FORM 10-K |
☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
PEBBLEBROOK HOTEL TRUST | ||
(Exact Name of Registrant as Specified in Its Charter) | ||
Maryland | 27-1055421 | |
(State of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
7315 Wisconsin Avenue, 1100 West Bethesda, Maryland | 20814 | |
(Address of Principal Executive Offices) | (Zip Code) |
(240) 507-1300 (Registrant’s telephone number, including area code) |
Title of Each Class | Name of Each Exchange on Which Registered | |
Common Shares of Beneficial Interest, $0.01 par value per share | New York Stock Exchange | |
7.875% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share | New York Stock Exchange | |
8.00% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share | New York Stock Exchange | |
6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ¨ | |
Non-accelerated filer | ¨ (do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Pebblebrook Hotel Trust TABLE OF CONTENTS | ||
Item No. | Page | |
PART I | ||
1. | ||
1A. | ||
1B. | ||
2. | ||
3. | ||
4. | ||
PART II | ||
5. | ||
6. | ||
7. | ||
7A. | ||
8. | ||
9. | ||
9A. | ||
9B. | ||
PART III | ||
10. | ||
11. | ||
12. | ||
13. | ||
14. | ||
PART IV | ||
15. |
• | risks associated with the hotel industry, including competition, increases in employment costs, energy costs and other operating costs, or decreases in demand caused by events beyond our control including, without limitation, actual or threatened terrorist attacks, cyber attacks, any type of flu or disease-related pandemic, or downturns in general and local economic conditions; |
• | the availability and terms of financing and capital and the general volatility of securities markets; |
• | our dependence on third-party managers of our hotels, including our inability to implement strategic business decisions directly; |
• | risks associated with the global economy and real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws; |
• | interest rate increases; |
• | our possible failure to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), and the risk of changes in laws affecting REITs; |
• | the timing and availability of potential hotel acquisitions and our ability to identify and complete hotel acquisitions in accordance with our business strategy; |
• | the possibility of uninsured losses; |
• | risks associated with redevelopment and repositioning projects, including delays and cost overruns; and |
• | the other factors discussed under the heading "Risk Factors" in this Annual Report on Form 10-K. |
• | premier locations, facilities and other competitive advantages not easily replicated; |
• | high barriers-to-entry in the market, such as scarcity of development sites, regulatory hurdles, high per-room development costs and long lead times for new development; |
• | acquisition prices at a discount to replacement cost; |
• | properties not subject to long-term management contracts with hotel management companies; |
• | potential return on investment initiatives, including redevelopment, rebranding, redesign, expansion and change of management; |
• | opportunities to implement value-added operational improvements; and |
• | strong demand growth characteristics supported by favorable demographic indicators. |
• | competition from other hotel properties and non-hotel properties that provide nightly and short-term rentals in our markets; |
• | over-building of hotels in our markets, which could adversely affect occupancy and revenues at our hotel properties; |
• | dependence on business and commercial travelers and tourism; |
• | increases in energy costs, government taxes and fees, and other expenses affecting travel, which may affect travel patterns and reduce the number of business and commercial travelers and tourists; |
• | increases in operating costs due to inflation and other factors that may not be offset by increased room rates; |
• | changes in interest rates and in the availability, cost and terms of debt financing; |
• | changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related costs of compliance with laws and regulations, fiscal policies and ordinances; |
• | adverse effects of international, national, regional and local economic and market conditions; |
• | unforeseen events beyond our control, such as terrorist attacks, cyber attacks, travel related health concerns including pandemics and epidemics such as H1N1 influenza (swine flu), avian bird flu and SARS, political instability, regional hostilities, imposition of taxes or surcharges by regulatory authorities, travel related accidents and unusual weather patterns, including natural disasters such as hurricanes, tsunamis or earthquakes; |
• | adverse effects of a downturn in the lodging industry; and |
• | risks generally associated with the ownership of hotel properties and real estate, as we discuss in more detail below. |
• | possible environmental problems; |
• | construction cost overruns and delays; |
• | the possibility that revenues will be reduced while rooms or restaurants are out of service due to capital improvement projects; |
• | a possible shortage of available cash to fund capital improvements and the related possibility that financing for these capital improvements may not be available to us on attractive terms; and |
• | uncertainties as to market demand or a loss of market demand after capital improvements have begun. |
• | construction delays or cost overruns that may increase project costs; |
• | the receipt of zoning, occupancy and other required governmental permits and authorizations; |
• | development costs incurred for projects that are not pursued to completion; |
• | acts of God such as earthquakes, hurricanes, floods or fires that could adversely impact a project; |
• | the negative impact of construction on operating performance during and soon after the construction period; |
• | the ability to raise capital; and |
• | governmental restrictions on the nature or size of a project. |
• | adverse changes in international, national, regional and local economic and market conditions; |
• | changes in interest rates and in the availability, cost and terms of debt financing; |
• | changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related costs of compliance with laws and regulations, fiscal policies and ordinances; |
• | the ongoing need for capital improvements, particularly in older structures; |
• | changes in operating expenses; and |
• | civil unrest, acts of God, including earthquakes, floods and other natural disasters, which may result in uninsured losses, and acts of war or terrorism. |
• | our lack of knowledge of the contamination; |
• | the timing of the contamination; |
• | the cause of the contamination; or |
• | the party responsible for the contamination of the property. |
• | “business combination” provisions that, subject to limitations, prohibit certain business combinations between us and an “interested shareholder” (defined generally as any person who beneficially owns 10 percent or more of the voting power of our shares) or an affiliate of any interested shareholder for five years after the most recent date on which the shareholder becomes an interested shareholder, and thereafter imposes special appraisal rights and special shareholder voting requirements on these combinations; and |
• | “control share” provisions that provide that our “control shares” (defined as shares which, when aggregated with other shares controlled by the shareholder, entitle the shareholder to exercise one of three increasing ranges of voting power in electing trustees) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of “control shares”) have no voting rights except to the extent approved by our shareholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares. |
• | actual receipt of an improper benefit or profit in money, property or services; or |
• | active and deliberate dishonesty by the trustee or officer that was established by a final judgment as being material to the cause of action adjudicated. |
• | 85 percent of our REIT ordinary income for that year; |
• | 95 percent of our REIT capital gain net income for that year; and |
• | any undistributed REIT taxable income from prior years. |
Property | Date Acquired | Location | Number of Guest Rooms | ||||||
1. | DoubleTree by Hilton Hotel Bethesda -Washington DC | June 4, 2010 | Bethesda, MD | 270 | |||||
2. | Sir Francis Drake | June 22, 2010 | San Francisco, CA | 416 | |||||
3. | InterContinental Buckhead Atlanta | July 1, 2010 | Buckhead, GA | 422 | |||||
4. | Hotel Monaco Washington DC | (1) (2) | September 9, 2010 | Washington, D.C. | 183 | ||||
5. | The Grand Hotel Minneapolis | September 29, 2010 | Minneapolis, MN | 140 | |||||
6. | Skamania Lodge | November 3, 2010 | Stevenson, WA | 254 | |||||
7. | Le Meridien Delfina Santa Monica | November 19, 2010 | Santa Monica, CA | 310 | |||||
8. | Sofitel Philadelphia | (1) | December 3, 2010 | Philadelphia, PA | 306 | ||||
9. | Argonaut Hotel | (1) (2) | February 16, 2011 | San Francisco, CA | 252 | ||||
10. | The Westin San Diego Gaslamp Quarter | (1) | April 6, 2011 | San Diego, CA | 450 | ||||
11. | Hotel Monaco Seattle | April 7, 2011 | Seattle, WA | 189 | |||||
12. | Mondrian Los Angeles | May 3, 2011 | West Hollywood, CA | 236 | |||||
13. | Viceroy Miami | May 26, 2011 | Miami, FL | 148 | |||||
14. | W Boston | June 8, 2011 | Boston, MA | 235 | |||||
15. | Hotel Zetta | April 4, 2012 | San Francisco, CA | 116 | |||||
16. | Hotel Vintage Seattle | July 9, 2012 | Seattle, WA | 125 | |||||
17. | Hotel Vintage Portland | July 9, 2012 | Portland, OR | 117 | |||||
18. | W Los Angeles - West Beverly Hills | August 23, 2012 | Los Angeles, CA | 297 | |||||
19. | Hotel Zelos (formerly Hotel Palomar San Francisco) | (1) (3) | October 25, 2012 | San Francisco, CA | 202 | ||||
20. | Embassy Suites San Diego Bay - Downtown | (1) | January 29, 2013 | San Diego, CA | 341 | ||||
21. | The Redbury Hollywood | August 8, 2013 | Hollywood, CA | 57 | |||||
22. | Hotel Modera | (1) | August 28, 2013 | Portland, OR | 174 | ||||
23. | Hotel Zephyr Fisherman's Wharf | (2) | December 9, 2013 | San Francisco, CA | 361 | ||||
24. | The Prescott Hotel San Francisco | (3) | May 22, 2014 | San Francisco, CA | 164 | ||||
25. | The Nines, a Luxury Collection Hotel, Portland | July 17, 2014 | Portland, OR | 331 | |||||
26. | The Westin Colonnade Coral Gables | November 12, 2014 | Miami, FL | 157 | |||||
27. | Hotel Palomar Los Angeles - Beverly Hills | (2) | November 20, 2014 | Los Angeles, CA | 264 | ||||
28. | Union Station Hotel, Autograph Collection | (2) | December 10, 2014 | Nashville, TN | 125 | ||||
29. | Revere Hotel Boston Common | December 18, 2014 | Boston, MA | 356 | |||||
30. | LaPlaya Beach Resort and LaPlaya Beach Club | May 21, 2015 | Naples, FL | 189 | |||||
31. | The Tuscan Fisherman's Wharf, a Best Western Plus Hotel | June 11, 2015 | San Francisco, CA | 221 | |||||
Total number of guest rooms | 7,408 | ||||||||
(1) This property is subject to mortgage debt at December 31, 2015. | |||||||||
(2) This property is subject to a long-term ground lease. | |||||||||
(3) This property is subject to a long-term hotel lease. |
Property | Date Acquired | Location | Number of Guest Rooms | ||||
1. Manhattan NYC (1) | July 29, 2011 | New York, NY | 618 | ||||
2. Shelburne NYC (1) | July 29, 2011 | New York, NY | 325 | ||||
3. Dumont NYC (1) | July 29, 2011 | New York, NY | 252 | ||||
4. Fifty NYC (1) | July 29, 2011 | New York, NY | 251 | ||||
5. Gardens NYC (1) | July 29, 2011 | New York, NY | 132 | ||||
6. The Benjamin (1) | July 29, 2011 | New York, NY | 209 | ||||
Total number of guest rooms | 1,787 | ||||||
(1) This property is subject to mortgage debt at December 31, 2015. |
• | Base Management Fees. Our management agreements generally provide for the payment of base management fees between 2% and 4% of the applicable hotel's revenues, as determined in the agreements. |
• | Incentive Management and Other Fees. Some of our management agreements provide for the payment of incentive management fees. Generally, incentive management fees are 10% to 20% of net operating income above a specified return on project costs or as a percentage of net operating income above various net operating income thresholds. Some of our management agreements provide for an incentive fee of the lesser of 1% of revenues or the amount by which net operating income exceeds a threshold. Two of our management agreements have a maximum incentive fee of 2.5% of revenue. |
• | Terms. The terms of our management agreements range from 5 years to 20 years not including renewals, and 5 years to 52 years including renewals. |
• | Ability to Terminate. Many of our management agreements are terminable at will by us upon payment of a termination fee and some are terminable upon sale of the property. Most of the agreements also provide us the ability to terminate based on failure to achieve defined operating performance thresholds. Termination fees range from zero to up to five times the annual base management and incentive management fees, depending on the agreement and the reason for termination. |
• | Operational Services. Each manager has exclusive authority to supervise, direct and control the day-to-day hotel operation and management including establishing all room rates, processing reservations, procuring inventories, supplies and services, hiring and firing employees and independent contractors and preparing public relations, publicity and marketing plans for the hotel. |
• | Executive Supervision and Management Services. Each manager supervises all managerial and other hotel employees, reviews hotel operation and maintenance, prepares reports, budgets and projections, and provides other administrative and accounting support services for the hotel. Under certain management agreements, we have approval rights over certain key management personnel at the hotel. |
• | Chain Services. Our management agreements with major hotel franchisors require the managers to furnish chain services that are generally made available to other hotels managed by such operators. Such services may, for example, include: the development and operation of computer systems and reservation services; management and administrative services; marketing and sales services; human resources training services; and additional services as may from time to time be more efficiently performed on a national, regional or group level. |
• | Working Capital. Our management agreements typically require us to maintain working capital for a hotel and to fund the cost of supplies such as linens and other similar items. We are also responsible for providing funds to meet the cash needs for the hotel operations if at any time the funds available from the hotel operations are insufficient to meet the financial requirements of the hotel. |
• | Furniture, Fixtures and Equipment Replacements. We are required to invest in the hotels and to provide all the necessary furniture, fixtures and equipment for the operation of the hotels (including funding any required furniture, fixture and equipment replacements). Our management agreements generally provide that once a year the managers will prepare a list of furniture, fixtures and equipment to be acquired and certain routine capital repairs to be performed in the following year and an estimate of funds that are necessary for our review and approval. To fund the furniture, fixtures and equipment replacements, a specified percentage of the gross revenues of each hotel (typically 4.0%) is either deposited by the manager in an escrow account or held by us, as owner. |
• | Building Alterations, Improvements and Renewals. Our management agreements generally require the managers to prepare an annual estimate of the expenditures necessary for major capital repairs, alterations, improvements, renewals and replacements to the structural, mechanical, electrical, heating, ventilating, air conditioning, plumbing and vertical transportation elements of the hotels. In addition to the foregoing, the management agreements generally provide that the managers may propose such changes, alterations and improvements to the hotels as are required by reason of laws or regulations or, in the manager's reasonable judgment, to keep the hotels in a safe, competitive and efficient operating condition. |
• | Sale of a Hotel. Certain of our management agreements limit our ability to sell, lease or otherwise transfer a hotel, unless the transferee assumes the related management agreement and meets other specified conditions. |
Property | Expiration Date | |
DoubleTree by Hilton Hotel Bethesda -Washington DC | June 2020 | |
Le Meridien Delfina Santa Monica | September 2033 | |
Embassy Suites San Diego Bay - Downtown | January 2028 | |
The Nines, a Luxury Collection Hotel, Portland | October 2033 | |
The Westin Colonnade Coral Gables | January 2017 | |
Union Station Hotel, Autograph Collection | January 2032 | |
The Tuscan Fisherman's Wharf, a Best Western Plus Hotel | November 2016 |
2015 | 2014 | ||||||||||||||||||||||
High | Low | Dividend | High | Low | Dividend | ||||||||||||||||||
First Quarter | $ | 50.11 | $ | 44.59 | $ | 0.31 | $ | 35.09 | $ | 29.36 | $ | 0.23 | |||||||||||
Second Quarter | $ | 46.57 | $ | 41.35 | $ | 0.31 | $ | 37.12 | $ | 33.23 | $ | 0.23 | |||||||||||
Third Quarter | $ | 46.24 | $ | 35.00 | $ | 0.31 | $ | 39.17 | $ | 36.40 | $ | 0.23 | |||||||||||
Fourth Quarter | $ | 38.52 | $ | 27.67 | $ | 0.31 | $ | 46.88 | $ | 36.76 | $ | 0.23 |
Name | Value of Initial Investment at December 31, 2010 | Value of Investment at December 31, 2011 | Value of Investment at December 31, 2012 | Value of Investment at December 31, 2013 | Value of Investment at December 31, 2014 | Value of Investment at December 31, 2015 | |||||||||||||||||
Pebblebrook Hotel Trust | $ | 100.00 | $ | 96.86 | $ | 119.12 | $ | 162.30 | $ | 246.62 | $ | 156.58 | |||||||||||
Russell 2000 Index | $ | 100.00 | $ | 95.82 | $ | 111.53 | $ | 154.82 | $ | 162.40 | $ | 155.24 | |||||||||||
FTSE NAREIT Equity Index | $ | 100.00 | $ | 108.29 | $ | 129.73 | $ | 133.44 | $ | 170.85 | $ | 175.68 |
2015 | 2014 | 2013 | ||||||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||||||
Common Shares: | ||||||||||||||||||||
Ordinary income | $ | 1.1715 | 98.21 | % | $ | 0.9108 | 100.00 | % | $ | 0.6000 | 100.00 | % | ||||||||
Qualified dividend | 0.0213 | 1.79 | % | — | — | % | — | — | % | |||||||||||
Capital gain | — | — | % | — | — | % | — | — | % | |||||||||||
Return of capital | — | — | % | — | — | % | — | — | % | |||||||||||
Total | $ | 1.1928 | 100.00 | % | $ | 0.9108 | 100.00 | % | $ | 0.6000 | 100.00 | % | ||||||||
Series A Preferred Shares: | ||||||||||||||||||||
Ordinary income | $ | 1.9336 | 98.21 | % | $ | 2.3948 | 100.00 | % | $ | 2.0349 | 100.00 | % | ||||||||
Qualified dividend | 0.0352 | 1.79 | % | — | — | % | — | — | % | |||||||||||
Capital gain | — | — | % | — | — | % | — | — | % | |||||||||||
Return of capital | — | — | % | — | — | % | — | — | % | |||||||||||
Total | $ | 1.9688 | 100.00 | % | $ | 2.3948 | 100.00 | % | $ | 2.0349 | 100.00 | % | ||||||||
Series B Preferred Shares: | ||||||||||||||||||||
Ordinary income | $ | 1.9643 | 98.21 | % | $ | 2.4328 | 100.00 | % | $ | 2.0672 | 100.00 | % | ||||||||
Qualified dividend | 0.0357 | 1.79 | % | — | — | % | — | — | % | |||||||||||
Capital gain | — | — | % | — | — | % | — | — | % | |||||||||||
Return of capital | — | — | % | — | — | % | — | — | % | |||||||||||
Total | $ | 2.0000 | 100.00 | % | $ | 2.4328 | 100.00 | % | $ | 2.0672 | 100.00 | % | ||||||||
Series C Preferred Shares: | ||||||||||||||||||||
Ordinary income | $ | 1.5960 | 98.22 | % | $ | 1.9767 | 100.00 | % | $ | 0.9890 | 100.00 | % | ||||||||
Qualified dividend | 0.0290 | 1.78 | % | — | — | % | — | — | % | |||||||||||
Capital gain | — | — | % | — | — | % | — | — | % | |||||||||||
Return of capital | — | — | % | — | — | % | — | — | % | |||||||||||
Total | $ | 1.6250 | 100.00 | % | $ | 1.9767 | 100.00 | % | $ | 0.9890 | 100.00 | % | ||||||||
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans | ||||||
Equity compensation plans approved by security holders | — | — | 762,013 | ||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||
Total | — | — | 762,013 |
For the year ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
(In thousands, except share and per-share data) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Room | $ | 526,573 | $ | 410,600 | $ | 321,630 | $ | 239,218 | $ | 177,479 | ||||||||||
Food and beverage | 190,852 | 148,114 | 136,531 | 117,752 | 92,898 | |||||||||||||||
Other operating | 53,439 | 40,062 | 31,056 | 23,718 | 17,610 | |||||||||||||||
Total revenues | 770,864 | 598,776 | 489,217 | 380,688 | 287,987 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||
Room | 124,090 | 102,709 | 83,390 | 63,213 | 47,570 | |||||||||||||||
Food and beverage | 128,816 | 104,843 | 100,244 | 86,369 | 65,783 | |||||||||||||||
Other direct and indirect | 215,169 | 166,435 | 140,564 | 112,002 | 88,001 | |||||||||||||||
Total hotel operating expenses | 468,075 | 373,987 | 324,198 | 261,584 | 201,354 | |||||||||||||||
Depreciation and amortization | 95,872 | 68,324 | 55,570 | 42,794 | 30,945 | |||||||||||||||
Real estate taxes, personal property taxes, property insurance and ground rent | 46,947 | 36,878 | 31,052 | 20,187 | 14,709 | |||||||||||||||
General and administrative | 27,649 | 26,349 | 17,166 | 16,777 | 11,460 | |||||||||||||||
Hotel acquisition costs | 4,686 | 1,973 | 3,376 | 2,234 | 3,392 | |||||||||||||||
Total operating expenses | 643,229 | 507,511 | 431,362 | 343,576 | 261,860 | |||||||||||||||
Operating income (loss) | 127,635 | 91,265 | 57,855 | 37,112 | 26,127 | |||||||||||||||
Interest income | 2,511 | 2,529 | 2,620 | 224 | 868 | |||||||||||||||
Interest expense | (38,774 | ) | (27,065 | ) | (23,680 | ) | (14,932 | ) | (13,653 | ) | ||||||||||
Other | — | — | — | — | 85 | |||||||||||||||
Equity in earnings (loss) of joint venture | 6,213 | 10,065 | 7,623 | 5,970 | 2,336 | |||||||||||||||
Income (loss) before income taxes | 97,585 | 76,794 | 44,418 | 28,374 | 15,763 | |||||||||||||||
Income tax (expense) benefit | (2,590 | ) | (3,251 | ) | (1,226 | ) | (1,866 | ) | (564 | ) | ||||||||||
Net income (loss) | 94,995 | 73,543 | 43,192 | 26,508 | 15,199 | |||||||||||||||
Net income (loss) attributable to non-controlling interests | 327 | 677 | 274 | 429 | 343 | |||||||||||||||
Net income (loss) attributable to the Company | 94,668 | 72,866 | 42,918 | 26,079 | 14,856 | |||||||||||||||
Distributions to preferred shareholders | (25,950 | ) | (25,079 | ) | (22,953 | ) | (17,825 | ) | (10,413 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 68,718 | $ | 47,787 | $ | 19,965 | $ | 8,254 | $ | 4,443 | ||||||||||
Net income (loss) per share available to common shareholders, basic | $ | 0.95 | $ | 0.72 | $ | 0.32 | $ | 0.14 | $ | 0.08 | ||||||||||
Net income (loss) per share available to common shareholders, diluted | $ | 0.94 | $ | 0.71 | $ | 0.32 | $ | 0.14 | $ | 0.08 | ||||||||||
Weighted-average number of common shares, basic | 71,715,870 | 65,646,712 | 61,498,389 | 55,806,543 | 47,921,200 | |||||||||||||||
Weighted-average number of common shares, diluted | 72,384,289 | 66,264,118 | 61,836,741 | 55,955,497 | 47,966,307 |
As of December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Investment in hotel properties, net | $ | 2,673,584 | $ | 2,343,690 | $ | 1,717,611 | $ | 1,417,229 | $ | 1,127,484 | ||||||||||
Investment in joint venture | 248,794 | 258,828 | 260,304 | 283,011 | 171,765 | |||||||||||||||
Cash and cash equivalents | 26,345 | 52,883 | 55,136 | 85,900 | 65,684 | |||||||||||||||
Total assets | 3,062,930 | 2,770,484 | 2,116,931 | 1,846,162 | 1,416,632 | |||||||||||||||
Senior unsecured revolving credit facility | 165,000 | 50,000 | — | — | — | |||||||||||||||
Term loans | 525,000 | 300,000 | 100,000 | 100,000 | — | |||||||||||||||
Senior unsecured notes | 100,000 | — | — | — | — | |||||||||||||||
Mortgage debt | 320,054 | 493,987 | 454,247 | 368,508 | 251,539 | |||||||||||||||
Total shareholders' equity | 1,758,389 | 1,781,091 | 1,473,339 | 1,312,951 | 1,113,251 |
For the year ended December 31, | ||||||||
2015 | 2014 | |||||||
Total Wholly Owned Portfolio | ||||||||
Same-Property Occupancy | 83.3 | % | 84.3 | % | ||||
Same-Property ADR | $ | 241.39 | $ | 227.77 | ||||
Same-Property RevPAR | $ | 200.99 | $ | 192.07 |
Non-comparable property for the | ||||||||
Property | Location | Acquisition Date | Years ended 2015 and 2014 | Years ended 2014 and 2013 | ||||
Embassy Suites San Diego Bay - Downtown | San Diego, CA | January 29, 2013 | X | |||||
The Redbury Hollywood | Hollywood, CA | August 8, 2013 | X | |||||
Hotel Modera | Portland, OR | August 28, 2013 | X | |||||
Hotel Zephyr Fisherman's Wharf | San Francisco, CA | December 9, 2013 | X | |||||
The Prescott Hotel San Francisco | San Francisco, CA | May 22, 2014 | X | X | ||||
The Nines, a Luxury Collection Hotel, Portland | Portland, OR | July 17, 2014 | X | X | ||||
The Westin Colonnade Coral Gables | Miami, FL | November 12, 2014 | X | X | ||||
Hotel Palomar Los Angeles - Beverly Hills | Los Angeles, CA | November 20, 2014 | X | X | ||||
Union Station Hotel, Autograph Collection | Nashville, TN | December 10, 2014 | X | X | ||||
Revere Hotel Boston Common | Boston, MA | December 18, 2014 | X | X | ||||
LaPlaya Beach Resort and LaPlaya Beach Club | Naples, FL | May 21, 2015 | X | X | ||||
The Tuscan Fisherman's Wharf, a Best Western Plus Hotel | San Francisco, CA | June 11, 2015 | X | X |
For the year ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income (loss) | $ | 94,995 | $ | 73,543 | $ | 43,192 | |||||
Adjustments: | |||||||||||
Depreciation and amortization | 95,634 | 68,136 | 55,398 | ||||||||
Depreciation and amortization from joint venture | 8,574 | 9,025 | 8,892 | ||||||||
FFO | $ | 199,203 | $ | 150,704 | $ | 107,482 | |||||
Distribution to preferred shareholders | (25,950 | ) | (25,079 | ) | (22,953 | ) | |||||
FFO available to common share and unit holders | $ | 173,253 | $ | 125,625 | $ | 84,529 |
For the year ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income (loss) | $ | 94,995 | $ | 73,543 | $ | 43,192 | |||||
Adjustments: | |||||||||||
Interest expense | 38,774 | 27,065 | 23,680 | ||||||||
Interest expense from joint venture | 9,137 | 9,137 | 8,902 | ||||||||
Income tax expense (benefit) | 2,590 | 3,251 | 1,226 | ||||||||
Depreciation and amortization | 95,872 | 68,324 | 55,570 | ||||||||
Depreciation and amortization from joint venture | 8,574 | 9,025 | 8,892 | ||||||||
EBITDA | $ | 249,942 | $ | 190,345 | $ | 141,462 |
Balance Outstanding as of | |||||||||||
Interest Rate | Maturity Date | December 31, 2015 | December 31, 2014 | ||||||||
Senior unsecured revolving credit facility | Floating (1) | January 2019 | $ | 165,000 | $ | 50,000 | |||||
Term loans | |||||||||||
First Term Loan | Floating(2) | January 2020 | 300,000 | 300,000 | |||||||
Second Term Loan | Floating(2) | April 2022 | 100,000 | — | |||||||
Third Term Loan | Floating(2) | January 2021 | 125,000 | — | |||||||
Total term loans | 525,000 | 300,000 | |||||||||
Senior unsecured notes | |||||||||||
Series A Notes | 4.70% | December 2023 | 60,000 | — | |||||||
Series B Notes | 4.93% | December 2025 | 40,000 | — | |||||||
Total senior unsecured notes | 100,000 | — | |||||||||
Mortgage loans | |||||||||||
The Nines, a Luxury Collection Hotel, Portland (3) | 7.39% | March 2015 | — | 50,725 | |||||||
InterContinental Buckhead Atlanta | 4.88% | January 2016 | — | 49,320 | |||||||
Skamania Lodge | 5.44% | February 2016 | — | 29,308 | |||||||
DoubleTree by Hilton Hotel Bethesda -Washington DC | 5.28% | February 2016 | — | 34,575 | |||||||
Embassy Suites San Diego Bay - Downtown | 6.28% | June 2016 | 63,116 | 64,462 | |||||||
Hotel Modera | 5.26% | July 2016 | 22,833 | 23,225 | |||||||
Hotel Monaco Washington DC | 4.36% | February 2017 | 42,895 | 43,756 | |||||||
Argonaut Hotel | 4.25% | March 2017 | 42,823 | 44,006 | |||||||
Sofitel Philadelphia | 3.90% | June 2017 | 45,668 | 46,968 | |||||||
Hotel Zelos (formerly Hotel Palomar San Francisco) | 5.94% | September 2017 | 26,098 | 26,461 | |||||||
The Westin San Diego Gaslamp Quarter | 3.69% | January 2020 | 75,040 | 77,155 | |||||||
Mortgage loans at stated value | 318,473 | 489,961 | |||||||||
Mortgage loan premiums (4) | 1,581 | 4,026 | |||||||||
Total mortgage loans | $ | 320,054 | $ | 493,987 | |||||||
Total debt | $ | 1,110,054 | $ | 843,987 |
Payments due by period | |||||||||||||||||||
Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||||
Mortgage loans (1) | $ | 341,768 | $ | 104,512 | $ | 166,330 | $ | 70,926 | $ | — | |||||||||
Term loans (2) | 609,408 | 16,633 | 35,705 | 327,069 | 230,001 | ||||||||||||||
Unsecured notes (1) | 142,899 | 4,872 | 9,717 | 9,730 | 118,580 | ||||||||||||||
Borrowings under credit facility (3) | 175,386 | 3,422 | 6,824 | 165,140 | — | ||||||||||||||
Hotel and ground leases (4) | 744,602 | 6,873 | 13,937 | 14,229 | 709,563 | ||||||||||||||
Capital lease obligation | 36,543 | — | 368 | 643 | 35,532 | ||||||||||||||
Membership initiation deposits (5) | 32,088 | 398 | — | — | 31,690 | ||||||||||||||
Purchase commitments (6) | 22,472 | 22,472 | — | — | — | ||||||||||||||
Corporate office lease | 3,930 | 368 | 766 | 808 | 1,988 | ||||||||||||||
Total | $ | 2,109,096 | $ | 159,550 | $ | 233,647 | $ | 588,545 | $ | 1,127,354 |
(1) | Amounts include principal and interest. |
(2) | Amounts include principal and interest. Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rates for all three of the term loans. At December 31, 2015 and December 31, 2014, the Company had interest rate swaps on the full amounts outstanding. |
(3) | Amounts include principal and interest. Interest expense is calculated based on the weighted-average interest rate for all outstanding credit facility borrowings as of December 31, 2015. It is assumed that the outstanding borrowings will be repaid upon maturity with fixed interest-only payments until then. |
(4) | The long-term ground leases on the Hotel Monaco Washington DC and Argonaut Hotel provide for the greater of base or percentage rent, adjusted for CPI increases. The long-term hotel lease on the Hotel Zelos (formerly Hotel Palomar San Francisco) provides for base rent plus percentage rent, adjusted for CPI increases and contains a base rent floor and ceiling. The long-term leases on the Hotel Zephyr Fisherman's Wharf (formerly Radisson Hotel Fisherman's Wharf) provide for base plus percentage rent through 2016 and rent as a percentage of revenues and net income, as adjusted and defined in the agreements, in 2017 and thereafter. The long-term hotel lease on The Prescott Hotel San Francisco was determined to be both an operating and capital lease. The lease contains a fixed base rental increase every year during the lease term. The long-term ground lease on the Hotel Palomar Los Angeles - Beverly Hills provides for base rent, adjusted for CPI increases every five years. This lease has 19 five-year renewal options and the table assumes the exercise of all 19 renewal options. The long-term ground lease on the Union Station Hotel, Autograph Collection provides for annual base rent equal to the greater of $0.1 million or annual real property taxes. The table above reflects only minimum base rent for all periods presented and does not include assumptions for CPI adjustments. |
