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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues      
Total revenues $ 828,678 $ 769,317 $ 816,421
Hotel operating expenses:      
Total hotel operating expenses 511,834 467,973 483,924
Depreciation and amortization 108,475 102,290 102,439
Real estate taxes, personal property taxes, property insurance, and ground rent 54,191 48,500 50,488
General and administrative 22,512 23,977 27,912
Transaction costs 75,049 71 193
Impairment and other losses 1,452 6,003 12,148
Loss (gain) on sale of hotel properties 2,147 (14,877) (40,690)
Gain on insurance settlement (13,954) 0 0
Total operating expenses 761,706 633,937 636,414
Operating income (loss) 66,972 135,380 180,007
Interest income 178 97 1,995
Interest expense (53,923) (37,299) (43,615)
Other 1,900 2,265 283
Equity in earnings (loss) of joint venture 0 0 (64,842)
Income (loss) before income taxes 15,127 100,443 73,828
Income tax (expense) benefit (1,742) (181) 134
Net income (loss) 13,385 100,262 73,962
Net income (loss) attributable to non-controlling interests (8) 374 258
Net income (loss) attributable to the Company 13,393 99,888 73,704
Distributions to preferred shareholders (17,466) (16,094) (19,662)
Transaction costs 0 0 (7,090)
Net income (loss) attributable to common shareholders $ (4,073) $ 83,794 $ 46,952
Net income (loss) per share available to common shareholders, basic (in usd per share) $ (0.06) $ 1.20 $ 0.65
Net income (loss) per share available to common shareholders, diluted (in usd per share) $ (0.06) $ 1.19 $ 0.64
Weighted-average number of common shares, basic (in shares) 74,286,307 69,591,973 71,901,499
Weighted-average number of common shares, diluted (in shares) 74,286,307 69,984,837 72,373,242
Comprehensive Income:      
Net income (loss) $ 13,385 $ 100,262 $ 73,962
Other comprehensive income (loss):      
Unrealized gain (loss) on derivative instruments (2,907) 6,001 2,438
Comprehensive income (loss) 10,478 106,263 76,400
Comprehensive income (loss) attributable to non-controlling interests (16) 395 266
Comprehensive income (loss) attributable to the Company 10,494 105,868 76,134
Room      
Revenues      
Total revenues 565,107 532,288 568,867
Hotel operating expenses:      
Total hotel operating expenses 143,171 134,068 137,312
Food and beverage      
Revenues      
Total revenues 199,089 182,737 191,857
Hotel operating expenses:      
Total hotel operating expenses 136,845 123,213 126,957
Other      
Revenues      
Total revenues 64,482 54,292 55,697
Hotel operating expenses:      
Total hotel operating expenses $ 231,818 $ 210,692 $ 219,655