes on its income and assets, including, (i) taxes on any undistributed income, (ii) taxes related to its TRS, (iii) certain state or local income taxes, (iv) franchise taxes, (v) property taxes and (vi) transfer taxes. The Company has elected to treat certain of its consolidated subsidiaries (and may in the future elect to treat newly formed subsidiaries) as TRSs pursuant to the Code. TRSs may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal and state income tax at regular corporate tax rates. The Company’s hotels are leased, through its Operating Partnership, to certain subsidiaries of the Company’s TRS. Lease revenue at the Operating Partnership and lease expense from the TRS subsidiaries are eliminated in consolidation for financial statement purposes. For the year ended December 31, 2022 the Company recognized income tax expense of $2.2 million using an estimated federal and state statutory combined rate of 25.12%. The income tax expense was primarily related to current taxable income not offset with net operating loss carryforwards and state gross margins taxes levied on gross revenues. For the year ended December 31, 2021, the Company recognized income tax expense of $0.7 million using an estimated federal and state statutory combined rate of 23.44%. The income tax expense was primarily attributed to state gross margins taxes levied on gross revenues. During the year ended December 31, 2021, the Company received employee retention credits of $0.8 million and its third-party managers received employee retention credits on its behalf of approximately $0.5 million. During the year ended December 31, 2020, the Company recognized an income tax benefit of $15.9 million using an estimated federal and state statutory combined rate of 23.62%. The income tax benefit was primarily related to utilization of the net operating loss carryback provisions of the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. The Company expects $17.4 million in federal tax refunds related to the carryback of net operating losses generated in 2020 by its TRS. During the year ended December 31, 2020, the Company received employee retention credits of $0.5 million and its third-party managers received employee retention credits on its behalf of approximately $5.9 million. The table below presents the provision for income taxes related to continuing operations for the years ended December 31, 2022, 2021 and 2020 (in thousands):
The table below presents a reconciliation between the provision for income taxes and the amount computed by applying the federal statutory income tax rate to the income or loss for continuing operations before income taxes for the years ended December 31, 2022, 2021 and 2020 (in thousands):
Deferred tax assets and liabilities are included within other assets and other liabilities in the consolidated balance sheets, respectively, and are attributed to the activity of the Company's TRS. The components of the deferred tax assets and liabilities at December 31, 2022 and 2021 are as follows (in thousands):
The Company did not have any federal net operating loss carryforwards as of December 31, 2022. As of December 31, 2021, the Company had federal net operating loss carryforwards of $19.4 million, certain of which were subject to limitation. The Company established a $19.4 million valuation allowance as of December 31, 2021 against this amount. The Company had state net operating loss carryforwards of $172.6 million as of December 31, 2022. As of December 31, 2021, the Company had state net operating loss carryforwards of $198.2 million, certain of which were subject to limitation. The Company established a $172.6 million and $198.2 million valuation allowance as of December 31, 2022 and 2021, respectively, against these amounts. In addition, the Company wrote off $11.2 million of federal and state operating loss carryforwards subject to limitation under Internal Revenue Code Section 382. Due to the state Section 382 limitation, no future tax benefit will be recognized. The Company had a full valuation allowance against the limited net operating loss carryforwards and, therefore, the write off had no impact to the income statement or total income tax expense. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversal of existing taxable temporary differences, future projected taxable income, and tax-planning strategies. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not 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 during the periods in which those temporary differences become deductible. The Company has considered various factors, including cumulative losses, future reversals of existing taxable temporary differences, projected future taxable income, and tax-planning strategies and has determined that a full valuation allowance will be recorded against the net deferred tax asset. The amount of the deferred tax assets considered unrealizable, however, could change in the near term based on revised estimates of future taxable income during the carryforward period. Uncertain Tax Positions The Company had no unrecognized tax benefits as of or during the three-year period ended December 31, 2022. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2022. The Company has no material interest or penalties relating to income taxes recognized in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020 or in the consolidated balance sheets as of December 31, 2022 and 2021. As of December 31, 2022, the Company’s 2022, 2021 and 2020 tax years remain subject to examination by federal and various state tax jurisdictions.
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Stockholders' Equity |
12 Months Ended |
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Dec. 31, 2022 | |
| Equity [Abstract] | |
| Stockholders' Equity | Stockholders' Equity Common Stock The Company maintains an at-the-market ("ATM") program pursuant to an Equity Distribution Agreement ("ATM Agreement") with Wells Fargo Securities, LLC, Robert W. Baird & Co. Incorporated, Jefferies LLC, KeyBanc Capital Markets Inc. and Raymond James & Associates, Inc. In accordance with the terms of the ATM Agreement, the Company may from time to time offer and sell shares of its common stock having an aggregate gross offering price of up to $200 million. No shares were sold under the ATM Agreement during the years ended December 31, 2022, 2021 and 2020. As of December 31, 2022, the Company had $200 million available for sale under the ATM Agreement. As of December 31, 2022 and 2021, the Company had accumulated offering related costs included in other assets on the consolidated balance sheets of $1.0 million and $0.7 million, respectively. These amounts will be reclassified to additional paid in capital to offset proceeds from the sale of common stock. Any remaining accumulated offering costs will be written off when the existing registration statement expires in August 2023. The Company's Board of Directors has authorized a stock repurchase program (the "Repurchase Program"). In November 2022, the Board of Directors approved a $100 million increase to the share repurchase authorization resulting in authorization to repurchase up to $275 million of outstanding common stock in the open market, in privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 plans. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The Repurchase Program does not have an expiration date. This Repurchase Program may be suspended or discontinued at any time and does not obligate us to acquire any particular amount of shares. During the year ended December 31, 2022, 1,912,794 shares were repurchased under the Repurchase Program, at a weighted-average price of $14.74 per share for an aggregate purchase price of $28.2 million. No shares were purchased as part of the Repurchase Program during the year ended December 31, 2021. During the year ended December 31, 2020, 165,516 shares were repurchased under the Repurchase Program, at a weighted-average price of $13.68 per share for an aggregate purchase price of $2.3 million. The Company's ability to make repurchases of our common stock was limited by the provisions of the Company's amended corporate credit facilities. Those restrictions expired as a result of the Company exiting the covenant waiver period with the delivery of the compliance certificates under the corporate credit facilities for the fiscal quarter ending June 30, 2022. As of December 31, 2022, the Company had approximately $166.5 million remaining under its share repurchase authorization. Dividends The Company declared dividends of $0.20 per common stock totaling $22.7 million during the year ended December 31, 2022. For income tax purposes, dividends paid per share on the Company's common stock during the year ended December 31, 2022 were 100% taxable as ordinary income. The Company suspended its quarterly dividend beginning in the second quarter of 2020 through the second quarter of 2022 in order to preserve liquidity. The Company's ability to make distributions was limited by the provisions of the Company's amended corporate credit facilities. Those restrictions expired as a result of the Company exiting the covenant waiver period with the delivery of the compliance certificates under the corporate credit facilities for the fiscal quarter ending June 30, 2022. The Company declared dividends of $0.275 per common stock totaling $31.2 million during the year ended December 31, 2020. For income tax purposes, dividends paid per share on the Company's common stock during the year ended December 31, 2020 were 100% nontaxable return of capital. Non-controlling Interest of Common Units in Operating Partnership As of December 31, 2022, the Operating Partnership had 3,427,285 LTIP Units outstanding, representing a 3.0% partnership interest held by the limited partners. Of the 3,427,285 LTIP Units outstanding at December 31, 2022, 1,706,656 LTIP Units had yet to be converted or redeemed. Only vested LTIP Units may be converted to Common Units, which in turn can be tendered for redemption as described in Note 12. As of December 31, 2021, the Operating Partnership had 2,467,472 LTIP Units outstanding, representing a 2.1% partnership interest held by the limited partners. No LTIP Units were redeemed during the year ended December 31, 2022. During the year ended December 31, 2021, 615,266 vested LTIP Units were converted into common limited partnership units in the Operating Partnership ("Common Units") on a one-for-one basis and subsequently all 615,266 Common Units were tendered to the Operating Partnership for redemption. At the Company's election, 399,922 Common Units were redeemed for common stock and 215,344 Common Units were redeemed for cash totaling $4.1 million. The Company declared distributions of $0.20 per LTIP Unit totaling $0.4 million during the year ended December 31, 2022. The Company did not declare distributions for LTIP Units during the year ended December 31, 2021.
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Earnings Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings Per Share Basic earnings per common share is calculated by dividing net income or loss available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income or loss available to common stockholders by the weighted-average number of common shares outstanding during the period plus any shares that could potentially be outstanding during the period. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation have been excluded, as applicable, from net income or loss available to common stockholders used in the basic and diluted earnings per share calculations. Income allocated to non-controlling interest in the Operating Partnership has been excluded from the numerator and Operating Partnership Units and LTIP Units in the Operating Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. The following table reconciles net income (loss) to basic and diluted EPS for the years ended December 31, 2022, 2021 and 2020 (in thousands, except share and per share data):
(1)During the years ended December 31, 2021 and 2020, the Company excluded 542,632 and 292,850, respectively, anti-dilutive shares from its calculation of diluted earnings per share.