(5) | Represents refundable initiation membership deposits from club members at our LaPlaya Beach Resort and LaPlaya Beach Club. |
(6) | Amounts represent purchase orders and contracts that have been executed for renovation projects at the properties. We are committed to these purchase orders and contracts and anticipate making similar arrangements in the future with the existing properties or any future properties that we may acquire. |
2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Fixed rate debt | $ | 91,993 | $ | 155,908 | $ | 2,366 | $ | 2,456 | $ | 65,752 | $ | 100,000 | $ | 418,475 | ||||||||||||||
Average interest rate | 5.88 | % | 4.45 | % | 3.69 | % | 3.69 | % | 3.69 | % | 4.79 | % | 4.72 | % | ||||||||||||||
Variable rate debt | $ | — | $ | — | $ | — | $ | 165,000 | $ | 300,000 | $ | 225,000 | $ | 690,000 | ||||||||||||||
Average interest rate (1) | — | % | — | % | — | % | 2.04 | % | 3.51 | % | 3.37 | % | 3.11 | % | ||||||||||||||
Total | $ | 91,993 | $ | 155,908 | $ | 2,366 | $ | 167,456 | $ | 365,752 | $ | 325,000 | $ | 1,108,475 | ||||||||||||||
____________ | ||||||||||||||||||||||||||||
(1) See discussion of our debt under Liquidity and Capital Resources and Derivative Instruments. |
Exhibit Number | Description of Exhibit | |
3.1† | Declaration of Trust, as amended and supplemented, of the Registrant. | |
3.2 | Bylaws of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form S-11 filed on July 13, 2010 (File No. 333-168078)). | |
3.3 | Second Amended and Restated Agreement of Limited Partnership of Pebblebrook Hotel, L.P., dated as of December 13, 2013 (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on December 17, 2013 (File No. 001-34571)). | |
3.4 | First Amendment to the Second Amended and Restated Agreement of Limited Partnership of Pebblebrook Hotel, L.P., dated as of September 30, 2014 (incorporated by reference to Exhibit 3.4 to the Registrant’s Annual Report on Form 10‑K filed on February 17, 2015 (File No. 001‑34571)). | |
10.1* | Pebblebrook Hotel Trust 2009 Equity Incentive Plan, as amended and restated (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on August 2, 2012 (File No. 001-34571)). | |
10.2* | Change in Control Severance Agreement between Pebblebrook Hotel Trust and Jon E. Bortz (incorporated by reference to Exhibit 10.2 to the Registrant's Annual Report on Form 10-K filed on March 24, 2010 (File No. 001-34571)). | |
10.3* | Change in Control Severance Agreement between Pebblebrook Hotel Trust and Raymond D. Martz (incorporated by reference to Exhibit 10.3 to the Registrant's Annual Report on Form 10-K filed on March 24, 2010 (File No. 001-34571)). | |
10.4* | Change in Control Severance Agreement between Pebblebrook Hotel Trust and Thomas C. Fisher (incorporated by reference to Exhibit 10.4 to the Registrant's Annual Report on Form 10-K filed on March 24, 2010 (File No. 001-34571)). | |
10.5* | Form of Indemnification Agreement between Pebblebrook Hotel Trust and its officers and trustees (incorporated by reference to Exhibit 10.4 of Amendment No. 1 to the Registrant's Registration Statement on Form S-11/A filed on November 10, 2009 (File No. 333-162412)). | |
10.6* | Form of Share Award Agreement for officers and employees (incorporated by reference to Exhibit 10.5 of Amendment No. 2 to the Registrant's Registration Statement on Form S-11/A filed on November 25, 2009 (File No. 333-162412)) (This agreement was superseded by Exhibit 10.10 below). | |
10.7* | Form of Share Award Agreement for trustees (incorporated by reference to Exhibit 10.6 of Amendment No. 2 to the Registrant's Registration Statement on Form S-11/A filed on November 25, 2009 (File No. 333-162412)). | |
10.8* | Form of Share Award Agreement (Performance Vesting) for executive officers (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on April 26, 2012 (File No. 001-34571)). |
10.9* | Form of LTIP Unit Vesting Agreement (supersedes Exhibits 10.11, 10.12, and 10.13 to the Registrant's Annual Report on Form 10-K filed on March 24, 2010 (File No. 001-34571)) (incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q filed on April 26, 2012 (File No. 001-34571)). | |
10.10* | Form of Share Award Agreement for executive officers (supersedes Exhibit 10.5 of Amendment No. 2 to the Registrant's Registration Statement on Form S-11/A filed on November 25, 2009 (File No. 333-162412) and Exhibits 10.1, 10.2, and 10.3 to the Registrant's Current Report on Form 8-K filed on March 16, 2010 (File No. 001-34571)) (incorporated by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q filed on April 26, 2012 (File No. 001-34571)). | |
10.11 | Lease, dated December 1, 1999, by and between the United States of America, acting through the Administrator of General Services, and Tariff Building Associates, L.P. (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on September 13, 2010 (File No. 001-34571)). | |
10.12 | Assignment and Assumption of GSA Lease, dated September 9, 2010, by and among the United States of America, acting by and through the Administrator of General Services and Authorized Representatives, Tariff Building Associates, L.P., and Jayhawk Owner LLC (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on September 13, 2010 (File No. 001-34571)). | |
10.13 | Historical Lease, dated October 16, 2000, by and between the United States Department of the Interior, National Park Service acting through the Regional Director, Pacific West Region, an agency of the United States of America, and Maritime Hotel Associates, L.P. (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on February 22, 2011 (File No. 001-34571)). | |
10.14 | Seventh Amendment to Historic Lease, dated February 6, 2001, by and between the United States Department of the Interior, National Park Service acting through the Regional Director, Pacific West Region, an agency of the United States of America, and Maritime Hotel Associates, L.P. (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on February 22, 2011 (File No. 001-34571)). | |
10.15 | Tenth Amendment to Historic Lease, dated December 9, 2008, by and between the United States Department of the Interior, National Park Service acting through the Regional Director, Pacific West Region, an agency of the United States of America, and Maritime Hotel Associates, L.P. (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed on February 22, 2011 (File No. 001-34571)). | |
10.16 | Eleventh Amendment to Historic Lease, dated February 16, 2011, by and between the United States Department of the Interior, National Park Service acting through the Regional Director, Pacific West Region, an agency of the United States of America, and Wildcats Owner LLC. (incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed on February 22, 2011 (File No. 001-34571)). | |
10.17 | Assignment and Assumption of Historical Lease, dated February 16, 2011, by and among the United States Department of the Interior, National Park Service acting through the Regional Director, Pacific West Region, an Agency of the United States of America, Maritime Hotel Associates, L.P., and Wildcats Owner LLC. (incorporated by reference to Exhibit 10.5 to the Registrant's Current Report on Form 8-K filed on February 22, 2011 (File No. 001-34571)). | |
10.18 | Contribution Agreement, dated as of June 20, 2011, by and among Denihan Ownership Company, LLC, Denihan Mezz Holding Company, LLC and Cardinals Owner LLC (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on June 24, 2011 (File No. 001-34571)). | |
10.19 | Form of Operating Agreement of DP Holding Company, LLC (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on June 24, 2011 (File No. 001-34571)). | |
10.20 | Second Amended and Restated Operating Agreement of DP Fee Holding Co., LLC, dated July 29, 2011 (supersedes Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on August 4, 2011) (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K/A filed on September 28, 2011 (File No. 001-34571)). | |
10.21 | Amendment to Second Amended and Restated Operating Agreement of DP Fee Holding Co., LLC, dated December 27, 2012 (incorporated by reference to Exhibit 10.26 to the Registrant's Annual Report on Form 10-K filed on February 21, 2013 (File No. 001-34571)). | |
10.22 | Operating Agreement of DP Lease Holding, LLC, dated July 29, 2011 (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on August 4, 2011 (File No. 001-34571)). | |
10.23 | Loan Agreement, dated as of December 27, 2012, between Goldman Sachs Mortgage Company and 371 Seventh Avenue Co. LLC, 125 East 50th Street Co. LLC, 215 East 64th Street Co. LLC, 155 East 50th Street Co. LLC and 303 Lexington Avenue Co. LLC (incorporated by reference to Exhibit 10.28 to the Registrant's Annual Report on Form 10-K filed on February 21, 2013 (File No. 001-34571)). | |
10.24* | Form of LTIP Class B Unit Vesting Agreement (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on December 17, 2013 (File No. 001-34571)). |
10.25* | Form of Performance Unit Retention Award Agreement (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on December 17, 2013 (File No. 001-34571)). | |
10.26* | Form of Performance Unit Award Agreement for Executive Officers (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on February 10, 2014 (File No. 001-34571)). | |
10.27 | Agreement of Purchase and Sale, dated as of October 7, 2014, by and among NWBR LLC, and Stuart Street Development LLC, collectively, as Seller and NKOTB Owner LLC, as Buyer (incorporated by reference to Exhibit 10.31 to the Registrant’s Annual Report on Form 10‑K filed on February 17, 2015 (File No. 001‑34571)). | |
10.28 | Third Amended and Restated Credit Agreement, dated as of October 16, 2014, among Pebblebrook Hotel, L.P., as the Borrower, Pebblebrook Hotel Trust, as the parent REIT and a guarantor, certain subsidiaries of the Borrower, as guarantors, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the other lenders party thereto (incorporated by reference to Exhibit 10.33 to the Registrant’s Annual Report on Form 10‑K filed on February 17, 2015 (File No. 001‑34571). | |
10.29 | First Amendment to Third Amended and Restated Credit Agreement, dated as of April 13, 2015, among Pebblebrook Hotel, L.P., as borrower, Pebblebrook Hotel Trust, as a guarantor, Bank of America, N.A., certain guarantors and certain lenders party thereto (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on July 23, 2015 (File No. 001-34571)). | |
10.30 | Credit Agreement, dated as of April 13, 2015, among Pebblebrook Hotel, L.P., as the borrower, Pebblebrook Hotel Trust, as the parent REIT and a guarantor, certain subsidiaries of the borrower, as guarantors, U.S. Bank National Association, as administrative agent, and the other lenders party hereto (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed on July 23, 2015 (File No. 001-34571)). | |
10.31 | Credit Agreement, dated as of June 10, 2015, among Pebblebrook Hotel, L.P., as the borrower, Pebblebrook Hotel Trust, as the parent REIT and a guarantor, certain subsidiaries of the borrower, as guarantors, PNC Bank, National Association, as administrative agent, and the other lenders party hereto (incorporated by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed on July 23, 2015 (File No. 001-34571)). | |
10.32* | Form of Performance Unit Award Agreement for Executive Officers (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on April 23, 2015 (File No. 001-34571)). | |
10.33† | Note Purchase and Guarantee Agreement, dated November 12, 2015, by and among Pebblebrook Hotel Trust, Pebblebrook Hotel, L.P, Massachusetts Mutual Life Insurance Company, MassMutual Asia Limited, Allianz Life Insurance Company of North America and The Guardian Life Insurance Company of America. | |
12.1† | Statement of Computation of Ratios of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Share Dividends. | |
21.1† | List of Subsidiaries of the Registrant. | |
23.1† | Consent of KPMG LLP. | |
23.2† | Consent of PKF O’Connor Davies, LLP. | |
31.1† | Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2† | Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1†† | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2†† | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
99.1† | Audited combined financial statements of DP Fee Holding Co., LLC and DP Lease Holding, LLC. | |
101.INS XBRL | Instance Document (1) | |
101.SCH XBRL | Taxonomy Extension Schema Document (1) | |
101.CAL XBRL | Taxonomy Extension Calculation Linkbase Document (1) | |
101.LAB XBRL | Taxonomy Extension Label Linkbase Document (1) | |
101.DEF XBRL | Taxonomy Extension Definition Linkbase Document (1) | |
101.PRE XBRL | Taxonomy Extension Presentation Linkbase Document (1) |
* | Management agreement or compensatory plan or arrangement. |
† | Filed herewith. |
†† | Furnished herewith. |
(1) | Submitted electronically herewith. Attached as Exhibit 101 to this report are the following documents formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations and Comprehensive Income; (iii) Consolidated Statements of Equity; (iv) Consolidated Statements of Cash Flows; and (v) Notes to Consolidated Financial Statements. |
PEBBLEBROOK HOTEL TRUST | |||
Date: | February 22, 2016 | /s/ JON E. BORTZ | |
Jon E. Bortz | |||
Chairman, President and Chief Executive Officer |
Signatures | Title | Date | ||
/s/ JON E. BORTZ | Chairman, President and Chief Executive Officer (principal executive officer) | February 22, 2016 | ||
Jon E. Bortz | ||||
/s/ RAYMOND D. MARTZ | Executive Vice President, Chief Financial Officer, Treasurer and Secretary (principal financial officer and principal accounting officer) | February 22, 2016 | ||
Raymond D. Martz | ||||
/s/ CYDNEY C. DONNELL | Trustee | February 22, 2016 | ||
Cydney C. Donnell | ||||
/s/ RON E. JACKSON | Trustee | February 22, 2016 | ||
Ron E. Jackson | ||||
/s/ PHILLIP M. MILLER | Trustee | February 22, 2016 | ||
Phillip M. Miller | ||||
/s/ MICHAEL J. SCHALL | Trustee | February 22, 2016 | ||
Michael J. Schall | ||||
/s/ EARL E. WEBB | Trustee | February 22, 2016 | ||
Earl E. Webb | ||||
/s/ LAURA H. WRIGHT | Trustee | February 22, 2016 | ||
Laura H. Wright |
Page No. | |
Reports of Independent Registered Public Accounting Firm | F-2 |
Consolidated Balance Sheets | F- 4 |
Consolidated Statements of Operations and Comprehensive Income | F-5 |
Consolidated Statements of Equity | F-7 |
Consolidated Statements of Cash Flows | F-9 |
Notes to Consolidated Financial Statements | F-11 |
Schedule III - Real Estate and Accumulated Depreciation | F-31 |
Pebblebrook Hotel Trust Consolidated Balance Sheets (In thousands, except share data) | |||||||
December 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Investment in hotel properties, net | $ | 2,673,584 | $ | 2,343,690 | |||
Investment in joint venture | 248,794 | 258,828 | |||||
Ground lease asset, net | 30,218 | 30,891 | |||||
Cash and cash equivalents | 26,345 | 52,883 | |||||
Restricted cash | 9,453 | 16,383 | |||||
Hotel receivables (net of allowance for doubtful accounts of $243 and $139, respectively) | 25,062 | 21,320 | |||||
Deferred financing costs, net | 7,141 | 6,246 | |||||
Prepaid expenses and other assets | 42,333 | 40,243 | |||||
Total assets | $ | 3,062,930 | $ | 2,770,484 | |||
LIABILITIES AND EQUITY | |||||||
Senior unsecured revolving credit facility | $ | 165,000 | $ | 50,000 | |||
Term loans | 525,000 | 300,000 | |||||
Senior unsecured notes | 100,000 | — | |||||
Mortgage debt (including mortgage loan premium of $1,581 and $4,026, respectively) | 320,054 | 493,987 | |||||
Accounts payable and accrued expenses | 141,897 | 106,828 | |||||
Advance deposits | 17,726 | 11,583 | |||||
Accrued interest | 2,550 | 2,382 | |||||
Distribution payable | 29,869 | 23,293 | |||||
Total liabilities | 1,302,096 | 988,073 | |||||
Commitments and contingencies (Note 11) | |||||||
Shareholders’ equity: | |||||||
Preferred shares of beneficial interest, $.01 par value (liquidation preference $350,000 at December 31, 2015 and $350,000 at December 31, 2014), 100,000,000 shares authorized; 14,000,000 shares issued and outstanding at December 31, 2015 and 14,000,000 shares issued and outstanding at December 31, 2014 | 140 | 140 | |||||
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 71,735,129 issued and outstanding at December 31, 2015 and 71,553,481 issued and outstanding at December 31, 2014 | 717 | 716 | |||||
Additional paid-in capital | 1,868,047 | 1,864,739 | |||||
Accumulated other comprehensive income (loss) | (4,750 | ) | (341 | ) | |||
Distributions in excess of retained earnings | (105,765 | ) | (84,163 | ) | |||
Total shareholders’ equity | 1,758,389 | 1,781,091 | |||||
Non-controlling interests | 2,445 | 1,320 | |||||
Total equity | 1,760,834 | 1,782,411 | |||||
Total liabilities and equity | $ | 3,062,930 | $ | 2,770,484 |
Pebblebrook Hotel Trust Consolidated Statements of Operations and Comprehensive Income (In thousands, except share and per-share data) | |||||||||||
For the year ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||
Room | $ | 526,573 | $ | 410,600 | $ | 321,630 | |||||
Food and beverage | 190,852 | 148,114 | 136,531 | ||||||||
Other operating | 53,439 | 40,062 | 31,056 | ||||||||
Total revenues | 770,864 | 598,776 | 489,217 | ||||||||
Expenses: | |||||||||||
Hotel operating expenses: | |||||||||||
Room | 124,090 | 102,709 | 83,390 | ||||||||
Food and beverage | 128,816 | 104,843 | 100,244 | ||||||||
Other direct and indirect | 215,169 | 166,435 | 140,564 | ||||||||
Total hotel operating expenses | 468,075 | 373,987 | 324,198 | ||||||||
Depreciation and amortization | 95,872 | 68,324 | 55,570 | ||||||||
Real estate taxes, personal property taxes, property insurance, and ground rent | 46,947 | 36,878 | 31,052 | ||||||||
General and administrative | 27,649 | 26,349 | 17,166 | ||||||||
Hotel acquisition costs | 4,686 | 1,973 | 3,376 | ||||||||
Total operating expenses | 643,229 | 507,511 | 431,362 | ||||||||
Operating income (loss) | 127,635 | 91,265 | 57,855 | ||||||||
Interest income | 2,511 | 2,529 | 2,620 | ||||||||
Interest expense | (38,774 | ) | (27,065 | ) | (23,680 | ) | |||||
Equity in earnings (loss) of joint venture | 6,213 | 10,065 | 7,623 | ||||||||
Income (loss) before income taxes | 97,585 | 76,794 | 44,418 | ||||||||
Income tax (expense) benefit | (2,590 | ) | (3,251 | ) | (1,226 | ) | |||||
Net income (loss) | 94,995 | 73,543 | 43,192 | ||||||||
Net income (loss) attributable to non-controlling interests | 327 | 677 | 274 | ||||||||
Net income (loss) attributable to the Company | 94,668 | 72,866 | 42,918 | ||||||||
Distributions to preferred shareholders | (25,950 | ) | (25,079 | ) | (22,953 | ) | |||||
Net income (loss) attributable to common shareholders | $ | 68,718 | $ | 47,787 | $ | 19,965 | |||||
Net income (loss) per share available to common shareholders, basic | $ | 0.95 | $ | 0.72 | $ | 0.32 | |||||
Net income (loss) per share available to common shareholders, diluted | $ | 0.94 | $ | 0.71 | $ | 0.32 | |||||
Weighted-average number of common shares, basic | 71,715,870 | 65,646,712 | 61,498,389 | ||||||||
Weighted-average number of common shares, diluted | 72,384,289 | 66,264,118 | 61,836,741 |
Pebblebrook Hotel Trust Consolidated Statements of Operations and Comprehensive Income - Continued (In thousands, except share and per-share data) | |||||||||||
For the year ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Comprehensive Income: | |||||||||||
Net income (loss) | $ | 94,995 | $ | 73,543 | $ | 43,192 | |||||
Other comprehensive income (loss): | |||||||||||
Unrealized gain (loss) on derivative instruments | (4,409 | ) | (1,427 | ) | 1,386 | ||||||
Comprehensive income (loss) | 90,586 | 72,116 | 44,578 | ||||||||
Comprehensive income (loss) attributable to non-controlling interests | 313 | 665 | 287 | ||||||||
Comprehensive income (loss) attributable to the Company | $ | 90,273 | $ | 71,451 | $ | 44,291 |
Preferred Shares | Common Shares | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Retained Earnings | Total Shareholders' Equity | Non-Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 9,000,000 | $ | 90 | 60,955,090 | $ | 610 | $ | 1,362,349 | $ | (300 | ) | $ | (49,798 | ) | $ | 1,312,951 | $ | 141 | $ | 1,313,092 | ||||||||||||||||||
Issuance of shares, net of offering costs | 4,000,000 | 40 | 2,701,893 | 27 | 175,508 | — | — | 175,575 | — | 175,575 | ||||||||||||||||||||||||||||
Issuance of common shares for Board of Trustee compensation | — | — | 9,097 | — | 207 | — | — | 207 | — | 207 | ||||||||||||||||||||||||||||
Repurchase of common shares | — | — | (21,644 | ) | — | (523 | ) | — | — | (523 | ) | — | (523 | ) | ||||||||||||||||||||||||
Share-based compensation | — | — | 65,192 | — | 3,597 | — | — | 3,597 | 1,625 | 5,222 | ||||||||||||||||||||||||||||
Distributions on common shares/units | — | — | — | — | — | — | (39,819 | ) | (39,819 | ) | (280 | ) | (40,099 | ) | ||||||||||||||||||||||||
Distributions on preferred shares | — | — | — | — | — | — | (22,953 | ) | (22,953 | ) | (15 | ) | (22,968 | ) | ||||||||||||||||||||||||
Redemption of non-controlling LTIP units | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on derivative instruments | — | — | — | — | — | 1,386 | — | 1,386 | — | 1,386 | ||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | 42,918 | 42,918 | 274 | 43,192 | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | 13,000,000 | $ | 130 | 63,709,628 | $ | 637 | $ | 1,541,138 | $ | 1,086 | $ | (69,652 | ) | $ | 1,473,339 | $ | 1,745 | $ | 1,475,084 | |||||||||||||||||||
Issuance of shares, net of offering costs | 1,000,000 | 10 | 7,530,000 | 75 | 316,825 | — | — | 316,910 | — | 316,910 | ||||||||||||||||||||||||||||
Issuance of common shares for Board of Trustee compensation | — | — | 13,793 | — | 421 | — | — | 421 | — | 421 | ||||||||||||||||||||||||||||
Repurchase of common shares | — | — | (20,539 | ) | — | (632 | ) | — | — | (632 | ) | — | (632 | ) | ||||||||||||||||||||||||
Share-based compensation | — | — | 62,498 | 1 | 9,085 | — | — | 9,086 | 2,609 | 11,695 | ||||||||||||||||||||||||||||
Distributions on common shares/units | — | — | — | — | — | — | (62,298 | ) | (62,298 | ) | (559 | ) | (62,857 | ) | ||||||||||||||||||||||||
Distributions on preferred shares | — | — | — | — | — | — | (25,079 | ) | (25,079 | ) | (16 | ) | (25,095 | ) | ||||||||||||||||||||||||
Redemption of non-controlling interest LTIP units | — | — | 258,101 | 3 | (2,098 | ) | — | — | (2,095 | ) | (3,136 | ) | (5,231 | ) | ||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on derivative instruments | — | — | — | — | — | (1,427 | ) | — | (1,427 | ) | — | (1,427 | ) | |||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | 72,866 | 72,866 | 677 | 73,543 | ||||||||||||||||||||||||||||
Balance at December 31, 2014 | 14,000,000 | $ | 140 | 71,553,481 | $ | 716 | $ | 1,864,739 | $ | (341 | ) | $ | (84,163 | ) | $ | 1,781,091 | $ | 1,320 | $ | 1,782,411 | ||||||||||||||||||
Issuance of shares, net of offering costs | — | — | — | — | (195 | ) | — | — | (195 | ) | — | (195 | ) |
Issuance of common shares for Board of Trustee compensation | — | — | 8,084 | — | 372 | — | — | 372 | — | 372 | ||||||||||||||||||||||||||||
Repurchase of common shares | — | — | (84,835 | ) | — | (4,094 | ) | — | — | (4,094 | ) | — | (4,094 | ) | ||||||||||||||||||||||||
Share-based compensation | — | — | 258,399 | 1 | 7,225 | — | — | 7,226 | 1,105 | 8,331 | ||||||||||||||||||||||||||||
Distributions on common shares/units | — | — | — | — | — | — | (90,320 | ) | (90,320 | ) | (292 | ) | (90,612 | ) | ||||||||||||||||||||||||
Distributions on preferred shares | — | — | — | — | — | — | (25,950 | ) | (25,950 | ) | (15 | ) | (25,965 | ) | ||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on derivative instruments | — | — | — | — | — | (4,409 | ) | — | (4,409 | ) | — | (4,409 | ) | |||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | 94,668 | 94,668 | 327 | 94,995 | ||||||||||||||||||||||||||||
Balance at December 31, 2015 | 14,000,000 | $ | 140 | 71,735,129 | $ | 717 | $ | 1,868,047 | $ | (4,750 | ) | $ | (105,765 | ) | $ | 1,758,389 | $ | 2,445 | $ | 1,760,834 |
Pebblebrook Hotel Trust Consolidated Statements of Cash Flows (In thousands) | |||||||||||
For the year ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Operating activities: | |||||||||||
Net income (loss) | $ | 94,995 | $ | 73,543 | $ | 43,192 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 95,872 | 68,324 | 55,570 | ||||||||
Share-based compensation | 8,331 | 11,695 | 5,222 | ||||||||
Amortization of deferred financing costs and mortgage loan premiums | (29 | ) | (604 | ) | (259 | ) | |||||
Non-cash ground rent | 2,380 | 2,252 | 3,128 | ||||||||
Equity in (earnings) loss from joint venture | (3,824 | ) | (7,676 | ) | (5,234 | ) | |||||
Other | 2,038 | 407 | 892 | ||||||||
Changes in assets and liabilities: | |||||||||||
Restricted cash, net | 1,635 | 71 | (1,266 | ) | |||||||
Hotel receivables | (3,107 | ) | (3,544 | ) | (3,343 | ) | |||||
Prepaid expenses and other assets | (212 | ) | (3,763 | ) | (3,441 | ) | |||||
Distributions from joint venture | 13,858 | 9,152 | 1,617 | ||||||||
Accounts payable and accrued expenses | 4,161 | 10,598 | 8,051 | ||||||||
Advance deposits | 4,622 | 829 | 3,324 | ||||||||
Net cash provided by (used in) operating activities | 220,720 | 161,284 | 107,453 | ||||||||
Investing activities: | |||||||||||
Acquisition of hotel properties | (305,146 | ) | (575,748 | ) | (230,769 | ) | |||||
Improvements and additions to hotel properties | (99,785 | ) | (52,553 | ) | (38,753 | ) | |||||
Distribution from (investment in) joint venture, net | — | — | 26,291 | ||||||||
Deposit on hotel properties | (3,000 | ) | — | — | |||||||
Receipt from (acquisition of) note receivable | 3,020 | (3,020 | ) | — | |||||||
Purchase of corporate office equipment, software, and furniture | (278 | ) | (1,146 | ) | (33 | ) | |||||
Restricted cash, net | 5,295 | 28 | (3,182 | ) | |||||||
Property insurance proceeds | — | 1,113 | 458 | ||||||||
Net cash provided by (used in) investing activities | (399,894 | ) | (631,326 | ) | (245,988 | ) | |||||
Financing activities: | |||||||||||
Gross proceeds from issuance of common shares | — | 293,211 | 79,362 | ||||||||
Gross proceeds from issuance of preferred shares | — | 25,000 | 100,000 | ||||||||
Payment of offering costs — common and preferred shares | (195 | ) | (1,301 | ) | (3,787 | ) | |||||
Payment of deferred financing costs | (3,311 | ) | (3,696 | ) | (650 | ) | |||||
Borrowings under senior revolving credit facility | 490,000 | 180,000 | — | ||||||||
Repayments under senior revolving credit facility | (375,000 | ) | (130,000 | ) | — | ||||||
Proceeds from term loans | 225,000 | 200,000 | — | ||||||||
Proceeds from senior unsecured notes | 100,000 | — | — | ||||||||
Repayments of mortgage debt | (171,488 | ) | (9,123 | ) | (8,099 | ) | |||||
Repurchase of common shares | (4,094 | ) | (632 | ) | (523 | ) | |||||
Redemption of non-controlling interests | — | (5,231 | ) | — | |||||||
Distributions — common shares/units | (84,037 | ) | (55,708 | ) | (36,969 | ) | |||||
Distributions — preferred shares | (25,950 | ) | (24,731 | ) | (21,563 | ) | |||||
Proceeds from membership deposits | 2,302 | — | — | ||||||||
Repayments of membership deposits | (591 | ) | — | — |
Pebblebrook Hotel Trust Consolidated Statements of Cash Flows (In thousands) | |||||||||||
Net cash provided by (used in) financing activities | 152,636 | 467,789 | 107,771 | ||||||||
Net change in cash and cash equivalents | (26,538 | ) | (2,253 | ) | (30,764 | ) | |||||
Cash and cash equivalents, beginning of year | 52,883 | 55,136 | 85,900 | ||||||||
Cash and cash equivalents, end of year | $ | 26,345 | $ | 52,883 | $ | 55,136 |
1. | Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. |
2. | Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. |
3. | Level 3 – Model-derived valuations with unobservable inputs. |
For the year ended December 31, | |||||||
2015 | 2014 | ||||||
(Unaudited) | |||||||
Total revenues | $ | 801,578 | $ | 769,553 | |||
Operating income (loss) | 141,487 | 123,542 | |||||
Net income (loss) attributable to common shareholders | 79,576 | 75,401 | |||||
Net income (loss) per share available to common shareholders — basic | $ | 1.10 | $ | 1.04 | |||
Net income (loss) per share available to common shareholders — diluted | $ | 1.09 | $ | 1.04 |
December 31, 2015 | December 31, 2014 | ||||||
Land | $ | 499,381 | $ | 357,680 | |||
Buildings and improvements | 2,225,168 | 1,987,050 | |||||
Furniture, fixtures and equipment | 205,890 | 183,016 | |||||
Construction in progress | 26,322 | 10,524 | |||||
Investment in hotel properties | $ | 2,956,761 | $ | 2,538,270 | |||
Less: Accumulated depreciation | (283,177 | ) | (194,580 | ) | |||
Investment in hotel properties, net | $ | 2,673,584 | $ | 2,343,690 |
For the year ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenues | $ | 177,775 | $ | 185,609 | $ | 172,968 | |||||
Total expenses | 171,109 | 169,683 | 161,145 | ||||||||
Net income (loss) | $ | 6,666 | $ | 15,926 | $ | 11,823 | |||||
Company’s 49% interest of net income (loss) | 3,266 | 7,804 | 5,793 | ||||||||
Basis adjustment | 558 | (128 | ) | (559 | ) | ||||||
Special loan interest income elimination | 2,389 | 2,389 | 2,389 | ||||||||
Equity in earnings (loss) in joint venture | $ | 6,213 | $ | 10,065 | $ | 7,623 |
Balance Outstanding as of | |||||||||||
Interest Rate | Maturity Date | December 31, 2015 | December 31, 2014 | ||||||||
Senior unsecured revolving credit facility | Floating (1) | January 2019 | $ | 165,000 | $ | 50,000 | |||||
Term loans | |||||||||||
First Term Loan | Floating(2) | January 2020 | 300,000 | 300,000 | |||||||
Second Term Loan | Floating(2) | April 2022 | 100,000 | — | |||||||
Third Term Loan | Floating(2) | January 2021 | 125,000 | — | |||||||
Total term loans | 525,000 | 300,000 | |||||||||
Senior unsecured notes | |||||||||||
Series A Notes | 4.70% | December 2023 | 60,000 | — | |||||||
Series B Notes | 4.93% | December 2025 | 40,000 | — | |||||||
Total senior unsecured notes | 100,000 | — | |||||||||
Mortgage loans | |||||||||||
The Nines, a Luxury Collection Hotel, Portland (3) | 7.39% | March 2015 | — | 50,725 | |||||||
InterContinental Buckhead Atlanta | 4.88% | January 2016 | — | 49,320 | |||||||
Skamania Lodge | 5.44% | February 2016 | — | 29,308 | |||||||
DoubleTree by Hilton Hotel Bethesda -Washington DC | 5.28% | February 2016 | — | 34,575 | |||||||
Embassy Suites San Diego Bay - Downtown | 6.28% | June 2016 | 63,116 | 64,462 | |||||||
Hotel Modera | 5.26% | July 2016 | 22,833 | 23,225 | |||||||
Hotel Monaco Washington DC | 4.36% | February 2017 | 42,895 | 43,756 | |||||||
Argonaut Hotel | 4.25% | March 2017 | 42,823 | 44,006 | |||||||
Sofitel Philadelphia | 3.90% | June 2017 | 45,668 | 46,968 | |||||||
