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Acquisition and Disposition of Hotel Properties
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisition and Disposition of Hotel Properties Acquisition and Disposition of Hotel Properties
Acquisitions
There were no acquisitions of hotel properties during the year ended December 31, 2023.
On May 11, 2022, the Company acquired the 119-room Inn on Fifth in Naples, Florida for $156.0 million, excluding prorations and transactions costs. This transaction was funded with cash on hand, the issuance of 16,291 common units of limited partnership interest in the Operating Partnership and 3,104,400 preferred units of the Operating Partnership designated as 6.0% Series Z Preferred Units.
On June 23, 2022, the Company acquired the 257-room Newport Harbor Island Resort (formerly Gurney's Newport Resort & Marina) in Newport, Rhode Island for $174.0 million using cash on hand and proceeds from its senior unsecured revolving credit facility.
Dispositions
The following table summarizes disposition transactions during the years ended December 31, 2023 and 2022 (in thousands):
Hotel Property NameLocationSale DateSale Price
The Heathman HotelPortland, ORFebruary 22, 2023$45,000 
Retail at The Westin Michigan Avenue Chicago
Chicago, ILMarch 17, 202327,300 
Hotel Colonnade Coral GablesCoral Gables, FLMarch 28, 202363,000 
Hotel Monaco SeattleSeattle, WAMay 9, 202363,250 
Hotel Vintage SeattleSeattle, WAMay 24, 202333,700 
Hotel Zoe Fisherman’s WharfSan Francisco, CANovember 14, 202368,500 
Marina City Retail at Hotel Chicago Downtown, Autograph Collection
Chicago, ILDecember 21, 202330,000 
2023 Total$330,750 
The Marker San FranciscoSan Francisco, CAJune 28, 2022$77,000 
Sofitel Philadelphia at Rittenhouse SquarePhiladelphia, PAAugust 2, 202280,000 
Hotel SperoSan Francisco, CAAugust 25, 202271,000 
Hotel Vintage PortlandPortland, ORSeptember 14, 202232,900 
2022 Total$260,900 
For the years ended December 31, 2023, 2022 and 2021, the accompanying consolidated statements of operations and comprehensive income included operating (loss) of $(0.8) million, $(3.9) million and $(33.2) million, respectively, excluding impairment loss and gain on sale of hotel properties related to the hotel properties sold and held for sale.
The sales of the hotel properties described above did not represent a strategic shift that had a major effect on the Company’s operations and financial results, and therefore, did not qualify as discontinued operations.
Held for Sale
As of December 31, 2023, no properties were designated as held for sale by the Company. As of December 31, 2022, the Company had entered into an agreement to sell The Heathman Hotel for approximately $45.0 million. This hotel was designated as held for sale as it met the held for sale criteria, and as a result, the Company recorded an impairment to reduce the carrying value of the property. In addition, the Company classified all of the assets and liabilities related to this hotel as assets and liabilities held for sale in the accompanying consolidated balance sheets and ceased depreciating the assets. As noted above, the Company completed the sale of The Heathman Hotel in February 2023.