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Share-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | Share-Based Compensation 2015 Incentive Award Plan On January 9, 2015, the Company adopted, and its former parent, InvenTrust Properties Corp. ("InvenTrust") as its sole common stockholder approved, the 2015 Incentive Award Plan (the "2015 Incentive Award Plan") effective as of February 2, 2015 (the date prior to the date of the Company's separation from InvenTrust), under which the Company may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which the Company competes. The plan allows for the grant of both share-based awards relating to the Company's common stock and partnership units (i.e. LTIP Units) in the Operating Partnership. As of December 31, 2022, the aggregate number of shares that may be issued under the 2015 Incentive Award Plan was 2,149,257. Restricted Stock Units Grants The Compensation Committee of the Board of Directors granted the following awards of restricted stock units to certain Company employees for the years ended December 31, 2022, 2021 and 2020:
(1) In June 2020, the Compensation Committee of the Board of Directors approved new equity awards for certain members of management which provided for the cancellation of the performance-based awards originally granted to such individuals on March 2, 2020 and the grant of new time-based awards on June 5, 2020. Each of the time-based restricted stock awards granted in 2020 (other than the June 2020 and December 2020 time-based restricted stock units), 2021 and 2022 will vest as follows, subject to continued employment with the Company or its affiliates through each applicable vesting date: thirty-three percent (33%) on the first anniversary of the vesting commencement date, thirty-three percent (33%) on the second anniversary of the vesting commencement date, and thirty-four percent (34%) on the third anniversary of the vesting commencement date. The June 2020 time-based restricted stock units vested in full on December 31, 2022. The December 2020 time-based restricted stock units vested in full on December 30, 2021. The 2021 and 2022 performance-based restricted stock units are designated twenty-five percent (25%) as absolute total stockholder return ("TSR") units (the "Absolute TSR Share Units") and seventy-five percent (75%) as relative TSR share units (the "Relative TSR Share Units"). The Absolute TSR Share Units vest based on achievement of varying levels of the Company's TSR over the three-year performance period. The Relative TSR Share Units vest based on the ranking of the Company's TSR as compared to a defined peer group over the three-year performance period. Vesting of performance-based restricted stock units is also subject to continued employment with the Company or its affiliates through the applicable vesting date. In March 2022, with the appointment of one non-employee director to the Company's Board of Directors, and pursuant to the Company's Director Compensation Program, 451 fully vested shares of common stock were granted which had a grant date fair value of $18.50 per share. In May 2021, with the appointment of one non-employee director to the Company's Board of Directors, and pursuant to the Company's Director Compensation Program, 5,138 fully vested shares of common stock were granted which had a grant date fair value of $19.09 per share. LTIP Unit Grants LTIP Units are a class of limited partnership units in the Operating Partnership. Initially, the LTIP Units do not have full parity with common units of the Operating Partnership with respect to liquidating distributions. However, upon the occurrence of certain events described in the Operating Partnership's partnership agreement, the LTIP Units can over time achieve full parity with the common units for all purposes. If such parity is reached, vested LTIP Units may be converted into an equal number of common units on a one-for-one basis at any time at the request of the LTIP Unit holder or the general partner of the Operating Partnership. Common units are redeemable for cash based on the fair market value of an equivalent number of shares of the Company’s common stock, or, at the election of the Company, an equal number of shares of the Company’s common stock, each subject to adjustment in the event of stock splits, specified extraordinary distributions or similar events. The Compensation Committee of the Board of Directors has approved the issuance of the following LTIP Unit awards under the 2015 Incentive Award Plan to certain executives for the years ended December 31, 2022, 2021 and 2020:
(1) In June 2020, the Compensation Committee of the Board of Directors approved new equity awards for each of the named executive officers, which provide for the cancellation of all performance-based Class A LTIP Units originally granted on March 2, 2020 and the grant of new time-based awards on June 5, 2020. The time-based LTIP Unit awards granted in 2020 (other than the June 2020 time-based LTIP Units), 2021 and 2022 will vest as follows, subject to continued employment with the Company or its affiliates through each applicable vesting date: thirty-three percent (33%) on the first anniversary of the vesting commencement date, thirty-three percent (33%) on the second anniversary of the vesting commencement date, and thirty-four percent (34%) on the third anniversary of the vesting commencement date. The June 2020 time-based LTIP Units vested in full on December 31, 2022. A portion of each award of Class A LTIP Units for 2021 and 2022 were designated as a number of “base units.” Twenty-five percent (25%) of the base units were designated as absolute TSR base units, and vest based on achievement of varying levels of the Company’s TSR over the three-year performance period. The other seventy-five percent (75%) of the base units were designated as relative TSR base units and vest based on the ranking of the Company’s TSR as compared to a defined peer group over the three-year performance period. Vesting of Class A LTIP Units is also subject to continued employment with the Company or its affiliates through the applicable vesting date. Pursuant to the Director Compensation Program, the Company approved the issuance of the following fully vested LTIP Units under the 2015 Incentive Award Plan to seven of the Company's non-employee directors for the years ended December 31, 2020 and 2021 and to eight of the Company's non-employee directors for the year ended December 31, 2022:
LTIP Units (other than Class A LTIP Units that have not vested), whether vested or not, receive the same quarterly per-unit distributions as common units in the Operating Partnership, which equal the per-share distributions on the common stock of the Company. Class A LTIP Units that have not vested receive a quarterly per-unit distribution equal to 10% of the distribution paid on common units in the Operating Partnership. The following is a summary of the unvested incentive awards as of December 31, 2022 and 2021:
(1)Includes time-based LTIP Units and Class A LTIP Units. (2)During the years ended December 31, 2022 and 2021, the Company redeemed 50,720 and 54,514, respectively, shares of common stock to satisfy federal and state tax withholding requirements on the vesting of restricted stock units under the 2015 Incentive Award Plan. The fair value of the time-based awards is determined based on the closing price of the Company’s common stock on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. The grant date fair value of performance awards was determined based on a Monte Carlo simulation method with the following assumptions and compensation expense is recognized on a straight-line basis over the performance period:
The absolute and relative stockholder returns are market conditions as defined by ASC 718, Compensation Stock - Compensation. Market conditions include provisions wherein the vesting condition is met through the achievement of a specific value of the Company’s common stock, which is total stockholder return, in this case. Market conditions differ from other performance awards under ASC 718 in that the probability of attaining the condition (and thus vesting in the shares) is reflected in the initial grant date fair value of the award. Accordingly, it is not appropriate to reconsider the probability of vesting in the award subsequent to the initial measurement of the award, nor is it appropriate to reverse any of the expense if the condition is not met. As such, once the expense for these awards is measured, the expense must be recognized over the vesting period regardless of whether the target is met, or at what level the target is met. Expense may only be reversed if the holder of the instrument forfeits the award as a result of the holder's termination of service to the Company prior to vesting. As a result, upon cancellation and replacement of the March 2020 performance-based restricted stock units and Class A LTIP Units with the June 2020 time-based restricted stock units and time-based LTIP Units, the Company will recognize the incremental fair value of the new time-based awards over the fair-value of the original performance-based awards, which was measured on the date the replacement awards were granted. During the year ended December 31, 2022, the Company recognized approximately $10.6 million of share-based compensation expense (net of forfeitures) related to restricted stock units and LTIP Units provided to certain of its executive officers and other members of management and employees. In addition, during the year ended December 31, 2022, the Company recognized $0.8 million of share-based compensation expense related to the LTIP Units that were provided to the non-employee directors and capitalized approximately $0.4 million (net of forfeitures) related to restricted stock units provided to certain members of management who oversee development and capital projects on behalf of the Company. As of December 31, 2022, there was $12.1 million of total unrecognized compensation costs related to unvested restricted stock units, Class A LTIP Units and time-based LTIP Units issued under the 2015 Incentive Award Plan, which are expected to be recognized over a remaining weighted-average period of 1.64 years. During the year ended December 31, 2021, the Company recognized approximately $10.8 million of share-based compensation expense (net of forfeitures) related to restricted stock units and LTIP Units provided to certain of its executive officers and other members of management. In addition, during the year ended December 31, 2021 the Company recognized $0.8 million of share-based compensation expense related to LTIP Units that were provided to the non-employee directors and capitalized approximately $0.6 million related to restricted stock units provided to certain members of management that oversee development and capital projects on behalf of the Company. During the year ended December 31, 2020, the Company recognized approximately $10.9 million of share-based compensation expense (net of forfeitures) related to restricted stock units and LTIP Units provided to certain of its current or former executive officers and other members of management. In addition, during the year ended December 31, 2020 the Company recognized $0.7 million of share-based compensation related to LTIP Units that were provided to the non-employee directors and capitalized approximately $1.0 million related to restricted stock units provided to certain members of management that oversee development and capital projects on behalf of the Company. Share-based compensation expense during the year ended December 31, 2020 included $1.6 million of accelerated share-based compensation for reductions in corporate personnel as a result of the COVID-19 pandemic.