Hotel Zelos (formerly Hotel Palomar San Francisco) | 5.94% | September 2017 | 26,098 | 26,461 | |||||||
The Westin San Diego Gaslamp Quarter | 3.69% | January 2020 | 75,040 | 77,155 | |||||||
Mortgage loans at stated value | 318,473 | 489,961 | |||||||||
Mortgage loan premiums (4) | 1,581 | 4,026 | |||||||||
Total mortgage loans | $ | 320,054 | $ | 493,987 | |||||||
Total debt | $ | 1,110,054 | $ | 843,987 |
2016 | $ | 91,993 | ||
2017 | 155,908 | |||
2018 | 2,366 | |||
2019 | 167,456 | |||
2020 | 365,750 | |||
Thereafter | 325,000 | |||
Total debt principal payments | 1,108,473 | |||
Premium on mortgage debt | 1,581 | |||
Total debt | $ | 1,110,054 |
Dividend per Share/Unit | For the quarter ended | Record Date | Payable Date | |||||
$ | 0.31 | March 31, 2015 | March 31, 2015 | April 15, 2015 | ||||
$ | 0.31 | June 30, 2015 | June 30, 2015 | July 15, 2015 | ||||
$ | 0.31 | September 30, 2015 | September 30, 2015 | October 15, 2015 | ||||
$ | 0.31 | December 31, 2015 | December 31, 2015 | January 15, 2016 |
Security Type | Dividend per Share/Unit | For the quarter ended | Record Date | Payable Date | ||||||
7.875% Series A | $ | 0.49 | March 31, 2015 | March 31, 2015 | April 15, 2015 | |||||
7.875% Series A | $ | 0.49 | June 30, 2015 | June 30, 2015 | July 15, 2015 | |||||
7.875% Series A | $ | 0.49 | September 30, 2015 | September 30, 2015 | October 15, 2015 | |||||
7.875% Series A | $ | 0.49 | December 31, 2015 | December 31, 2015 | January 15, 2016 | |||||
8.00% Series B | $ | 0.50 | March 31, 2015 | March 31, 2015 | April 15, 2015 | |||||
8.00% Series B | $ | 0.50 | June 30, 2015 | June 30, 2015 | July 15, 2015 | |||||
8.00% Series B | $ | 0.50 | September 30, 2015 | September 30, 2015 | October 15, 2015 | |||||
8.00% Series B | $ | 0.50 | December 31, 2015 | December 31, 2015 | January 15, 2016 | |||||
6.50% Series C | $ | 0.41 | March 31, 2015 | March 31, 2015 | April 15, 2015 | |||||
6.50% Series C | $ | 0.41 | June 30, 2015 | June 30, 2015 | July 15, 2015 | |||||
6.50% Series C | $ | 0.41 | September 30, 2015 | September 30, 2015 | October 15, 2015 | |||||
6.50% Series C | $ | 0.41 | December 31, 2015 | December 31, 2015 | January 15, 2016 |
Shares | Weighted-Average Grant Date Fair Value | |||||
Unvested at January 1, 2013 | 128,622 | $ | 22.19 | |||
Granted | 84,451 | $ | 26.07 | |||
Vested | (65,192 | ) | $ | 21.96 | ||
Forfeited | — | $ | — | |||
Unvested at December 31, 2013 | 147,881 | $ | 24.59 | |||
Granted | 44,322 | $ | 30.11 | |||
Vested | (62,047 | ) | $ | 23.12 | ||
Forfeited | (168 | ) | $ | 27.57 | ||
Unvested at December 31, 2014 | 129,988 | $ | 27.17 | |||
Granted | 46,446 | $ | 48.00 | |||
Vested | (50,827 | ) | $ | 25.70 | ||
Forfeited | (990 | ) | $ | 36.45 | ||
Unvested at December 31, 2015 | 124,617 | $ | 35.46 |
Performance Award Grant Date | Percentage of Total Award | Grant Date Fair Value by Component ($ in millions) | Volatility | Interest Rate | Dividend Yield | ||||||
February 8, 2012 | |||||||||||
Relative Total Shareholder Return | 30.00% | $0.7 | 33.00% | 0.34% | 2.20% | ||||||
Absolute Total Shareholder Return | 30.00% | $0.6 | 33.00% | 0.34% | 2.20% | ||||||
EBITDA Comparison | 40.00% | $0.7 | 33.00% | 0.34% | 2.20% | ||||||
January 30, 2013 | |||||||||||
Relative Total Shareholder Return | 30.00% | $0.7 | 31.00% | 0.41% | 2.20% | ||||||
Absolute Total Shareholder Return | 30.00% | $0.5 | 31.00% | 0.41% | 2.20% | ||||||
EBITDA Comparison | 40.00% | $0.7 | 31.00% | 0.41% | 2.20% | ||||||
December 13, 2013 | |||||||||||
Relative Total Shareholder Return | 50.00% | $4.7 | 29.00% | 0.34% - 2.25% | 2.40% | ||||||
Absolute Total Shareholder Return | 50.00% | $2.9 | 29.00% | 0.34% - 2.25% | 2.40% | ||||||
February 4, 2014 | |||||||||||
Relative Total Shareholder Return | 30.00% | $0.7 | 29.00% | 0.62% | 2.40% | ||||||
Absolute Total Shareholder Return | 30.00% | $0.5 | 29.00% | 0.62% | 2.40% | ||||||
EBITDA Comparison | 40.00% | $0.8 | 29.00% | 0.62% | 2.40% | ||||||
February 11, 2015 | |||||||||||
Relative Total Shareholder Return | 30.00% | $0.9 | 22.00% | 1.02% | 2.50% | ||||||
Absolute Total Shareholder Return | 40.00% | $0.7 | 22.00% | 1.02% | 2.50% | ||||||
EBITDA Comparison | 30.00% | $0.7 | 22.00% | 1.02% | 2.50% | ||||||
July 27, 2015 | |||||||||||
Relative Total Shareholder Return | 30.00% | — | (1) | 22.00% | 0.68% | 2.50% | |||||
Absolute Total Shareholder Return | 40.00% | — | (1) | 22.00% | 0.68% | 2.50% | |||||
EBITDA Comparison | 30.00% | — | (1) | 22.00% | 0.68% | 2.50% |
2015 | 2014 | 2013 | ||||||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||||||
Common Shares: | ||||||||||||||||||||
Ordinary income | $ | 1.1715 | 98.21 | % | $ | 0.9108 | 100.00 | % | $ | 0.6000 | 100.00 | % | ||||||||
Qualified dividend | 0.0213 | 1.79 | % | — | — | % | — | — | % | |||||||||||
Capital gain | — | — | % | — | — | % | — | — | % | |||||||||||
Return of capital | — | — | % | — | — | % | — | — | % | |||||||||||
Total | $ | 1.1928 | 100.00 | % | $ | 0.9108 | 100.00 | % | $ | 0.6000 | 100.00 | % | ||||||||
Series A Preferred Shares: | ||||||||||||||||||||
Ordinary income | $ | 1.9336 | 98.21 | % | $ | 2.3948 | 100.00 | % | $ | 2.0349 | 100.00 | % | ||||||||
Qualified dividend | 0.0352 | 1.79 | % | — | — | % | — | — | % | |||||||||||
Capital gain | — | — | % | — | — | % | — | — | % | |||||||||||
Return of capital | — | — | % | — | — | % | — | — | % | |||||||||||
Total | $ | 1.9688 | 100.00 | % | $ | 2.3948 | 100.00 | % | $ | 2.0349 | 100.00 | % | ||||||||
Series B Preferred Shares: | ||||||||||||||||||||
Ordinary income | $ | 1.9643 | 98.21 | % | $ | 2.4328 | 100.00 | % | $ | 2.0672 | 100.00 | % | ||||||||
Qualified dividend | 0.0357 | 1.79 | % | — | — | % | — | — | % | |||||||||||
Capital gain | — | — | % | — | — | % | — | — | % | |||||||||||
Return of capital | — | — | % | — | — | % | — | — | % | |||||||||||
Total | $ | 2.0000 | 100.00 | % | $ | 2.4328 | 100.00 | % | $ | 2.0672 | 100.00 | % | ||||||||
Series C Preferred Shares: | ||||||||||||||||||||
Ordinary income | $ | 1.5960 | 98.22 | % | $ | 1.9767 | 100.00 | % | $ | 0.9890 | 100.00 | % | ||||||||
Qualified dividend | 0.0290 | 1.78 | % | — | — | % | — | — | % | |||||||||||
Capital gain | — | — | % | — | — | % | — | — | % | |||||||||||
Return of capital | — | — | % | — | — | % | — | — | % | |||||||||||
Total | $ | 1.6250 | 100.00 | % | $ | 1.9767 | 100.00 | % | $ | 0.9890 | 100.00 | % | ||||||||
For the year ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Federal | |||||||||||
Current | $ | 1,389 | $ | 2,121 | $ | 718 | |||||
Deferred | 55 | 317 | — | ||||||||
State and local | |||||||||||
Current | 287 | 555 | 313 | ||||||||
Deferred | (72 | ) | 25 | — | |||||||
Income tax expense (benefit) | $ | 1,659 | $ | 3,018 | $ | 1,031 |
For the year ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Statutory federal tax expense (benefit) | $ | 1,367 | $ | 2,561 | $ | 718 | |||||
State income tax expense (benefit), net of federal tax (benefit) expense | 111 | 457 | 313 | ||||||||
Other | 181 | — | — | ||||||||
Income tax expense (benefit) | $ | 1,659 | $ | 3,018 | $ | 1,031 |
For the year ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Numerator: | |||||||||||
Net income (loss) attributable to common shareholders | $ | 68,718 | $ | 47,787 | $ | 19,965 | |||||
Less: dividends paid on unvested share-based compensation | (432 | ) | (459 | ) | (328 | ) | |||||
Undistributed earnings attributable to share-based compensation | — | — | — | ||||||||
Net income (loss) available to common shareholders | $ | 68,286 | $ | 47,328 | $ | 19,637 | |||||
Denominator: | |||||||||||
Weighted-average number of common shares — basic | 71,715,870 | 65,646,712 | 61,498,389 | ||||||||
Effect of dilutive share-based compensation | 668,419 | 617,406 | 338,352 | ||||||||
Weighted-average number of common shares — diluted | 72,384,289 | 66,264,118 | 61,836,741 | ||||||||
Net income (loss) per share available to common shareholders — basic | $ | 0.95 | $ | 0.72 | $ | 0.32 | |||||
Net income (loss) per share available to common shareholders — diluted | $ | 0.94 | $ | 0.71 | $ | 0.32 |
2016 | $ | 7,240 | ||
2017 | 7,326 | |||
2018 | 7,744 | |||
2019 | 7,807 | |||
2020 | 7,873 | |||
Thereafter | 747,083 | |||
Total | $ | 785,073 |
For the year ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(in thousands) | |||||||||||
Interest paid, net of capitalized interest | $ | 38,128 | $ | 26,945 | $ | 23,528 | |||||
Interest capitalized | $ | 598 | $ | — | $ | 206 | |||||
Income taxes paid | $ | 2,487 | $ | 3,049 | $ | 1,572 | |||||
Non-Cash Investing and Financing Activities: | |||||||||||
Distributions payable on common shares/units | $ | 24,319 | $ | 17,743 | $ | 10,592 | |||||
Distributions payable on preferred shares | $ | 5,550 | $ | 5,550 | $ | 5,203 | |||||
Issuance of common shares for Board of Trustees compensation | $ | 372 | $ | 421 | $ | 207 | |||||
Mortgage loans assumed in connection with acquisition | $ | — | $ | 50,725 | $ | 90,448 | |||||
Below (above) market rate contracts assumed in connection with acquisition | $ | 20,110 | $ | 15,375 | $ | 2,826 | |||||
Capital lease obligation assumed in connection with acquisition | $ | — | $ | 10,758 | $ | — | |||||
Deposit applied to purchase price of acquisition | $ | — | $ | — | $ | 4,000 | |||||
Accrued additions and improvements to hotel properties | $ | 1,262 | $ | 6,537 | $ | 603 | |||||
Write-off of fully depreciated furniture, fixtures and equipment | $ | 6,013 | $ | 4,446 | $ | — | |||||
Write-off of deferred financing costs | $ | 1,577 | $ | 2,258 | $ | — |
Year Ended December 31, 2015 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total revenues | $ | 163,435 | $ | 197,683 | $ | 216,321 | $ | 193,425 | ||||||||
Net income (loss) | 7,170 | 26,583 | 38,248 | 22,994 | ||||||||||||
Net income (loss) attributable to the Company | 7,143 | 26,491 | 38,119 | 22,915 | ||||||||||||
Net income (loss) attributable to common shareholders | 655 | 20,004 | 31,631 | 16,428 | ||||||||||||
Net income (loss) per share available to common shareholders, basic | $ | 0.01 | $ | 0.28 | $ | 0.44 | $ | 0.23 | ||||||||
Net income (loss) per share available to common shareholders, diluted | $ | 0.01 | $ | 0.27 | $ | 0.43 | $ | 0.23 | ||||||||
Year Ended December 31, 2014 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total revenues | $ | 125,712 | $ | 147,454 | $ | 169,676 | $ | 155,934 | ||||||||
Net income (loss) | 4,121 | 22,893 | 30,439 | 16,090 | ||||||||||||
Net income (loss) attributable to the Company | 4,078 | 22,673 | 30,165 | 15,950 | ||||||||||||
Net income (loss) attributable to common shareholders | (2,003 | ) | 16,591 | 23,737 | 9,462 | |||||||||||
Net income (loss) per share available to common shareholders, basic and diluted | $ | (0.03 | ) | $ | 0.26 | $ | 0.36 | $ | 0.13 |
Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2015 (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Gross Amount at End of Year | |||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumb-rances | Land | Building and Improvements | Furniture, Fixtures and Equipment | Costs Capitalized Subsequent to Acquisition (1) | Land | Building and Improvements | Furniture, Fixtures and Equipment | Total | Accumulated Depreciation | Net Book Value | Year of Original Construction | Date of Acquisition | Depreciation Life | ||||||||||||||||||||||||||||||||||||||
DoubleTree by Hilton Hotel Bethesda -Washington DC | $ | — | $ | 10,065 | $ | 53,000 | $ | 4,035 | $ | 8,573 | $ | 10,065 | $ | 58,812 | $ | 6,796 | $ | 75,673 | $ | 13,584 | $ | 62,089 | 1971 | 6/4/2010 | 3-40 years | |||||||||||||||||||||||||||
Sir Francis Drake | — | 22,500 | 60,547 | 6,953 | 18,605 | 22,500 | 71,771 | 14,334 | 108,605 | 20,390 | 88,215 | 1928 | 6/22/2010 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
InterContinental Buckhead Atlanta | — | 25,000 | 68,844 | 11,000 | 11,306 | 25,000 | 73,667 | 17,483 | 116,150 | 22,404 | 93,746 | 2004 | 7/1/2010 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Hotel Monaco Washington DC | 42,895 | — | 60,630 | 2,441 | 11,660 | — | 66,048 | 8,683 | 74,731 | 11,613 | 63,118 | 1839 | 9/9/2010 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
The Grand Hotel Minneapolis | — | 4,950 | 26,616 | 300 | 9,798 | 4,950 | 32,941 | 3,773 | 41,664 | 7,262 | 34,402 | 1912 | 9/29/2010 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Skamania Lodge | — | 7,130 | 44,987 | 3,523 | 7,957 | 7,130 | 48,840 | 7,626 | 63,596 | 10,369 | 53,227 | 1993 | 11/3/2010 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Le Meridien Delfina Santa Monica | — | 18,784 | 81,580 | 2,295 | 13,394 | 18,784 | 88,533 | 8,736 | 116,053 | 16,464 | 99,589 | 1972 | 11/19/2010 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Sofitel Philadelphia | 45,668 | 18,000 | 64,256 | 4,639 | 8,257 | 18,000 | 69,153 | 7,999 | 95,152 | 13,769 | 81,383 | 2000 | 12/3/2010 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Argonaut Hotel | 42,823 | — | 79,492 | 4,247 | 6,070 | — | 82,491 | 7,318 | 89,809 | 14,661 | 75,148 | 1907 | 2/16/2011 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
The Westin San Diego Gaslamp Quarter | 75,040 | 25,537 | 86,089 | 6,850 | 18,910 | 25,537 | 102,484 | 9,365 | 137,386 | 18,185 | 119,201 | 1987 | 4/6/2011 | 1-40 years | ||||||||||||||||||||||||||||||||||||||
Hotel Monaco Seattle | — | 10,105 | 38,888 | 2,073 | 7,205 | 10,105 | 42,120 | 6,046 | 58,271 | 8,740 | 49,531 | 1969 | 4/7/2011 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Mondrian Los Angeles | — | 20,306 | 110,283 | 6,091 | 9,359 | 20,306 | 115,042 | 10,691 | 146,039 | 19,488 | 126,551 | 1959 | 5/3/2011 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Viceroy Miami | — | 8,368 | 24,246 | 3,723 | 3,103 | 8,368 | 25,251 | 5,821 | 39,440 | 7,377 | 32,063 | 2009 | 5/26/2011 | 1-40 years | ||||||||||||||||||||||||||||||||||||||
W Boston | — | 19,453 | 63,893 | 5,887 | 5,520 | 19,453 | 66,278 | 9,022 | 94,753 | 13,625 | 81,128 | 2009 | 6/8/2011 | 2-40 years | ||||||||||||||||||||||||||||||||||||||
Hotel Zetta | — | 7,294 | 22,166 | 290 | 15,603 | 7,294 | 33,794 | 4,265 | 45,353 | 5,155 | 40,198 | 1913 | 4/4/2012 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Hotel Vintage Seattle | — | 8,170 | 23,557 | 706 | 6,719 | 8,170 | 28,127 | 2,855 | 39,152 | 3,476 | 35,676 | 1922 | 7/9/2012 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Hotel Vintage Portland | — | 6,222 | 23,012 | 1,093 | 11,929 | 6,222 | 32,000 | 4,034 | 42,256 | 3,340 | 38,916 | 1894 | 7/9/2012 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
W Los Angeles - West Beverly Hills | — | 24,403 | 93,203 | 3,600 | 25,056 | 24,403 | 111,080 | 10,779 | 146,262 | 12,955 | 133,307 | 1969 | 8/23/2012 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Hotel Zelos (formerly Hotel Palomar San Francisco) | (2 | ) | 26,098 | — | 63,430 | 3,780 | 7,501 | — | 68,462 | 6,249 | 74,711 | 9,304 | 65,407 | 1907 | 10/25/2012 | 3-40 years | ||||||||||||||||||||||||||||||||||||
Embassy Suites San Diego Bay - Downtown | (3 | ) | 63,116 | 20,103 | 90,162 | 6,881 | 12,095 | 20,103 | 99,913 | 9,225 | 129,241 | 11,130 | 118,111 | 1988 | 1/29/2013 | 3-40 years | ||||||||||||||||||||||||||||||||||||
The Redbury Hollywood | — | 8,057 | 24,833 | 1,000 | 1,655 | 8,057 | 25,938 | 1,550 | 35,545 | 1,988 | 33,557 | 2008 | 8/8/2013 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Hotel Modera | (4 | ) | 22,833 | 8,215 | 37,874 | 1,500 | 2,822 | 8,215 | 39,744 | 2,452 | 50,411 | 3,754 | 46,657 | 1962 | 8/28/2013 | 3-40 years |
Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2015 (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Zephyr Fisherman's Wharf | — | — | 116,445 | 3,550 | 26,244 | — | 139,264 | 6,975 | 146,239 | 8,201 | 138,038 | 1964 | 12/9/2013 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
The Prescott Hotel San Francisco | — | 12,561 | 43,665 | 1,094 | 15,101 | 12,561 | 46,448 | 13,412 | 72,421 | 1,842 | 70,579 | 1913 | 5/22/2014 | 1-45 years | ||||||||||||||||||||||||||||||||||||||
The Nines, a Luxury Collection Hotel, Portland | — | 18,493 | 92,339 | 8,757 | 4,263 | 18,493 | 93,595 | 11,764 | 123,852 | 5,270 | 118,582 | 1909 | 7/17/2014 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
The Westin Colonnade Coral Gables | — | 12,108 | 46,317 | 1,271 | 7,639 | 12,108 | 50,425 | 4,802 | 67,335 | 2,034 | 65,301 | 1989 | 11/12/2014 | 2-40 years | ||||||||||||||||||||||||||||||||||||||
Hotel Palomar Los Angeles - Beverly Hills | — | — | 90,675 | 1,500 | 539 | — | 90,954 | 1,760 | 92,714 | 2,787 | 89,927 | 1972 | 11/20/2014 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Union Station Hotel, Autograph Collection | — | — | 37,803 | 6,833 | 1,749 | — | 40,085 | 6,300 | 46,385 | 2,013 | 44,372 | 1900 | 12/10/2014 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
Revere Hotel Boston Common | — | 41,857 | 207,817 | 10,596 | 1,844 | 41,857 | 208,530 | 11,727 | 262,114 | 7,067 | 255,047 | 1972 | 12/18/2014 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
LaPlaya Beach Resort and LaPlaya Beach Club | — | 112,575 | 82,117 | 6,733 | 1,785 | 112,575 | 83,030 | 7,605 | 203,210 | 2,971 | 200,239 | 1968 | 5/21/2015 | 3-40 years | ||||||||||||||||||||||||||||||||||||||
The Tuscan Fisherman's Wharf, a Best Western Plus Hotel | — | 29,125 | 90,323 | 2,500 | 290 | 29,125 | 90,348 | 2,765 | 122,238 | 1,959 | 120,279 | 1990 | 6/11/2015 | 2-40 years | ||||||||||||||||||||||||||||||||||||||
$ | 318,473 | $ | 499,381 | $ | 2,049,089 | $ | 125,741 | $ | 282,551 | $ | 499,381 | $ | 2,225,168 | $ | 232,212 | $ | 2,956,761 | $ | 283,177 | $ | 2,673,584 |
Reconciliation of Real Estate and Accumulated Depreciation: | |||
Reconciliation of Real Estate: | |||
Balance at December 31, 2012 | $ | 1,495,167 | |
Acquisitions | 318,619 | ||
Capital Expenditures | 38,153 | ||
Disposal of Assets | (2,000 | ) | |
Balance at December 31, 2013 | $ | 1,849,939 | |
Acquisitions | 633,687 | ||
Capital Expenditures | 59,090 | ||
Disposal of Assets | (4,446 | ) | |
Balance at December 31, 2014 | $ | 2,538,270 | |
Acquisitions | 323,373 | ||
Capital Expenditures | 101,131 | ||
Disposal of Assets | (6,013 | ) | |
Balance at December 31, 2015 | $ | 2,956,761 | |
Reconciliation of Accumulated Depreciation: | |||
Balance at December 31, 2012 | $ | 77,938 | |
Depreciation | 54,511 | ||
Disposal of Assets | (121 | ) | |
Balance at December 31, 2013 | $ | 132,328 | |
Depreciation | 66,698 | ||
Disposal of Assets | (4,446 | ) | |
Balance at December 31, 2014 | $ | 194,580 | |
Depreciation | 94,610 | ||
Disposal of Assets | (6,013 | ) | |
Balance at December 31, 2015 | $ | 283,177 |
EXHIBIT INDEX | ||
Exhibit Number | Description of Exhibit | |
3.1† | Declaration of Trust, as amended and supplemented, of the Registrant. | |
3.2 | Bylaws of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form S-11 filed on July 13, 2010 (File No. 333-168078)). | |
3.3 | Second Amended and Restated Agreement of Limited Partnership of Pebblebrook Hotel, L.P., dated as of December 13, 2013 (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on December 17, 2013 (File No. 001-34571)). | |
3.4 | First Amendment to the Second Amended and Restated Agreement of Limited Partnership of Pebblebrook Hotel, L.P., dated as of September 30, 2014 (incorporated by reference to Exhibit 3.4 to the Registrant’s Annual Report on Form 10‑K filed on February 17, 2015 (File No. 001‑34571)). | |
10.1* | Pebblebrook Hotel Trust 2009 Equity Incentive Plan, as amended and restated (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on August 2, 2012 (File No. 001-34571)). | |
10.2* | Change in Control Severance Agreement between Pebblebrook Hotel Trust and Jon E. Bortz (incorporated by reference to Exhibit 10.2 to the Registrant's Annual Report on Form 10-K filed on March 24, 2010 (File No. 001-34571)). | |
10.3* | Change in Control Severance Agreement between Pebblebrook Hotel Trust and Raymond D. Martz (incorporated by reference to Exhibit 10.3 to the Registrant's Annual Report on Form 10-K filed on March 24, 2010 (File No. 001-34571)). | |
10.4* | Change in Control Severance Agreement between Pebblebrook Hotel Trust and Thomas C. Fisher (incorporated by reference to Exhibit 10.4 to the Registrant's Annual Report on Form 10-K filed on March 24, 2010 (File No. 001-34571)). | |
10.5* | Form of Indemnification Agreement between Pebblebrook Hotel Trust and its officers and trustees (incorporated by reference to Exhibit 10.4 of Amendment No. 1 to the Registrant's Registration Statement on Form S-11/A filed on November 10, 2009 (File No. 333-162412)). | |
10.6* | Form of Share Award Agreement for officers and employees (incorporated by reference to Exhibit 10.5 of Amendment No. 2 to the Registrant's Registration Statement on Form S-11/A filed on November 25, 2009 (File No. 333-162412)) (This agreement was superseded by Exhibit 10.10 below). | |
10.7* | Form of Share Award Agreement for trustees (incorporated by reference to Exhibit 10.6 of Amendment No. 2 to the Registrant's Registration Statement on Form S-11/A filed on November 25, 2009 (File No. 333-162412)). | |
10.8* | Form of Share Award Agreement (Performance Vesting) for executive officers (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on April 26, 2012 (File No. 001-34571)). | |
10.9* | Form of LTIP Unit Vesting Agreement (supersedes Exhibits 10.11, 10.12, and 10.13 to the Registrant's Annual Report on Form 10-K filed on March 24, 2010 (File No. 001-34571)) (incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q filed on April 26, 2012 (File No. 001-34571)). | |
10.10* | Form of Share Award Agreement for executive officers (supersedes Exhibit 10.5 of Amendment No. 2 to the Registrant's Registration Statement on Form S-11/A filed on November 25, 2009 (File No. 333-162412) and Exhibits 10.1, 10.2, and 10.3 to the Registrant's Current Report on Form 8-K filed on March 16, 2010 (File No. 001-34571)) (incorporated by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q filed on April 26, 2012 (File No. 001-34571)). | |
10.11 | Lease, dated December 1, 1999, by and between the United States of America, acting through the Administrator of General Services, and Tariff Building Associates, L.P. (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on September 13, 2010 (File No. 001-34571)). | |
10.12 | Assignment and Assumption of GSA Lease, dated September 9, 2010, by and among the United States of America, acting by and through the Administrator of General Services and Authorized Representatives, Tariff Building Associates, L.P., and Jayhawk Owner LLC (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on September 13, 2010 (File No. 001-34571)). | |
10.13 | Historical Lease, dated October 16, 2000, by and between the United States Department of the Interior, National Park Service acting through the Regional Director, Pacific West Region, an agency of the United States of America, and Maritime Hotel Associates, L.P. (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on February 22, 2011 (File No. 001-34571)). |
10.14 | Seventh Amendment to Historic Lease, dated February 6, 2001, by and between the United States Department of the Interior, National Park Service acting through the Regional Director, Pacific West Region, an agency of the United States of America, and Maritime Hotel Associates, L.P. (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on February 22, 2011 (File No. 001-34571)). | |
10.15 | Tenth Amendment to Historic Lease, dated December 9, 2008, by and between the United States Department of the Interior, National Park Service acting through the Regional Director, Pacific West Region, an agency of the United States of America, and Maritime Hotel Associates, L.P. (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed on February 22, 2011 (File No. 001-34571)). | |
10.16 | Eleventh Amendment to Historic Lease, dated February 16, 2011, by and between the United States Department of the Interior, National Park Service acting through the Regional Director, Pacific West Region, an agency of the United States of America, and Wildcats Owner LLC. (incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed on February 22, 2011 (File No. 001-34571)). | |
10.17 | Assignment and Assumption of Historical Lease, dated February 16, 2011, by and among the United States Department of the Interior, National Park Service acting through the Regional Director, Pacific West Region, an Agency of the United States of America, Maritime Hotel Associates, L.P., and Wildcats Owner LLC. (incorporated by reference to Exhibit 10.5 to the Registrant's Current Report on Form 8-K filed on February 22, 2011 (File No. 001-34571)). | |
10.18 | Contribution Agreement, dated as of June 20, 2011,by and among Denihan Ownership Company, LLC, Denihan Mezz Holding Company, LLC and Cardinals Owner LLC (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on June 24, 2011 (File No. 001-34571)). | |
10.19 | Form of Operating Agreement of DP Holding Company, LLC (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on June 24, 2011 (File No. 001-34571)). | |
10.20 | Second Amended and Restated Operating Agreement of DP Fee Holding Co., LLC, dated July 29, 2011 (supersedes Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on August 4, 2011) (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K/A filed on September 28, 2011 (File No. 001-34571)). | |
10.21 | Amendment to Second Amended and Restated Operating Agreement of DP Fee Holding Co., LLC, dated December 27, 2012 (incorporated by reference to Exhibit 10.26 to the Registrant's Annual Report on Form 10-K filed on February 21, 2013 (File No. 001-34571)). | |
10.22 | Operating Agreement of DP Lease Holding, LLC, dated July 29, 2011 (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on August 4, 2011 (File No. 001-34571)). | |
10.23 | Loan Agreement, dated as of December 27, 2012, between Goldman Sachs Mortgage Company and 371 Seventh Avenue Co. LLC, 125 East 50th Street Co. LLC, 215 East 64th Street Co. LLC, 155 East 50th Street Co. LLC and 303 Lexington Avenue Co. LLC (incorporated by reference to Exhibit 10.28 to the Registrant's Annual Report on Form 10-K filed on February 21, 2013 (File No. 001-34571)). | |
10.24* | Form of LTIP Class B Unit Vesting Agreement (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on December 17, 2013 (File No. 001-34571)). | |
10.25* | Form of Performance Unit Retention Award Agreement (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on December 17, 2013 (File No. 001-34571)). | |
10.26* | Form of Performance Unit Award Agreement for Executive Officers (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on February 10, 2014 (File No. 001-34571)). | |
10.27 | Agreement of Purchase and Sale, dated as of October 7, 2014, by and among NWBR LLC, and Stuart Street Development LLC, collectively, as Seller and NKOTB Owner LLC, as Buyer (incorporated by reference to Exhibit 10.31 to the Registrant’s Annual Report on Form 10‑K filed on February 17, 2015 (File No. 001‑34571)). | |
10.28 | Third Amended and Restated Credit Agreement, dated as of October 16, 2014, among Pebblebrook Hotel, L.P., as the Borrower, Pebblebrook Hotel Trust, as the parent REIT and a guarantor, certain subsidiaries of the Borrower, as guarantors, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the other lenders party thereto (incorporated by reference to Exhibit 10.33 to the Registrant’s Annual Report on Form 10‑K filed on February 17, 2015 (File No. 001‑34571). | |
10.29 | First Amendment to Third Amended and Restated Credit Agreement, dated as of April 13, 2015, among Pebblebrook Hotel, L.P., as borrower, Pebblebrook Hotel Trust, as a guarantor, Bank of America, N.A., certain guarantors and certain lenders party thereto (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on July 23, 2015 (File No. 001-34571)). |
10.30 | Credit Agreement, dated as of April 13, 2015, among Pebblebrook Hotel, L.P., as the borrower, Pebblebrook Hotel Trust, as the parent REIT and a guarantor, certain subsidiaries of the borrower, as guarantors, U.S. Bank National Association, as administrative agent, and the other lenders party hereto (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed on July 23, 2015 (File No. 001-34571)). | |
10.31 | Credit Agreement, dated as of June 10, 2015, among Pebblebrook Hotel, L.P., as the borrower, Pebblebrook Hotel Trust, as the parent REIT and a guarantor, certain subsidiaries of the borrower, as guarantors, PNC Bank, National Association, as administrative agent, and the other lenders party hereto (incorporated by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed on July 23, 2015 (File No. 001-34571)). | |
10.32* | Form of Performance Unit Award Agreement for Executive Officers (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on April 23, 2015 (File No. 001-34571)). | |
10.33† | Note Purchase and Guarantee Agreement, dated November 12, 2015, by and among Pebblebrook Hotel Trust, Pebblebrook Hotel, L.P, Massachusetts Mutual Life Insurance Company, MassMutual Asia Limited, Allianz Life Insurance Company of North America and The Guardian Life Insurance Company of America. | |
12.1† | Statement of Computation of Ratios of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Share Dividends. | |
21.1† | List of Subsidiaries of the Registrant. | |
23.1† | Consent of KPMG LLP. | |
23.2† | Consent of PKF O’Connor Davies, LLP. | |
31.1† | Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2† | Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1†† | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2†† | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
99.1† | Audited combined financial statements of DP Fee Holding Co., LLC and DP Lease Holding, LLC. | |
101.INS XBRL | Instance Document (1) | |
101.SCH XBRL | Taxonomy Extension Schema Document (1) | |
101.CAL XBRL | Taxonomy Extension Calculation Linkbase Document (1) | |
101.LAB XBRL | Taxonomy Extension Label Linkbase Document (1) | |
101.DEF XBRL | Taxonomy Extension Definition Linkbase Document (1) | |
101.PRE XBRL | Taxonomy Extension Presentation Linkbase Document (1) |
* | Management agreement or compensatory plan or arrangement. |
† | Filed herewith. |
†† | Furnished herewith. |
(1) | Submitted electronically herewith. Attached as Exhibit 101 to this report are the following documents formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations and Comprehensive Income; (iii) Consolidated Statements of Equity; (iv) Consolidated Statements of Cash Flows; and (v) Notes to Consolidated Financial Statements. |
ATTEST: | PEBBLEBROOK HOTEL TRUST |
By: | /s/ Raymond D. Martz | By: | /s/ Jon E. Bortz | |
Raymond D. Martz | Jon E. Bortz | |||
Secretary | President |
WITNESS: | PEBBLEBROOK HOTEL TRUST | |||||||
By: | /s/ Raymond D. Martz | By: | /s/ Thomas C. Fisher | |||||
Raymond D. Martz Executive Vice President, Chief Financial Officer, Treasurer and Secretary | Thomas C. Fisher Executive Vice President and Chief Investment Officer |
ATTEST: | PEBBLEBROOK HOTEL TRUST | |||
By: | ||||
/s/ Raymond D. Martz | /s/ Jon E. Bortz (SEAL) | |||
Name: Raymond D. Martz Title: Secretary | Name: Jon E. Bortz Title: Chairman, President and Chief Executive Officer |
