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Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Current and Future Minimum Rental Payments for Ground Leases
The following table reflects the current and future annual rents under our ground leases:
Property
 
Term (1)
 
Annual Rent
Bethesda Marriott Suites
 
Through 4/2087
 
$824,341 (2)
Courtyard Manhattan/Fifth Avenue (3)
 
10/2007 - 9/2017
 
$906,000
 
 
10/2017 - 9/2027
 
$1,132,812
 
 
10/2027 - 9/2037
 
$1,416,015
 
 
10/2037 - 9/2047
 
$1,770,019
 
 
10/2047 - 9/2057
 
$2,212,524
 
 
10/2057 - 9/2067
 
$2,765,655
 
 
10/2067 - 9/2077
 
$3,457,069
 
 
10/2077 - 9/2085
 
$4,321,336
Salt Lake City Marriott Downtown (Ground lease for hotel) (4)
 
Through 12/2056
 
Greater of $132,000 or 2.6% of annual gross room sales
Salt Lake City Marriott Downtown (Ground lease for extension)
 
1/2013 - 12/2016
 
$11,305
 
 
1/2017 - 12/2017
 
$13,000
 
 
1/2018 - 12/2056 (5)
 
$13,500
Westin Boston Waterfront Hotel (6) (Base rent)
 
1/2016 - 12/2020
 
$750,000
 
 
1/2021 - 12/2025
 
$1,000,000
 
 
1/2026 - 12/2030
 
$1,500,000
 
 
1/2031 - 12/2035
 
$1,750,000
 
 
1/2036 - 5/2099
 
No base rent
Westin Boston Waterfront Hotel (Percentage rent)
 
Through 5/2015
 
0% of annual gross revenue
 
 
6/2016 - 5/2026
 
1.0% of annual gross revenue
 
 
6/2026 - 5/2036
 
1.5% of annual gross revenue
 
 
6/2036 - 5/2046
 
2.75% of annual gross revenue
 
 
6/2046 - 5/2056
 
3.0% of annual gross revenue
 
 
6/2056 - 5/2066
 
3.25% of annual gross revenue
 
 
6/2066 - 5/2099
 
3.5% of annual gross revenue
JW Marriott Denver at Cherry Creek
 
1/2016 - 12/2020
 
$50,000
 
 
1/2021 - 12/2025
 
$55,000
 
 
1/2026 - 12/2030 (7)
 
$60,000
Shorebreak Hotel
 
Through 4/2016
 
$115,542
 
 
5/2016 - 4/2021 (8)
 
$126,649
Orchards Inn Sedona
 
Through 6/2018
 
$117,780
 
 
7/2018 - 12/2070
 
$123,499 (9)
Hotel Palomar Phoenix (Base Rent)
 
Through 3/2020
 
$16,875
 
 
4/2020 - 3/2021
 
$33,750
 
 
4/2021 - 3/2085
 
$34,594 (10)
Hotel Palomar Phoenix (Government Property Lease Excise Tax) (11)
 
1/2022 - 12/2023
 
$390,000
 
 
1/2024 - 12/2033
 
$312,000
 
 
1/2034 - 12/2043
 
$234,000
 
 
1/2044 - 12/2053
 
$156,000
 
 
1/2054 - 12/2063
 
$78,000
 
 
1/2064 - 3/2085
 
$—
Cavallo Point (Base Rent)
 
Through 12/2018
 
$1
 
 
1/2019 - 12/2066
 
$67,034 (12)
Cavallo Point (13) (Percentage Rent)
 
Through 12/2018
 
1.0% of adjusted gross revenue over threshold
 
 
1/2019 - 12/2023
 
2.0% of adjusted gross revenue over threshold
 
 
1/2024 - 12/2028
 
3.0% of adjusted gross revenue over threshold
 
 
1/2029 - 12/2033
 
4.0% of adjusted gross revenue over threshold
 
 
1/2034 - 12/2066
 
5.0% of adjusted gross revenue over threshold
Cavallo Point (14) (Participation Rent)
 
Through 12/2066
 
10.0% of adjusted gross revenue over threshold

Property
 
Term (1)
 
Annual Rent
Renaissance Worthington garage ground lease
 
8/2013 - 7/2022
 
$40,400
 
 
8/2022 - 7/2037
 
$46,081
 
 
8/2037 - 7/2052
 
$51,763
 
 
8/2052 - 7/2067
 
$57,444
__________
(1)
These terms assume our exercise of all renewal options.

 
 
(2)
Represents rent for the year ended December 31, 2019. Rent increases annually by 5.5%.
 
 
(3)
The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2019.
 
 
(4)
We own a 21% interest in the land underlying the hotel and, as a result, 21% of the annual rent under the ground lease is paid to us by the hotel.
(5)
Rent will increase from the prior year's rent based on a Consumer Price Index calculation on each January 1, beginning January 1, 2019 and through the end of the lease.
 
 
(6)
Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease.
 
 
(7)
Beginning January 2031, we have the right to renew the ground lease in one-year increments at the prior year's annual rent plus 3%.
 
 
(8)
Rent will increase on May 1, 2021 and every five years thereafter based on a Consumer Price Index calculation.
 
 
(9)
Represents rent from July 2019 through June 2020. On July 1, 2018, rent increased based on a Consumer Price Index calculation, and will continue to do so annually through the end of the lease.
 
 
(10)
Represents rent from April 2021 through March 2022. Rent increases annually each April by 2.5%.
 
 
(11)
As lessee of government property, the hotel is subject to a Government Property Lease Excise Tax ("GPLET") under Arizona state statute with payments beginning in 2022.
 
 
(12)
Base rent increases in January 2019 and resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%.
 
 
(13)
Percentage rent is applied to annual adjusted gross revenues, as defined in the ground lease, between $30 million and the participation rent threshold. Base rent is deducted from the percentage rent.
 
 
(14)
Participation rent is applied to annual adjusted gross revenues, as defined in the ground lease, over $40 million in 2018, $42 million in 2019, and $42 million plus an annual increase based on a Consumer Price Index calculation for 2020 and every year thereafter through the end of the lease term.