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Leases The Company is a lessee to long-term ground, parking, and its corporate office leases, which are accounted for as operating leases. The following is a summary of the Company's leases as of and for the year ended December 31, 2022 (dollar amounts in thousands):
(1)The weighted-average remaining lease term including all available extension options is approximately 56 years. (2)The ROU asset is included in on the consolidated balance sheet as of December 31, 2022. (3)The lease liability is included in on the consolidated balance sheet as of December 31, 2022. The following table shows the remaining lease payments, which includes reasonably certain extension options, for the next five years and thereafter reconciled to the lease liability as of December 31, 2022 (in thousands):
(1)The lease liability is included in other liabilities on the consolidated balance sheet as of December 31, 2022. Management and Franchise Agreements In order to maintain its qualification as a REIT, the Company cannot directly or indirectly operate any of its hotels. The Company leases each hotel to TRS lessees, which in turn engage eligible independent contractors to manage the hotels. Each hotel is operated pursuant to a hotel management agreement with an independent third-party hotel management company. Pursuant to the management agreements, the management company controls the day-to-day operation of each hotel, and the Company is granted limited approval rights with respect to certain of the management company’s actions. The management agreements typically contain a two-tiered fee structure, wherein the management company receives a base management fee and, if certain financial thresholds are met or exceeded, an incentive management fee. Many management agreements also require the maintenance of an FF&E reserve fund based on a percentage of hotel revenues to be used for capital expenditures to maintain the quality of the hotels. Management agreements for brand-managed hotels have initial terms generally ranging from 10 to 30 years and allow for one or more renewal periods at the option of the hotel managers; assuming all renewal periods are exercised, the average remaining term is 27 years. Management agreements for franchised hotels generally contain initial terms between 15 and 20 years with an average remaining term of approximately seven years; none of these agreements contemplate renewal or extension of the initial term. The Company is generally limited in its ability to sell, lease or otherwise transfer hotels unless the transferee assumes the related management agreement. However, most agreements include owner rights to terminate the agreements on the basis of the manager’s failure to meet certain performance-based metrics. Typically, these criteria are subject to the manager’s ability to ‘cure’ and avoid termination by payment to the Company of specified deficiency amounts (or, in some instances, waiver of the right to receive specified future management fees). Franchise agreements contain initial terms of 20 years, with an average remaining initial term of approximately ten years. The franchise agreements require royalty fees based on a percentage of gross rooms revenue and, for certain hotels, an additional fee based on a percentage of gross food and beverage revenue. In addition, franchise agreements require fees for marketing, reservation or other program fees based on a percentage of the hotel's gross rooms revenue. Many franchise agreements also require the maintenance of a FF&E reserve fund based on a percentage of hotel revenues to be used for capital expenditures to maintain the quality of the hotels. For the years ended December 31, 2022, 2021, and 2020, the Company incurred management and franchise fees of $36.5 million, $22.5 million and $11.6 million, respectively, which is included on the consolidated statements of operations and comprehensive income (loss) for the periods then ended. Reserve Requirements Certain franchise and management agreements require the Company to reserve funds relating to replacements and renewals of the hotels' furniture, fixtures and equipment. As of December 31, 2022 and 2021, the Company had a balance of $46.3 million and $29.3 million, respectively, in reserves for such future improvements. These amounts are included in restricted cash and escrows on the consolidated balance sheets as of December 31, 2022 and 2021, respectively. Renovation and Construction Commitments As of December 31, 2022, the Company had various contracts outstanding with third-parties in connection with the renovation of certain of its hotel properties. The remaining commitments under these contracts at December 31, 2022 totaled $12.1 million. Legal The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the financial statements of the Company.
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Subsequent Events |
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| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events In January 2023, XHR LP (the "Borrower") entered into a new $675 million senior unsecured credit facility comprised of a $450 million revolving line of credit (the "Revolving Line of Credit"), a $125 million term loan (the "Term Loan $125M") and a $100 million delayed draw term loan (the “Term Loan $100M” and, together with the Term Loan $125M, the "2023 Term Loans") pursuant to a Revolving Credit and Term Loan Agreement, dated as of January 10, 2023, by and among the Borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other parties thereto (the "2023 Credit Agreement"). The Revolving Line of Credit and the Term Loan $125M refinanced in full our existing corporate credit facilities, and as a result of such refinancing, the pledges of equity of certain subsidiaries securing obligations under the Amended Credit Agreements and the Senior Notes were released. The Term Loan $100M was funded on January 17, 2023 and was used to repay in full the mortgage loan collateralized by Renaissance Atlanta Waverly Hotel & Convention Center that was due August 2024. Proceeds from future Revolving Line of Credit borrowings may be used for working capital, general corporate or other purposes permitted by the 2023 Credit Agreement. The Revolving Line of Credit matures in January 2027 and can be extended up to an additional year. The interest rate on the Revolving Line of Credit is based on a pricing grid with a range of 145 to 275 basis points over the applicable Term SOFR rate as determined by the Company’s leverage ratio. The 2023 Term Loans mature in March 2026, can be extended up to an additional year, and bear interest rates consistent with the pricing grid on the Revolving Line of Credit. Additionally, in January 2023, the Company amended the mortgage loan collateralized by Andaz Napa to update the variable index on the $55 million loan from LIBOR-based to Term SOFR and extend the maturity date through January 2028. In January and February 2023, 1,038,543 shares were repurchased under the Repurchase Program, at a weighted-average price of $14.20 per share for an aggregate purchase price of $14.7 million.
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Schedule III - Real Estate and Accumulated Depreciation |
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| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule III - Real Estate and Accumulated Depreciation |
Notes: (A)The initial cost to the Company represents the original purchase price of the property, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired. (B)The aggregate cost of real estate owned at December 31, 2022 for federal income tax purposes was approximately $3,848 million (unaudited). (C)Cost capitalized subsequent to acquisition includes payments under master lease agreements as well as additional tangible costs associated with investment properties, including any earn-out of tenant space. Impairment charges and write-offs of fully depreciated assets are recorded as a reduction in the basis. (D)Reconciliation of real estate owned (includes continuing operations and operations of assets classified as held for sale):
(E)Reconciliation of accumulated depreciation (includes continuing operations and operations of assets classified as held for sale):
(F)Depreciation is computed based upon the following estimated lives:
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2022 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company, the Operating Partnership, XHR Holding, as well as all wholly-owned subsidiaries and consolidated real estate investments. The Company's subsidiaries and real estate investments generally consist of limited liability companies, limited partnerships and the TRS. The effects of all inter-company transactions have been eliminated. Corporate costs associated with our executive offices, personnel and other administrative costs are reflected as general and administrative expenses. Each property maintains its own books and financial records and each entity's assets are not available to satisfy the liabilities of other affiliated entities.
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| Reclassifications | Reclassifications Certain prior year amounts in these consolidated financial statements have been reclassified to conform to the presentation as of and for the year ended December 31, 2022.
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| Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected economic conditions. Actual results could differ from these estimates.
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| Risks and Uncertainties | Risks and Uncertainties As a result of the COVID-19 pandemic, the majority of the Company's hotels and resorts temporarily suspended operations for certain periods of time during 2020. All of the Company's hotels had resumed operations by the end of May 2021. While our business is experiencing broad-based recovery from the COVID-19 pandemic led by robust leisure demand and growth in group and business transient travel, future demand may be varied and uneven as the pace and consistency of the global recovery continues to progress and remains uncertain. The Company cannot predict with certainty the full extent and duration of the effects of the COVID-19 pandemic on its business, operating margins, results of operations, cash flows, financial condition, the market price of its common stock, its ability to make distributions to its shareholders, its access to equity and credit markets or its ability to service its indebtedness. Further, the Company continues to monitor and evaluate the challenges associated with inflationary pressures, rising interest rates, a potential domestic and/or global recession, the evolving workforce landscape, particularly related to industry-wide labor shortages and increases in cost of labor, as well as ongoing supply chain issues which may continue to impact the hotels' ability to source operating supplies and other materials. Additionally, the effects of the pandemic or other economic challenges could materially and adversely affect the Company's ability to consummate acquisitions and dispositions of hotel properties in the near term.
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| Consolidation | Consolidation The Company evaluates its investments in partially owned entities to determine whether such entities may be a variable interest entity ("VIE") or voting interest entities. If the entity is determined to be a VIE, the determination of whether the Company is the primary beneficiary must then be made. The primary beneficiary determination is based on a qualitative assessment as to whether the entity has (i) power to direct significant activities of the VIE and (ii) an obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The Company will consolidate a VIE if it is deemed to be the primary beneficiary. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary or the entity is not a VIE and the Company does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. The Operating Partnership is a VIE. The Company's significant asset is its investment in the Operating Partnership, as described in Note 1, and consequently, substantially all of the Company's assets and liabilities represent those assets and liabilities of the Operating Partnership.
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| Non-controlling Interests | Non-controlling Interests The Company’s consolidated financial statements include entities in which the Company has a controlling financial interest. Non-controlling interest is the portion of equity in a subsidiary not attributable, directly or indirectly, to a consolidating parent. Such non-controlling interests are reported on the consolidated balance sheet within equity, separately from the Company’s equity. On the consolidated statement of operations and comprehensive (loss) income, revenues, expenses and net income or loss from less-than-wholly-owned consolidated subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and non-controlling interests. Net income or loss is allocated to non-controlling interests based on their weighted-average ownership percentage for the applicable period. The consolidated statements of changes in equity includes beginning balances, activity for the period and ending balances for stockholders’ equity, non-controlling interests and total equity. However, if the Company’s non-controlling interests are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, they must be classified outside of permanent equity. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to non-controlling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company evaluates whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. As of December 31, 2022, all share-based payments awards are included in permanent equity. As of December 31, 2022, the consolidated results of the Company included the ownership interests of its Operating Partnership Units in the Operating Partnership, which are held by certain of the Company's executive officers and current or former members of its Board of Directors.