WITNESS: | PEBBLEBROOK HOTEL TRUST | |||||||
By: | /s/ Raymond D. Martz | By: | /s/ Jon E. Bortz | |||||
Raymond D. Martz Executive Vice President, Chief Financial Officer, Treasurer and Secretary | Jon E. Bortz Chairman of the Board, President and Chief Executive Officer |
WITNESS: | PEBBLEBROOK HOTEL TRUST | |||
By: | /s/ Raymond D. Martz | By: | /s/ Jon E. Bortz | |
Raymond D. Martz | Jon E. Bortz | |||
Executive Vice President, Chief Financial Officer, Treasurer and Secretary | Chairman of the Board, President and Chief Executive Officer | |||
WITNESS: | PEBBLEBROOK HOTEL TRUST | |||
By: | /s/ Raymond D. Martz | By: | /s/ Jon E. Bortz | |
Raymond D. Martz | Jon E. Bortz | |||
Executive Vice President, Chief Financial Officer, Treasurer and Secretary | Chairman of the Board, President and Chief Executive Officer |
TABLE OF CONTENTS | |||||
SECTION | HEADING | PAGE | |||
SECTION 1. AUTHORIZATION OF NOTES | 1 | ||||
SECTION 2. SALE AND PURCHASE OF NOTES | 1 | ||||
Section 2.1. Purchase and Sale of Notes | 1 | ||||
Section 2.2. Affiliate Guaranties | 2 | ||||
SECTION 3. CLOSING | 2 | ||||
SECTION 4. CONDITIONS TO CLOSING | 2 | ||||
Section 4.1. Representations and Warranties | 2 | ||||
Section 4.2. Performance; No Default | 2 | ||||
Section 4.3. Compliance Certificates | 3 | ||||
Section 4.4. Opinions of Counsel | 3 | ||||
Section 4.5. Purchase Permitted By Applicable Law, Etc | 4 | ||||
Section 4.6. Sale of Other Notes | 4 | ||||
Section 4.7. Payment of Special Counsel Fees | 4 | ||||
Section 4.8. Private Placement Number | 4 | ||||
Section 4.9. Changes in Corporate Structure | 4 | ||||
Section 4.10. Affiliate Guaranties | 4 | ||||
Section 4.11. Funding Instructions | 4 | ||||
Section 4.12. Proceedings and Documents | 5 | ||||
SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE | |||||
COMPANY AND THE PARENT REIT | 5 | ||||
Section 5.1. Organization; Power and Authority | 5 | ||||
Section 5.2. Authorization, Etc | 5 | ||||
Section 5.3. Disclosure | 5 | ||||
Section 5.4. Organization and Ownership of Shares of Subsidiaries; | |||||
Affiliates | 6 | ||||
Section 5.5. Financial Statements; Material Liabilities | 6 | ||||
Section 5.6. Compliance with Laws, Other Instruments, Etc | 7 | ||||
Section 5.7. Governmental Authorizations, Etc | 7 | ||||
Section 5.8. Litigation; Observance of Agreements, Statutes and | |||||
Orders | 7 | ||||
Section 5.9. Taxes | 7 |
Section 5.10. Title to Property; Leases | 8 | ||||
Section 5.11. Licenses, Permits, Etc | 8 | ||||
Section 5.12. Compliance with ERISA | 8 | ||||
Section 5.13. Private Offering | 9 | ||||
Section 5.14. Use of Proceeds; Margin Regulations | 9 | ||||
Section 5.15. Existing Indebtedness; Future Liens | 10 | ||||
Section 5.16. Foreign Assets Control Regulations, Etc | 10 | ||||
Section 5.17. Status under Certain Statutes | 12 | ||||
Section 5.18. Notes and Affiliate Guaranties Rank Pari Passu | 12 | ||||
Section 5.19. Environmental Matters | 12 | ||||
Section 5.20. REIT Status | 13 | ||||
SECTION 6. REPRESENTATIONS OF THE PURCHASERS | 13 | ||||
Section 6.1. Purchase for Investment | 13 | ||||
Section 6.2. Source of Funds | 13 | ||||
SECTION 7. INFORMATION AS TO COMPANY | 15 | ||||
Section 7.1. Financial and Business Information | 15 | ||||
Section 7.2. Officer’s Certificate | 17 | ||||
Section 7.3. Visitation | 18 | ||||
Section 7.4. Electronic Delivery | 19 | ||||
SECTION 8. PAYMENT AND PREPAYMENT OF THE NOTES | 19 | ||||
Section 8.1. Maturity | 19 | ||||
Section 8.2. Optional Prepayments with Make‑Whole Amount | 20 | ||||
Section 8.3. Allocation of Partial Prepayments | 20 | ||||
Section 8.4. Maturity; Surrender, Etc | 20 | ||||
Section 8.5. Purchase of Notes | 20 | ||||
Section 8.6. Make‑Whole Amount | 21 | ||||
Section 8.7. Prepayment of Notes upon Change in Control | 22 | ||||
Section 8.8. Payments Due on Non‑Business Days | 23 | ||||
SECTION 9. AFFIRMATIVE COVENANTS | 24 | ||||
Section 9.1. Compliance with Laws | 24 | ||||
Section 9.2. Insurance | 24 | ||||
Section 9.3. Maintenance of Properties | 24 | ||||
Section 9.4. Payment of Taxes and Claims | 24 | ||||
Section 9.5. Legal Existence, Etc | 25 | ||||
Section 9.6. Notes to Rank Pari Passu | 25 |
Section 9.7. Books and Records | 25 | ||||
Section 9.8. Subsidiary Guarantors | 25 | ||||
Section 9.9. Most Favored Lender Status | 26 | ||||
Section 9.10. Note Rating | 27 | ||||
SECTION 10. NEGATIVE COVENANTS | 28 | ||||
Section 10.1. Transactions with Affiliates | 28 | ||||
Section 10.2. Merger, Consolidation, Etc | 28 | ||||
Section 10.3. Line of Business | 29 | ||||
Section 10.4. Terrorism Sanctions Regulations | 29 | ||||
Section 10.5. Liens | 29 | ||||
Section 10.6. Financial Covenants | 31 | ||||
Section 10.7. Dispositions | 33 | ||||
Section 10.8. Restricted Payments | 34 | ||||
Section 10.9. Investments | 34 | ||||
SECTION 11. EVENTS OF DEFAULT | 37 | ||||
SECTION 12. REMEDIES ON DEFAULT, ETC | 39 | ||||
Section 12.1. Acceleration | 39 | ||||
Section 12.2. Other Remedies | 40 | ||||
Section 12.3. Rescission | 40 | ||||
Section 12.4. No Waivers or Election of Remedies, Expenses, Etc | 40 | ||||
SECTION 13. PARENT GUARANTY, ETC | 40 | ||||
Section 13.1. Parent Guaranty | 40 | ||||
Section 13.2. Obligations Unconditional | 41 | ||||
Section 13.3. Marshalling and Accounts | 44 | ||||
Section 13.4. General Limitation on Guarantee Obligations | 44 | ||||
SECTION 14. REGISTRATION; EXCHANGE; SUBSTITUTION OF | |||||
NOTES | 45 | ||||
Section 14.1. Registration of Notes | 45 | ||||
Section 14.2. Transfer and Exchange of Notes | 45 | ||||
Section 14.3. Replacement of Notes | 45 | ||||
SECTION 15. PAYMENTS ON NOTES | 46 | ||||
Section 15.1. Place of Payment | 46 | ||||
Section 15.2. Home Office Payment | 46 | ||||
SECTION 16. EXPENSES, ETC | 46 | ||||
Section 16.1. Transaction Expenses | 46 | ||||
Section 16.2. Survival | 47 | ||||
SECTION 17. SURVIVAL OF REPRESENTATIONS AND | |||||
WARRANTIES; ENTIRE AGREEMENT | 47 | ||||
SECTION 18. AMENDMENT AND WAIVER | 47 | ||||
Section 18.1. Requirements | 47 | ||||
Section 18.2. Solicitation of Holders of Notes | 48 | ||||
Section 18.3. Binding Effect, Etc | 49 | ||||
Section 18.4. Notes Held by Company, Etc | 49 | ||||
SECTION 19. NOTICES | 49 | ||||
SECTION 20. REPRODUCTION OF DOCUMENTS | 49 | ||||
SECTION 21. CONFIDENTIAL INFORMATION | 50 | ||||
SECTION 22. SUBSTITUTION OF PURCHASER | 51 | ||||
SECTION 23. MISCELLANEOUS | 51 | ||||
Section 23.1. Successors and Assigns | 51 | ||||
Section 23.2. Accounting Terms | 52 | ||||
Section 23.3. Severability | 53 | ||||
Section 23.4. Construction, Etc | 53 | ||||
Section 23.5. Counterparts | 53 | ||||
Section 23.6. Governing Law | 53 | ||||
Section 23.7. Jurisdiction and Process; Waiver of Jury Trial | 53 |
SCHEDULE A | — | Defined Terms |
SCHEDULE 1(a) | — | Form of 4.70% Senior Note, Series A, due December 1, 2023 |
SCHEDULE 1(b) | — | Form of 4.93% Senior Note, Series B, due December 1, 2025 |
SCHEDULE 2.2 | — | Form of Subsidiary Guaranty |
SCHEDULE 4.4(a) | — | Form of Opinion of Special Counsel for the Company and the |
Guarantors | ||
SCHEDULE 4.4(b) | — | Form of Opinion of Special Counsel for the Purchasers |
SCHEDULE 5.3 | — | Disclosure Materials |
SCHEDULE 5.4 | — | Subsidiaries of the Company and Ownership of Subsidiary Stock |
SCHEDULE 5.5 | — | Financial Statements |
SCHEDULE 5.15 | — | Existing Indebtedness |
SCHEDULE B | — | Information Relating to Purchasers |
SECTION 17. | SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. |
Very truly yours, | ||||||
PEBBLEBROOK HOTEL, L.P. | ||||||
a Delaware limited partnership | ||||||
By: Pebblebrook Hotel Trust, a Maryland real | ||||||
estate investment trust, its general partner | ||||||
By: | /s/ Raymond D. Martz | |||||
Name: Raymond D. Martz | ||||||
Title: Executive Vice President | ||||||
Chief Financial Officer | ||||||
PEBBLEBROOK HOTEL TRUST | ||||||
a Maryland real estate investment trust, | ||||||
By: | /s/ Raymond D. Martz | |||||
Name: Raymond D. Martz | ||||||
Title: Executive Vice President | ||||||
Chief Financial Officer |
Pebblebrook Hotel, L.P. | Note Purchase and Guarantee Agreement |
MASSACHUSETTS MUTUAL LIFE INSURANCE | |
COMPANY | |
By: Babson Capital Management LLC | |
as Investment Adviser | |
By: | /s/ Andrew T. Kleeman |
Name: Andrew T. Kleeman | |
Title: Managing Director | |
MASSMUTUAL ASIA LIMITED | |
By: Babson Capital Management LLC | |
as Investment Adviser | |
By: | /s/ Andrew T. Kleeman |
Name: Andrew T. Kleeman | |
Title: Managing Director |
Pebblebrook Hotel, L.P. | Note Purchase and Guarantee Agreement |
ALLIANZ LIFE INSURANCE COMPANY OF NORTH | |
AMERICA | |
By: | /s/ Brian F. Landry |
Name: Brian F. Landry | |
Title: Assistant Treasurer |
Pebblebrook Hotel, L.P. | Note Purchase and Guarantee Agreement |
THE GUARDIAN LIFE INSURANCE COMPANY OF | |
AMERICA | |
By: | /s/ Tim Powell |
Name: Tim Powell | |
Title: Senior Director |
TABLE OF CONTENTS | |||||
SECTION | HEADING | PAGE | |||
SECTION 1. GUARANTY | 1 | ||||
SECTION 2. OBLIGATIONS ABSOLUTE | 3 | ||||
SECTION 3. WAIVER | 3 | ||||
SECTION 4. OBLIGATIONS UNIMPAIRED | 4 | ||||
SECTION 5. SUBROGATION AND SUBORDINATION | 5 | ||||
SECTION 6. REINSTATEMENT OF GUARANTY | 6 | ||||
SECTION 7. RANK OF GUARANTY | 6 | ||||
SECTION 8. REPRESENTATIONS AND WARRANTIES OF EACH GUARANTOR | 6 | ||||
Section 8.1. Note Agreement | 6 | ||||
SECTION 9. TERM OF GUARANTY AGREEMENT | 6 | ||||
SECTION 10. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE | |||||
AGREEMENT | 6 | ||||
SECTION 11. AMENDMENT AND WAIVER | 7 | ||||
Section 11.1. Requirements | 7 | ||||
Section 11.2. Binding Effect | 7 | ||||
Section 11.3. Notes Held by Company, Etc | 7 | ||||
SECTION 12. NOTICES | 7 | ||||
SECTION 13. MISCELLANEOUS | 8 | ||||
Section 13.1. Successors and Assigns; Joinder | 8 | ||||
Section 13.2. Severability | 8 | ||||
Section 13.3. Construction | 8 | ||||
Section 13.4. Further Assurances | 8 | ||||
Section 13.5. Governing Law | 8 |
Section 13.6. Jurisdiction and Process; Waiver of Jury Trial | 8 |
SECTION 1. | GUARANTY. |
SECTION 2. | OBLIGATIONS ABSOLUTE. |
SECTION 3. | WAIVER. |
SECTION 4. | OBLIGATIONS UNIMPAIRED. |
SECTION 5. | SUBROGATION AND SUBORDINATION. |
SECTION 6. | REINSTATEMENT OF GUARANTY. |
SECTION 7. | RANK OF GUARANTY. |
SECTION 8. | REPRESENTATIONS AND WARRANTIES OF EACH GUARANTOR. |
SECTION 9. | TERM OF GUARANTY AGREEMENT. |
SECTION 10. | SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. |
SECTION 11. | AMENDMENT AND WAIVER. |
SECTION 12. | NOTICES. |
SECTION 13. | MISCELLANEOUS. |
HUSKIES OWNER LLC, a Delaware limited | ||||
liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: Vice President and Secretary | ||||
GATOR OWNER LLC, a Delaware limited | ||||
liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: Vice President and Secretary | ||||
BLUE DEVILS OWNER LLC, a Delaware | ||||
limited liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: Vice President and Secretary | ||||
RUNNING REBELS OWNER LLC, a | ||||
Delaware limited liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President | ||||
WOLVERINES OWNER LLC, a Delaware | ||||
limited liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President |
HOOSIERS OWNER LLC, a Delaware | ||||
limited liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President | ||||
RAZORBACKS OWNER LLC, a Delaware | ||||
limited liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President | ||||
GOLDEN EAGLES OWNER LLC, a | ||||
Delaware limited liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President | ||||
WOLFPACK OWNER LLC, a Delaware | ||||
limited liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President | ||||
HOYAS OWNER LLC, a Delaware limited | ||||
liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President | ||||
MINERS HOTEL OWNER LP, a Delaware | ||||
limited partnership | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President |
BUCKEYES HOTEL OWNER LP, a | ||||
Delaware limited partnership | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President | ||||
CRUSADERS HOTEL OWNER LP, a | ||||
Delaware limited partnership | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President | ||||
DONS HOTEL OWNER LP, a Delaware | ||||
limited partnership | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President | ||||
MENUDO OWNER LLC, a Delaware | ||||
limited liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President | ||||
RHCP HOTEL OWNER LP, a Delaware | ||||
limited partnership | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President | ||||
FLATTS OWNER LLC, a Delaware | ||||
limited liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President |
NKOTB OWNER LLC, a Delaware | ||||
limited liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President | ||||
BEAVERS OWNER LLC, a Delaware | ||||
limited liability company | ||||
By: | ||||
Name: Raymond Martz | ||||
Title: President | ||||
PJ OWNER LLC, a Delaware limited liability | ||||
company | ||||
By: | ||||
Name: Raymond D. Martz | ||||
Title: President | ||||
HAZEL OWNER LLC, a Delaware limited | ||||
liability company | ||||
By: | ||||
Name: Raymond D. Martz | ||||
Title: President | ||||
CREEDENCE HOTEL OWNER LP, a | ||||
Delaware limited partnership | ||||
By: | ||||
Name: Raymond D. Martz | ||||
Title: President | ||||
ORANGEMEN OWNER LLC, a Delaware | ||||
limited liability company | ||||
By: | ||||
Name: Raymond D. Martz | ||||
Title: President |
TAR HEEL OWNER LLC, a Delaware | ||||
limited liability company | ||||
By: | ||||
Name: Raymond D. Martz | ||||
Title: Vice President | ||||
TERRAPINS OWNER LLC, a Delaware | ||||
limited liability company | ||||
By: | ||||
Name: Raymond D. Martz | ||||
Title: President | ||||
PORTLAND HOTEL TRUST, a Maryland | ||||
real estate trust | ||||
By: | ||||
Name: Raymond D. Martz | ||||
Title: Vice President | ||||
Notice Address for such Guarantor : | ||||
7315 Wisconsin Avenue, Suite 1100 West | ||||
Bethesda, MD 20814 |
[NAME OF GUARANTOR] | |
By: | |
Name: | |
Title: | |
Notice Address for such Guarantor | |
Subsidiary | Jurisdiction | # of ownership interests of each class outstanding | # and percentage of outstanding ownership interests by Parent REIT, Company and Subsidiaries | Guarantor under Credit Agreement [yes/no] | Borrowing Base Properties owned by such Loan Party |
Pebblebrook Hotel Lessee, Inc. | DE | 1000 shares of common stock | 98% by Pebblebrook Hotel, L.P., 1% by DC Hotel Trust and 1% by Portland Hotel Trust | No | None |
Pebblebrook Hotel, L.P. | DE | 71,855,070 common units and 236,351 LTIP units | 99.67% limited partnership interest and .1% general partnership interest by Pebblebrook Hotel Trust | No | None |
DC Hotel Trust | MD | 1000 common shares of beneficial interest | 100% of common shares by Pebblebrook Hotel, L.P. | No | None |
Portland Hotel Trust | MD | 1000 common shares of beneficial interest | 100% of common shares by Pebblebrook Hotel, L.P. | Yes | None |
Tar Heel Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | DoubleTree by Hilton Bethesda |
Tar Heel Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Gator Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | Grand Hotel Minneapolis |
Gator Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Orangemen Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | InterContinental Buckhead |
Subsidiary | Jurisdiction | # of ownership interests of each class outstanding | # and percentage of outstanding ownership interests by Parent REIT, Company and Subsidiaries | Guarantor under Credit Agreement [yes/no] | Borrowing Base Properties owned by such Loan Party |
Orangemen Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Jayhawk Owner LLC | DE | N/A | 100% by DC Hotel Trust | No | None |
Jayhawk Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Huskies Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | Sir Francis Drake |
Huskies Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Terrapins Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | Skamania Lodge |
Terrapins Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Blue Devils Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | Le Méridien Delfina |
Blue Devils Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Spartans Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | No | None |
Spartans Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Wildcats Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | No | None |
Wildcats Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Bruins Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | No | None |
Subsidiary | Jurisdiction | # of ownership interests of each class outstanding | # and percentage of outstanding ownership interests by Parent REIT, Company and Subsidiaries | Guarantor under Credit Agreement [yes/no] | Borrowing Base Properties owned by such Loan Party |
Bruins Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Razorbacks Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | W Boston |
Razorbacks Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Running Rebels Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | Hotel Monaco Seattle |
Running Rebels Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Wolverines Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | Mondrian Los Angeles |
Wolverines Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Hoosiers Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | Viceroy Miami |
Hoosiers Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Cardinals Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | No | None |
Cardinals Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Hoyas Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | Hotel Zetta |
Hoyas Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Wolfpack Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | Hotel Vintage Seattle |
Subsidiary | Jurisdiction | # of ownership interests of each class outstanding | # and percentage of outstanding ownership interests by Parent REIT, Company and Subsidiaries | Guarantor under Credit Agreement [yes/no] | Borrowing Base Properties owned by such Loan Party |
Wolfpack Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Golden Eagles Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | Hotel Vintage Portland |
Golden Eagles Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Miners Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | No | None |
Miners Hotel Owner LP | DE | N/A | 99% by Pebblebrook Hotel L.P.; 1% by Miners Owner LLC | Yes | W Los Angeles – West Beverly Hills |
Miners Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Ramblers Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | No | None |
Ramblers Hotel Owner LP | DE | N/A | 99% by Pebblebrook Hotel L.P.; 1% by Ramblers Owner LLC | No | None |
Ramblers Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Bearcats Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | No | None |
Bearcats Hotel Owner LP | DE | N/A | 99% by Pebblebrook Hotel L.P.; 1% by Bearcats Owner LLC | No | None |
Bearcats Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Buckeyes Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | No | None |
Subsidiary | Jurisdiction | # of ownership interests of each class outstanding | # and percentage of outstanding ownership interests by Parent REIT, Company and Subsidiaries | Guarantor under Credit Agreement [yes/no] | Borrowing Base Properties owned by such Loan Party |
Buckeyes Hotel Owner LP | DE | N/A | 99% by Pebblebrook Hotel L.P.; 1% by Buckeyes Owner LLC | Yes | The Redbury Los Angeles |
Buckeyes Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Golden Bears Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | No | None |
Golden Bears Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Dons Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | No | None |
Dons Hotel Owner LP | DE | N/A | 99% by Pebblebrook Hotel L.P.; 1% by Dons Owner LLC | Yes | Hotel Zephyr Fisherman’s Wharf |
Dons Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Crusaders Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | No | None |
Crusaders Hotel Owner LP | DE | N/A | 99% by Pebblebrook Hotel L.P.; 1% by Crusaders Owner LLC | Yes | The Prescott Hotel |
Crusaders Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Beavers Hotel Owner LP | DE | N/A | 100% by Pebblebrook Hotel L.P. | Yes | The Nines Portland |
Beavers Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Flatts Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P | Yes | Union Station Hotel Nashville |
Subsidiary | Jurisdiction | # of ownership interests of each class outstanding | # and percentage of outstanding ownership interests by Parent REIT, Company and Subsidiaries | Guarantor under Credit Agreement [yes/no] | Borrowing Base Properties owned by such Loan Party |
Flatts Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Menudo Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P | Yes | Westin Colonnade Coral Gables |
Menudo Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
NKOTB Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P | Yes | Revere Hotel Boston Common |
NKOTB Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
RHCP Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | No | None |
RHCP Hotel Owner LP | DE | N/A | 99% by Pebblebrook Hotel L.P.; 1% by RHCP Owner LLC | Yes | Hotel Palomar Los Angeles Beverly Hills |
RHCP Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
PJ Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | None |
PJ Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Hazel Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | Yes | LaPlaya Beach & Golf Resort |
Hazel Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
Creedence Owner LLC | DE | N/A | 100% by Pebblebrook Hotel, L.P. | No | None |
Subsidiary | Jurisdiction | # of ownership interests of each class outstanding | # and percentage of outstanding ownership interests by Parent REIT, Company and Subsidiaries | Guarantor under Credit Agreement [yes/no] | Borrowing Base Properties owned by such Loan Party |
Creedence Hotel Owner LP | DE | N/A | 99% by Pebblebrook Hotel L.P.; 1% by Creedence Owner LLC | Yes | The Tuscan Fisherman’s Wharf |
Creedence Lessee LLC | DE | N/A | 100% by Pebblebrook Hotel Lessee, Inc. | No | None |
1. | Pebblebrook Hotel, L.P. owns the common shares of DC Hotel Trust and there are 125 preferred shareholders holding 100% of the preferred shares of DC Hotel Trust |
2. | Pebblebrook Hotel, L.P. owns the common shares of Portland Hotel Trust and there are 125 preferred shareholders holding 100% of the preferred shares of Portland Hotel Trust |
3. | Tar Heel Borrower LLC owns 100% of the membership interests of Tar Heel Owner LLC |
4. | Terrapins Owner LLC owns 100% of the membership interests in Skamania Lodge Furnishings LLC |
5. | Spartans Owner LLC owns a 11% membership interests of South 17th Street OwnerCo Mezzanine, L.P. |
6. | Spartans Owner LLC owns 0.1% general partnership interests of South 17th Street OwnerCo, L.P. |
7. | South 17th Street OwnerCo Mezzanine, L.P. owns 99.9% of the limited partnership interests of South 17th Street OwnerCo, L.P. |
8. | Pebblebrook Hotel, L.P. owns 89% of the membership interests of South 17th Street OwnerCo Mezzanine, L.P. |
9. | Spartans Lessee LLC owns 100% of the membership interests of South 17th Street LeaseCo Mezzanine LLC |
10. | South 17th Street LeaseCo Mezzanine LLC owns 100% of the membership interests of South 17th Street LeaseCo, LP |
11. | Wolverines Lessee LLC owns 50% of the membership interests in Sunset Restaurant LLC |
12. | Mondrian Pledgor LLC owns 50% of the membership interests in Sunset Restaurant LLC |
13. | Wolverines Lessee LLC owns 100% of the membership interests in Mondrian Pledgor LLC |
14. | Sunset Restaurant LLC Owns 0.01% of the membership interests in 8440 LLC |
15. | Mondrian Pledgor LLC owns 99.99% of the membership interests in 8440 LLC |
16. | Cardinals Owner LLC owns 49% of the membership interests in DP Fee Holding Co LLC |
17. | Cardinals Lessee LLC owns 49% of the membership interests in DP Lease Holding LLC |
Property | Loan Amount | Interest Rate | Expiration Date | ||
Embassy Suites San Diego* Hotel Modera* Hotel Monaco Washington DC* Argonaut San Francisco* Sofitel Philadelphia* | $64.79 $23.32 $43.97 $44.29 $47.29 | 6.28% 5.26% 4.36% 4.25% 3.90% | June 2016 July 2016 February 2017 March 2017 March 2017 | ||
Palomar San Francisco* Manhattan Collection (5 of 6)1* Dumont NYC* Westin Gaslamp Quarter* | $26.55 $200.90 $24.50 $77.67 | 5.94% 3.67% 3.14% 3.69% | September 2017 January 2018 May 2018 January 2020 | ||
Facility Term Loan | $300.00 | LIBOR + 150-225 bps | January 2020 | ||
Credit Facility 5-Year Term Loan | Up to $300.00 $125.00 | LIBOR + 150-230 bps LIBOR + 145-220 bps | January 2020 January 2021 | ||
7-Year Term Loan | $100.00 | LIBOR + 170-255 bps | April 2022 |
No. AR‑[_____] | [Date] | |||
$[____________] | PPN 70509@ AA5 |
PEBBLEBROOK HOTEL, L.P. | |
By | |
[Title] |
No. BR‑[_____] | [Date] | |||
$[____________] | PPN 70509@ AB3 |
PEBBLEBROOK HOTEL, L.P. | |
By | |
[Title] |
NAME AND ADDRESS OF PURCHASER | PRINCIPAL AMOUNT AND SERIES OF NOTES TO BE PURCHASED | |
Series A | Series B | |
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY c/o Babson Capital Management LLC 1500 Main Street - Suite 2200 P.O. Box 15189 Springfield, MA 01115-5189 | $23,800,000 | $21,800,000 |
Notices Send Communications and Notices to Massachusetts Mutual Life Insurance Company c/o Babson Capital Management LLC 1500 Main Street - Suite 2200 PO Box 15189 Springfield, MA 01115-5189 Electronic Delivery of Financials and other information to: Massachusetts Mutual Life Insurance Company c/o Babson Capital Management LLC 1500 Main Street - Suite 2200 PO Box 15189 Springfield, MA 01115-5189 With notification to: 1. privateplacements@babsoncapital.com 2. rrichards@babsoncapital.com | Send Notices on Payments to Massachusetts Mutual Life Insurance Company Treasury Operations Liquidity Management 1295 State Street Springfield, MA 01111 Attn: Janelle Tarantino With a copy to: Massachusetts Mutual Life Insurance Company c/o Babson Capital Management LLC 1500 Main Street - Suite 2200 PO Box 15189 Springfield, MA 01115 Tax Identification No. 04-1590850 (MassMutual) DTTP No.: 13/M/63867/DTTP |
NAME AND ADDRESS OF PURCHASER | PRINCIPAL AMOUNT AND SERIES OF NOTES TO BE PURCHASED | |
Series A | Series B | |
MASSMUTUAL ASIA LIMITED c/o Babson Capital Management LLC 1500 Main Street - Suite 2200 P.O. Box 15189 Springfield, MA 01115-5189 | $2,200,000 | $2,200,000 |
Notices Send Communications and Notices to MassMutual Asia Limited c/o Babson Capital Management LLC 1500 Main Street - Suite 2200 PO Box 15189 Springfield, MA 01115-5189 Electronic Delivery of Financials and other information to: MassMutual Asia Limited c/o Babson Capital Management LLC 1500 Main Street - Suite 2200 PO Box 15189 Springfield, MA 01115-5189 With notification to: 1. privateplacements@babsoncapital.com 2. rrichards@babsoncapital.com | Send Notices on Payments to MassMutual Asia Limited Treasury Operations Liquidity Management 1295 State Street Springfield, MA 01111 Attn: Janelle Tarantino With a copy to: MassMutual Asia Limited c/o Babson Capital Management LLC 1500 Main Street - Suite 2200 PO Box 15189 Springfield, MA 01115 | |
3. Send Corporate Action Notification to: Citigroup Global Securities Services Attn: Corporate Action Dept 3800 Citibank Center Tampa Building B Floor 3 Tampa, FL 33610-9122 |
NAME AND ADDRESS OF PURCHASER | PRINCIPAL AMOUNT AND SERIES OF NOTES TO BE PURCHASED | |
Series A | Series B | |
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA c/o Allianz Investment Management Attention: Private Placements 55 Greens Farms Road Westport, Connecticut 06880 Phone: (203) 293-1900 E-mail: ppt@allianzlife.com | $25,000,000 | $0 |
Re: | Pebblebrook Hotel, L.P., 4.70% Senior Notes, Series A, due 2023, PPN 70509@ AA5 |
NAME AND ADDRESS OF PURCHASER | PRINCIPAL AMOUNT AND SERIES OF NOTES TO BE PURCHASED | |
Series A | Series B | |
THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA 7 Hanover Square New York, NY 10004-2616 Attn: Timothy Powell Investment Department 9-A Email: timothy_powell@glic.com | $9,000,000 | $16,000,000 |
For the year ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Add: | ||||||||||||||||||||
Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees | $ | 91,372 | $ | 66,729 | $ | 36,795 | $ | 22,404 | $ | 13,427 | ||||||||||
Fixed charges | 43,478 | 30,089 | 27,799 | 16,802 | 14,842 | |||||||||||||||
Amortization of capitalized interest | 15 | — | — | — | — | |||||||||||||||
Distributed income of equity investees | 13,858 | 9,152 | 1,617 | — | — | |||||||||||||||
Total Added Items | 148,723 | 105,970 | 66,211 | 39,206 | 28,269 | |||||||||||||||
Subtract: | ||||||||||||||||||||
Interest capitalized | (598 | ) | — | (206 | ) | (236 | ) | — | ||||||||||||
Total Earnings | $ | 148,125 | $ | 105,970 | $ | 66,005 | $ | 38,970 | $ | 28,269 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Add: | ||||||||||||||||||||
Interest expensed | $ | 38,803 | $ | 27,669 | $ | 23,938 | $ | 13,532 | $ | 12,098 | ||||||||||
Interest capitalized | 598 | — | 206 | 236 | — | |||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | (29 | ) | (604 | ) | (259 | ) | 1,400 | 1,555 | ||||||||||||
Estimate of interest within rental expense | 4,106 | 3,024 | 3,914 | 1,634 | 1,189 | |||||||||||||||
Total Fixed Charges | 43,478 | 30,089 | 27,799 | 16,802 | 14,842 | |||||||||||||||
Preferred share dividends | 25,965 | 25,095 | 22,969 | 17,841 | 10,427 | |||||||||||||||
Combined Fixed Charges and Preferred Share Dividends | $ | 69,443 | $ | 55,184 | $ | 50,768 | $ | 34,643 | $ | 25,269 | ||||||||||
Ratio of Earnings to Fixed Charges | 3.41 | 3.52 | 2.37 | 2.32 | 1.90 | |||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends | 2.13 | 1.92 | 1.30 | 1.12 | 1.12 | |||||||||||||||
Name | State of Incorporation or Organization | ||
1. | Pebblebrook Hotel, L.P. | Delaware | |
2. | Pebblebrook Hotel Lessee, Inc. | Delaware | |
3. | DC Hotel Trust | Maryland | |
4. | Tar Heel Owner LLC | Delaware | |
5. | Tar Heel Lessee LLC | Delaware | |
6. | Tar Heel Borrower LLC | Delaware | |
7. | Huskies Owner LLC | Delaware | |
8. | Huskies Lessee LLC | Delaware | |
9. | Orangemen Owner LLC | Delaware | |
10. | Orangemen Lessee LLC | Delaware | |
11. | Gator Owner LLC | Delaware | |
12. | Gator Lessee LLC | Delaware | |
13. | Jayhawk Owner LLC | Delaware | |
14. | Jayhawk Lessee LLC | Delaware | |
15. | Blue Devils Owner LLC | Delaware | |
16. | Blue Devils Lessee LLC | Delaware | |
17. | Wildcats Owner LLC | Delaware | |
18. | Wildcats Lessee LLC | Delaware | |
19. | Terrapins Owner LLC | Delaware | |
20. | Skamania Lodge Furnishings LLC | Delaware | |
21. | Terrapins Lessee LLC | Delaware | |
22. | Spartans Owner LLC | Delaware | |
23. | Spartans Lessee LLC | Delaware | |
24. | South 17th Street OwnerCo Mezzanine, L.P. | Delaware | |
25. | South 17th Street OwnerCo, L.P. | Delaware | |
26. | South 17th Street LeaseCo LLC | Delaware | |
27. | South 17th Street LeaseCo Mezzanine LLC | Delaware | |
28. | Bruins Owner LLC | Delaware | |
