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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Total revenues $ 76,980 $ 423,552 $ 368,679 $ 1,232,804
Hotel operating expenses:        
Total hotel operating expenses 70,951 247,490 312,990 735,305
Depreciation and amortization 56,696 69,775 168,044 177,376
Real estate taxes, personal property taxes, property insurance, and ground rent 27,947 31,588 85,173 94,009
General and administrative 7,466 8,315 38,259 25,753
Transaction costs 10,339 4,035 10,474 7,576
Impairment loss 0 0 20,570 0
(Gain) loss on sale of hotel properties 47 0 (117,401) 0
(Gain) loss and other operating expenses 917 1,529 3,753 6,219
Total operating expenses 174,363 362,732 521,862 1,046,238
Operating income (loss) (97,383) 60,820 (153,183) 186,566
Interest expense (27,514) (26,465) (75,196) (84,512)
Other 115 7 442 23
Income (loss) before income taxes (124,782) 34,362 (227,937) 102,077
Income tax (expense) benefit (5,778) (4,382) 8,531 (5,924)
Net income (loss) (130,560) 29,980 (219,406) 96,153
Net income (loss) attributable to non-controlling interests (253) 89 (535) 254
Net income (loss) attributable to the Company (130,307) 29,891 (218,871) 95,899
Distributions to preferred shareholders (8,139) (8,139) (24,417) (24,417)
Net income (loss) attributable to common shareholders $ (138,446) $ 21,752 $ (243,288) $ 71,482
Net income (loss) per share available to common shareholders, basic (in usd per share) $ (1.06) $ 0.17 $ (1.86) $ 0.55
Net income (loss) per share available to common shareholders, diluted (in usd per share) $ (1.06) $ 0.17 $ (1.86) $ 0.55
Weighted-average number of common shares, basic (in shares) 130,645,990 130,484,956 130,588,765 130,467,193
Weighted-average number of common shares, diluted (in shares) 130,645,990 130,622,130 130,588,765 130,690,342
Comprehensive Income:        
Net income (loss) $ (130,560) $ 29,980 $ (219,406) $ 96,153
Other comprehensive income (loss):        
Unrealized gain (loss) on derivative instruments 9,722 (7,874) (44,948) (38,002)
Comprehensive income (loss) (120,838) 22,106 (264,354) 58,151
Comprehensive income (loss) attributable to non-controlling interests (187) 66 (624) 146
Comprehensive income (loss) attributable to the Company (120,651) 22,040 (263,730) 58,005
Room        
Revenues        
Total revenues 51,337 296,622 239,279 851,899
Hotel operating expenses:        
Total hotel operating expenses 15,835 71,878 75,390 209,707
Food and beverage        
Revenues        
Total revenues 12,454 90,088 82,635 274,803
Hotel operating expenses:        
Total hotel operating expenses 10,578 64,690 66,144 194,981
Other        
Revenues        
Total revenues 13,189 36,842 46,765 106,102
Hotel operating expenses:        
Total hotel operating expenses $ 44,538 $ 110,922 $ 171,456 $ 330,617