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| Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions periodically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant as the Company does not anticipate the financial institutions’ non-performance.
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| Restricted Cash and Escrows | Restricted Cash and Escrows Restricted cash primarily relates to furniture, fixtures and equipment replacement reserves ("FF&E reserves") as required per the terms of our management and franchise agreements, cash held in restricted escrows for real estate taxes and insurance, capital spending reserves and, at times, disposition related hold back escrows.
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| Capitalization and Depreciation - Real Estate | Real estate is reflected at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Depreciation expense is computed using the straight-line method. Investment properties are depreciated based upon estimated useful lives of 30 years for building and improvements and 5 to 15 years for furniture, fixtures and equipment and site improvements. Per the terms of one of our management agreements, the third-party manager has guaranteed certain performance thresholds through December 31, 2023. The performance guaranty is related to one of our hotels for which the Company paid consideration to an affiliate of the respective third-party manager to take assignment of the purchase agreement in order to acquire the hotel. If performance does not meet these established thresholds, the third-party manager is required to reimburse the Company for certain fees and/or pay a performance guaranty as calculated per the terms of the respective agreement. During the years ended December 31, 2022, 2021, and 2020, the Company received $2.3 million, $2.9 million and $3.0 million, respectively, as a result of these performance thresholds not being met. The proceeds were recorded as a reduction of the initial basis in land and building and other improvements on the same pro rata basis as the original purchase price allocation and will be amortized over the respective remaining useful life.
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| Capitalization and Depreciation - Construction and Improvements | Direct and indirect costs that are related to the construction and improvements of investment properties are capitalized. Interest and costs incurred for property taxes and insurance are capitalized during periods in which activities necessary to get the property ready for its intended use are in progress. The Company did not capitalize any interest for the years ended December 31, 2022 and 2021 and capitalized $0.5 million for the year ended December 31, 2020. The Company also capitalizes project management compensation-related costs and travel expenses as these are costs directly related to the renovations and capital improvements of our hotel portfolio, which included $2.5 million, $2.2 million, and $2.4 million and for the years ended December 31, 2022, 2021 and 2020, respectively. |
| Acquisition of Real Estate | Acquisition of Real Estate Investments in hotel properties, including land and land improvements, building and building improvements, furniture, fixtures and equipment, and identifiable intangible assets and liabilities, will generally be accounted for as asset acquisitions. Acquired assets are recorded at their relative fair value based on total accumulated costs of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. This includes all costs related to finding, analyzing and negotiating a transaction. The allocation of the purchase price is an area that requires judgment and significant estimates. Tangible and intangible assets include land, building and improvements, furniture, fixtures and equipment, inventory, acquired above market and below market leases, in-place lease value (if applicable), advance bookings, and any assumed financing that is determined to have above or below market terms. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar investment properties in the market at the time that the loan is assumed. The Company allocates a portion of the purchase price to the estimated acquired in-place lease costs based on estimated lease execution costs for similar leases in the market at the time of acquisition and lost rent payments during an assumed lease up period when calculating vacant fair values for properties acquired with space leases to third-party tenants, which is typically retail or restaurant space. The Company also evaluates each acquired lease, including ground leases, based upon current market rates at the acquisition date and considers various factors including geographical location, size and location of leased land or retail space in determining whether the acquired lease is above or below market. After an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market lease intangible based upon the present value of the difference between the contractual lease rate and the estimated market rate. For leases with fixed rate renewals, renewal periods are included in the calculation of below market in-place lease values. The determination of the discount rate used in the present value calculation is based upon the "risk free rate" and current interest rates. This discount rate is a significant factor in determining the market valuation which requires judgment of subjective factors such as market knowledge, economics, demographics, location, visibility, age and physical condition of the property. The portion of the purchase price allocated to acquired above or below market lease costs are amortized on a straight-line basis over the life of the related lease, including the respective renewal periods, and is recorded as non-cash rent expense. The portion of the purchase price allocated to acquired in-place lease intangibles are amortized on a straight-line basis over the life of the related lease and is recorded as amortization expense. The portion of the purchase price allocated to advance bookings is amortized on a straight-line basis over the estimated life and is recorded as amortization expense.
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| Long-lived assets and intangibles - Impairment estimates | Long-lived assets and intangibles The Company assesses the carrying values of the respective long-lived assets, which includes hotel properties and the related intangible assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Events or circumstances that may cause a review include, but are not limited to, when (1) a hotel property experiences a significant decrease in the market price of the long-lived asset, (2) a hotel property experiences a current or projected loss from operations combined with a history of operating or cash flow losses, (3) it becomes more likely than not that a hotel property will be sold before the end of its useful life, (4) an accumulation of costs is significantly in excess of the amount originally expected for the acquisition, construction or renovation of a long-lived asset, (5) adverse changes in demand occur for lodging at a specific property due to declining national or local economic conditions and/or new hotel construction in markets where the hotel is located, (6) there is a significant adverse change in legal factors or in the business climate that could affect the value of the long-lived asset and/or (7) a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed carrying value, the Company records an impairment charge to the extent that the carrying value exceeds fair value. Impairment estimates The use of projected future cash flows, both undiscounted and discounted, and estimated hold periods are based on assumptions that are consistent with the estimates of future expectations and the strategic plan the Company uses to manage its underlying business. These assumptions and estimates about future cash flows, including the uncertainty regarding the extent and duration of the recovery from of the impact of the COVID-19 pandemic on our operations, along with the capitalization and discount rates used to determine these estimates are complex and subjective. The determination of fair value and possible subsequent impairment of long-lived investment properties and/or goodwill is a significant estimate that can and does change based on the Company's continuous process of analyzing each property and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the property at a particular point in time. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analyses could impact these assumptions and result in future impairment charges of the real estate properties.
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| Goodwill | Goodwill The excess of the cost of an acquired entity (i.e. those that met the definition of an acquired business), over the net of the fair values assigned to assets acquired (including identified intangible assets and liabilities) assumed is recorded as goodwill. Goodwill has been recognized and allocated to specific properties. The Company tests goodwill for impairment annually or more frequently if events or changes in circumstances indicate impairment. The Company has the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The optional qualitative assessment determines whether it is more likely than not that the specific goodwill's fair value is less than its carrying amount. If it is determined that it is more likely than not that the goodwill is impaired, the Company performs a single-step analysis to identify and measure impairment. The fair value of goodwill is based on either the direct capitalization method or the discounted cash flow valuation method. The direct capitalization method is based on a capitalization rate, which is generally observable (a Level 2 input, but at times could be unobservable, which is a Level 3 input), applied to the underlying hotel's most recent stabilized trailing twelve month net operating income at the time of the fair value analysis. The discounted cash flow method is based on estimated future cash flow projections that utilize discount rates, terminal capitalization rates, and planned capital expenditures, which are generally unobservable in the market place (Level 3 inputs). These estimates approximate the inputs the Company believes would be utilized by market participants in assessing fair value. The estimates of future cash flows are based on a number of factors, including the historical operating results, estimated growth rates, known trends, and market/economic conditions. If the carrying amount of the property’s assets, including goodwill, exceeds its estimated fair value an impairment charge is recorded in an amount equal to that excess but only to the extent the value of goodwill is reduced to zero.
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| Leases | Leases For leases with terms longer than 12 months, the Company evaluates the lease at commencement to determine if the lease is an operating or finance lease and recognizes a right-of-use asset and lease liability on the balance sheet. If a lease includes variable lease payments that are based on an index or rate, such as the Consumer Price Index, these increases are included in the lease liability. For leases that have extension options, which can be exercised at the Company's discretion, management uses judgment to determine if it is reasonably certain that such extension options will be elected. If the extension options are reasonably certain to occur, the Company includes the extended term lease payments in the calculation of the respective lease liability. Lease expense for lease payments is recognized on a straight-line basis over the lease term. If the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The incremental borrowing rate used to discount the lease liability is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Management uses a portfolio approach to develop a base incremental borrowing rate for our various lease types. This approach includes consideration of the Company's incremental borrowing rate at both the corporate and property level and analysis of current market conditions for obtaining new financings. Management then adjusts the base incremental borrowing rate to take into consideration an individual lease's credit risk, total lease payments, and remaining lease term. Certain of our hotels have retail space that is leased to third-parties. Rental income from retail leases is recognized on a straight-line basis over the term of the underlying lease and is included in other income on the consolidated statement of operations and comprehensive (loss) income. Percentage rent is recognized at the point in time in which the underlying thresholds are achieved and percentage rent is earned.