29. | Bruins Hotel Owner LP | Delaware | |
30. | Bruins Lessee LLC | Delaware | |
31. | Running Rebels Owner LLC | Delaware | |
32. | Running Rebels Lessee LLC | Delaware | |
33. | Wolverines Owner LLC | Delaware | |
34. | Wolverines Lessee LLC | Delaware | |
35. | Hoosiers Owner LLC | Delaware | |
36. | Hoosiers Lessee LLC | Delaware | |
37. | Razorbacks Owner LLC | Delaware | |
38. | Razorbacks Lessee LLC | Delaware | |
39. | Cardinals Owner LLC | Delaware | |
40. | Cardinals Lessee LLC | Delaware | |
41. | Hoyas Owner LLC | Delaware |
42. | Hoyas Lessee LLC | Delaware | |
43. | Wolfpack Owner LLC | Delaware | |
44. | Wolfpack Lessee LLC | Delaware | |
45. | Golden Eagles Owner LLC | Delaware | |
46. | Golden Eagles Lessee LLC | Delaware | |
47. | Miners Owner LLC | Delaware | |
48. | Miners Hotel Owner LP | Delaware | |
49. | Miners Lessee LLC | Delaware | |
50. | Ramblers Owner LLC | Delaware | |
51. | Ramblers Hotel Owner LP | Delaware | |
52. | Ramblers Lessee LLC | Delaware | |
53. | Bearcats Owner LLC | Delaware | |
54. | Bearcats Hotel Owner LP | Delaware | |
55. | Bearcats Lessee LLC | Delaware | |
56. | Buckeyes Owner LLC | Delaware | |
57. | Buckeyes Hotel Owner LP | Delaware | |
58. | Buckeyes Lessee LLC | Delaware | |
59. | Golden Bears Owner LLC | Delaware | |
60. | Golden Bears Lessee LLC | Delaware | |
61. | Dons Owner LLC | Delaware | |
62. | Dons Hotel Owner LP | Delaware | |
63. | Dons Lessee LLC | Delaware | |
64. | Crusaders Owner LLC | Delaware | |
65. | Crusaders Hotel Owner LP | Delaware | |
66. | Crusaders Lessee LLC | Delaware | |
67. | Beavers Owner LLC | Delaware | |
68. | Beavers Lessee LLC | Delaware | |
69. | Menudo Owner LLC | Delaware | |
70. | Menudo Lessee LLC | Delaware | |
71. | RHCP Owner LLC | Delaware | |
72. | RHCP Hotel Owner LP | Delaware | |
73. | RHCP Lessee LLC | Delaware | |
74. | Flatts Owner LLC | Delaware | |
75. | Flatts Lessee LLC | Delaware | |
76. | NKOTB Owner LLC | Delaware | |
77. | NKOTB Lessee LLC | Delaware | |
78. | Hazel Owner LLC | Delaware | |
79. | Hazel Lessee LLC | Delaware | |
80. | Creedence Owner LLC | Delaware | |
81. | Creedence Hotel Owner LLC | Delaware | |
82. | Creedence Lessee LLC | Delaware | |
83. | Portland Hotel Trust | Maryland |
1. | I have reviewed this Annual Report on Form 10-K of Pebblebrook Hotel Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 22, 2016 | /s/ JON E. BORTZ | |
Jon E. Bortz | |||
Chairman, President and Chief Executive Officer (principal executive officer) |
1. | I have reviewed this Annual Report on Form 10-K of Pebblebrook Hotel Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 22, 2016 | /s/ RAYMOND D. MARTZ | |
Raymond D. Martz | |||
Executive Vice President, Chief Financial Officer, Treasurer and Secretary (principal financial officer and principal accounting officer) |
(1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | February 22, 2016 | /s/ JON E. BORTZ | |
Jon E. Bortz | |||
Chairman, President and Chief Executive Officer (principal executive officer) |
(1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | February 22, 2016 | /s/ RAYMOND D. MARTZ | |
Raymond D. Martz | |||
Executive Vice President, Chief Financial Officer, Treasurer and Secretary (principal financial officer and principal accounting officer) |
December 31 | ||||||||
2015 | 2014 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 16,756,115 | $ | 14,087,444 | ||||
Cash in escrow | 8,131,548 | 19,944,828 | ||||||
Accounts receivable, net of allowance of $66,974 in 2015 and $216,987 in 2014 | 9,038,975 | 11,613,897 | ||||||
Inventory | 432,191 | 459,069 | ||||||
Prepaid expenses | 10,311,830 | 9,929,467 | ||||||
Total Current Assets | 44,670,659 | 56,034,705 | ||||||
Property and equipment (net) | 402,350,000 | 411,856,485 | ||||||
Deferred expenses (net) | 3,664,781 | 5,452,960 | ||||||
Other assets | 908,317 | 788,633 | ||||||
Total Assets | $ | 451,593,757 | $ | 474,132,783 | ||||
LIABILITIES AND MEMBERS' (DEFICIT) | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 3,805,766 | $ | 4,159,080 | ||||
Taxes payable | 1,338,273 | 1,527,083 | ||||||
Accrued expenses | 8,249,812 | 8,309,032 | ||||||
Security and deposits | 2,969,109 | 3,340,930 | ||||||
Other liabilities | 517,272 | 466,660 | ||||||
Total Current Liabilities | 16,880,232 | 17,802,785 | ||||||
Long-term debt | 460,000,000 | 460,000,000 | ||||||
Long-term debt-related party | 50,000,000 | 50,000,000 | ||||||
Total Liabilities | 526,880,232 | 527,802,785 | ||||||
Members' (deficit) | (75,286,475 | ) | (53,670,002 | ) | ||||
Total Liabilities and Members' (Deficit) | $ | 451,593,757 | $ | 474,132,783 | ||||
See notes to combined financial statements |
For the Year Ended December 31 | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
REVENUES | ||||||||||||
Rooms | $ | 156,853,108 | $ | 164,162,392 | $ | 153,316,360 | ||||||
Food and beverage | 15,578,754 | 15,728,274 | 14,091,735 | |||||||||
Telecommunications | 841,601 | 1,258,651 | 1,474,898 | |||||||||
Other income | 4,501,234 | 4,465,321 | 4,084,943 | |||||||||
Total Revenues | 177,774,697 | 185,614,638 | 172,967,936 | |||||||||
EXPENSES | ||||||||||||
Rooms | 50,559,931 | 50,647,897 | 46,368,963 | |||||||||
Food and beverage | 12,080,064 | 13,425,422 | 13,587,329 | |||||||||
Telecommunications | 380,847 | 812,206 | 870,645 | |||||||||
Administrative and general | 20,167,394 | 23,063,346 | 21,942,140 | |||||||||
Advertising and marketing | 11,950,924 | 10,600,633 | 10,429,813 | |||||||||
Property operations and maintenance | 7,268,017 | 6,873,342 | 6,336,103 | |||||||||
Utilities | 4,945,886 | 5,688,784 | 5,219,962 | |||||||||
Pre-opening expenses | 13,669 | 64,270 | 280,436 | |||||||||
Other expenses | — | 74,364 | 129,645 | |||||||||
Rent expense | 86,520 | 89,450 | 71,425 | |||||||||
Real estate taxes | 17,173,169 | 15,670,084 | 15,022,035 | |||||||||
Interest expense | 23,524,143 | 23,523,442 | 23,043,049 | |||||||||
Insurance | 978,531 | 998,718 | 836,364 | |||||||||
Information and technology | 3,343,376 | — | — | |||||||||
Depreciation | 18,636,378 | 18,157,437 | 17,007,485 | |||||||||
Total Expenses | 171,108,849 | 169,689,395 | 161,145,394 | |||||||||
Net Income | $ | 6,665,848 | $ | 15,925,243 | $ | 11,822,542 | ||||||
See notes to combined financial statements |
Members' (Deficit) | ||||
Balance at December 31, 2012 | $ | 12,995,746 | ||
Contributions | 2,572,859 | |||
Distributions | (78,308,281 | ) | ||
Net income | 11,822,542 | |||
Balance at December 31, 2013 | (50,917,134 | ) | ||
Contributions | — | |||
Distributions | (18,678,111 | ) | ||
Net income | 15,925,243 | |||
Balance at December 31, 2014 | (53,670,002 | ) | ||
Contributions | 9,500,000 | |||
Distributions | (37,782,321 | ) | ||
Net income | 6,665,848 | |||
Balance at December 31, 2015 | $ | (75,286,475 | ) | |
See notes to combined financial statements |
For the Year Ended December 31 | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net Income | $ | 6,665,848 | $ | 15,925,243 | $ | 11,822,542 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
Base rent adjustment | (161,176 | ) | (304,650 | ) | — | |||||||
Depreciation | 18,636,378 | 18,157,437 | 17,007,485 | |||||||||
Amortization of deferred financing costs | 1,788,179 | 1,788,182 | 1,712,922 | |||||||||
Changes in Certain Other Accounts | ||||||||||||
Cash in escrow | 11,813,280 | (8,726,834 | ) | 998,441 | ||||||||
Accounts receivable | 2,574,922 | (1,834,134 | ) | (118,922 | ) | |||||||
Inventory | 26,878 | (22,680 | ) | (73,464 | ) | |||||||
Prepaid expenses | (382,363 | ) | (1,269,549 | ) | (303,753 | ) | ||||||
Other assets | 41,492 | (46,271 | ) | (275,659 | ) | |||||||
Accounts payable | (353,314 | ) | (327,472 | ) | 843,699 | |||||||
Taxes payable | (188,810 | ) | (156,372 | ) | (929,962 | ) | ||||||
Accrued expenses | (59,220 | ) | (26,089 | ) | 4,098,134 | |||||||
Security and deposits | (371,821 | ) | 708,218 | 593,994 | ||||||||
Other liabilities | 50,612 | (139,781 | ) | 104,584 | ||||||||
Total Adjustments | 33,415,037 | 7,800,005 | 23,657,499 | |||||||||
Net Cash Provided by Operating Activities | 40,080,885 | 23,725,248 | 35,480,041 | |||||||||
CASH FLOWS (USED) BY INVESTING ACTIVITIES | ||||||||||||
Capital expenditures | (9,129,893 | ) | (9,335,460 | ) | (29,336,993 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Payment of deferred expenses | — | — | (1,912,752 | ) | ||||||||
Proceeds from long-term debt | — | — | 50,000,000 | |||||||||
Contributions | 9,500,000 | — | 2,572,859 | |||||||||
Distributions | (37,782,321 | ) | (18,678,111 | ) | (78,308,281 | ) | ||||||
Net Cash (Used) by Financing Activities | (28,282,321 | ) | (18,678,111 | ) | (27,648,174 | ) | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 2,668,671 | (4,288,323 | ) | (21,505,126 | ) | |||||||
Cash and cash equivalents, beginning of year | 14,087,444 | 18,375,767 | 39,880,893 | |||||||||
Cash and cash equivalents, end of year | $ | 16,756,115 | $ | 14,087,444 | $ | 18,375,767 | ||||||
Supplemental Disclosure of Cash Flow Information | ||||||||||||
Cash paid during the year for interest | $ | 21,735,260 | $ | 21,735,260 | $ | 20,308,844 | ||||||
See notes to combined financial statements |
1. | Organization and Basis of Presentation |
Dumont NYC |
Gardens NYC |
Shelburne NYC |
Fifty NYC |
The Benjamin |
Manhattan NYC |
2. | Summary of Significant Accounting Policies |
Buildings and improvements | 10 - 40 years | |
Furniture, fixtures and equipment | 3 - 7 years |
2015 | 2014 | |||||||
Land | $ | 81,182,501 | $ | 81,182,501 | ||||
Buildings and improvements | 395,322,149 | 392,061,517 | ||||||
Furniture, fixtures and equipment | 74,701,214 | 68,831,953 | ||||||
Total | 551,205,864 | 542,075,971 | ||||||
Accumulated depreciation | (148,855,864 | ) | (130,219,486 | ) | ||||
Net | $ | 402,350,000 | $ | 411,856,485 |
3. | Long-Term Debt |
4. | Operating Leases |
2016 | $ | 3,614,735 | ||
2017 | 3,223,679 | |||
2018 | 2,326,048 | |||
2019 | 2,028,939 | |||
2020 | 1,957,181 | |||
Thereafter | 6,372,425 | |||
Total | $ | 19,523,007 |
5. | Related Party Transactions |
2015 | 2014 | |||||||
Accounts receivable | $ | 28,516 | $ | — | ||||
Accounts payable | 2,136,632 | 2,974,210 |
6. | Litigation |
7. | Commitments |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 15, 2016 |
Jun. 30, 2015 |
|
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Pebblebrook Hotel Trust | ||
Entity Central Index Key | 0001474098 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 71,946,073 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,000,000,000 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
||
---|---|---|---|---|
Statement of Financial Position [Abstract] | ||||
Allowance for doubtful accounts | $ 243 | $ 139 | ||
Mortgage loan premium | [1] | 1,581 | 4,026 | |
Preferred shares of beneficial interest, liquidation preference value | $ 350,000 | $ 350,000 | ||
Preferred shares of beneficial interest, par value (usd per share) | $ 0.01 | $ 0.01 | ||
Preferred shares of beneficial interest, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred shares of beneficial interest, shares issued | 14,000,000 | 14,000,000 | ||
Preferred shares of beneficial interest, shares outstanding | 14,000,000 | 14,000,000 | ||
Common shares of beneficial interest, par value (usd per share) | $ 0.01 | $ 0.01 | ||
Common shares of beneficial interest, shares authorized | 500,000,000 | 500,000,000 | ||
Common shares of beneficial interest, shares issued | 71,735,129 | 71,553,481 | ||
Common shares of beneficial interest, shares outstanding | 71,735,129 | 71,553,481 | ||
|
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Revenues: | |||
Room | $ 526,573 | $ 410,600 | $ 321,630 |
Food and beverage | 190,852 | 148,114 | 136,531 |
Other operating | 53,439 | 40,062 | 31,056 |
Total revenues | 770,864 | 598,776 | 489,217 |
Hotel operating expenses: | |||
Room | 124,090 | 102,709 | 83,390 |
Food and beverage | 128,816 | 104,843 | 100,244 |
Other direct and indirect | 215,169 | 166,435 | 140,564 |
Total hotel operating expenses | 468,075 | 373,987 | 324,198 |
Depreciation and amortization | 95,872 | 68,324 | 55,570 |
Real estate taxes, personal property taxes, property insurance, and ground rent | 46,947 | 36,878 | 31,052 |
General and administrative | 27,649 | 26,349 | 17,166 |
Hotel acquisition costs | 4,686 | 1,973 | 3,376 |
Total operating expenses | 643,229 | 507,511 | 431,362 |
Operating income (loss) | 127,635 | 91,265 | 57,855 |
Interest income | 2,511 | 2,529 | 2,620 |
Interest expense | (38,774) | (27,065) | (23,680) |
Equity in earnings (loss) of joint venture | 6,213 | 10,065 | 7,623 |
Income (loss) before income taxes | 97,585 | 76,794 | 44,418 |
Income tax (expense) benefit | (2,590) | (3,251) | (1,226) |
Net income (loss) | 94,995 | 73,543 | 43,192 |
Net income (loss) attributable to non-controlling interests | 327 | 677 | 274 |
Net income (loss) attributable to the Company | 94,668 | 72,866 | 42,918 |
Distributions to preferred shareholders | (25,950) | (25,079) | (22,953) |
Net income (loss) attributable to common shareholders | $ 68,718 | $ 47,787 | $ 19,965 |
Net income (loss) per share available to common shareholders-basic (in dollars per share) | $ 0.95 | $ 0.72 | $ 0.32 |
Net income (loss) per share available to common shareholders-diluted (in dollars per share) | $ 0.94 | $ 0.71 | $ 0.32 |
Weighted-average number of common shares, basic (in shares) | 71,715,870 | 65,646,712 | 61,498,389 |
Weighted-average number of common shares, diluted (in shares) | 72,384,289 | 66,264,118 | 61,836,741 |
Comprehensive Income: | |||
Net income (loss) | $ 94,995 | $ 73,543 | $ 43,192 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on derivative instruments | (4,409) | (1,427) | 1,386 |
Comprehensive income (loss) | 90,586 | 72,116 | 44,578 |
Comprehensive income (loss) attributable to non-controlling interests | 313 | 665 | 287 |
Comprehensive income (loss) attributable to the Company | $ 90,273 | $ 71,451 | $ 44,291 |
Consolidated Statements of Equity - USD ($) $ in Thousands |
Total |
Preferred Shares [Member] |
Common Shares [Member] |
Additional Paid-in Capital [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Distributions in Excess of Retained Earnings [Member] |
Parent [Member] |
Noncontrolling Interest [Member] |
---|---|---|---|---|---|---|---|---|
Preferred Stock, Shares Outstanding at Dec. 31, 2012 | 9,000,000 | |||||||
Common Stock, Shares, Outstanding at Dec. 31, 2012 | 60,955,090 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2012 | $ 1,313,092 | $ 90 | $ 610 | $ 1,362,349 | $ (300) | $ (49,798) | $ 1,312,951 | $ 141 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares, net of offering costs, Shares | 4,000,000 | 2,701,893 | ||||||
Issuance of shares, net of offering costs, Value | 175,575 | $ 40 | $ 27 | 175,508 | 175,575 | |||
Issuance of Common Shares for Board Of Trustees Compensation , Shares | 9,097 | |||||||
Issuance of Common Shares for Board Of Trustees Compensation, Value | 207 | 207 | 207 | |||||
Repurchase of Common Stock, Shares | (21,644) | |||||||
Repurchase of Common Shares, Value | (523) | (523) | (523) | |||||
Share-based Compensation, Shares | 65,192 | |||||||
Share-based Compensation, Value | 5,222 | 3,597 | 3,597 | 1,625 | ||||
Distributions on Common Shares and Units | (40,099) | (39,819) | (39,819) | (280) | ||||
Distributions on Preferred Shares | (22,968) | (22,953) | (22,953) | (15) | ||||
Unrealized gain (loss) on derivative instruments | 1,386 | 1,386 | 1,386 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 43,192 | 42,918 | 42,918 | 274 | ||||
Preferred Stock, Shares Outstanding at Dec. 31, 2013 | 13,000,000 | |||||||
Common Stock, Shares, Outstanding at Dec. 31, 2013 | 63,709,628 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2013 | 1,475,084 | $ 130 | $ 637 | 1,541,138 | 1,086 | (69,652) | 1,473,339 | 1,745 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares, net of offering costs, Shares | 1,000,000 | 7,530,000 | ||||||
Issuance of shares, net of offering costs, Value | 316,910 | $ 10 | $ 75 | 316,825 | 316,910 | |||
Issuance of Common Shares for Board Of Trustees Compensation , Shares | 13,793 | |||||||
Issuance of Common Shares for Board Of Trustees Compensation, Value | 421 | 421 | 421 | |||||
Repurchase of Common Stock, Shares | (20,539) | |||||||
Repurchase of Common Shares, Value | (632) | (632) | (632) | |||||
Share-based Compensation, Shares | 62,498 | |||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 1 | |||||||
Share-based Compensation, Value | 11,695 | 9,085 | 9,086 | 2,609 | ||||
Distributions on Common Shares and Units | (62,857) | (62,298) | (62,298) | (559) | ||||
Distributions on Preferred Shares | (25,095) | (25,079) | (25,079) | (16) | ||||
Redemption of non-controlling interest LTIP units, Shares | 258,101 | |||||||
Redemption of non-controlling interest LTIP units, Value | (5,231) | $ 3 | (2,098) | (2,095) | (3,136) | |||
Unrealized gain (loss) on derivative instruments | (1,427) | (1,427) | (1,427) | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 73,543 | 72,866 | 72,866 | 677 | ||||
Preferred Stock, Shares Outstanding at Dec. 31, 2014 | 14,000,000 | 14,000,000 | ||||||
Common Stock, Shares, Outstanding at Dec. 31, 2014 | 71,553,481 | 71,553,481 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2014 | $ 1,782,411 | $ 140 | $ 716 | 1,864,739 | (341) | (84,163) | 1,781,091 | 1,320 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares, net of offering costs, Value | (195) | (195) | (195) | |||||
Issuance of Common Shares for Board Of Trustees Compensation , Shares | 8,084 | |||||||
Issuance of Common Shares for Board Of Trustees Compensation, Value | 372 | 372 | 372 | |||||
Repurchase of Common Stock, Shares | (84,835) | |||||||
Repurchase of Common Shares, Value | (4,094) | (4,094) | (4,094) | |||||
Share-based Compensation, Shares | 258,399 | |||||||
Share-based Compensation, Value | 8,331 | $ 1 | 7,225 | 7,226 | 1,105 | |||
Distributions on Common Shares and Units | (90,612) | (90,320) | (90,320) | (292) | ||||
Distributions on Preferred Shares | (25,965) | (25,950) | (25,950) | (15) | ||||
Unrealized gain (loss) on derivative instruments | (4,409) | (4,409) | (4,409) | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 94,995 | 94,668 | 94,668 | 327 | ||||
Preferred Stock, Shares Outstanding at Dec. 31, 2015 | 14,000,000 | 14,000,000 | ||||||
Common Stock, Shares, Outstanding at Dec. 31, 2015 | 71,735,129 | 71,735,129 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2015 | $ 1,760,834 | $ 140 | $ 717 | $ 1,868,047 | $ (4,750) | $ (105,765) | $ 1,758,389 | $ 2,445 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Operating activities: | |||
Net income (loss) | $ 94,995 | $ 73,543 | $ 43,192 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 95,872 | 68,324 | 55,570 |
Share-based compensation | 8,331 | 11,695 | 5,222 |
Amortization of deferred financing costs and mortgage loan premiums | (29) | (604) | (259) |
Non-cash ground rent | 2,380 | 2,252 | 3,128 |
Equity in (earnings) loss from joint venture | (3,824) | (7,676) | (5,234) |
Other | 2,038 | 407 | 892 |
Changes in assets and liabilities: | |||
Restricted cash, net | 1,635 | 71 | (1,266) |
Hotel receivables | (3,107) | (3,544) | (3,343) |
Prepaid expenses and other assets | (212) | (3,763) | (3,441) |
Distributions from joint venture | 13,858 | 9,152 | 1,617 |
Accounts payable and accrued expenses | 4,161 | 10,598 | 8,051 |
Advance deposits | 4,622 | 829 | 3,324 |
Net cash provided by (used in) operating activities | 220,720 | 161,284 | 107,453 |
Investing activities: | |||
Acquisition of hotel properties | (305,146) | (575,748) | (230,769) |
Improvements and additions to hotel properties | (99,785) | (52,553) | (38,753) |
Distribution from (investment in) joint venture, net | 0 | 0 | 26,291 |
Deposit on hotel properties | (3,000) | 0 | 0 |
Receipt from (acquisition of) note receivable | 3,020 | (3,020) | 0 |
Purchase of corporate office equipment, software, and furniture | (278) | (1,146) | (33) |
Restricted cash, net | 5,295 | 28 | (3,182) |
Property insurance proceeds | 0 | 1,113 | 458 |
Net cash provided by (used in) investing activities | (399,894) | (631,326) | (245,988) |
Financing activities: | |||
Gross proceeds from issuance of common shares | 0 | 293,211 | 79,362 |
Gross proceeds from issuance of preferred shares | 0 | 25,000 | 100,000 |
Payment of offering costs - common and preferred shares | (195) | (1,301) | (3,787) |
Payment of deferred financing costs | (3,311) | (3,696) | (650) |
Borrowings under senior revolving credit facility | 490,000 | 180,000 | 0 |
Repayments under senior revolving credit facility | (375,000) | (130,000) | 0 |
Proceeds from term loans | 225,000 | 200,000 | 0 |
Proceeds from senior unsecured notes | 100,000 | 0 | 0 |
Repayments of mortgage debt | (171,488) | (9,123) | (8,099) |
Repurchase of common shares | (4,094) | (632) | (523) |
Redemption of non-controlling interests | 0 | (5,231) | 0 |
Distributions - common shares/units | (84,037) | (55,708) | (36,969) |
Distributions - preferred shares | (25,950) | (24,731) | (21,563) |
Proceeds from membership deposits | 2,302 | 0 | 0 |
Repayments of membership deposits | (591) | 0 | 0 |
Net cash provided by (used in) financing activities | 152,636 | 467,789 | 107,771 |
Net change in cash and cash equivalents | (26,538) | (2,253) | (30,764) |
Cash and cash equivalents, beginning of year | 52,883 | 55,136 | 85,900 |
Cash and cash equivalents, end of year | $ 26,345 | $ 52,883 | $ 55,136 |
Organization |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Pebblebrook Hotel Trust (the "Company") was formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major United States cities, with an emphasis on major gateway coastal markets. As of December 31, 2015, the Company owned interests in 37 hotels, including 31 wholly owned hotels with a total of 7,408 guest rooms, and a 49% joint venture interest in six hotels with a total of 1,787 guest rooms. The hotels are located in the following markets: Atlanta (Buckhead), Georgia; Bethesda, Maryland; Boston, Massachusetts; Hollywood, California; Los Angeles, California; Miami, Florida; Minneapolis, Minnesota; Naples, Florida; Nashville, Tennessee; New York, New York; Philadelphia, Pennsylvania; Portland, Oregon; San Diego, California; San Francisco, California; Santa Monica, California; Seattle, Washington; Stevenson, Washington; Washington, D.C.; West Hollywood, California; and Los Angeles (Beverly Hills), California. Substantially all of the Company’s assets are held by, and all of the operations are conducted through, Pebblebrook Hotel, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. At December 31, 2015, the Company owned 99.7% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.3% of the common units are owned by the other limited partners of the Operating Partnership. For the Company to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), it cannot operate the hotels it owns. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively with its subsidiaries, "PHL"), the Company’s taxable REIT subsidiary ("TRS"), which in turn engages third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company’s financial statements. |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities in which the Company does not control, but has the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method. Use of Estimates The preparation of the financial statements in conformity with U.S. 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 events and economic conditions. Actual results could differ from these estimates. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our shareholders and service debt or meet other financial obligations. Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows:
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 6 for disclosures on the fair value of debt and derivative instruments. Investment in Hotel Properties Upon acquisition of hotel properties, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. 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. Acquisition costs are expensed as incurred. Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. Investment in Joint Venture The Company reviews its investment in joint venture for impairment annually or at interim periods if events or circumstances indicate that the investment may be impaired. The investment is impaired when its estimated fair value is less than the carrying amount of the investment and that impairment is other than temporary. Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but reviews these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions. Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements to pay for real estate taxes or property insurance. Prepaid Expenses and Other Assets The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, deposits on hotel acquisitions, inventories, over or under market leases, and corporate office equipment and furniture. Deferred Financing Costs Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with obtaining debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method, over the remaining life of the debt, and is included in interest expense in the accompanying consolidated statements of operations. Derivative Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. Unrealized gains and losses on the effective portion of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as increases or decreases to interest expense. Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary amenities. Revenue is recognized when rooms are occupied and services have been rendered. For retail operations, revenue is recognized on a straight-line basis over the lives of the retail leases. The Company recognizes revenue related to membership initiation fees and deposits over the expected life of an active membership. For membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized within other revenues on the consolidated statements of operations over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method with an interest rate defined as the incremental borrowing rate. The accretion is included in interest expense. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the statement of operations. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses. Income Taxes To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Share-based Compensation The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. 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, 2015, 2014 and 2013, comprehensive income (loss) was $90.6 million, $72.1 million and $44.6 million, respectively. As of December 31, 2015 and 2014, the Company's accumulated other comprehensive income (loss) was $(4.8) million and $(0.3) million, respectively. Recent Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB voted to defer the effective date to January 1, 2018 with early adoption beginning January 1, 2017. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. In February 2015, the FASB issued ASU No. 2015-02, Consolidation - Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity (VIE) and voting interest entity (VOE) consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The new standard is effective for the Company on January 1, 2016. The Company does not expect ASU No. 2015-02 to have a significant impact on its consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. This standard is effective for periods beginning after December 15, 2015 with early adoption permitted and will be applied on a retrospective basis. The Company will adopt this standard on January 1, 2016 and it will not have a material impact on the Company's financial position, results of operations or cash flows. In August 2015, the FASB issued ASU 2015-15, Interest — Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies the treatment of debt issuance costs from line-of-credit arrangements after the adoption of ASU 2015-03. In particular, ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company does not expect the adoption of this guidance will have a material effect on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which simplifies the presentation of deferred taxes by requiring that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. The new standard is effective for the Company on January 1, 2017 but earlier adoption is permitted. The Company will adopt this standard on January 1, 2016 and it will not have an impact on the Company's financial position, results of operations or cash flows. |
Acquisition of Hotel Properties |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of Hotel Properties | Acquisition of Hotel Properties The Company finalized the purchase price allocation for the Union Station Hotel, Autograph Collection, which was acquired on December 10, 2014. The final purchase price was allocated as follows: $39.3 million to building and improvements, $5.4 million to furniture and fixtures, and $7.5 million to below (above) market rate contracts and other intangibles. On May 21, 2015, the Company acquired the 189-room LaPlaya Beach Resort and LaPlaya Beach Club located in Naples, Florida for $185.5 million. The acquisition was funded with available cash and borrowings under the Company's senior unsecured revolving credit facility. The hotel will continue to be managed by Noble House Hotels and Resorts. The final purchase price was allocated as follows: $112.6 million to land, $82.1 million to building and improvements, $6.7 million to furniture and fixtures, and $(16.8) million to below (above) market rate contracts and other intangibles. On June 11, 2015, the Company acquired the 221-room The Tuscan Fisherman's Wharf, a Best Western Plus Hotel located in San Francisco, California for $122.0 million. The acquisition was funded with available cash and borrowings under the Company's senior unsecured revolving credit facility. The hotel is managed by Noble House Hotels and Resorts. The final purchase price was allocated as follows: $29.1 million to land, $90.3 million to building and improvements, and $2.5 million to furniture and fixtures. The following unaudited pro forma financial information presents the results of the Company for the years ended December 31, 2015 and 2014 as if the hotels acquired in 2015 and 2014 were acquired on January 1, 2014 and 2013, respectively. The following hotels' pro forma results are included in the pro forma table below: The Prescott Hotel San Francisco; The Nines, a Luxury Collection Hotel, Portland; The Westin Colonnade Coral Gables; Hotel Palomar Los Angeles - Beverly Hills; Union Station Hotel, Autograph Collection; Revere Hotel Boston Common; LaPlaya Beach Resort and LaPlaya Beach Club; and The Tuscan Fisherman's Wharf, a Best Western Plus Hotel. The pro forma results below exclude acquisition costs of $4.7 million and $2.0 million for the years ended December 31, 2015 and 2014, respectively. The unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of either the results of operations that would have actually occurred had these transactions occurred or the future results of operations (in thousands, except per-share data).
