Business Combinations and Acquisition and Disposition of Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Schedule of Properties Acquired and Consideration

As a result of the Mergers, the Company acquired an ownership interest in the following 36 hotel properties:

Property		Location	Ownership Interest		Guest Rooms
Villa Florence San Francisco on Union Square		San Francisco, CA	100	%	189
Hotel Vitale		San Francisco, CA	100	%	200
The Marker San Francisco		San Francisco, CA	100	%	208
Hotel Spero		San Francisco, CA	100	%	236
Chaminade Resort & Spa		Santa Cruz, CA	100	%	156
Harbor Court Hotel San Francisco		San Francisco, CA	100	%	131
Viceroy Santa Monica Hotel		Santa Monica, CA	100	%	162
Le Parc Suite Hotel		West Hollywood, CA	100	%	154
Montrose West Hollywood		West Hollywood, CA	100	%	133
Chamberlain West Hollywood Hotel		West Hollywood, CA	100	%	115
Grafton on Sunset		West Hollywood, CA	100	%	108
The Westin Copley Place, Boston		Boston, MA	100	%	803
The Liberty, A Luxury Collection Hotel, Boston		Boston, MA	99.99	%	298
Hyatt Regency Boston Harbor		Boston, MA	100	%	270
Sofitel Washington DC Lafayette Square		Washington, DC	100	%	237
George Hotel		Washington, DC	100	%	139
Mason & Rook Hotel		Washington, DC	100	%	178
Donovan Hotel	(8)	Washington, DC	100	%	193
Paradise Point Resort & Spa		San Diego, CA	100	%	462
Hilton San Diego Gaslamp Quarter		San Diego, CA	100	%	286
Solamar Hotel		San Diego, CA	100	%	235
L'Auberge Del Mar		Del Mar, CA	100	%	121
Hilton San Diego Mission Bay Resort		San Diego, CA	100	%	357
The Heathman Hotel		Portland, OR	100	%	151
Southernmost Beach Resort		Key West, FL	100	%	262
The Marker Key West		Key West, FL	100	%	96
The Roger New York		New York, NY	100	%	194
Hotel Chicago Downtown, Autograph Collection		Chicago, IL	100	%	354
The Westin Michigan Avenue Chicago		Chicago, IL	100	%	752
Hotel Palomar Washington DC	(1)	Washington, DC	100	%	335
The Liaison Capitol Hill	(2)	Washington, DC	100	%	343
Onyx Hotel	(3)	Boston, MA	100	%	112
Hotel Amarano Burbank	(4)	Burbank, CA	100	%	132
Rouge Hotel	(5)	Washington, DC	100	%	137
Hotel Madera	(6)	Washington, DC	100	%	82
Topaz Hotel	(7)	Washington, DC	100	%	99
					8,420

⁽¹⁾ In February 2019, the Company sold this hotel property for $141.5 million.

⁽²⁾ In February 2019, the Company sold this hotel property for $111.0 million.

⁽³⁾ In May 2019, the Company sold this hotel property for $58.3 million.

⁽⁴⁾ In July 2019, the Company sold this hotel property for $72.9 million.

⁽⁵⁾ In September 2019, the Company sold this hotel property for $42.0 million.

⁽⁶⁾ In September 2019, the Company sold this hotel property for $23.3 million.

⁽⁷⁾ In November 2019, the Company sold this hotel property for $33.1 million.

⁽⁸⁾ This hotel property was closed in November 2019 for renovation and is expected to re-open in the second quarter of 2020 as Hotel Zena.

The total consideration, excluding the net working capital assumed, consisted of the following (in thousands):

	Total Consideration
Common shares	$	2,144,057
Series E preferred shares	101,622
Series F preferred shares	132,600
OP units	4,665
Cash	1,719,150
Total consideration	$	4,102,094

Schedule of Purchase Price Allocation

The Company determined the acquisition date fair values as follows (in thousands):

	November 30, 2018
Investment in hotel properties	$	4,095,721
Restricted cash reserves	14,784
Hotel and other receivables	34,669
Intangible assets	158,920
Prepaid expenses and other assets	54,808
Accounts payable and accrued expenses	(227,647		)
Deferred revenues	(23,816		)
Accrued interest	(2,496		)
Distributions payable	(2,744		)
Other	(105		)
Total consideration	$	4,102,094

Schedule of Pro Forma Financial Information

The unaudited condensed pro forma financial information is as follows (in thousands):

		For the year ended December 31,
		2019		2018
	(unaudited)
Total revenues		$	1,612,213	$	1,677,663
Operating income (loss)		$	229,342	$	255,333
Net income (loss) attributable to common shareholders		$	82,886	$	89,767
Net income (loss) per share available to common shareholders — basic		$	0.63	$	0.69
Net income (loss) per share available to common shareholders — diluted		$	0.63	$	0.69

Schedule of Hotel Properties Sold

The following table discloses the hotel properties that were sold during the year ended December 31, 2019 (in thousands):

Hotel Property Name	Location	Sale Date	Sale Price
The Liaison Capitol Hill	Washington, DC	February 14, 2019	$	111,000
Hotel Palomar Washington DC	Washington, DC	February 22, 2019	141,450
Onyx Hotel	Boston, MA	May 29, 2019	58,255
Hotel Amarano Burbank	Burbank, CA	July 16, 2019	72,866
Rouge Hotel	Washington, DC	September 12, 2019	42,000
Hotel Madera	Washington, DC	September 26, 2019	23,250
Topaz Hotel	Washington, DC	November 22, 2019	33,100
Total			$	481,921