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| Insurance Recoveries | Insurance Recoveries Insurance proceeds received in excess of recognized losses are treated as gain and are not recorded until contingencies are resolved. During the year ended December 31, 2022, the Company recorded insurance proceeds related to damage sustained at Loews New Orleans Hotel during Hurricane Ida. These insurance proceeds were in excess of recognized losses and resulted in a gain on insurance recovery $3.6 million for the year ended December 31, 2022, which are included in other income (loss) on the consolidated statements of operations and comprehensive income (loss) for the period then ended. At times, the Company may be entitled to business interruption proceeds for certain properties; however, it will not record an insurance recovery receivable for these types of losses until a final settlement has been reached with the insurance company. Any insurance proceeds received in excess of insurance deductibles will be accounted for as a gain.
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| Investment Properties Held for Sale | Investment Properties Held for Sale In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale, in its present condition; (iii) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its fair value; (iv) the Company has initiated a program to locate a buyer; (v) the Company believes that the sale of the investment property is probable; (vi) the Company has received a significant non-refundable deposit for the purchase of the property; and (vii) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all of the above criteria are met, the Company classifies the investment property as held for sale. On the day that these criteria are met, the Company suspends depreciation and amortization on the investment properties held for sale. The investment properties, other assets and liabilities associated with those investment properties that are held for sale are classified separately on the consolidated balance sheet for the most recent reporting period, and are presented at the lesser of the carrying value or fair value, less costs to sell. Additionally, if the sale constitutes a strategic shift with a major effect on operations, as defined in ASU 2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"), the operations for the investment properties held for sale are classified on the consolidated statement of operations and comprehensive (loss) income as discontinued operations for all periods presented.
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| Disposition of Real Estate | Disposition of Real Estate The Company accounts for dispositions of real estate in accordance with ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets ("Subtopic 610-20") for the transactions between the Company and unrelated third-parties that are not considered a customer in the ordinary course of business. Typically, the real estate assets disposed of do not represent the transfer of a business or contain a material amount of financial assets, if any. The real estate assets promised in a sales contract are typically nonfinancial assets (i.e. land or a leasehold interest in land, building, furniture, fixtures and equipment) or in substance nonfinancial assets. The Company recognizes a gain or loss in full when the real estate is sold, provided (a) there is a valid contract and (b) transfer of control has occurred.
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| Deferred Financing Costs | Deferred Financing CostsFinancing costs related to the revolving credit facility and long-term debt are recorded at cost and are amortized as interest expense on a straight-line basis, which approximates the effective interest method, over the life of the related debt instrument unless there is a significant modification to the debt instrument. Financing costs related to the Senior Notes are amortized using the effective interest method. The balance of unamortized deferred financing costs related to the revolving credit facility is included in other assets and unamortized deferred financing costs related to all other debt are presented as a reduction in debt, net of loan premiums, discounts and unamortized deferred financing costs on the consolidated balance sheet. |
| Derivatives and Hedging Activities | Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company limits the risks associated with interest rate changes by following established risk management policies and procedures which may include the use of derivative instruments. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract and are recorded on the consolidated balance sheet at fair value, with offsetting changes recorded to other comprehensive income (loss). The Company nets assets and liabilities when the right of offset exists. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as interest expense. The Company incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of December 31, 2022, the Company did not have any derivative instruments.
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| Revenues | Revenues Revenues consists of amounts derived from hotel operations, including the sale of rooms for lodging accommodations, food and beverage, and other ancillary revenue generated by hotel amenities including parking, spa, golf, resort fees and other services. Revenues are generated from various distribution channels including but not limited to direct bookings, global distribution systems and Internet travel sites. Room transaction prices are based on an individual hotel's location, room type and the bundle of services included in the reservation and are set by the hotel daily. Any discounts, including advanced purchase, loyalty point redemptions or promotions are recognized at the discounted rate whereas rebates and incentives are recorded as a reduction in rooms revenues when earned. Revenues from online channels are generally recognized net of commission fees, unless the end price paid by the guest is known. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the guest. Cash received from a guest prior to check-in is recorded as an advance deposit and is generally recognized as rooms revenue at the time the room reservation has become non-cancellable, upon occupancy or upon expiration of the re-booking date. Advance deposits are included in other liabilities on the consolidated balance sheet. Payment of any remaining balance is typically due from the guest upon check-out. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenues). Food and beverage transaction prices are based on the stated price for the specific food or beverage and varies depending on type, venue and hotel location. Service charges are typically a percentage of food and beverage prices and meeting space rental. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the guest. Cash received in advance of an event is recorded as either a security or advance deposit. Security and advance deposits are recognized as revenue when it becomes non-cancellable or at the time the food and beverage goods and services are rendered to the guest. Payment for the remaining balance of food and beverage goods and services is due upon delivery and completion of such goods and services. Parking and audio visual fees are recognized at the time services are provided to the guest. In parking and audio visual contracts in which we have control over the services provided, we are considered the principal in the agreement and recognize the related revenues gross of associated costs. If we do not have control over the services in the contract, we are considered the agent and record the related revenues net of associated costs. Resort and amenity fees, spa, golf and other ancillary amenity revenues are recognized at the point in time the goods or services have been rendered to the guest at the stated price for the service or amenity.
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| Comprehensive Income | Comprehensive IncomeThe purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. |
| Income Taxes | Income Taxes The Company has elected to be taxed and operates in a manner management believes will allow it to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended, (the "Code") for federal income tax purposes. To qualify as a REIT, the Company must satisfy certain requirements related to, among other things, its sources of income, composition of its assets, amounts it distributes to its stockholders and diversity of its stock ownership. So long as the Company qualifies as a REIT, it generally will not be subject to federal income tax on REIT taxable income that is distributed annually to its stockholders. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, it will be subject to federal, state and local income tax on REIT taxable income at regular corporate tax rates and will not be eligible to re-elect REIT status for four years following the failure. The Company may be subject to certain federal, state, and local taxes on its income and assets, including (i) taxes on any undistributed income, (ii) taxes related to its TRS, (iii) certain state or local income taxes, (iv) franchise taxes, (v) property taxes and (vi) transfer taxes. To continue to qualify as a REIT, the Company cannot operate or manage its hotels. Accordingly, the Company, through its Operating Partnership, leases all of its hotels to subsidiaries of its TRS. The Company has elected to treat certain of its consolidated subsidiaries, and may in the future elect to treat any newly formed subsidiary, as a TRS pursuant to the Code. A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal, state and local tax at regular corporate tax rates. Lease revenue at the Operating Partnership and lease expense from the TRS subsidiaries are eliminated in consolidation for financial statement purposes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the estimated future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversal of existing taxable temporary differences, future projected taxable income and tax-planning strategies. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company’s analysis in determining the deferred tax asset valuation allowance involves management judgment and assumptions.
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| Share-Based Compensation | Share-Based Compensation The Company maintains the 2015 Incentive Award Plan, which is a share-based incentive plan that provides for the grant of stock options, stock awards, restricted stock units, LTIP Units and other equity-based awards. Share-based compensation is measured at the estimated fair value of the award on the date of grant, adjusted for forfeitures as they occur, and recognized as an expense on a straight-line basis over the longest vesting period for each grant for the entire award. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's share price, expected dividend yield, expected term and assumptions of whether certain of these awards will achieve performance thresholds. Share-based compensation is included in general and administrative expenses in the consolidated statement of operations and comprehensive (loss) income and capitalized in the basis of buildings and other improvements in the consolidated balance sheet for certain employees that manage property developments, renovations and capital improvements.
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| Earnings Per Share | Earnings Per Share Basic earnings per share ("EPS") is computed by dividing the net income available to common stockholders by the weighted-average number of common shares outstanding for the period, excluding the weighted-average number of unvested share-based compensation awards outstanding during the period. Diluted EPS is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period plus the effect of any dilutive securities. Any anti-dilutive securities are excluded from the diluted earnings per share calculation. For the years ended December 31, 2021, and 2020, diluted EPS was computed in the same manner as basic EPS because the Company recorded a loss from continuing operations, which would make potentially dilutive shares anti-dilutive.
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| Segment Information | Segment InformationWe allocate resources and assess operating performance based on individual hotels and consider each one of our hotels to be an operating segment. All of our individual operating segments meet the aggregation criteria. All of our other real estate investment activities are immaterial and meet the aggregation criteria, and thus, we report one segment: investment in hotel properties. |
| Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In July 2021, the Company amended agreements on two mortgage loans replacing LIBOR with the Secured Overnight Financing Rate ("SOFR") effective September 1, 2021. In connection with these amendments, the Company elected not to reassess previous accounting determinations or dedesignate the existing hedging relationships related to the associated swaps. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
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Revenues (Tables) |
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| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue by Primary Geographical Markets | The following represents total revenues disaggregated by primary geographical markets (as defined by STR, Inc. ("STR")) for the years ended December 31, 2022, 2021 and 2020 (in thousands):
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Investment Properties (Tables) |
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| Asset Acquisition And Disposition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Purchase Price Allocation for Asset Acquisitions |
(1) As part of the purchase price allocation for W Nashville, the Company allocated $0.1 million to advance bookings that will be amortized over 1.3 years as well as $0.1 million allocated to food inventory. (2) As part of the purchase price allocation for W Nashville, the Company allocated $4.0 million to a liability associated with key money received by the seller from the third-party hotel manager. This liability will be amortized over 29.8 years and in the event of early termination is payable to the third-party hotel manager on a pro rata basis for the remaining portion of the term of the hotel management agreement. (3) The total cost capitalized includes acquisition costs as the transaction was accounted for as an asset acquisition.