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Investment in Hotel Properties |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties as of December 31, 2015 and December 31, 2014 consisted of the following (in thousands):
As of December 31, 2015 and 2014, buildings and improvements include capital lease asset of $12.2 million and $12.2 million, respectively, and accumulated depreciation includes amounts related to capital lease asset of $0.4 million and $0.2 million, respectively. Depreciation of capital lease asset is included in depreciation and amortization expense in the accompanying consolidated statements of operations and comprehensive income for all periods presented. |
Investment in Joint Venture |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Joint Venture | Investment in Joint Venture On July 29, 2011, the Company acquired a 49% interest in a joint venture (the “Manhattan Collection joint venture”), which owns six properties in New York, New York. The transaction valued the six hotels at approximately $908.0 million (subject to working capital and similar adjustments). The Company accounts for this investment using the equity method. In conjunction with the joint venture's refinancing in 2012, the Company provided the joint venture a $50.0 million unsecured special loan which matures at the earlier of July 4, 2018, the closing of any refinancing of the secured loan or the closing date of a portfolio sale (as defined in the loan agreement). The unsecured special loan bears interest at an annual fixed rate of 9.75% and requires interest-only payments through maturity. The unsecured special loan is pre-payable by the joint venture at any time. The unsecured special loan to the joint venture is included in the investment in joint venture on the consolidated balance sheets. Interest income is recorded on the accrual basis and the Company's 49% pro-rata portion of the special loan and related interest income is eliminated. As of December 31, 2015, the joint venture reported $451.6 million in total assets, which represents the historical cost basis of the hotels prior to the Company's investment. The joint venture's total liabilities and members' deficit include $460.0 million in existing first mortgage debt, consisting of a single $410.0 million loan secured by five of the properties (excluding Dumont NYC) and a $50.0 million loan secured by the Dumont NYC, and a $50.0 million unsecured special loan. At December 31, 2015, the five hotel properties securing the joint venture’s $410.0 million loan entered a cash trigger period, as defined in the loan agreement, because their aggregate net operating income on a trailing 12-month basis was below a minimum threshold. As a result, the joint venture may not make distributions of cash generated by such hotel properties to its partners, including us, until the minimum net operating income from such hotel properties on a trailing 12-month basis exceeds the minimum threshold. The joint venture was in compliance with all of its debt covenants as of December 31, 2015. The Company is not a guarantor of any existing debt of the joint venture except for limited customary carve-outs related to fraud or misapplication of funds. At the time of the Company’s investment, the estimated fair value of the hotel properties owned by the Manhattan Collection joint venture exceeded the carrying value. This basis difference between the Company’s investment in the joint venture and the Company’s proportionate 49% interest in these depreciable assets held by the joint venture is amortized over the estimated life of the underlying assets and recognized as a component of equity in earnings (loss) of joint venture (referred to as the basis adjustment in the table below). The summarized results of operations of the Company’s investment in the Manhattan Collection joint venture for the years ended December 31, 2015, 2014 and 2013 are presented below (in thousands):
The Company classifies the distributions from the Manhattan Collection joint venture in the statements of cash flows based upon an evaluation of the specific facts and circumstances of each distribution. For example, distributions from cash generated by property operations are classified as cash flows from operating activities. However, distributions received as a result of property sales are classified as cash flows from investing activities. |
Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Senior Unsecured Revolving Credit Facility On May 19, 2015, the Company exercised the accordion feature under its amended and restated credit agreement that governs the Company's senior unsecured revolving credit facility and the Company's unsecured term loan facility to increase the aggregate borrowing capacity by $150.0 million to $750.0 million. The Company's $750.0 million unsecured credit facility provides for a $450.0 million unsecured revolving credit facility and a $300.0 million unsecured term loan (the "First Term Loan"). The revolving credit facility matures in January 2019 with options to extend the maturity date to January 2020. The First Term Loan matures in January 2020. The Company has the ability to increase the aggregate borrowing capacity under the credit agreement to up to $1.0 billion, subject to lender approval. Borrowings on the revolving credit facility bear interest at LIBOR plus 1.55% to 2.30%, depending on the Company’s leverage ratio. Additionally, the Company is required to pay an unused commitment fee at an annual rate of 0.20% or 0.30% of the unused portion of the revolving credit facility, depending on the amount of borrowings outstanding. The credit agreement contains certain financial covenants, including a maximum leverage ratio, a minimum fixed charge coverage ratio, and a maximum percentage of secured debt to total asset value. As of December 31, 2015 and December 31, 2014, the Company had $165.0 million and $50.0 million, respectively, in outstanding borrowings under the revolving credit facility. As of December 31, 2015, the Company had $285.0 million borrowing capacity remaining under its unsecured revolving credit facility. As of December 31, 2015, the Company was in compliance with the credit agreement debt covenants. For the years ended December 31, 2015, 2014 and 2013, the Company incurred unused commitment fees of $0.6 million, $0.7 million and $0.7 million, respectively. Unsecured Term Loan Facilities As of December 31, 2014, the Company had $300.0 million outstanding under the First Term Loan which matures in January 2020. This term loan facility bears interest at a variable rate of LIBOR plus 1.50% to 2.25%, depending on the Company's leverage ratio. On April 13, 2015, the Company entered into a second unsecured term loan facility (the "Second Term Loan"). The Second Term Loan has a $100.0 million capacity and matures in April 2022. The Company drew the full $100.0 million under this facility. The Second Term Loan bears interest at a variable rate of LIBOR plus 1.70% to 2.55%, depending on the Company's leverage ratio. On June 10, 2015, the Company entered into a third unsecured term loan facility (the "Third Term Loan"). The Third Term Loan has a $125.0 million capacity, which may be increased up to $250.0 million, subject to lender approval, and matures in January 2021. This term loan bears interest at a variable rate of LIBOR plus 1.45% to 2.20%, depending on the Company's leverage ratio. On July 10, 2015, the Company borrowed $125.0 million under the Third Term Loan. As of December 31, 2015 and December 31, 2014, the Company had $525.0 million and $300.0 million, respectively, in outstanding borrowings under the unsecured term loan facilities. Each of the term loan facilities is subject to debt covenants substantially similar to the covenants under the amended and restated credit agreement. As of December 31, 2015, the Company was in compliance with all debt covenants. The Company has entered into interest rate swaps to effectively fix the LIBOR rates for all of its unsecured term loan facilities (see “Derivative and Hedging Activities” below). Senior Unsecured Notes On November 12, 2015, the Company issued $60.0 million of senior unsecured notes (the "Series A Notes") bearing a fixed interest rate of 4.70% per annum and maturing in December 2023. On November 12, 2015, the Company issued $40.0 million of senior unsecured notes (the "Series B Notes") bearing a fixed interest rate of 4.93% per annum and maturing in December 2025. Each of these notes is subject to debt covenants substantially similar to the covenants under the amended and restated credit agreement. Derivative and Hedging Activities The Company enters into interest rate swap agreements to hedge against interest rate fluctuations. Unrealized gains and losses on the effective portion of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as interest expense. As of December 31, 2015, the Company had interest rate swaps with an aggregate notional amount of $300.0 million to hedge the variable interest rate on the First Term Loan and, as a result, the First Term Loan had a weighted-average effective interest rate of 2.93% through July 13, 2017 and a weighted-average effective interest rate of 3.51% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at December 31, 2015. The Company entered into interest rate swap agreements to effectively fix the LIBOR rate for the entire duration of the Second Term Loan, and, as a result, the Second Term Loan had a weighted-average effective interest rate of 3.46%, based on the Company’s leverage ratio at December 31, 2015. The Company entered into interest rate swap agreements to effectively fix the LIBOR rate for the entire duration of the Third Term Loan, and, as a result, the Third Term Loan had a weighted-average effective interest rate of 3.29%, based on the Company’s leverage ratio at December 31, 2015. The Company records all derivative instruments at fair value in the consolidated balance sheets. Fair values of interest rate swaps are determined using the standard market methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Variable interest rates used in the calculation of projected receipts and payments on the swaps are based on an expectation of future interest rates derived from observable market interest rate curves (Overnight Index Swap curves) and volatilities (level 2 inputs). Derivatives expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company incorporates these counterparty credit risks in its fair value measurements. The Company believes it minimizes the credit risk by transacting with major creditworthy financial institutions. As of December 31, 2015, the Company's derivative instruments were in both asset and liability positions, with aggregate asset and liability fair values of $0.4 million and $5.1 million, respectively, in the accompanying consolidated balance sheets. For the years ended December 31, 2015 and 2014, there was $4.4 million and $1.4 million in unrealized loss, respectively, recorded in accumulated other comprehensive income. During the years ended December 31, 2015, 2014 and 2013, the Company reclassified $5.4 million, $0.6 million and $0.5 million, respectively, from accumulated other comprehensive income (loss) to interest expense. The Company expects approximately $4.7 million will be reclassified from accumulated other comprehensive income (loss) to interest expense in the next 12 months. Mortgage Debt Each of the Company’s mortgage loans is secured by a first mortgage lien or by leasehold interests under the ground lease on the underlying property. The mortgages are non-recourse to the Company except for customary carve-outs such as fraud or misapplication of funds. On March 5, 2015, the Company repaid the $50.7 million mortgage loan on The Nines, a Luxury Collection Hotel, Portland. On October 6, 2015 , the Company repaid the $48.6 million mortgage loan on the InterContinental Buckhead Atlanta. On November 6, 2015, the Company repaid the $28.9 million mortgage loan on the Skamania Lodge and the $34.1 million mortgage loan on the DoubleTree by Hilton Hotel Bethesda -Washington DC. Debt Summary Debt as of December 31, 2015 and December 31, 2014 consisted of the following (dollars in thousands):
________________________ (1) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options. (2) Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rate for the First Term Loan, the Second Term Loan and the Third Term Loan. At December 31, 2015 and December 31, 2014, the Company had interest rate swaps on the full amounts outstanding. See "Derivative and Hedging Activities" above. (3) The interest rate of 7.39% represents a weighted-average interest rate of the three non-recourse mortgage loans assumed in conjunction with the acquisition of The Nines, a Luxury Collection Hotel, Portland. (4) Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Zelos (formerly Hotel Palomar San Francisco); Embassy Suites San Diego Bay - Downtown; Hotel Modera; and The Nines, a Luxury Collection Hotel, Portland. The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates, taking into consideration general market conditions and maturity of the debt with similar credit terms and is classified within level 2 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt as of December 31, 2015 and December 31, 2014 was $465.4 million and $503.9 million, respectively. The Company was in compliance with all debt covenants as of December 31, 2015. Future scheduled debt principal payments for the Company's debt as of December 31, 2015 are as follows (in thousands):
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Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $.01 par value per share (“common shares”). Each outstanding common share entitles the holder to one vote on each matter submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company’s board of trustees. On March 5, 2014, the Company filed a prospectus supplement with the SEC to sell up to $175.0 million in common shares under a new "at the market" offering program (an "ATM program"). At the same time, the Company terminated its prior $170.0 million ATM program. As of December 31, 2015, $159.8 million in common shares remained available for issuance under the $175.0 million ATM program. Common Dividends The Company declared the following dividends on common shares/units for the year ended December 31, 2015:
Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $.01 par value per share (“preferred shares”). As of December 31, 2015 and December 31, 2014, the Company had 5,600,000 of its 7.875% Series A Cumulative Redeemable Preferred Shares ("Series A Preferred Shares"), 3,400,000 of its 8.00% Series B Cumulative Redeemable Preferred Shares ("Series B Preferred Shares") and 5,000,000 of its 6.50% Series C Preferred Shares ("Series C Preferred Shares") outstanding. The Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares (collectively, the “Preferred Shares”) rank senior to the common shares of beneficial interest and on parity with each other with respect to payment of distributions. The Preferred Shares are cumulative redeemable preferred shares, do not have any maturity date and are not subject to mandatory redemption. The Company may not redeem the Series A Preferred Shares, Series B Preferred Shares or Series C Preferred Shares prior to March 11, 2016, September 21, 2016, and March 18, 2018, respectively, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. After those dates, the Company may, at its option, redeem the applicable Preferred Shares, in whole or from time to time in part, by payment of $25.00 per share, plus any accumulated, accrued and unpaid distributions through the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the Company’s common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE MKT or NASDAQ, or any successor exchanges, the Company may, at its option, redeem the Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Preferred Shares upon a change of control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common shares based on a defined formula subject to a share cap. The share cap on each Series A Preferred Share is 2.3234 common shares, each Series B Preferred Share is 3.4483 common shares, and each Series C Preferred Share is 2.0325 common shares. Preferred Dividends The Company declared the following dividends on preferred shares for the year ended December 31, 2015:
Non-controlling Interest of Common Units in Operating Partnership Holders of Operating Partnership units have certain redemption rights that enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares at the time of redemption or for the Company’s common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the Operating Partnership's limited partners or the Company's shareholders. As of December 31, 2015 and December 31, 2014, the Operating Partnership had 236,351 long-term incentive partnership units (“LTIP units”) outstanding. Of the 236,351 LTIP units outstanding at December 31, 2015, 9,469 units have vested. Only vested LTIP units may be converted to common units of the Operating Partnership, which in turn can be tendered for redemption as described above. |
Share-Based Compensation Plan |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Plan | Share-Based Compensation Plan The Company maintains the 2009 Equity Incentive Plan, as amended and restated (the "Plan"), to attract and retain independent trustees, executive officers and other key employees and service providers. The Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. Share awards under the Plan vest over a period determined by the Board of Trustees, generally over three to five years, with certain awards vesting over periods of up to six years. The Company pays or accrues for dividends on share-based awards. All share awards are subject to full or partial accelerated vesting upon a change in control and upon death or disability or certain other employment termination events as set forth in the award agreements. As of December 31, 2015, there were 762,013 common shares available for issuance under the Plan. Service Condition Share Awards From time to time, the Company awards restricted shares under the Plan to members of the Board of Trustees, officers and employees. These shares generally vest over three to five years based on continued service or employment. The following table provides a summary of service condition restricted share activity as of December 31, 2015:
The fair value of each of these service condition restricted share awards is determined based on the closing price of the Company’s common shares on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. For the years ended December 31, 2015, 2014 and 2013, the Company recognized approximately $1.6 million, $1.4 million and $1.5 million, respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. As of December 31, 2015, there was $2.7 million of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.5 years. Performance-Based Equity Awards On February 8, 2012, the Board of Trustees approved a target award of 72,056 performance-based equity awards to officers and employees of the Company. In February 2015, these awards vested and the Company issued 120,016 and 87,556 common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested were based on three performance criteria as defined in the agreements for the period of performance from January 1, 2012 through December 31, 2014. On January 30, 2013, the Board of Trustees approved a target award of 72,118 performance-based equity awards to officers and employees of the Company. These awards vested on January 1, 2016. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 11,753 target awards to non-executive management employees which have no maximum) and will be determined in 2016 based on three performance criteria as defined in the agreements for the period of performance from January 1, 2013 through December 31, 2015. On December 13, 2013, the Board of Trustees approved a target award of 252,088 performance-based equity awards to officers and employees of the Company. The awards vest ratably on January 1, 2016, 2017, 2018, 2019 and 2020. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined on each vesting date based upon the two performance criteria as defined in the agreements for the period of performance beginning on the grant date and ending on the applicable vesting date. On February 4, 2014, the Board of Trustees approved a target award of 66,483 performance-based equity awards to officers and employees of the Company. These awards vest on January 1, 2017. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 12,261 target awards to non-executive management employees which have no maximum) and will be determined in 2017 based on three performance criteria as defined in the agreements for the period of performance from January 1, 2014 through December 31, 2016. On February 11, 2015, the Board of Trustees approved a target award of 44,962 performance-based equity awards to officers and employees of the Company. These awards vest on January 1, 2018. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 8,559 target awards to non-executive management employees which have no maximum) and will be determined in 2018 based on three performance criteria as defined in the agreements for the period of performance from January 1, 2015 through December 31, 2017. On July 27, 2015, a target award of 771 performance-based equity awards was granted to an employee of the Company. This award vests on January 1, 2018. The actual number of common shares that ultimately vest will be determined in 2018 based on three performance criteria as defined in the agreements for the period of performance from January 1, 2016 through December 31, 2017. The grant date fair value of the performance awards were determined using a Monte Carlo simulation method with the following assumptions:
(1)Amounts round to zero. In the table above, the Relative Total Shareholder Return and Absolute Total Shareholder Return components are market conditions as defined by ASC 718. The EBITDA Comparison component is a performance condition as defined by ASC 718, and, therefore, compensation expense related to this component will be reassessed at each reporting date based on the Company's estimate of the probable level of achievement, and the accrual of compensation expense will be adjusted as appropriate. Dividends on unvested performance-based equity awards accrue over the vesting period and will be paid on the actual number of shares that vest at the end of the applicable period. The Company recognizes compensation expense on a straight-line basis through the vesting date. As of December 31, 2015, there was approximately $10.2 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 1.8 years. For the years ended December 31, 2015, 2014 and 2013, the Company recognized $5.6 million, $7.7 million and $2.1 million, respectively, in expense related to these awards. Long-Term Incentive Partnership Units LTIP units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP units are a class of partnership unit in the Operating Partnership and receive, whether vested or not, the same per-unit profit distributions as the other outstanding units in the Operating Partnership, which equal per-share distributions on common shares. LTIP units are allocated their pro-rata share of the Company's net income (loss). Vested LTIP units may be converted by the holder, at any time, into an equal number of common Operating Partnership units and thereafter will possess all of the rights and interests of a common Operating Partnership unit, including the right to redeem the common Operating Partnership unit for a common share in the Company or cash, at the option of the Operating Partnership. As of December 31, 2015, the Operating Partnership had two classes of LTIP units, LTIP Class A and LTIP Class B units, all of which are held by officers of the Company. LTIP Class A units were granted to executives of the Company concurrent with completion of the Company's initial public offering in December 2009. These LTIP units vest ratably on each of the first five anniversaries of their dates of grant and were valued at $8.50 per LTIP unit at the date of grant using a Monte Carlo simulation method model. On December 13, 2013, the Board of Trustees approved a grant of 226,882 LTIP Class B units to executive officers of the Company. The LTIP units are subject to time-based vesting in five equal installments beginning January 1, 2016 and ending on January 1, 2020. The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $29.19 per unit. The aggregate grant date fair value of the LTIP Class B units was $6.6 million. As of December 31, 2015, the Company had 236,351 LTIP units outstanding. All LTIP units will vest upon a change in control. As of December 31, 2015, of the 236,351 units outstanding, 9,469 LTIP units have vested, all of which were LTIP Class A units. For the years ended December 31, 2015, 2014 and 2013, the Company recognized $1.1 million, $2.6 million and $1.6 million, respectively, in expense related to these units. As of December 31, 2015, there was $4.4 million of total unrecognized share-based compensation expense related to LTIP units. This unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.0 years. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s consolidated balance sheets. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its shareholders. It is the Company's current intention to adhere to these requirements and maintain the Company's qualification for taxation as a REIT. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. However, as a REIT, the Company is still subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable-REIT subsidiaries is subject to federal, state and local income taxes. PHL is a TRS of the Company and as such is required to pay federal and state income taxes as a regular C Corporation. For federal income tax purposes, the cash distributions paid to the Company’s common shareholders and preferred shareholders may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains. Tax law permits certain characterization of distributions which could result in differences between cash basis and tax basis distribution amounts. The following characterizes distributions paid per common share of beneficial interest and preferred share on a tax basis for the years ended December 31, 2015, 2014 and 2013:
The common and preferred share distributions declared on December 15, 2012 and paid on January 15, 2013 were treated as 2013 distributions for tax purposes. The common distribution declared on December 13, 2013 and paid on January 15, 2014 was treated as a 2014 distribution for tax purposes. For tax purposes, $0.4261, $0.4328 and $0.3517 of the Series A, Series B, and Series C, respectively, of the preferred share distributions declared on December 13, 2013 and paid on January 15, 2014 were treated as 2014 distributions. Of the common distribution declared on December 15, 2014 and paid on January 15, 2015, $0.1692 was treated as a 2015 distribution for tax purposes. The preferred share distributions declared on December 15, 2014 and paid on January 15, 2015 were treated as 2014 distributions for tax purposes. Of the common distribution declared on December 15, 2015 and paid on January 15, 2016, $0.2164 was treated as a 2016 distribution for tax purposes. The preferred share distributions declared on December 15, 2015 and paid on January 15, 2016 were treated as 2015 distributions for tax purposes. For the years ended December 31, 2015, 2014 and 2013, the Operating Partnership income tax expenses was $0.9 million, $0.2 million and $0.2 million, respectively. The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands):
A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) for PHL is as follows (in thousands):
The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, and local jurisdictions, where applicable. As of December 31, 2015 and December 31, 2014, the statute of limitations remains open for all major jurisdictions for tax years dating back to 2012 and 2011, respectively. |
Earnings Per Share |
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Earnings Per Share | Earnings Per Share The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data):
The LTIP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive net income (loss) available to common shareholders. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Management Agreements The Company’s hotel properties are operated pursuant to management agreements with various management companies. The terms of these management agreements range from five years to 20 years, not including renewals, and five years to 52 years, including renewals. Many of the Company’s management agreements are terminable at will by the Company upon paying a termination fee and some are terminable by the Company upon sale of the property, with, in some cases, the payment of termination fees. Most of the agreements also provide the Company the ability to terminate based on failure to achieve defined operating performance thresholds. Termination fees range from zero to up to five times the annual base management and incentive management fees, depending on the agreement and the reason for termination. Certain of the Company’s management agreements are non-terminable except upon the manager’s breach of a material representation or the manager’s failure to meet performance thresholds as defined in the management agreement. The management agreements require the payment of a base management fee generally between 2% and 4% of hotel revenues. Under certain management agreements, the management companies are also eligible to receive an incentive management fee if hotel operating income, cash flows or other performance measures, as defined in the agreements, exceed certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. For the years ended December 31, 2015, 2014 and 2013, combined base and incentive management fees were and $23.5 million, $19.3 million and $15.8 million, respectively. Base and incentive management fees are included in other direct and indirect expenses in the Company's consolidated statements of operations and comprehensive income. Reserve Funds Certain of the Company’s agreements with its hotel managers, franchisors and lenders have provisions for the Company to provide funds, typically 4.0% of hotel revenues, sufficient to cover the cost of (a) certain non-routine repairs and maintenance to the hotels and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment. Restricted Cash At December 31, 2015 and December 31, 2014, the Company had $9.5 million and $16.4 million, respectively, in restricted cash, which consisted of reserves for replacement of furniture and fixtures or reserves to pay for real estate taxes or property insurance under certain hotel management agreements or loan agreements. For purposes of the statement of cash flows, changes in restricted cash caused by changes in required reserves for real estate taxes or property insurance are shown as operating activities. Changes in restricted cash caused by changes in required reserves for furniture and fixtures replacement are shown as investing activities. Ground and Hotel Leases The Hotel Monaco Washington DC is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059. The hotel is required to pay the greater of an annual base rent of $0.2 million or a percentage of gross hotel revenues and gross food and beverage revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the hotel structure due to its status as a national historic landmark. The Argonaut Hotel is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059. The hotel is required to pay the greater of an annual base rent of $1.3 million or a percentage of rooms revenues, food and beverage revenues and other department revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the structure due to its status as a national historic landmark. The Hotel Zelos (formerly Hotel Palomar San Francisco) is subject to a long-term hotel lease for the right to use the ground floor lobby area and floors five through nine of the building and underlying land. The hotel lease expires in 2097. The hotel is required to pay annual base rent and a percentage rent, which is based on gross hotel and gross food and beverage revenues in excess of certain thresholds, as defined in the lease agreement. The Hotel Zephyr Fisherman's Wharf (formerly Radisson Hotel Fisherman's Wharf) is subject to both a long-term primary ground lease and a secondary sublease. The primary ground lease requires the hotel to make annual base rental payments of $0.1 million and percentage rental payments based on 5% of hotel revenues and 7.5% of retail revenues attributed to guest rooms and retail space added to the hotel property in 1998. Beginning in 2017, the primary ground lease requires the hotel to pay percentage rent based on 6% of total hotel revenues and 7.5% of total retail and parking revenues. The primary ground lease expires in 2062. The secondary sublease requires the hotel to make rental payments based on hotel net income, as defined in the agreement, related to the rooms and retail space in existence prior to the 1998 renovation. The secondary sublease expires in April 2016 at which time the hotel will only be subject to the primary ground lease through its maturity in 2062. The Prescott Hotel San Francisco is subject to a long-term hotel lease for the right to use floors three through seven, the basement and the roof of an adjacent, attached building containing 64 of the 164 guest rooms at the property. The hotel lease expires in 2059, with a one time extension option of 30 years. The Company is required to pay annual base rent of approximately $0.5 million, beginning in October 2017. The annual base rent is subject to a fixed increase every year during the remaining lease term. The building portion of the long-term hotel lease assumed was determined to be a capital lease. The Hotel Palomar Los Angeles - Beverly Hills is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2107, including 19 five-year extension options. The hotel is required to pay annual base rent of approximately $3.5 million through January 2016 and the base rent will be adjusted for consumer price index ("CPI") increases at each five-year extension. The Union Station Hotel, Autograph Collection is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2105. The hotel is required to pay the greater of annual base rent of $0.1 million or annual real property taxes. The ground leases and Hotel Zelos (formerly Hotel Palomar San Francisco) hotel lease are considered operating leases. The Company records expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining terms of the leases. Ground rent expense was $12.1 million, $8.9 million and $7.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's consolidated statements of operations and comprehensive income. Future minimum annual rental payments including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, is as follows as of December 31, 2015 (in thousands):
Litigation The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company has insurance to cover certain potential material losses. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company. |
Supplemental Information to Statements of Cash Flows |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information to Statements of Cash Flows | Supplemental Information to Statements of Cash Flows
For the year ended December 31, 2014, the Company redeemed 258,101 LTIP units for the same number of common shares. No LTIP units were redeemed for the years ended December 31, 2015 and 2013. |
Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 5, 2016, the Company exercised its accordion options on the Second Term Loan and the Third Term Loan and increased the borrowing capacities of both loans by $75.0 million to $175.0 million and $200.0 million, respectively. The Company drew down a total of $150.0 million from both facilities. The additional borrowing on the Second Term Loan remains floating at a variable rate of LIBOR plus 1.70% to 2.55%, depending on the Company's leverage ratio. The Company entered into interest rate swap agreements to effectively fix the LIBOR rate for the entire duration of the Third Term Loan, resulting in a weighted-average effective interest rate of 3.21%, based on the Company's leverage ratio at December 31, 2015. On February 8, 2016, the Company announced the redemption of the Series A Preferred Shares on March 11, 2016, at a redemption value of $25.00 per share plus accrued and unpaid dividends. On February 10, 2016 , the Board of Trustees granted awards of an aggregate of 67,280 service condition restricted common shares and 100,919 target performance-based equity to executive officers and employees of the Company. These awards will vest over 3 years. The actual number of common shares to be issued under the performance-based equity awards will be determined in early 2019 and will be based on certain performance criteria stipulated in the agreements for the period January 1, 2016 through December 31, 2018. On February 10, 2016, the Board of Trustees authorized a new share repurchase program of up to $150.0 million of the Company's outstanding common shares. Under this program, the Company may repurchase shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time. |
Quarterly Operating Results (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Operating Results (Unaudited) | NOTE 14. Quarterly Operating Results (Unaudited) The Company's unaudited consolidated quarterly operating data for the years ended December 31, 2015 and 2014 (in thousands, except per-share data) is below. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly operating data for hotel properties are not indicative of results to be achieved in succeeding quarters or years.
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Schedule III--Real Estate and Accumulated Depreciation |
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SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III--Real Estate and Accumulated Depreciation |
(1) Disposals are reflected as reductions to cost capitalized subsequent to acquisition. (2) Encumbrance on the Hotel Zelos (formerly Hotel Palomar San Francisco) is presented at face value, which excludes loan premium of $0.9 million at December 31, 2015. (3) Encumbrance on the Embassy Suites San Diego Bay - Downtown is presented at face value, which excludes loan premium of $0.6 million at December 31, 2015. (4) Encumbrance on the Hotel Modera is presented at face value, which excludes loan premium of $0.1 million at December 31, 2015. Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation-Continued As of December 31, 2015 (In thousands)
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Summary of Significant Accounting Policies (Policies) |
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Dec. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Basis of Presentation | Basis of Presentation The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities in which the Company does not control, but has the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method. |
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Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. 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 events and economic conditions. Actual results could differ from these estimates. |
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Risks and Uncertainties | Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our shareholders and service debt or meet other financial obligations. |
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Fair Value Measurements | Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows:
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 6 for disclosures on the fair value of debt and derivative instruments. |
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Investment in Hotel Properties | Investment in Hotel Properties Upon acquisition of hotel properties, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. 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. Acquisition costs are expensed as incurred. Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. |
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Investment in Joint Venture | Investment in Joint Venture The Company reviews its investment in joint venture for impairment annually or at interim periods if events or circumstances indicate that the investment may be impaired. The investment is impaired when its estimated fair value is less than the carrying amount of the investment and that impairment is other than temporary. |
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Intangible Assets and Liabilities | Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but reviews these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. |
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Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions. |
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Restricted Cash | Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements to pay for real estate taxes or property insurance. |
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Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, deposits on hotel acquisitions, inventories, over or under market leases, and corporate office equipment and furniture. |
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Deferred Financing Costs | Deferred Financing Costs Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with obtaining debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method, over the remaining life of the debt, and is included in interest expense in the accompanying consolidated statements of operations. |
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Derivative Instruments | Derivative Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. Unrealized gains and losses on the effective portion of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as increases or decreases to interest expense. |
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Revenue Recognition | Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary amenities. Revenue is recognized when rooms are occupied and services have been rendered. For retail operations, revenue is recognized on a straight-line basis over the lives of the retail leases. The Company recognizes revenue related to membership initiation fees and deposits over the expected life of an active membership. For membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized within other revenues on the consolidated statements of operations over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method with an interest rate defined as the incremental borrowing rate. The accretion is included in interest expense. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the statement of operations. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses. |
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Income Taxes | Income Taxes To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. |
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Share-based Compensation | Share-based Compensation The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds. |
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Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. |
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Comprehensive Income | 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, 2015, 2014 and 2013, comprehensive income (loss) was $90.6 million, $72.1 million and $44.6 million, respectively. As of December 31, 2015 and 2014, the Company's accumulated other comprehensive income (loss) was $(4.8) million and $(0.3) million, respectively. |
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Recent Accounting Standards | Recent Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB voted to defer the effective date to January 1, 2018 with early adoption beginning January 1, 2017. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. In February 2015, the FASB issued ASU No. 2015-02, Consolidation - Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity (VIE) and voting interest entity (VOE) consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The new standard is effective for the Company on January 1, 2016. The Company does not expect ASU No. 2015-02 to have a significant impact on its consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. This standard is effective for periods beginning after December 15, 2015 with early adoption permitted and will be applied on a retrospective basis. The Company will adopt this standard on January 1, 2016 and it will not have a material impact on the Company's financial position, results of operations or cash flows. In August 2015, the FASB issued ASU 2015-15, Interest — Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies the treatment of debt issuance costs from line-of-credit arrangements after the adoption of ASU 2015-03. In particular, ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company does not expect the adoption of this guidance will have a material effect on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which simplifies the presentation of deferred taxes by requiring that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. The new standard is effective for the Company on January 1, 2017 but earlier adoption is permitted. The Company will adopt this standard on January 1, 2016 and it will not have an impact on the Company's financial position, results of operations or cash flows. |
Acquisition of Hotel Properties (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisition, unaudited proforma information | The unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of either the results of operations that would have actually occurred had these transactions occurred or the future results of operations (in thousands, except per-share data).
