XML 42 R29.htm IDEA: XBRL DOCUMENT v3.22.4
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investment In Unconsolidated Joint Ventures As of December 31, 2022 and December 31, 2021 our investment in unconsolidated joint ventures consisted of the following:
Joint VentureHotel PropertiesPercent OwnedDecember 31, 2022December 31, 2021
Cindat Hersha Owner JV, LLCHilton and IHG branded hotels in NYC31 %*$— $— 
Hiren Boston, LLCCourtyard by Marriott, South Boston, MA50 %**— 189 
SB Partners, LLCHoliday Inn Express, South Boston, MA50 %— — 
SB Partners Three, LLCHome2 Suites, South Boston, MA50 %4,989 5,391 
$4,989 $5,580 
Schedule of Income Or Loss From Unconsolidated Joint Ventures Loss (income) recognized during the years ended December 31, 2022, 2021 and 2020, for our investments in unconsolidated joint ventures is as follows:
Year Ended December 31,
202220212020
Cindat Hersha Owner JV, LLC$— $(229)$— 
Hiren Boston, LLC659 (1,104)(1,741)
SB Partners, LLC(310)(185)(600)
SB Partners Three, LLC(402)(774)(597)
Loss from Unconsolidated Joint Venture Investments$(53)$(2,292)$(2,938)
Schedule of Financial Information Related To Unconsolidated Joint Ventures
The following tables set forth the total assets, liabilities, equity and components of net income or loss, including the Company’s share, related to the unconsolidated joint ventures as of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020. The total assets, liabilities and equity of Hiren Boston, LLC are not included as of December 31, 2022; however, the components of net income are included for the period of January 1, 2022 to November 30, 2022, the period in which we owned a membership interest in Hiren Boston, LLC.
Balance Sheets
December 31, 2022December 31, 2021
Assets
Investment in Hotel Properties, Net$47,356 $64,096 
Other Assets11,803 15,649 
Total Assets$59,159 $79,745 
Liabilities and Equity
Mortgages and Notes Payable$50,236 $65,723 
Other Liabilities10,012 15,656 
Equity:
Hersha Hospitality Trust2,630 3,328 
Joint Venture Partners(3,719)(4,962)
Total Equity(1,089)(1,634)
Total Liabilities and Equity$59,159 $79,745 
Statements of Operations
Year Ended December 31,
202220212020
Room Revenue$23,252 $11,790 $25,011 
Other Revenue1,201 731 1,020 
Operating Expenses(13,641)(8,451)(18,695)
Lease Expense(1,138)(1,019)(770)
Property Taxes and Insurance(2,229)(3,095)(12,906)
General and Administrative— (87)(2,638)
Depreciation and Amortization(4,929)(6,065)(16,200)
Interest Expense(3,329)(4,619)(23,908)
Loss on Dissolution of Joint Venture— (112,371)— 
Net Loss$(813)$(123,186)$(49,086)
Schedule of Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures
The following table is a reconciliation of our share in the unconsolidated joint ventures’ equity to our investment in the unconsolidated joint ventures as presented on our balance sheets as of December 31, 2022 and December 31, 2021.
December 31, 2022December 31, 2021
Our share of equity recorded on the joint ventures' financial statements$2,630 $3,328 
Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1)
2,359 2,252 
Investment in Unconsolidated Joint Ventures$4,989 $5,580 
(1)    Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following:
•the difference between our basis in the investment in joint ventures and the equity recorded on the joint ventures' financial statements;
•accumulated amortization of our equity in joint ventures that reflects the difference in our portion of the fair value of joint ventures' assets on the date of our investment when compared to the carrying value of the assets recorded on the joint ventures’ financial statements (this excess or deficit investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on our consolidated statement of operations); and
•cumulative impairment of our investment in joint ventures not reflected on the joint ventures' financial statements, if any.