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| Schedule of Disposition Details for Properties Sold | The following represents the disposition details for the properties sold during the years ended December 31, 2022, 2021, and 2020 (in thousands, except rooms):
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Intangible Assets (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Identified Intangible Assets, and Goodwill | The following table summarizes the Company’s identified intangible assets and goodwill as of December 31, 2022 and 2021 (in thousands):
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| Summary of Amortization Related to Intangibles | The following table summarizes the amortization related to intangible assets for the years ended December 31, 2022 and 2021 (in thousands):
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| Schedule of Future Amortization | The following table presents the amortization during the next five years and thereafter related to intangible assets at December 31, 2022 (in thousands):
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Debt (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt Instruments | Debt as of December 31, 2022 and 2021 consisted of the following (dollar amounts in thousands):
(1)The rates shown represent the annual interest rates as of December 31, 2022. The variable index for the corporate credit facilities reflects a 25 basis point LIBOR floor which was applicable as of December 31, 2022. Effective as of January 10, 2023, the variable index for the corporate credit facilities is adjusted Term SOFR, subject to a zero basis point floor, as further described below under "Corporate Credit Facilities." (2)A variable interest rate loan for which the interest rate was fixed through October 2022, after which the rate reverted to a variable index based on Term SOFR. This mortgage loan was repaid in full in January 2023. (3)A variable interest rate loan for which the interest rate was fixed on $25 million of the balance through October 2022, after which the rate reverted to a variable index based on one-month LIBOR. In January 2023, the Company amended this mortgage loan to update the variable index from one-month LIBOR to Term SOFR and extend the maturity date through January 2028. (4)A variable interest rate loan for which the interest rate was fixed through January 2023. The outstanding balance of this mortgage loan was repaid in January 2022 and the two interest rate swaps associated with this loan were terminated in connection with the repayment. (5)Represents the weighted-average interest rate as of December 31, 2022. (6)The spread to LIBOR varied based on the Company's leverage ratio. The applicable interest rate was set to the highest level of grid-based pricing during the covenant waiver period, however, with the delivery of the compliance certificates under the corporate credit facilities for the fiscal quarter ending June 30, 2022, the Company exited the covenant waiver period and the applicable interest rate reverted to pricing based on the Company's leverage ratio. In January 2023, the corporate credit facility term loan was refinanced with a new $225 million term loan, consisting of a $125 million initial term loan and a $100 million delayed draw term loan and, effective as of January 10, 2023, the spread to Term SOFR varies based on the Company’s leverage ratio as further described below under "Corporate Credit Facilities". (7)Commitments under the revolving credit facility totaled $523 million through February 2022, after which the total commitments decreased to $450 million through the date of the refinancing of the revolving credit facility in January 2023. The spread to LIBOR varied based on the Company's leverage ratio. The applicable interest rate was set to the highest level of grid-based pricing during the covenant waiver period, however, with the delivery of the compliance certificates under the corporate credit facilities for the fiscal quarter ending June 30, 2022, the Company exited the covenant waiver period and the applicable interest rate reverted to pricing based on the Company's leverage ratio. The revolving credit facility was refinanced with a new $450 million revolving line of credit and, effective as of January 10, 2023, the spread to Term SOFR varies based on the Company’s leverage ratio, as further described below under “Corporate Credit Facilities.” (8)Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization.
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| Schedule of Principal Payments and Debt Maturities | The following table shows scheduled debt maturities for the next five years and thereafter (in thousands):
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Derivatives (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of the Terms of Derivative Financial Instruments | The following table summarizes the terms of the derivative financial instruments held by the Company as of December 31, 2022 and 2021 (in thousands):
(1)The Company terminated two interest rate swaps prior to maturity in connection with the repayment of the mortgage loan associated with The Ritz-Carlton, Pentagon City in January 2022.
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| Schedule of Gain (Loss) Recognized on Derivative Financial Instruments | The table below details the location in the consolidated financial statements of the gain (loss) recognized on derivative financial instruments designated as cash flow hedges for the years ended December 31, 2022 and 2021 (in thousands):
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis | For assets and liabilities measured at fair value on a recurring and non-recurring basis, quantitative disclosure of their fair value are included in the consolidated balance sheets as of December 31, 2022 and 2021 (in thousands):
(1)Interest rate swap fair values were netted as applicable per the terms of the respective master netting agreements.
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| Schedule of Goodwill Balance and Related Activity | Our goodwill balance and related activity as of December 31, 2022 and 2021 is as follows (in thousands):
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| Schedule of Fair Value of Financial Instruments | The table below represents the fair values of financial instruments presented at carrying values in the consolidated financial statements as of December 31, 2022 and 2021, respectively, (in thousands):
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Income Taxes (Tables) |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Provision for Income Taxes | The table below presents the provision for income taxes related to continuing operations for the years ended December 31, 2022, 2021 and 2020 (in thousands):
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| Schedule of Effective Income Tax Rate Reconciliation | The table below presents a reconciliation between the provision for income taxes and the amount computed by applying the federal statutory income tax rate to the income or loss for continuing operations before income taxes for the years ended December 31, 2022, 2021 and 2020 (in thousands):
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| Schedule of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities at December 31, 2022 and 2021 are as follows (in thousands):
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Earnings Per Share (Tables) |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles net income (loss) to basic and diluted EPS for the years ended December 31, 2022, 2021 and 2020 (in thousands, except share and per share data):
(1)During the years ended December 31, 2021 and 2020, the Company excluded 542,632 and 292,850, respectively, anti-dilutive shares from its calculation of diluted earnings per share.
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Share-Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restricted Stock Units | The Compensation Committee of the Board of Directors granted the following awards of restricted stock units to certain Company employees for the years ended December 31, 2022, 2021 and 2020:
(1) In June 2020, the Compensation Committee of the Board of Directors approved new equity awards for certain members of management which provided for the cancellation of the performance-based awards originally granted to such individuals on March 2, 2020 and the grant of new time-based awards on June 5, 2020.
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| Schedule of Incentive Plan Awards | The Compensation Committee of the Board of Directors has approved the issuance of the following LTIP Unit awards under the 2015 Incentive Award Plan to certain executives for the years ended December 31, 2022, 2021 and 2020:
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| Schedule of Incentive Plan Awards for Non-employee Directors | Pursuant to the Director Compensation Program, the Company approved the issuance of the following fully vested LTIP Units under the 2015 Incentive Award Plan to seven of the Company's non-employee directors for the years ended December 31, 2020 and 2021 and to eight of the Company's non-employee directors for the year ended December 31, 2022:
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| Schedule of Unvested Incentive Awards | The following is a summary of the unvested incentive awards as of December 31, 2022 and 2021:
(1)Includes time-based LTIP Units and Class A LTIP Units. (2)During the years ended December 31, 2022 and 2021, the Company redeemed 50,720 and 54,514, respectively, shares of common stock to satisfy federal and state tax withholding requirements on the vesting of restricted stock units under the 2015 Incentive Award Plan.
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| Schedule of Assumptions for Performance Awards | The grant date fair value of performance awards was determined based on a Monte Carlo simulation method with the following assumptions and compensation expense is recognized on a straight-line basis over the performance period:
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Commitments and Contingencies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Leases | The following is a summary of the Company's leases as of and for the year ended December 31, 2022 (dollar amounts in thousands):
(1)The weighted-average remaining lease term including all available extension options is approximately 56 years. (2)The ROU asset is included in on the consolidated balance sheet as of December 31, 2022. (3)The lease liability is included in on the consolidated balance sheet as of December 31, 2022.
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| Schedule of Remaining Lease Payments | The following table shows the remaining lease payments, which includes reasonably certain extension options, for the next five years and thereafter reconciled to the lease liability as of December 31, 2022 (in thousands):
(1)The lease liability is included in other liabilities on the consolidated balance sheet as of December 31, 2022.