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Investment in Hotel Properties (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment in hotel properties | Investment in hotel properties as of December 31, 2015 and December 31, 2014 consisted of the following (in thousands):
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Investment in Joint Venture (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized results of operations of investment in the Manhattan Collection joint venture | The summarized results of operations of the Company’s investment in the Manhattan Collection joint venture for the years ended December 31, 2015, 2014 and 2013 are presented below (in thousands):
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Debt (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt | Debt as of December 31, 2015 and December 31, 2014 consisted of the following (dollars in thousands):
________________________ (1) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options. (2) Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rate for the First Term Loan, the Second Term Loan and the Third Term Loan. At December 31, 2015 and December 31, 2014, the Company had interest rate swaps on the full amounts outstanding. See "Derivative and Hedging Activities" above. (3) The interest rate of 7.39% represents a weighted-average interest rate of the three non-recourse mortgage loans assumed in conjunction with the acquisition of The Nines, a Luxury Collection Hotel, Portland. (4) Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Zelos (formerly Hotel Palomar San Francisco); Embassy Suites San Diego Bay - Downtown; Hotel Modera; and The Nines, a Luxury Collection Hotel, Portland. |
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Schedule of Maturities of Long-term Debt | Future scheduled debt principal payments for the Company's debt as of December 31, 2015 are as follows (in thousands):
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Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares/units | The Company declared the following dividends on common shares/units for the year ended December 31, 2015:
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Dividends on preferred shares | The Company declared the following dividends on preferred shares for the year ended December 31, 2015:
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Share-Based Compensation Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of service condition restricted share activity | The following table provides a summary of service condition restricted share activity as of December 31, 2015:
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Performance-based Equity Awards Methodology and Assumptions | The grant date fair value of the performance awards were determined using a Monte Carlo simulation method with the following assumptions:
(1)Amounts round to zero. |
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Distributions Paid Per Common Share Of Beneficial Interest And Preferred Shares On A Tax Basis | The following characterizes distributions paid per common share of beneficial interest and preferred share on a tax basis for the years ended December 31, 2015, 2014 and 2013:
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Components of Income Tax Expense | The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands):
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Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense | A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) for PHL is as follows (in thousands):
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of basic and diluted earnings per common share | The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data):
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Commitments and Contingencies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating and Capital Leases | Future minimum annual rental payments including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, is as follows as of December 31, 2015 (in thousands):
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Supplemental Information to Statements of Cash Flows (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Supplemental Information to Statements of Cash Flows |
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Quarterly Operating Results (Unaudited) (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The Company's unaudited consolidated quarterly operating data for the years ended December 31, 2015 and 2014 (in thousands, except per-share data) is below. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly operating data for hotel properties are not indicative of results to be achieved in succeeding quarters or years.
|
Organization (Details) |
Dec. 31, 2015
properties
GuestRooms
|
Jul. 29, 2011
properties
|
---|---|---|
Organization (Textual) [Abstract] | ||
Number of hotels owned by the company | 37 | |
Number of wholly owned real estate properties | 31 | |
Total number of guest rooms | GuestRooms | 7,408 | |
Percentage of Operating Partnership units owned by company | 99.70% | |
Percentage of Operating Partnership units owned by other limited partners | 0.30% | |
Manhattan Collection Joint Venture [Member] | ||
Organization (Textual) [Abstract] | ||
Number of hotels owned by the company | 6 | 6 |
Equity interest issued in a joint venture | 49.00% | 49.00% |
Number of guest rooms in joint ventured real estate properties | GuestRooms | 1,787 |
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Minimum percentage of adjusted taxable income to be distributed to shareholders as a real estate investment trust | 90.00% | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 90,586 | $ 72,116 | $ 44,578 |
Accumulated other comprehensive income (loss) | $ (4,750) | $ (341) | |
Minimum [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (in years) | 10 years | ||
Minimum [Member] | Furniture Fixtures And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (in years) | 1 year | ||
Maximum [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (in years) | 40 years | ||
Maximum [Member] | Furniture Fixtures And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (in years) | 10 years |
Acquisition of Hotel Properties (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Business acquisition, unaudited proforma information | ||
Total revenues | $ 801,578 | $ 769,553 |
Operating income (loss) | 141,487 | 123,542 |
Net income (loss) attributable to common shareholders | $ 79,576 | $ 75,401 |
Net income (loss) per share available to common shareholders - basic (usd per share) | $ 1.10 | $ 1.04 |
Net income (loss) per share available to common shareholders — diluted (usd per share) | $ 1.09 | $ 1.04 |
Acquisition of Hotel Properties (Details Textual) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Jun. 11, 2015
USD ($)
GuestRooms
|
May. 21, 2015
USD ($)
GuestRooms
|
Dec. 31, 2015
USD ($)
GuestRooms
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Business Acquisition [Line Items] | |||||
Number Of Guest Rooms | GuestRooms | 7,408 | ||||
Hotel acquisition costs | $ 4,686 | $ 1,973 | $ 3,376 | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 33,400 | ||||
Business Combination, Pro Forma Information, Expenses of Acquiree since Acquisition Date, Actual | 20,600 | ||||
Union Station Hotel Nashville [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 39,300 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 5,400 | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill | $ 7,500 | ||||
LaPlaya Beach Resort [Member] | |||||
Business Acquisition [Line Items] | |||||
Number Of Guest Rooms | GuestRooms | 189 | ||||
Business Combination, Additional Consideration Transferred | $ 185,500 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 112,600 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 82,100 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 6,700 | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill | $ (16,800) | ||||
The Tuscan Fisherman's Wharf [Member] | |||||
Business Acquisition [Line Items] | |||||
Number Of Guest Rooms | GuestRooms | 221 | ||||
Business Combination, Additional Consideration Transferred | $ 122,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 29,100 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 90,300 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | $ 2,500 |
Investment in Hotel Properties (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Real Estate [Abstract] | ||
Capital Leased Assets, Gross | $ 12,200 | $ 12,200 |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 400 | 200 |
Investment in hotel properties | ||
Land | 499,381 | 357,680 |
Buildings and improvements | 2,225,168 | 1,987,050 |
Furniture, fixtures and equipment | 205,890 | 183,016 |
Construction in progress | 26,322 | 10,524 |
Investment in hotel properties | 2,956,761 | 2,538,270 |
Less: Accumulated depreciation | (283,177) | (194,580) |
Investment in hotel properties, net | $ 2,673,584 | $ 2,343,690 |
Investment in Joint Venture (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Summarized results of operations of investment in the Manhattan Collection joint venture | |||
Equity in earnings (loss) in joint venture | $ 6,213 | $ 10,065 | $ 7,623 |
Manhattan Collection Joint Venture [Member] | |||
Summarized results of operations of investment in the Manhattan Collection joint venture | |||
Revenues | 177,775 | 185,609 | 172,968 |
Total expenses | 171,109 | 169,683 | 161,145 |
Net income (loss) | 6,666 | 15,926 | 11,823 |
Company's 49% interest of net income (loss) | 3,266 | 7,804 | 5,793 |
Basis adjustment | 558 | (128) | (559) |
Special loan interest income elimination | 2,389 | 2,389 | 2,389 |
Equity in earnings (loss) in joint venture | $ 6,213 | $ 10,065 | $ 7,623 |
Investment in Joint Venture (Details Textual) $ in Millions |
Dec. 27, 2012
USD ($)
|
Dec. 31, 2015
USD ($)
properties
|
Jul. 29, 2011
USD ($)
properties
|
---|---|---|---|
Investment in Joint Venture (Textual) [Abstract] | |||
Number of properties owned | properties | 37 | ||
Transaction Values Of Investment In Joint Venture | $ 908.0 | ||
Manhattan Collection Joint Venture [Member] | |||
Investment in Joint Venture (Textual) [Abstract] | |||
Equity interest issued in a joint venture | 49.00% | 49.00% | |
Number of properties owned | properties | 6 | 6 | |
Unsecured Special Loan | $ 50.0 | ||
Unsecured Special Loan, Interest Rate | 9.75% | ||
Equity Method Investment, Summarized Financial Information [Abstract] | |||
Total assets | $ 451.6 | ||
Total liabilities and members' deficit - existing first mortgage debt | 460.0 | ||
Total liabilities and members' deficit - unsecured special loan | $ 50.0 | ||
Number of Real Estate Properties Securing Debt | properties | 5 | ||
Equity Method Investment Summarized Financial Information, Liabilities, First Mortgage Debt Secured by Five Properties | $ 410.0 | ||
EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesFirstMortgageDebtSecuredbyDumontNYC | $ 50.0 |
Debt (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 12, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Term loans | [1] | $ 525,000 | $ 300,000 | |||||||||
Senior unsecured notes | 100,000 | 0 | ||||||||||
Senior unsecured revolving credit facility | [2] | 165,000 | 50,000 | |||||||||
Mortgage debt | ||||||||||||
Mortgage debt | 320,054 | 493,987 | ||||||||||
Mortgage loans at stated value | 318,473 | 489,961 | ||||||||||
Mortgage loan premium | [3] | 1,581 | 4,026 | |||||||||
Total debt | $ 1,110,054 | 843,987 | ||||||||||
The Nines Hotel Portland [Member] | First Mortgage [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Interest Rate | [4] | 7.39% | ||||||||||
Maturity Date | [4] | Mar. 01, 2015 | ||||||||||
Mortgage debt | [4] | $ 0 | 50,725 | |||||||||
Inter Continental Buckhead Hotel [Member] | First Mortgage [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Interest Rate | 4.88% | |||||||||||
Maturity Date | Jan. 01, 2016 | |||||||||||
Mortgage debt | $ 0 | 49,320 | ||||||||||
Skamania Lodge [Member] | First Mortgage [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Interest Rate | 5.44% | |||||||||||
Maturity Date | Feb. 01, 2016 | |||||||||||
Mortgage debt | $ 0 | 29,308 | ||||||||||
Double Tree By Hilton Bethesda Washington DC [Member] | First Mortgage [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Interest Rate | 5.28% | |||||||||||
Maturity Date | Feb. 01, 2016 | |||||||||||
Mortgage debt | $ 0 | 34,575 | ||||||||||
Embassy Suites San Diego [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Mortgage loan premium | $ 600 | |||||||||||
Embassy Suites San Diego [Member] | First Mortgage [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Interest Rate | 6.28% | |||||||||||
Maturity Date | Jun. 01, 2016 | |||||||||||
Mortgage debt | $ 63,116 | 64,462 | ||||||||||
Hotel Modera [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Mortgage loan premium | $ 100 | |||||||||||
Hotel Modera [Member] | First Mortgage [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Interest Rate | 5.26% | |||||||||||
Maturity Date | Jul. 01, 2016 | |||||||||||
Mortgage debt | $ 22,833 | 23,225 | ||||||||||
Monaco Washington D C [Member] | First Mortgage [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Interest Rate | 4.36% | |||||||||||
Maturity Date | Feb. 01, 2017 | |||||||||||
Mortgage debt | $ 42,895 | 43,756 | ||||||||||
Argonaut Hotel [Member] | First Mortgage [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Interest Rate | 4.25% | |||||||||||
Maturity Date | Mar. 01, 2017 | |||||||||||
Mortgage debt | $ 42,823 | 44,006 | ||||||||||
Sofitel Philadelphia [Member] | First Mortgage [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Interest Rate | 3.90% | |||||||||||
Maturity Date | Jun. 01, 2017 | |||||||||||
Mortgage debt | $ 45,668 | 46,968 | ||||||||||
Hotel Zelos San Francisco [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Mortgage loan premium | $ 900 | |||||||||||
Hotel Zelos San Francisco [Member] | First Mortgage [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Interest Rate | 5.94% | |||||||||||
Maturity Date | Sep. 01, 2017 | |||||||||||
Mortgage debt | $ 26,098 | 26,461 | ||||||||||
Westin Gaslamp Quarter [Member] | First Mortgage [Member] | ||||||||||||
Mortgage debt | ||||||||||||
Interest Rate | 3.69% | |||||||||||
Maturity Date | Jan. 01, 2020 | |||||||||||
Mortgage debt | $ 75,040 | 77,155 | ||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Expiration date | [2] | Jan. 15, 2019 | ||||||||||
Term Loan [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Expiration date | Jan. 15, 2020 | |||||||||||
First Term Loan [Member] | Term Loan [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Term loans | [1] | $ 300,000 | 300,000 | |||||||||
Second Term Loan [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Expiration date | Apr. 15, 2022 | |||||||||||
Second Term Loan [Member] | Term Loan [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Term loans | [1] | $ 100,000 | 0 | |||||||||
Third Term Loan [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Expiration date | Jan. 10, 2021 | |||||||||||
Third Term Loan [Member] | Term Loan [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Term loans | [1] | $ 125,000 | 0 | |||||||||
Series A Notes [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Senior unsecured notes | $ 60,000 | 0 | ||||||||||
Mortgage debt | ||||||||||||
Interest Rate | 4.70% | |||||||||||
Maturity Date | Dec. 01, 2023 | Dec. 01, 2023 | ||||||||||
Series B Notes [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Senior unsecured notes | $ 40,000 | $ 0 | ||||||||||
Mortgage debt | ||||||||||||
Interest Rate | 4.93% | |||||||||||
Maturity Date | Dec. 01, 2025 | Dec. 01, 2025 | ||||||||||
|
Debt (Details Textual) - USD ($) |
12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 12, 2015 |
Nov. 06, 2015 |
Oct. 06, 2015 |
Jul. 10, 2015 |
Jun. 10, 2015 |
May. 19, 2015 |
Apr. 13, 2015 |
Mar. 05, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 100,000,000 | $ 0 | $ 0 | |||||||||||||
Outstanding borrowings under the credit facility | [1] | 165,000,000 | 50,000,000 | |||||||||||||
Term loans | [2] | 525,000,000 | 300,000,000 | |||||||||||||
Unrealized gain (loss) on derivative instruments | (4,409,000) | (1,427,000) | 1,386,000 | |||||||||||||
Repayments of mortgage debt | 171,488,000 | 9,123,000 | 8,099,000 | |||||||||||||
Estimated fair value of debt | $ 465,400,000 | 503,900,000 | ||||||||||||||
Second Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Borrowing capacity | $ 100,000,000 | |||||||||||||||
Expiration date | Apr. 15, 2022 | |||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 100,000,000 | |||||||||||||||
Second Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Credit facility borrowings LIBOR rate plus | 1.70% | |||||||||||||||
Second Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Credit facility borrowings LIBOR rate plus | 2.55% | |||||||||||||||
Third Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Borrowing capacity | $ 125,000,000 | |||||||||||||||
Expiration date | Jan. 10, 2021 | |||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 125,000,000 | |||||||||||||||
Maximum borrowing capacity | $ 250,000,000 | |||||||||||||||
Third Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Credit facility borrowings LIBOR rate plus | 1.45% | |||||||||||||||
Third Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Credit facility borrowings LIBOR rate plus | 2.20% | |||||||||||||||
Series A Notes [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity date | Dec. 01, 2023 | Dec. 01, 2023 | ||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 60,000,000 | |||||||||||||||
Stated interest rate | 4.70% | |||||||||||||||
Series B Notes [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity date | Dec. 01, 2025 | Dec. 01, 2025 | ||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 40,000,000 | |||||||||||||||
Stated interest rate | 4.93% | |||||||||||||||
The Nines Hotel Portland [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Repayments of mortgage debt | $ 50,700,000 | |||||||||||||||
Inter Continental Buckhead Hotel [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Repayments of mortgage debt | $ 48,600,000 | |||||||||||||||
Skamania Lodge [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Repayments of mortgage debt | $ 28,900,000 | |||||||||||||||
Double Tree By Hilton Bethesda Washington DC [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Repayments of mortgage debt | $ 34,100,000 | |||||||||||||||
Interest Rate Swap [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Notional amount | $ 300,000,000 | |||||||||||||||
Derivative Asset | 400,000 | |||||||||||||||
Aggregate liability | 5,100,000 | |||||||||||||||
Reclassification from AOCI to interest expense | 5,400,000 | 600,000 | 500,000 | |||||||||||||
Expected reclassifications in next 12 months | $ 4,700,000 | |||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Expiration date | [1] | Jan. 15, 2019 | ||||||||||||||
Revolving Credit Facility [Member] | Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Increase in borrowing capacity | $ 150,000,000 | |||||||||||||||
Borrowing capacity | $ 750,000,000 | $ 450,000,000 | ||||||||||||||
Maximum borrowing capacity | 1,000,000,000 | |||||||||||||||
Outstanding borrowings under the credit facility | 165,000,000 | 50,000,000 | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 285,000,000 | |||||||||||||||
Unused commitment fees | $ 600,000 | 700,000 | 700,000 | |||||||||||||
Revolving Credit Facility [Member] | Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Annual rate of unused commitment fee | 0.20% | |||||||||||||||
Revolving Credit Facility [Member] | Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Credit facility borrowings LIBOR rate plus | 1.55% | |||||||||||||||
Revolving Credit Facility [Member] | Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Annual rate of unused commitment fee | 0.30% | |||||||||||||||
Revolving Credit Facility [Member] | Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Credit facility borrowings LIBOR rate plus | 2.30% | |||||||||||||||
Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Expiration date | Jan. 15, 2020 | |||||||||||||||
Term Loan [Member] | First Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Term loans | [2] | $ 300,000,000 | 300,000,000 | |||||||||||||
Term Loan [Member] | First Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Credit facility borrowings LIBOR rate plus | 1.50% | |||||||||||||||
Term Loan [Member] | First Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Credit facility borrowings LIBOR rate plus | 2.25% | |||||||||||||||
Term Loan [Member] | Second Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Term loans | [2] | $ 100,000,000 | 0 | |||||||||||||
Term Loan [Member] | Third Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Term loans | [2] | $ 125,000,000 | 0 | |||||||||||||
Term Loan [Member] | Interest Rate Swap [Member] | Second Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Weighted average interest rate | 3.46% | |||||||||||||||
Term Loan [Member] | Interest Rate Swap [Member] | Third Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Weighted average interest rate | 3.29% | |||||||||||||||
Term Loan [Member] | Interest Rate Swap [Member] | Term Loan Through July 12, 2017 [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Effective interest rate | 2.93% | |||||||||||||||
Term Loan [Member] | Interest Rate Swap [Member] | Term Loan July 13, 2017 through January 15, 2020 [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Weighted average interest rate | 3.51% | |||||||||||||||
Term Loan [Member] | Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Borrowing capacity | $ 300,000,000 | |||||||||||||||
AOCI Attributable to Parent [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Unrealized gain (loss) on derivative instruments | $ (4,409,000) | $ (1,427,000) | $ 1,386,000 | |||||||||||||
|
Debt (Five Year Maturity Schedule) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
||
---|---|---|---|---|
Debt Disclosure [Abstract] | ||||
2016 | $ 91,993 | |||
2017 | 155,908 | |||
2018 | 2,366 | |||
2019 | 167,456 | |||
2020 | 365,750 | |||
Thereafter | 325,000 | |||
Total debt principal payments | 1,108,473 | |||
Mortgage loan premium | [1] | 1,581 | $ 4,026 | |
Total debt | $ 1,110,054 | $ 843,987 | ||
|
Equity (Details) - Common Shares [Member] - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
|
Dividends on common shares/units | ||||
Dividend per Share/Unit (usd per share) | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.31 |
Record Date | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 |
Payable Date | Jan. 15, 2016 | Oct. 15, 2015 | Jul. 15, 2015 | Apr. 15, 2015 |
Equity (Details 1) - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
|
7.875% Series A [Member] | ||||
Dividends on preferred shares/units | ||||
Dividend per Share (usd per share) | $ 0.49 | $ 0.49 | $ 0.49 | $ 0.49 |
Record Date | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 |
Payable Date | Jan. 15, 2016 | Oct. 15, 2015 | Jul. 15, 2015 | Apr. 15, 2015 |
8.00% Series B [Member] | ||||
Dividends on preferred shares/units | ||||
Dividend per Share (usd per share) | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 |
Record Date | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 |
Payable Date | Jan. 15, 2016 | Oct. 15, 2015 | Jul. 15, 2015 | Apr. 15, 2015 |
6.50% Series C [Member] | ||||
Dividends on preferred shares/units | ||||
Dividend per Share (usd per share) | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 |
Record Date | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 |
Payable Date | Jan. 15, 2016 | Oct. 15, 2015 | Jul. 15, 2015 | Apr. 15, 2015 |
Equity (Details Textual) $ / shares in Units, $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
USD ($)
shares
$ / shares
|
Dec. 31, 2014
$ / shares
shares
|
|
Common Stock Disclosures [Abstract] | ||
Common shares of beneficial interest, shares authorized | 500,000,000 | 500,000,000 |
Common shares of beneficial interest, par value (usd per share) | $ / shares | $ 0.01 | $ 0.01 |
Preferred Stock Disclosures [Abstract] | ||
Preferred shares of beneficial interest, shares authorized | 100,000,000 | 100,000,000 |
Preferred shares of beneficial interest, par value (usd per share) | $ / shares | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Outstanding | 14,000,000 | 14,000,000 |
Preferred shares of beneficial interest, redemption price per share (usd per share) | $ / shares | $ 25.00 | |
LTIP Units Disclosures [Abstract] | ||
Operating Partnership outstanding | 236,351 | 236,351 |
LTIP units, vested | 9,469 | |
6.50% Series C [Member] | ||
Preferred Stock Disclosures [Abstract] | ||
Preferred Stock, Shares Outstanding | 5,000,000 | 5,000,000 |
Preferred Stock, Dividend Rate, Percentage | 6.50% | 6.50% |
Share cap on each preferred shares | 2.0325 | |
7.875% Series A [Member] | ||
Preferred Stock Disclosures [Abstract] | ||
Preferred Stock, Shares Outstanding | 5,600,000 | 5,600,000 |
Preferred Stock, Dividend Rate, Percentage | 7.875% | 7.875% |
Share cap on each preferred shares | 2.3234 | |
8.00% Series B [Member] | ||
Preferred Stock Disclosures [Abstract] | ||
Preferred Stock, Shares Outstanding | 3,400,000 | 3,400,000 |
Preferred Stock, Dividend Rate, Percentage | 8.00% | 8.00% |
Share cap on each preferred shares | 3.4483 | |
ATMProgram [Member] | ||
Common Stock Disclosures [Abstract] | ||
Mar 2014 Shelf Registration Stmt Maximum Amount | $ | $ 175.0 | |
Sept 2012 Shelf Registration Stmt Maximum Amount | $ | 170.0 | |
Amount Available under ATM Program | $ | $ 159.8 |
Share-Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 27, 2015 |
Feb. 11, 2015 |
Feb. 04, 2014 |
Dec. 13, 2013 |
Jan. 30, 2013 |
Feb. 08, 2012 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Restricted Stock [Member] | ||||||||||||
Summary of restricted share activity | ||||||||||||
Unvested shares, Beginning balance | 129,988 | 147,881 | 128,622 | |||||||||
Unvested shares, Granted | 46,446 | 44,322 | 84,451 | |||||||||
Vested, shares | (50,827) | (62,047) | (65,192) | |||||||||
Forfeited, shares | (990) | (168) | 0 | |||||||||
Unvested shares, Ending balance | 124,617 | 129,988 | 147,881 | |||||||||
Unvested weighted average grant date fair value, beginning balance | $ 27.17 | $ 24.59 | $ 22.19 | |||||||||
Granted, weighted average grant date fair value | 48.00 | 30.11 | 26.07 | |||||||||
Vested, weighted average grant date fair value | 25.70 | 23.12 | 21.96 | |||||||||
Forfeited, weighted average grant date fair value | 36.45 | 27.57 | 0.00 | |||||||||
Unvested weighted average grant date fair value, ending balance | $ 35.46 | $ 27.17 | $ 24.59 | |||||||||
February 2012 [Member] | Performance Shares [Member] | ||||||||||||
Summary of restricted share activity | ||||||||||||
Unvested shares, Granted | 72,056 | |||||||||||
February 2012 [Member] | Relative TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 30.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 0.7 | |||||||||||
Volatility | 33.00% | |||||||||||
Interest Rate | 0.34% | |||||||||||
Dividend Yield | 2.20% | |||||||||||
February 2012 [Member] | Absolute TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 30.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 0.6 | |||||||||||
Volatility | 33.00% | |||||||||||
Interest Rate | 0.34% | |||||||||||
Dividend Yield | 2.20% | |||||||||||
February 2012 [Member] | EBITDA Comparison [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 40.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 0.7 | |||||||||||
Volatility | 33.00% | |||||||||||
Interest Rate | 0.34% | |||||||||||
Dividend Yield | 2.20% | |||||||||||
January 2013 [Member] | Performance Shares [Member] | ||||||||||||
Summary of restricted share activity | ||||||||||||
Unvested shares, Granted | 72,118 | |||||||||||
January 2013 [Member] | Relative TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 30.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 0.7 | |||||||||||
Volatility | 31.00% | |||||||||||
Interest Rate | 0.41% | |||||||||||
Dividend Yield | 2.20% | |||||||||||
January 2013 [Member] | Absolute TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 30.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 0.5 | |||||||||||
Volatility | 31.00% | |||||||||||
Interest Rate | 0.41% | |||||||||||
Dividend Yield | 2.20% | |||||||||||
January 2013 [Member] | EBITDA Comparison [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 40.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 0.7 | |||||||||||
Volatility | 31.00% | |||||||||||
Interest Rate | 0.41% | |||||||||||
Dividend Yield | 2.20% | |||||||||||
December 2013 [Member] | Performance Shares [Member] | ||||||||||||
Summary of restricted share activity | ||||||||||||
Unvested shares, Granted | 252,088 | |||||||||||
December 2013 [Member] | Relative TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 50.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 4.7 | |||||||||||
Volatility | 29.00% | |||||||||||
Dividend Yield | 2.40% | |||||||||||
December 2013 [Member] | Absolute TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 50.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 2.9 | |||||||||||
Volatility | 29.00% | |||||||||||
Dividend Yield | 2.40% | |||||||||||
February 2014 [Member] | Performance Shares [Member] | ||||||||||||
Summary of restricted share activity | ||||||||||||
Unvested shares, Granted | 66,483 | |||||||||||
February 2014 [Member] | Relative TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 30.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 0.7 | |||||||||||
Volatility | 29.00% | |||||||||||
Interest Rate | 0.62% | |||||||||||
Dividend Yield | 2.40% | |||||||||||
February 2014 [Member] | Absolute TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 30.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 0.5 | |||||||||||
Volatility | 29.00% | |||||||||||
Interest Rate | 0.62% | |||||||||||
Dividend Yield | 2.40% | |||||||||||
February 2014 [Member] | EBITDA Comparison [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 40.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 0.8 | |||||||||||
Volatility | 29.00% | |||||||||||
Interest Rate | 0.62% | |||||||||||
Dividend Yield | 2.40% | |||||||||||
February 2015 [Member] | Performance Shares [Member] | ||||||||||||
Summary of restricted share activity | ||||||||||||
Unvested shares, Granted | 44,962 | |||||||||||
February 2015 [Member] | Relative TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 30.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 0.9 | |||||||||||
Volatility | 22.00% | |||||||||||
Interest Rate | 1.02% | |||||||||||
Dividend Yield | 2.50% | |||||||||||
February 2015 [Member] | Absolute TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 40.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 0.7 | |||||||||||
Volatility | 22.00% | |||||||||||
Interest Rate | 1.02% | |||||||||||
Dividend Yield | 2.50% | |||||||||||
February 2015 [Member] | EBITDA Comparison [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 30.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | $ 0.7 | |||||||||||
Volatility | 22.00% | |||||||||||
Interest Rate | 1.02% | |||||||||||
Dividend Yield | 2.50% | |||||||||||
July 2015 [Member] | Performance Shares [Member] | ||||||||||||
Summary of restricted share activity | ||||||||||||
Unvested shares, Granted | 771 | |||||||||||
July 2015 [Member] | Relative TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 30.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | [1] | $ 0.0 | ||||||||||
Volatility | 22.00% | |||||||||||
Interest Rate | 0.68% | |||||||||||
Dividend Yield | 2.50% | |||||||||||
July 2015 [Member] | Absolute TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 40.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | [1] | $ 0.0 | ||||||||||
Volatility | 22.00% | |||||||||||
Interest Rate | 0.68% | |||||||||||
Dividend Yield | 2.50% | |||||||||||
July 2015 [Member] | EBITDA Comparison [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Percentage of Total Award | 30.00% | |||||||||||
Grant Date Fair Value by Component ($ in millions) | [1] | $ 0.0 | ||||||||||
Volatility | 22.00% | |||||||||||
Interest Rate | 0.68% | |||||||||||
Dividend Yield | 2.50% | |||||||||||
Minimum [Member] | December 2013 [Member] | Relative TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Interest Rate | 0.34% | |||||||||||
Minimum [Member] | December 2013 [Member] | Absolute TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Interest Rate | 0.34% | |||||||||||
Maximum [Member] | December 2013 [Member] | Relative TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Interest Rate | 2.25% | |||||||||||
Maximum [Member] | December 2013 [Member] | Absolute TSR [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Interest Rate | 2.25% | |||||||||||
|
Share-Based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 27, 2015 |
Feb. 11, 2015 |
Feb. 04, 2014 |
Dec. 13, 2013 |
Jan. 30, 2013 |
Feb. 08, 2012 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Share-based award vesting period | 6 years | ||||||||
Number of common shares available for issuance under the 2009 Equity Incentive Plan | 762,013 | ||||||||
Operating Partnership outstanding | 236,351 | 236,351 | |||||||
LTIP units, vested | 9,469 | ||||||||
Restricted Stock [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Allocated Share-based Compensation Expense | $ 1.6 | $ 1.4 | $ 1.5 | ||||||
Total unrecognized compensation cost | $ 2.7 | ||||||||
Weighted average remaining vesting period (in years) | 2 years 6 months | ||||||||
Share-based equity award grant | 46,446 | 44,322 | 84,451 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 50,827 | 62,047 | 65,192 | ||||||
Restricted Stock [Member] | Minimum [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Share-based award vesting period | 3 years | ||||||||
Restricted Stock [Member] | Maximum [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Share-based award vesting period | 5 years | ||||||||
Performance Shares [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Allocated Share-based Compensation Expense | $ 5.6 | $ 7.7 | $ 2.1 | ||||||
Total unrecognized compensation cost | $ 10.2 | ||||||||
Weighted average remaining vesting period (in years) | 1 year 9 months | ||||||||
LongTermIncentivePartnershipUnitsClassA [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Value of LTIP grants per share | $ 8.50 | ||||||||
LTIP units, vested | 9,469 | ||||||||
LongtermincentivepartnershipunitsclassB [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Value of LTIP grants per share | $ 29.19 | ||||||||
LTIP Units Granted | 226,882 | ||||||||
Grant date fair value of performance-based equity awards | $ 6.6 | ||||||||
Long Term Incentive Partnership Units [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Allocated Share-based Compensation Expense | $ 1.1 | $ 2.6 | $ 1.6 | ||||||
Total unrecognized compensation cost | $ 4.4 | ||||||||
Weighted average remaining vesting period (in years) | 2 years | ||||||||
February 2012 [Member] | Performance Shares [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Share-based equity award grant | 72,056 | ||||||||
January 2013 [Member] | Performance Shares [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Share-based equity award grant | 72,118 | ||||||||
Shares Expected to Vest Not Subject to Maximum | 11,753 | ||||||||
January 2013 [Member] | Performance Shares [Member] | Minimum [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 0.00% | ||||||||
January 2013 [Member] | Performance Shares [Member] | Maximum [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 200.00% | ||||||||
December 2013 [Member] | Performance Shares [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Share-based equity award grant | 252,088 | ||||||||
December 2013 [Member] | Performance Shares [Member] | Minimum [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 0.00% | ||||||||
December 2013 [Member] | Performance Shares [Member] | Maximum [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 200.00% | ||||||||
February 2014 [Member] | Performance Shares [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Share-based equity award grant | 66,483 | ||||||||
Shares Expected to Vest Not Subject to Maximum | 12,261 | ||||||||
February 2014 [Member] | Performance Shares [Member] | Minimum [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 0.00% | ||||||||
February 2014 [Member] | Performance Shares [Member] | Maximum [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 200.00% | ||||||||
February 2015 [Member] | Performance Shares [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Share-based equity award grant | 44,962 | ||||||||
Shares Expected to Vest Not Subject to Maximum | 8,559 | ||||||||
February 2015 [Member] | Performance Shares [Member] | Minimum [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 0.00% | ||||||||
February 2015 [Member] | Performance Shares [Member] | Maximum [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 200.00% | ||||||||
July 2015 [Member] | Performance Shares [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Share-based equity award grant | 771 | ||||||||
Officer Awards [Member] | February 2012 [Member] | Performance Shares [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 120,016 | ||||||||
Nonexecutive management award [Member] | February 2012 [Member] | Performance Shares [Member] | |||||||||
Share-Based Compensation Plan (Textual) [Abstract] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 87,556 |
Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule of Income Tax Line Items [Line Items] | |||
Income Tax Expense (Benefit) | $ 2,590 | $ 3,251 | $ 1,226 |
7.875% Series A [Member] | |||
Schedule of Income Tax Line Items [Line Items] | |||
Prior Year Distributions Carryforward as Current Year Distribution | $ 0.4261 | ||
8.00% Series B [Member] | |||
Schedule of Income Tax Line Items [Line Items] | |||
Prior Year Distributions Carryforward as Current Year Distribution | 0.4328 | ||
6.50% Series C [Member] | |||
Schedule of Income Tax Line Items [Line Items] | |||
Prior Year Distributions Carryforward as Current Year Distribution | 0.3517 | ||
Common Shares [Member] | |||
Schedule of Income Tax Line Items [Line Items] | |||
Prior Year Distributions Carryforward as Current Year Distribution | $ 0.2164 | $ 0.1692 | |
Operating Partnership [Member] | |||
Schedule of Income Tax Line Items [Line Items] | |||
Income Tax Expense (Benefit) | $ 900 | $ 200 | $ 200 |
Income Taxes (Distributions Paid) (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Common Shares [Member] | |||
Class of Stock [Line Items] | |||
Ordinary Income Per Share | $ 1.1715 | $ 0.9108 | $ 0.6000 |
Qualified Dividend per Share | 0.0213 | 0.0000 | 0.0000 |
Capital Gain Per Share | 0.0000 | 0.0000 | 0.0000 |
Return of Capital Per Share | 0.0000 | 0.0000 | 0.0000 |
Distributions Paid Per Share on a Tax Basis | $ 1.1928 | $ 0.9108 | $ 0.6000 |
Percentage of Ordinary Income | 98.21% | 100.00% | 100.00% |
Percentage of Qualified Dividend | 1.79% | 0.00% | 0.00% |
Percentage of Capital Gain | 0.00% | 0.00% | 0.00% |
Percentage of Return of Capital | 0.00% | 0.00% | 0.00% |
Percentage of Distributions Paid Per Share on a Tax Basis | 100.00% | 100.00% | 100.00% |
7.875% Series A [Member] | |||
Class of Stock [Line Items] | |||
Ordinary Income Per Share | $ 1.9336 | $ 2.3948 | $ 2.0349 |
Qualified Dividend per Share | 0.0352 | 0.0000 | 0.0000 |
Capital Gain Per Share | 0.0000 | 0.0000 | 0.0000 |
Return of Capital Per Share | 0.0000 | 0.0000 | 0.0000 |
Distributions Paid Per Share on a Tax Basis | $ 1.9688 | $ 2.3948 | $ 2.0349 |
Percentage of Ordinary Income | 98.21% | 100.00% | 100.00% |
Percentage of Qualified Dividend | 1.79% | 0.00% | 0.00% |
Percentage of Capital Gain | 0.00% | 0.00% | 0.00% |
Percentage of Return of Capital | 0.00% | 0.00% | 0.00% |
Percentage of Distributions Paid Per Share on a Tax Basis | 100.00% | 100.00% | 100.00% |
8.00% Series B [Member] | |||