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Organization (Details) |
Dec. 31, 2022
market
property
room
|
Dec. 31, 2021
property
room
|
Dec. 31, 2020
property
room
|
|---|---|---|---|
| Organization [Line Items] | |||
| Number of top lodging markets for investing activity | market | 25 | ||
| Number of hotels operated | property | 32 | 34 | 35 |
| Number of rooms in property | room | 9,508 | 9,659 | 10,011 |
| XHR LP (Operating Partnership) | |||
| Organization [Line Items] | |||
| Ownership by Company (percent) | 97.00% | ||
| Ownership by noncontrolling owners (percent) | 3.00% | 2.10% |
Summary of Significant Accounting Policies - Impairment (Details) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 31, 2022
USD ($)
room
|
Dec. 31, 2021
USD ($)
room
|
Dec. 31, 2020
USD ($)
room
|
Nov. 30, 2021
USD ($)
room
|
Nov. 30, 2020
USD ($)
room
|
|
| Impairment [Line Items] | |||||
| Number of rooms in property | room | 9,508 | 9,659 | 10,011 | ||
| Marriott Charleston Town Center | Disposed of by sale | |||||
| Impairment [Line Items] | |||||
| Impairment on write-down of property | $ 12,600 | ||||
| Number of rooms in property | room | 352 | 352 | |||
| Kimpton Hotel Monaco Chicago | Disposed of by sale | |||||
| Impairment [Line Items] | |||||
| Impairment on write-down of property | $ 15,700 | ||||
| Number of rooms in property | room | 191 | ||||
| Sale price per agreement | $ 36,000 | ||||
| Park Hyatt Aviara Resort Golf Club & Spa | |||||
| Impairment [Line Items] | |||||
| Impairment on write-down of property | $ 600 | ||||
| Renaissance Austin Hotel | Disposed of by sale | |||||
| Impairment [Line Items] | |||||
| Impairment on write-down of property | $ 8,900 | ||||
| Number of rooms in property | room | 492 | ||||
| Sale price per agreement | $ 70,000 | ||||
Summary of Significant Accounting Policies - Involuntary Conversion (Details) - Hurricane $ in Millions |
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
|
Feb. 28, 2021
property
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
| Business Interruption Loss [Line Items] | |||
| Expense for hurricane-related repairs and cleanup | $ 1.3 | $ 1.1 | |
| Insurance deductible | $ 0.4 | ||
| Number of properties impacted | property | 2 | ||
Summary of Significant Accounting Policies - Goodwill (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2020
USD ($)
property
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
| Accounting Policies [Abstract] | |||
| Goodwill | $ 4,850 | $ 4,850 | |
| Goodwill impairment charge | $ 20,100 | ||
| Number of hotel properties with goodwill impairment | property | 2 |
Summary of Significant Accounting Policies - Insurance Recoveries (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Involuntary Conversion [Line Items] | |||
| Business interruption insurance proceeds | $ 2,487,000 | $ 1,602,000 | $ 0 |
| Hurricane | |||
| Involuntary Conversion [Line Items] | |||
| Business interruption insurance proceeds | 3,600,000 | ||
| Estimated insurance recoveries | 0 | ||
| Hurricane Ida | |||
| Involuntary Conversion [Line Items] | |||
| Business interruption insurance proceeds | 1,500,000 | ||
| Recovery of prior year income | $ 1,000,000 | ||
| COVID-19 Pandemic | |||
| Involuntary Conversion [Line Items] | |||
| Recovery of prior year income | 1,100,000 | ||
| Winter Storms in Texas | |||
| Involuntary Conversion [Line Items] | |||
| Recovery of current year income | $ 500,000 | ||
Summary of Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Deferred financing costs related to revolving credit facility | $ 7.8 | $ 7.8 |
| Accumulated amortization of deferred financing costs related to revolving credit facility | 6.4 | 5.3 |
| Deferred financing costs related to long-term debt | 26.3 | 27.6 |
| Accumulated amortization of deferred financing costs related to long-term debt | $ 10.5 | $ 7.3 |
Summary of Significant Accounting Policies - Comprehensive Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Accounting Policies [Abstract] | |||
| Comprehensive income (loss) | $ 60,011 | $ (133,181) | $ (173,159) |
| Accumulated other comprehensive income (loss) | $ 0 | $ (4,089) | $ (14,400) |
Summary of Significant Accounting Policies - Segment Information (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
segment
| |
| Accounting Policies [Abstract] | |
| Number of reportable segments | 1 |
Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) |
1 Months Ended |
|---|---|
|
Jul. 31, 2021
mortgage_loan
| |
| Accounting Policies [Abstract] | |
| Number of mortgage loans amended | 2 |
Investment Properties - Acquisitions (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2022
USD ($)
room
property
|
Dec. 31, 2021
room
|
Dec. 31, 2020
room
|
|
| Schedule of Asset Acquisition [Line Items] | |||
| Number of rooms in property | room | 9,508 | 9,659 | 10,011 |
| W Nashville Located in Nashville | |||
| Schedule of Asset Acquisition [Line Items] | |||
| Number of rooms in property | property | 346 | ||
| Net purchase price | $ 328.5 | ||
| Credit against purchase price | $ 1.3 |
Investment Properties - Purchase Price Allocation for Properties Acquired (Details) - W Nashville Located in Nashville $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
| |
| Schedule of Asset Acquisition [Line Items] | |
| Land | $ 36,364 |
| Buildings and improvements | 264,766 |
| Furniture, fixtures, and equipment | 31,091 |
| Intangible and other assets | 232 |
| Other liability | (3,960) |
| Total purchase price | 328,493 |
| Allocated to inventory | 100 |
| Customer Contracts | |
| Schedule of Asset Acquisition [Line Items] | |
| Intangible and other assets | $ 100 |
| Amortization period (years) | 1 year 3 months 18 days |
| Service Agreements | |
| Schedule of Asset Acquisition [Line Items] | |
| Other liability | $ (4,000) |
| Amortization period (years) | 29 years 9 months 18 days |
Intangible Assets - Summary of Intangibles (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Intangible assets: | ||
| Accumulated amortization | $ (1,068) | $ (2,231) |
| Net intangible assets | 210 | 596 |
| Goodwill | 4,850 | 4,850 |
| Total intangible assets, net of accumulated amortization | 5,060 | 5,446 |
| Acquired in-place lease intangibles | ||
| Intangible assets: | ||
| Intangible assets, gross | 54 | 601 |
| Net intangible assets | 11 | |
| Customer Contracts | ||
| Intangible assets: | ||
| Intangible assets, gross | 1,224 | $ 2,226 |
| Net intangible assets | $ 199 |
Intangible Assets - Amortization Related to Intangibles (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Acquired in-place lease intangibles | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Amortization of intangible assets | $ 111 | $ 154 |
| Customer Contracts | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Amortization of intangible assets | $ 364 | $ 856 |
Intangible Assets - Future Amortization (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Finite-lived intangible assets: | ||
| 2023 | $ 162 | |
| 2024 | 42 | |
| 2025 | 6 | |
| 2026 | 0 | |
| 2027 | 0 | |
| Thereafter | 0 | |
| Net intangible assets | 210 | $ 596 |
| Acquired in-place lease intangibles | ||
| Finite-lived intangible assets: | ||
| 2023 | 8 | |
| 2024 | 3 | |
| 2025 | 0 | |
| 2026 | 0 | |
| 2027 | 0 | |
| Thereafter | 0 | |
| Net intangible assets | 11 | |
| Customer Contracts | ||
| Finite-lived intangible assets: | ||
| 2023 | 154 | |
| 2024 | 39 | |
| 2025 | 6 | |
| 2026 | 0 | |
| 2027 | 0 | |
| Thereafter | 0 | |
| Net intangible assets | $ 199 |
Debt - Mortgage Loans Narrative (Details) - Mortgage loans - USD ($) |
1 Months Ended | ||
|---|---|---|---|
Jan. 31, 2022 |
Jan. 31, 2023 |
Dec. 31, 2022 |
|
| Ritz-Carlton Pentagon City Arlington Virginia [Member] | |||
| Debt Instrument [Line Items] | |||
| Repayments of debt | $ 65,000,000 | ||
| Mortgage Loan Collateralized By Andaz Napa | Subsequent Event | |||
| Debt Instrument [Line Items] | |||
| Aggregate principal | $ 55,000,000 | ||
| Recourse | |||
| Debt Instrument [Line Items] | |||
| Aggregate principal | $ 0 |
Debt - Senior Notes Narrative (Details) - Secured debt - USD ($) |
1 Months Ended | |||
|---|---|---|---|---|
May 31, 2022 |
Dec. 31, 2022 |
May 31, 2021 |
Dec. 31, 2020 |
|
| 2020 Senior Notes $500M | ||||
| Debt Instrument [Line Items] | ||||
| Aggregate principal | $ 500,000,000 | |||
| 2020 Senior Notes $500M | Non-controlling Interests of Operating Partnership | ||||
| Debt Instrument [Line Items] | ||||
| Aggregate principal | $ 500,000,000 | |||
| Stated interest rate (percent) | 6.375% | |||
| 2021 Senior Notes $500M | ||||
| Debt Instrument [Line Items] | ||||
| Aggregate principal | $ 500,000,000 | |||
| 2021 Senior Notes $500M | Non-controlling Interests of Operating Partnership | ||||
| Debt Instrument [Line Items] | ||||
| Aggregate principal | $ 500,000,000 | |||
| Stated interest rate (percent) | 4.875% | |||
| Debt covenant, total unencumbered assets to total unsecured indebtedness on a consolidated basis | 150.00% |
Debt - Debt Outstanding Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Debt Instrument [Line Items] | |||
| Debt outstanding | $ 1,445,000 | $ 1,515,000 | |
| Weighted-average interest rate (percent) | 5.65% | 5.18% | |
| Loss on extinguishment of debt | $ 294 | $ 1,356 | $ 1,625 |
| Loan amendments | |||
| Debt Instrument [Line Items] | |||
| Capitalized deferred financing costs | $ 10,200 | 18,100 | |
| Loan amendments | General and administrative expense | |||
| Debt Instrument [Line Items] | |||
| Legal fees expense | $ 700 | ||
Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Maturities of long-term debt | ||
| 2023 | $ 5,538 | |
| 2024 | 280,173 | |
| 2025 | 503,512 | |
| 2026 | 54,379 | |
| 2027 | 101,386 | |
| Thereafter | 500,000 | |
| Total Debt | 1,444,988 | |
| Revolving Credit Facility matures in 2024 | 0 | |
| Loan premiums, discounts and unamortized deferred financing costs, net | (15,883) | $ (20,307) |
| Total Debt, net of loan premiums, discounts and unamortized deferred financing costs | $ 1,429,105 | $ 1,494,231 |
| Weighted-Average Interest Rate | ||
| 2021 (percent) | 5.48% | |
| 2022 (percent) | 6.33% | |
| 2023 (percent) | 6.36% | |
| 2024 (percent) | 4.53% | |
| 2025 (percent) | 4.63% | |
| Thereafter (percent) | 4.88% | |
| Total Debt (percent) | 5.65% | |
| Weighted-average interest rate on credit facility (percent) | 6.14% | |
| Weighted average interest rate on debt (percent) | 5.65% | 5.18% |
Derivatives - Narrative (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2022
USD ($)
derivative_instrument
|
Dec. 31, 2021
USD ($)
derivative_instrument
|
Dec. 31, 2020
USD ($)
derivative_instrument
|
|
| Derivative [Line Items] | |||
| Realized loss on termination of interest rate derivative instruments | $ (1,555) | $ (2,779) | |
| Interest Rate Swap | |||
| Derivative [Line Items] | |||
| Number of derivatives terminated | derivative_instrument | 2 | 4 | 3 |
| Realized loss on termination of interest rate derivative instruments | $ 1,600 | $ 2,800 | $ 700 |
Derivatives - Gain (Loss) Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
| Realized loss on termination of interest rate derivative instruments | $ (1,555) | $ (2,779) | |
| Gain recognized in other comprehensive income (loss) | 2,932 | 2,991 | $ (18,133) |
| Gain reclassified from accumulated other comprehensive income (loss) to net income (loss) | 1,600 | 7,597 | 7,969 |
| Interest expense | $ 82,727 | $ 81,285 | $ 61,975 |
Fair Value Measurements - Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Recurring | Level 2 | Interest Rate Swap | ||
| Liabilities | ||
| Interest rate swap liabilities | $ 0 | $ (4,531) |
| Recurring | Level 3 | Interest Rate Swap | ||
| Liabilities | ||
| Interest rate swap liabilities | 0 | 0 |
| Nonrecurring | Level 2 | ||
| Net Investment Properties | ||
| Kimpton Hotel Monaco Chicago | 0 | 34,093 |
| Nonrecurring | Level 3 | ||
| Net Investment Properties | ||
| Kimpton Hotel Monaco Chicago | $ 0 | $ 0 |
Fair Value Measurements - Goodwill (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Goodwill Balance | ||
| Goodwill | $ 34,352 | $ 34,352 |
| Cumulative Goodwill Impairment Losses | (29,502) | (29,502) |
| Carrying Value of Goodwill | $ 4,850 | $ 4,850 |
Fair Value Measurements - Financial Instruments Presented at Carrying Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Carrying Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total Mortgage and Corporate Credit Facility Term Loans | $ 444,988 | $ 514,538 |
| Senior Notes | 1,000,000 | 1,000,000 |
| Revolving Credit Facility | 0 | 0 |
| Total | 1,444,988 | 1,514,538 |
| Estimated Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total Mortgage and Corporate Credit Facility Term Loans | 429,035 | 503,265 |
| Senior Notes | 912,823 | 1,055,323 |
| Revolving Credit Facility | 0 | 0 |
| Total | $ 1,341,858 | $ 1,558,588 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Operating Loss Carryforwards [Line Items] | |||
| Income tax (expense) benefit | $ (2,205) | $ (718) | $ 15,867 |
| Estimated federal and state statutory combined rate | 25.12% | 23.44% | 23.62% |
| Employee retention credits | $ 800 | $ 500 | |
| Third-party managers received employee retention credits | 500 | 5,900 | |
| Tax refunds expected | 17,400 | ||
| Unrecognized tax benefits | $ 0 | 0 | $ 0 |
| Federal | |||
| Operating Loss Carryforwards [Line Items] | |||
| Net operating loss carryforwards | 11,200 | 19,400 | |
| Operating loss carryforwards valuation allowance | 19,400 | ||
| State | |||
| Operating Loss Carryforwards [Line Items] | |||
| Net operating loss carryforwards | 172,600 | 198,200 | |
| Operating loss carryforwards valuation allowance | $ 172,600 | $ 198,200 | |
Income Taxes - Schedule of Provisions for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Current: | |||
| Federal | $ (739) | $ 0 | $ 17,360 |
| State | (1,466) | (718) | (154) |
| Total current | (2,205) | (718) | 17,206 |
| Deferred: | |||
| Federal | 0 | 0 | (1,060) |
| State | 0 | 0 | (279) |
| Total deferred | 0 | 0 | (1,339) |
| Total tax (provision) benefit | $ (2,205) | $ (718) | $ 15,867 |
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Effective Income Tax Rate Reconciliation, Amount | |||
| (Provision) benefit for income taxes at statutory rate | $ (12,565) | $ 30,235 | $ 38,384 |
| Tax impact related to REIT operations | 10,186 | (28,424) | (25,741) |
| Income for which no federal tax benefit was recognized | 0 | 0 | (3) |
| Change in federal and state valuation allowances | 4,731 | (3,214) | (9,399) |
| Impact of rate change on deferred tax balances | 151 | (720) | 28 |
| State tax (provision) benefit, net of federal | (1,771) | 1,370 | 7,536 |
| Tax benefit related to federal net operating loss carryback rate | 0 | 0 | 5,004 |
| Change in federal and state valuation allowances on attributes written off | (2,929) | 0 | 0 |
| Other | (8) | 35 | 58 |
| Total tax (provision) benefit | $ (2,205) | $ (718) | $ 15,867 |
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Net operating loss | $ 8,997 | $ 14,268 |
| Deferred income | 2,458 | 1,905 |
| Other | 94 | 107 |
| Total deferred tax assets | 11,549 | 16,280 |
| Less: Valuation allowance | (11,549) | (16,280) |
| Net deferred tax assets | $ 0 | $ 0 |
Share-Based Compensation - 2015 Incentive Award Plan (Details) |
Dec. 31, 2022
shares
|
|---|---|
| Share-Based Payment Arrangement [Abstract] | |
| Aggregate share authorization (in shares) | 2,149,257 |
Share-Based Compensation - Director Compensation Program (Details) |
1 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
|
May 31, 2022
$ / shares
shares
|
May 31, 2021
$ / shares
shares
|
May 31, 2020
$ / shares
shares
|
Dec. 31, 2022
director
shares
|
Dec. 31, 2021
property
shares
|
Dec. 31, 2020
property
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Granted (in shares) | 1,108,116 | 940,662 | ||||
| Non-employee director | Fully vested LTIP Units | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Number of recipients | 8 | 7 | 7 | |||
| Granted (in shares) | 41,496 | 36,848 | 84,546 | |||
| Grant date fair value (in dollars per share) | $ / shares | $ 19.28 | $ 19.00 | $ 8.28 | |||
Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total unrecognized compensation costs | $ 12.1 | ||
| Unrecognized compensation costs period for recognition | 1 year 7 months 20 days | ||
| Accelerated share-based compensation | $ 1.6 | ||
| Executive officers and management | Restricted Stock Units and LTIP Units | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Share-based compensation expense | $ 10.6 | $ 10.8 | 10.9 |
| Director | LTIP Units | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Share-based compensation expense | 0.8 | 0.8 | 0.7 |
| Management | Restricted Stock Units | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Employee service share-based compensation, allocation of recognized period costs, capitalized amount | $ 0.4 | $ 0.6 | $ 1.0 |
Commitments and Contingencies - Summary of Leases (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
| |
| Operating Leases | |
| Weighted-average remaining lease term, including reasonably certain extension options | 20 years |
| Weighted-average discount rate (percent) | 5.72% |
| ROU asset | $ 18,713 |
| Lease liability | 19,888 |
| Operating lease rent expense | 2,146 |
| Variable lease costs | 3,802 |
| Total rent and variable lease costs | $ 5,948 |
| Weighted average remaining lease term including available extension options | 56 years |
| ROU asset, consolidated balance sheet line item | Other assets |
| Lease liability, consolidated balance sheet line item | Other liabilities |
Commitments and Contingencies - Remaining Lease Payments (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
|---|---|
| Remaining Lease Payments | |
| 2023 | $ 2,157 |
| 2024 | 2,171 |
| 2025 | 2,186 |
| 2026 | 2,202 |
| 2027 | 2,218 |
| Thereafter | 25,495 |
| Total undiscounted lease payments | 36,429 |
| Less imputed interest | (16,541) |
| Lease liability | $ 19,888 |
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Reconciliation of real estate owned | |||
| Balance at beginning of year | $ 3,288,098 | $ 3,395,969 | $ 3,753,108 |
| Acquisitions | 332,231 | 0 | 0 |
| Capital improvements | 72,027 | 29,631 | 67,067 |
| Disposals and write-offs | (145,035) | (82,996) | (424,206) |
| Properties classified as held for sale | 0 | (54,506) | 0 |
| Balance at end of year | $ 3,547,321 | $ 3,288,098 | $ 3,395,969 |
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