Class of Stock [Line Items] | |||
Ordinary Income Per Share | $ 1.9643 | $ 2.4328 | $ 2.0672 |
Qualified Dividend per Share | 0.0357 | 0.0000 | 0.0000 |
Capital Gain Per Share | 0.0000 | 0.0000 | 0.0000 |
Return of Capital Per Share | 0.0000 | 0.0000 | 0.0000 |
Distributions Paid Per Share on a Tax Basis | $ 2.0000 | $ 2.4328 | $ 2.0672 |
Percentage of Ordinary Income | 98.21% | 100.00% | 100.00% |
Percentage of Qualified Dividend | 1.79% | 0.00% | 0.00% |
Percentage of Capital Gain | 0.00% | 0.00% | 0.00% |
Percentage of Return of Capital | 0.00% | 0.00% | 0.00% |
Percentage of Distributions Paid Per Share on a Tax Basis | 100.00% | 100.00% | 100.00% |
6.50% Series C [Member] | |||
Class of Stock [Line Items] | |||
Ordinary Income Per Share | $ 1.5960 | $ 1.9767 | $ 0.9890 |
Qualified Dividend per Share | 0.0290 | 0.0000 | 0.0000 |
Capital Gain Per Share | 0.0000 | 0.0000 | 0.0000 |
Return of Capital Per Share | 0.0000 | 0.0000 | 0.0000 |
Distributions Paid Per Share on a Tax Basis | $ 1.6250 | $ 1.9767 | $ 0.9890 |
Percentage of Ordinary Income | 98.22% | 100.00% | 100.00% |
Percentage of Qualified Dividend | 1.78% | 0.00% | 0.00% |
Percentage of Capital Gain | 0.00% | 0.00% | 0.00% |
Percentage of Return of Capital | 0.00% | 0.00% | 0.00% |
Percentage of Distributions Paid Per Share on a Tax Basis | 100.00% | 100.00% | 100.00% |
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Expense (Benefit) | $ 2,590 | $ 3,251 | $ 1,226 |
PHL [Member] | |||
Current Federal Tax Expense (Benefit) | 1,389 | 2,121 | 718 |
Deferred Federal Income Tax Expense (Benefit) | 55 | 317 | 0 |
Current State and Local Tax Expense (Benefit) | 287 | 555 | 313 |
Deferred State and Local Income Tax Expense (Benefit) | (72) | 25 | 0 |
Income Tax Expense (Benefit) | $ 1,659 | $ 3,018 | $ 1,031 |
Income Taxes (Reconciliation of the Statutory Federal Tax Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Expense (Benefit) | $ 2,590 | $ 3,251 | $ 1,226 |
PHL [Member] | |||
Statutory federal tax expense (benefit) | 1,367 | 2,561 | 718 |
State income tax expense (benefit), net of federal tax (benefit) | 111 | 457 | 313 |
Other | 181 | 0 | 0 |
Income Tax Expense (Benefit) | $ 1,659 | $ 3,018 | $ 1,031 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Numerator: | |||||||||||
Net income (loss) attributable to common shareholders | $ 16,428 | $ 31,631 | $ 20,004 | $ 655 | $ 9,462 | $ 23,737 | $ 16,591 | $ (2,003) | $ 68,718 | $ 47,787 | $ 19,965 |
Less: dividends paid on unvested share-based compensation | (432) | (459) | (328) | ||||||||
Undistributed Earnings Attributable to Share-Based Compensation | 0 | 0 | 0 | ||||||||
Net income (loss) available to common shareholders | $ 68,286 | $ 47,328 | $ 19,637 | ||||||||
Denominator: | |||||||||||
Weighted-average number of common shares-basic | 71,715,870 | 65,646,712 | 61,498,389 | ||||||||
Effect of dilutive share-based compensation | 668,419 | 617,406 | 338,352 | ||||||||
Weighted-average number of common shares-diluted | 72,384,289 | 66,264,118 | 61,836,741 | ||||||||
Net income (loss) per share available to common shareholders-basic (in dollars per share) | $ 0.23 | $ 0.44 | $ 0.28 | $ 0.01 | $ 0.95 | $ 0.72 | $ 0.32 | ||||
Net income (loss) per share available to common shareholders-diluted (in dollars per share) | $ 0.23 | $ 0.43 | $ 0.27 | $ 0.01 | $ 0.94 | $ 0.71 | $ 0.32 |
Commitments and Contingencies (Details Textual) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
GuestRooms
extension_option
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Management Agreements [Line Items] | |||
Combined base and incentive management fees | $ 23,500 | $ 19,300 | $ 15,800 |
Commitments and Contingencies (Textual) [Abstract] | |||
Reserve funds allowed for hotel maintenance from hotel revenue | 4.00% | ||
Restricted cash | $ 9,453 | 16,383 | |
Number Of Guest Rooms | GuestRooms | 7,408 | ||
Operating Leases, Rent Expense | $ 12,100 | $ 8,900 | $ 7,600 |
Minimum [Member] | |||
Management Agreements [Line Items] | |||
Terms of management agreements not including renewals | 5 years | ||
Terms of management agreements including renewals | 5 years | ||
Termination fees range | 0 | ||
Base management fee from hotel revenues | 2.00% | ||
Maximum [Member] | |||
Management Agreements [Line Items] | |||
Terms of management agreements not including renewals | 20 years | ||
Terms of management agreements including renewals | 52 years | ||
Termination fees range | 5 | ||
Base management fee from hotel revenues | 4.00% | ||
Monaco Washington D C [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Ground lease expiry period | 2059 | ||
Base rent | $ 200 | ||
Argonaut Hotel [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Ground lease expiry period | 2059 | ||
Base rent | $ 1,300 | ||
Hotel Zelos San Francisco [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Ground lease expiry period | 2097 | ||
The Prescott Hotel [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Ground lease expiry period | June 30, 2059 | ||
Base rent | $ 500 | ||
Ground Lease Extension Option | 30 years | ||
Hotel Palomar Los Angeles - Beverly Hills [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Ground lease expiry period | 2107 | ||
Base rent | $ 3,500 | ||
Ground Lease Extension Option | 5 years | ||
Number of Extension Options | extension_option | 19 | ||
Union Station Hotel Nashville [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Ground lease expiry period | 2105 | ||
Base rent | $ 100 | ||
Hotel Zephyr Fisherman's Wharf [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Base rent | $ 100 | ||
Primary lease [Member] | Hotel Zephyr Fisherman's Wharf [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Ground lease expiry period | 2062 | ||
Ground lease percentage rent on hotel revenues | 5.00% | ||
Ground lease percentage rent on retail revenues | 7.50% | ||
Ground lease percentage rent on hotel revenues b | 6.00% | ||
Ground lease percentage rent on retail and parking revenues | 7.50% | ||
Secondary lease [Member] | Hotel Zephyr Fisherman's Wharf [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Ground lease expiry period | April 2016 | ||
The Prescott Hotel [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Number of Guest Rooms - Leasehold Interest | GuestRooms | 64 | ||
Number Of Guest Rooms | GuestRooms | 164 |
Commitments and Contingencies (Schedule of Future Minimum Rental Payments for Capital and Operating Leases) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2016 | $ 7,240 |
2017 | 7,326 |
2018 | 7,744 |
2019 | 7,807 |
2020 | 7,873 |
Thereafter | 747,083 |
Total | $ 785,073 |
Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Dividends Payable [Line Items] | |||
Interest paid, net of capitalized interest | $ 38,128 | $ 26,945 | $ 23,528 |
Interest capitalized | 598 | 0 | 206 |
Income taxes paid | 2,487 | 3,049 | 1,572 |
Distributions payable on shares/units | 29,869 | 23,293 | |
Issuance of common shares for Board of Trustees compensation | 372 | 421 | 207 |
Mortgage loans assumed in connection with acquisition | 0 | 50,725 | 90,448 |
Below (above) market rate contracts assumed in connection with acquisition | 20,110 | 15,375 | 2,826 |
Capital lease obligation assumed in connection with acquisition | 0 | 10,758 | 0 |
Deposit Applied To Purchase Price Of Acquisition | 0 | 0 | 4,000 |
Accrued additions and improvements to hotel properties | 1,262 | 6,537 | 603 |
Write-off of fully depreciated furniture, fixtures and equipment | 6,013 | 4,446 | 0 |
Write-off of deferred financing costs | $ 1,577 | $ 2,258 | $ 0 |
Long Term Incentive Partnership Units Converted To Common Units | 0 | 258,101 | 0 |
Common Shares [Member] | |||
Dividends Payable [Line Items] | |||
Distributions payable on shares/units | $ 24,319 | $ 17,743 | $ 10,592 |
Preferred Shares [Member] | |||
Dividends Payable [Line Items] | |||
Distributions payable on shares/units | $ 5,550 | $ 5,550 | $ 5,203 |
Subsequent Events (Details) - USD ($) |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Feb. 10, 2016 |
Jan. 05, 2016 |
Jun. 10, 2015 |
Apr. 13, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Feb. 08, 2016 |
|
Subsequent Event [Line Items] | ||||||||
Preferred Stock, Redemption Price Per Share | $ 25.00 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 years | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds from Issuance of Debt | $ 150,000,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Second Term Loan [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Increase in Borrowing Capacity | 75,000,000 | |||||||
Maximum borrowing capacity | 175,000,000 | |||||||
Third Term Loan [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum borrowing capacity | $ 250,000,000 | |||||||
Third Term Loan [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Increase in Borrowing Capacity | 75,000,000 | |||||||
Maximum borrowing capacity | $ 200,000,000 | |||||||
Weighted average interest rate | 3.21% | |||||||
7.875% Series A [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred Stock, Redemption Price Per Share | $ 25.00 | |||||||
Common Shares [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 150,000,000 | |||||||
Restricted Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based equity award grant | 46,446 | 44,322 | 84,451 | |||||
Restricted Stock [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based equity award grant | 67,280 | |||||||
Restricted Stock [Member] | Minimum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Restricted Stock [Member] | Maximum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||
Performance Shares [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based equity award grant | 100,919 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Second Term Loan [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Second Term Loan [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Third Term Loan [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Second Term Loan [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.55% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Second Term Loan [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.55% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Third Term Loan [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.20% |
Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 193,425 | $ 216,321 | $ 197,683 | $ 163,435 | $ 155,934 | $ 169,676 | $ 147,454 | $ 125,712 | $ 770,864 | $ 598,776 | $ 489,217 |
Net income (loss) | 22,994 | 38,248 | 26,583 | 7,170 | 16,090 | 30,439 | 22,893 | 4,121 | 94,995 | 73,543 | 43,192 |
Net income (loss) attributable to the Company | 22,915 | 38,119 | 26,491 | 7,143 | 15,950 | 30,165 | 22,673 | 4,078 | 94,668 | 72,866 | 42,918 |
Net income (loss) attributable to common shareholders | $ 16,428 | $ 31,631 | $ 20,004 | $ 655 | $ 9,462 | $ 23,737 | $ 16,591 | $ (2,003) | $ 68,718 | $ 47,787 | $ 19,965 |
Net income (loss) per share available to common shareholders-basic (in dollars per share) | $ 0.23 | $ 0.44 | $ 0.28 | $ 0.01 | $ 0.95 | $ 0.72 | $ 0.32 | ||||
Net income (loss) per share available to common shareholders-diluted (in dollars per share) | $ 0.23 | $ 0.43 | $ 0.27 | $ 0.01 | $ 0.94 | $ 0.71 | $ 0.32 | ||||
Net income (loss) per share available to common shareholders, basic and diluted (in dollars per share) | $ 0.13 | $ 0.36 | $ 0.26 | $ (0.03) |
Schedule III--Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 318,473 | ||||||||||||||
Initial Cost of Land | 499,381 | ||||||||||||||
Initial Cost of Buildings and Improvements | 2,049,089 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 125,741 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 282,551 | |||||||||||||
Carrying Amount of Land | 499,381 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 2,225,168 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 232,212 | ||||||||||||||
Carrying Value, Total | 2,956,761 | $ 2,538,270 | $ 1,849,939 | $ 1,495,167 | |||||||||||
Accumulated Depreciation | 283,177 | 194,580 | $ 132,328 | $ 77,938 | |||||||||||
Net Book Value | 2,673,584 | ||||||||||||||
Mortgage loan premium | [2] | 1,581 | $ 4,026 | ||||||||||||
Double Tree By Hilton Bethesda Washington DC [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | 0 | ||||||||||||||
Initial Cost of Land | 10,065 | ||||||||||||||
Initial Cost of Buildings and Improvements | 53,000 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 4,035 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 8,573 | |||||||||||||
Carrying Amount of Land | 10,065 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 58,812 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 6,796 | ||||||||||||||
Carrying Value, Total | 75,673 | ||||||||||||||
Accumulated Depreciation | 13,584 | ||||||||||||||
Net Book Value | $ 62,089 | ||||||||||||||
Year of Original Construction | 1971 | ||||||||||||||
Date Acquired | Jun. 04, 2010 | ||||||||||||||
Sir Francis Drake Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 22,500 | ||||||||||||||
Initial Cost of Buildings and Improvements | 60,547 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 6,953 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 18,605 | |||||||||||||
Carrying Amount of Land | 22,500 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 71,771 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 14,334 | ||||||||||||||
Carrying Value, Total | 108,605 | ||||||||||||||
Accumulated Depreciation | 20,390 | ||||||||||||||
Net Book Value | $ 88,215 | ||||||||||||||
Year of Original Construction | 1928 | ||||||||||||||
Date Acquired | Jun. 22, 2010 | ||||||||||||||
Inter Continental Buckhead Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 25,000 | ||||||||||||||
Initial Cost of Buildings and Improvements | 68,844 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 11,000 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 11,306 | |||||||||||||
Carrying Amount of Land | 25,000 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 73,667 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 17,483 | ||||||||||||||
Carrying Value, Total | 116,150 | ||||||||||||||
Accumulated Depreciation | 22,404 | ||||||||||||||
Net Book Value | $ 93,746 | ||||||||||||||
Year of Original Construction | 2004 | ||||||||||||||
Date Acquired | Jul. 01, 2010 | ||||||||||||||
Monaco Washington D C [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 42,895 | ||||||||||||||
Initial Cost of Land | 0 | ||||||||||||||
Initial Cost of Buildings and Improvements | 60,630 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 2,441 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 11,660 | |||||||||||||
Carrying Amount of Land | 0 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 66,048 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 8,683 | ||||||||||||||
Carrying Value, Total | 74,731 | ||||||||||||||
Accumulated Depreciation | 11,613 | ||||||||||||||
Net Book Value | $ 63,118 | ||||||||||||||
Year of Original Construction | 1839 | ||||||||||||||
Date Acquired | Sep. 09, 2010 | ||||||||||||||
The Grand Hotel Minneapolis [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 4,950 | ||||||||||||||
Initial Cost of Buildings and Improvements | 26,616 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 300 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 9,798 | |||||||||||||
Carrying Amount of Land | 4,950 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 32,941 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 3,773 | ||||||||||||||
Carrying Value, Total | 41,664 | ||||||||||||||
Accumulated Depreciation | 7,262 | ||||||||||||||
Net Book Value | $ 34,402 | ||||||||||||||
Year of Original Construction | 1912 | ||||||||||||||
Date Acquired | Sep. 29, 2010 | ||||||||||||||
Skamania Lodge [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 7,130 | ||||||||||||||
Initial Cost of Buildings and Improvements | 44,987 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 3,523 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 7,957 | |||||||||||||
Carrying Amount of Land | 7,130 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 48,840 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 7,626 | ||||||||||||||
Carrying Value, Total | 63,596 | ||||||||||||||
Accumulated Depreciation | 10,369 | ||||||||||||||
Net Book Value | $ 53,227 | ||||||||||||||
Year of Original Construction | 1993 | ||||||||||||||
Date Acquired | Nov. 03, 2010 | ||||||||||||||
Le Meridien Delfina Santa Monica Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 18,784 | ||||||||||||||
Initial Cost of Buildings and Improvements | 81,580 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 2,295 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 13,394 | |||||||||||||
Carrying Amount of Land | 18,784 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 88,533 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 8,736 | ||||||||||||||
Carrying Value, Total | 116,053 | ||||||||||||||
Accumulated Depreciation | 16,464 | ||||||||||||||
Net Book Value | $ 99,589 | ||||||||||||||
Year of Original Construction | 1972 | ||||||||||||||
Date Acquired | Nov. 19, 2010 | ||||||||||||||
Sofitel Philadelphia [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 45,668 | ||||||||||||||
Initial Cost of Land | 18,000 | ||||||||||||||
Initial Cost of Buildings and Improvements | 64,256 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 4,639 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 8,257 | |||||||||||||
Carrying Amount of Land | 18,000 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 69,153 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 7,999 | ||||||||||||||
Carrying Value, Total | 95,152 | ||||||||||||||
Accumulated Depreciation | 13,769 | ||||||||||||||
Net Book Value | $ 81,383 | ||||||||||||||
Year of Original Construction | 2000 | ||||||||||||||
Date Acquired | Dec. 03, 2010 | ||||||||||||||
Argonaut Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 42,823 | ||||||||||||||
Initial Cost of Land | 0 | ||||||||||||||
Initial Cost of Buildings and Improvements | 79,492 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 4,247 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 6,070 | |||||||||||||
Carrying Amount of Land | 0 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 82,491 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 7,318 | ||||||||||||||
Carrying Value, Total | 89,809 | ||||||||||||||
Accumulated Depreciation | 14,661 | ||||||||||||||
Net Book Value | $ 75,148 | ||||||||||||||
Year of Original Construction | 1907 | ||||||||||||||
Date Acquired | Feb. 16, 2011 | ||||||||||||||
Westin Gaslamp Quarter [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 75,040 | ||||||||||||||
Initial Cost of Land | 25,537 | ||||||||||||||
Initial Cost of Buildings and Improvements | 86,089 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 6,850 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 18,910 | |||||||||||||
Carrying Amount of Land | 25,537 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 102,484 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 9,365 | ||||||||||||||
Carrying Value, Total | 137,386 | ||||||||||||||
Accumulated Depreciation | 18,185 | ||||||||||||||
Net Book Value | $ 119,201 | ||||||||||||||
Year of Original Construction | 1987 | ||||||||||||||
Date Acquired | Apr. 06, 2011 | ||||||||||||||
Monaco Seattle [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 10,105 | ||||||||||||||
Initial Cost of Buildings and Improvements | 38,888 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 2,073 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 7,205 | |||||||||||||
Carrying Amount of Land | 10,105 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 42,120 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 6,046 | ||||||||||||||
Carrying Value, Total | 58,271 | ||||||||||||||
Accumulated Depreciation | 8,740 | ||||||||||||||
Net Book Value | $ 49,531 | ||||||||||||||
Year of Original Construction | 1969 | ||||||||||||||
Date Acquired | Apr. 07, 2011 | ||||||||||||||
Mondrian Los Angeles [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 20,306 | ||||||||||||||
Initial Cost of Buildings and Improvements | 110,283 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 6,091 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 9,359 | |||||||||||||
Carrying Amount of Land | 20,306 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 115,042 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 10,691 | ||||||||||||||
Carrying Value, Total | 146,039 | ||||||||||||||
Accumulated Depreciation | 19,488 | ||||||||||||||
Net Book Value | $ 126,551 | ||||||||||||||
Year of Original Construction | 1959 | ||||||||||||||
Date Acquired | May 03, 2011 | ||||||||||||||
Viceroy Miami [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 8,368 | ||||||||||||||
Initial Cost of Buildings and Improvements | 24,246 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 3,723 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 3,103 | |||||||||||||
Carrying Amount of Land | 8,368 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 25,251 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 5,821 | ||||||||||||||
Carrying Value, Total | 39,440 | ||||||||||||||
Accumulated Depreciation | 7,377 | ||||||||||||||
Net Book Value | $ 32,063 | ||||||||||||||
Year of Original Construction | 2009 | ||||||||||||||
Date Acquired | May 26, 2011 | ||||||||||||||
W Boston [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 19,453 | ||||||||||||||
Initial Cost of Buildings and Improvements | 63,893 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 5,887 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 5,520 | |||||||||||||
Carrying Amount of Land | 19,453 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 66,278 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 9,022 | ||||||||||||||
Carrying Value, Total | 94,753 | ||||||||||||||
Accumulated Depreciation | 13,625 | ||||||||||||||
Net Book Value | $ 81,128 | ||||||||||||||
Year of Original Construction | 2009 | ||||||||||||||
Date Acquired | Jun. 08, 2011 | ||||||||||||||
Hotel Zetta [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 7,294 | ||||||||||||||
Initial Cost of Buildings and Improvements | 22,166 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 290 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 15,603 | |||||||||||||
Carrying Amount of Land | 7,294 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 33,794 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 4,265 | ||||||||||||||
Carrying Value, Total | 45,353 | ||||||||||||||
Accumulated Depreciation | 5,155 | ||||||||||||||
Net Book Value | $ 40,198 | ||||||||||||||
Year of Original Construction | 1913 | ||||||||||||||
Date Acquired | Apr. 04, 2012 | ||||||||||||||
Hotel Vintage Seattle [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 8,170 | ||||||||||||||
Initial Cost of Buildings and Improvements | 23,557 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 706 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 6,719 | |||||||||||||
Carrying Amount of Land | 8,170 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 28,127 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 2,855 | ||||||||||||||
Carrying Value, Total | 39,152 | ||||||||||||||
Accumulated Depreciation | 3,476 | ||||||||||||||
Net Book Value | $ 35,676 | ||||||||||||||
Year of Original Construction | 1922 | ||||||||||||||
Date Acquired | Jul. 09, 2012 | ||||||||||||||
Hotel Vintage Portland [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 6,222 | ||||||||||||||
Initial Cost of Buildings and Improvements | 23,012 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 1,093 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 11,929 | |||||||||||||
Carrying Amount of Land | 6,222 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 32,000 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 4,034 | ||||||||||||||
Carrying Value, Total | 42,256 | ||||||||||||||
Accumulated Depreciation | 3,340 | ||||||||||||||
Net Book Value | $ 38,916 | ||||||||||||||
Year of Original Construction | 1894 | ||||||||||||||
Date Acquired | Jul. 09, 2012 | ||||||||||||||
W Los Angeles - West Beverly HIlls [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 24,403 | ||||||||||||||
Initial Cost of Buildings and Improvements | 93,203 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 3,600 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 25,056 | |||||||||||||
Carrying Amount of Land | 24,403 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 111,080 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 10,779 | ||||||||||||||
Carrying Value, Total | 146,262 | ||||||||||||||
Accumulated Depreciation | 12,955 | ||||||||||||||
Net Book Value | $ 133,307 | ||||||||||||||
Year of Original Construction | 1969 | ||||||||||||||
Date Acquired | Aug. 23, 2012 | ||||||||||||||
Hotel Zelos San Francisco [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | [3] | $ 26,098 | |||||||||||||
Initial Cost of Land | 0 | ||||||||||||||
Initial Cost of Buildings and Improvements | 63,430 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 3,780 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 7,501 | |||||||||||||
Carrying Amount of Land | 0 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 68,462 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 6,249 | ||||||||||||||
Carrying Value, Total | 74,711 | ||||||||||||||
Accumulated Depreciation | 9,304 | ||||||||||||||
Net Book Value | $ 65,407 | ||||||||||||||
Year of Original Construction | 1907 | ||||||||||||||
Date Acquired | Oct. 25, 2012 | ||||||||||||||
Mortgage loan premium | $ 900 | ||||||||||||||
Embassy Suites San Diego [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | [4] | 63,116 | |||||||||||||
Initial Cost of Land | 20,103 | ||||||||||||||
Initial Cost of Buildings and Improvements | 90,162 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 6,881 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 12,095 | |||||||||||||
Carrying Amount of Land | 20,103 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 99,913 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 9,225 | ||||||||||||||
Carrying Value, Total | 129,241 | ||||||||||||||
Accumulated Depreciation | 11,130 | ||||||||||||||
Net Book Value | $ 118,111 | ||||||||||||||
Year of Original Construction | 1988 | ||||||||||||||
Date Acquired | Jan. 29, 2013 | ||||||||||||||
Mortgage loan premium | $ 600 | ||||||||||||||
Redbury Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | 0 | ||||||||||||||
Initial Cost of Land | 8,057 | ||||||||||||||
Initial Cost of Buildings and Improvements | 24,833 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 1,000 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 1,655 | |||||||||||||
Carrying Amount of Land | 8,057 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 25,938 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 1,550 | ||||||||||||||
Carrying Value, Total | 35,545 | ||||||||||||||
Accumulated Depreciation | 1,988 | ||||||||||||||
Net Book Value | $ 33,557 | ||||||||||||||
Year of Original Construction | 2008 | ||||||||||||||
Date Acquired | Aug. 08, 2013 | ||||||||||||||
Hotel Modera [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | [5] | $ 22,833 | |||||||||||||
Initial Cost of Land | 8,215 | ||||||||||||||
Initial Cost of Buildings and Improvements | 37,874 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 1,500 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 2,822 | |||||||||||||
Carrying Amount of Land | 8,215 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 39,744 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 2,452 | ||||||||||||||
Carrying Value, Total | 50,411 | ||||||||||||||
Accumulated Depreciation | 3,754 | ||||||||||||||
Net Book Value | $ 46,657 | ||||||||||||||
Year of Original Construction | 1962 | ||||||||||||||
Date Acquired | Aug. 28, 2013 | ||||||||||||||
Mortgage loan premium | $ 100 | ||||||||||||||
Hotel Zephyr Fisherman's Wharf [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | 0 | ||||||||||||||
Initial Cost of Land | 0 | ||||||||||||||
Initial Cost of Buildings and Improvements | 116,445 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 3,550 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 26,244 | |||||||||||||
Carrying Amount of Land | 0 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 139,264 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 6,975 | ||||||||||||||
Carrying Value, Total | 146,239 | ||||||||||||||
Accumulated Depreciation | 8,201 | ||||||||||||||
Net Book Value | $ 138,038 | ||||||||||||||
Year of Original Construction | 1964 | ||||||||||||||
Date Acquired | Dec. 09, 2013 | ||||||||||||||
The Prescott Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 12,561 | ||||||||||||||
Initial Cost of Buildings and Improvements | 43,665 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 1,094 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 15,101 | |||||||||||||
Carrying Amount of Land | 12,561 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 46,448 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 13,412 | ||||||||||||||
Carrying Value, Total | 72,421 | ||||||||||||||
Accumulated Depreciation | 1,842 | ||||||||||||||
Net Book Value | $ 70,579 | ||||||||||||||
Year of Original Construction | 1913 | ||||||||||||||
Date Acquired | May 22, 2014 | ||||||||||||||
The Nines Hotel Portland [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 18,493 | ||||||||||||||
Initial Cost of Buildings and Improvements | 92,339 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 8,757 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 4,263 | |||||||||||||
Carrying Amount of Land | 18,493 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 93,595 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 11,764 | ||||||||||||||
Carrying Value, Total | 123,852 | ||||||||||||||
Accumulated Depreciation | 5,270 | ||||||||||||||
Net Book Value | $ 118,582 | ||||||||||||||
Year of Original Construction | 1909 | ||||||||||||||
Date Acquired | Jul. 17, 2014 | ||||||||||||||
Westin Colonnade Coral Gables [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 12,108 | ||||||||||||||
Initial Cost of Buildings and Improvements | 46,317 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 1,271 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 7,639 | |||||||||||||
Carrying Amount of Land | 12,108 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 50,425 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 4,802 | ||||||||||||||
Carrying Value, Total | 67,335 | ||||||||||||||
Accumulated Depreciation | 2,034 | ||||||||||||||
Net Book Value | $ 65,301 | ||||||||||||||
Year of Original Construction | 1989 | ||||||||||||||
Date Acquired | Nov. 12, 2014 | ||||||||||||||
Hotel Palomar LA-Beverly Hills [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 0 | ||||||||||||||
Initial Cost of Buildings and Improvements | 90,675 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 1,500 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 539 | |||||||||||||
Carrying Amount of Land | 0 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 90,954 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 1,760 | ||||||||||||||
Carrying Value, Total | 92,714 | ||||||||||||||
Accumulated Depreciation | 2,787 | ||||||||||||||
Net Book Value | $ 89,927 | ||||||||||||||
Year of Original Construction | 1972 | ||||||||||||||
Date Acquired | Nov. 20, 2014 | ||||||||||||||
Union Station Hotel Nashville [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 0 | ||||||||||||||
Initial Cost of Buildings and Improvements | 37,803 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 6,833 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 1,749 | |||||||||||||
Carrying Amount of Land | 0 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 40,085 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 6,300 | ||||||||||||||
Carrying Value, Total | 46,385 | ||||||||||||||
Accumulated Depreciation | 2,013 | ||||||||||||||
Net Book Value | $ 44,372 | ||||||||||||||
Year of Original Construction | 1900 | ||||||||||||||
Date Acquired | Dec. 10, 2014 | ||||||||||||||
Revere Hotel Boston [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 41,857 | ||||||||||||||
Initial Cost of Buildings and Improvements | 207,817 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 10,596 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 1,844 | |||||||||||||
Carrying Amount of Land | 41,857 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 208,530 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 11,727 | ||||||||||||||
Carrying Value, Total | 262,114 | ||||||||||||||
Accumulated Depreciation | 7,067 | ||||||||||||||
Net Book Value | $ 255,047 | ||||||||||||||
Year of Original Construction | 1972 | ||||||||||||||
Date Acquired | Dec. 18, 2014 | ||||||||||||||
LaPlaya Beach Resort [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 112,575 | ||||||||||||||
Initial Cost of Buildings and Improvements | 82,117 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 6,733 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 1,785 | |||||||||||||
Carrying Amount of Land | 112,575 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 83,030 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 7,605 | ||||||||||||||
Carrying Value, Total | 203,210 | ||||||||||||||
Accumulated Depreciation | 2,971 | ||||||||||||||
Net Book Value | $ 200,239 | ||||||||||||||
Year of Original Construction | 1968 | ||||||||||||||
Date Acquired | May 21, 2015 | ||||||||||||||
The Tuscan Fisherman's Wharf [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Encumbrances | $ 0 | ||||||||||||||
Initial Cost of Land | 29,125 | ||||||||||||||
Initial Cost of Buildings and Improvements | 90,323 | ||||||||||||||
Initial Cost of Furniture Fixtures and Equipment | 2,500 | ||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1] | 290 | |||||||||||||
Carrying Amount of Land | 29,125 | ||||||||||||||
Carrying Amount of Buildings and Improvements | 90,348 | ||||||||||||||
Carrying Value of Furniture Fixtures and Equipment | 2,765 | ||||||||||||||
Carrying Value, Total | 122,238 | ||||||||||||||
Accumulated Depreciation | 1,959 | ||||||||||||||
Net Book Value | $ 120,279 | ||||||||||||||
Year of Original Construction | 1990 | ||||||||||||||
Date Acquired | Jun. 11, 2015 | ||||||||||||||
Minimum [Member] | Double Tree By Hilton Bethesda Washington DC [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Sir Francis Drake Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Inter Continental Buckhead Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Monaco Washington D C [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | The Grand Hotel Minneapolis [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Skamania Lodge [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Le Meridien Delfina Santa Monica Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Sofitel Philadelphia [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Argonaut Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Westin Gaslamp Quarter [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 1 year | ||||||||||||||
Minimum [Member] | Monaco Seattle [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Mondrian Los Angeles [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Viceroy Miami [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 1 year | ||||||||||||||
Minimum [Member] | W Boston [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 2 years | ||||||||||||||
Minimum [Member] | Hotel Zetta [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Hotel Vintage Seattle [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Hotel Vintage Portland [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | W Los Angeles - West Beverly HIlls [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Hotel Zelos San Francisco [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Embassy Suites San Diego [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Redbury Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Hotel Modera [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Hotel Zephyr Fisherman's Wharf [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | The Prescott Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 1 year | ||||||||||||||
Minimum [Member] | The Nines Hotel Portland [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Westin Colonnade Coral Gables [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 2 years | ||||||||||||||
Minimum [Member] | Hotel Palomar LA-Beverly Hills [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Union Station Hotel Nashville [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | Revere Hotel Boston [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | LaPlaya Beach Resort [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 3 years | ||||||||||||||
Minimum [Member] | The Tuscan Fisherman's Wharf [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 2 years | ||||||||||||||
Maximum [Member] | Double Tree By Hilton Bethesda Washington DC [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Sir Francis Drake Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Inter Continental Buckhead Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Monaco Washington D C [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | The Grand Hotel Minneapolis [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Skamania Lodge [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Le Meridien Delfina Santa Monica Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Sofitel Philadelphia [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Argonaut Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Westin Gaslamp Quarter [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Monaco Seattle [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Mondrian Los Angeles [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Viceroy Miami [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | W Boston [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Hotel Zetta [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Hotel Vintage Seattle [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Hotel Vintage Portland [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | W Los Angeles - West Beverly HIlls [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Hotel Zelos San Francisco [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Embassy Suites San Diego [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Redbury Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Hotel Modera [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Hotel Zephyr Fisherman's Wharf [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | The Prescott Hotel [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 45 years | ||||||||||||||
Maximum [Member] | The Nines Hotel Portland [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Westin Colonnade Coral Gables [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Hotel Palomar LA-Beverly Hills [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Union Station Hotel Nashville [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | Revere Hotel Boston [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | LaPlaya Beach Resort [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
Maximum [Member] | The Tuscan Fisherman's Wharf [Member] | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||
Depreciation Life | 40 years | ||||||||||||||
|
Schedule III--Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||
Carrying Value, Total | $ 2,956,761 | $ 2,538,270 | $ 1,849,939 | $ 1,495,167 |
Acquisitions | 323,373 | 633,687 | 318,619 | |
Capital Expenditures | 101,131 | 59,090 | 38,153 | |
Disposal of Assets | (6,013) | (4,446) | (2,000) | |
Accumulated Depreciation | 283,177 | 194,580 | 132,328 | $ 77,938 |
Depreciation Expense | 94,610 | 66,698 | 54,511 | |
Disposal of Assets | $ (6,013) | $ (4,446) | $ (121) |
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