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Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenue:      
Total revenue $ 328,328 $ 324,230 $ 301,844
Hotel operating expenses:      
Total hotel operating expenses 174,251 170,562 155,679
Depreciation and amortization 51,505 48,169 46,292
Impairment loss 0 0 6,663
Property taxes, ground rent and insurance 24,717 23,678 20,916
General and administrative 14,077 14,120 12,825
Other charges 1,441 3,806 523
Reimbursable costs from unconsolidated real estate entities 5,670 5,743 5,908
Total operating expenses 271,661 266,078 248,806
Operating income before gain (loss) on sale of hotel property 56,667 58,152 53,038
Gain (loss) on sale of hotel property (3,282) (18) 3,327
Operating Income 53,385 58,134 56,365
Interest and other income 190 462 30
Interest expense, including amortization of deferred fees (28,247) (26,878) (27,901)
Income (loss) from unconsolidated real estate entities (6,448) (876) 1,582
Income before income tax benefit (expense) 18,880 30,842 30,076
Income tax benefit (expense) 0 28 (396)
Net income 18,880 30,870 29,680
Net income attributable to non-controlling interest (177) (229) (202)
Net income attributable to common shareholders $ 18,703 $ 30,641 $ 29,478
Income per Common Share - Basic:      
Net income attributable to common shareholders (in dollars per share) $ 0.39 $ 0.66 $ 0.73
Income per Common Share - Diluted:      
Net income attributable to common shareholders (in dollars per share) $ 0.39 $ 0.66 $ 0.73
Weighted average number of common shares outstanding:      
Basic (in shares) 46,788,784 46,073,515 39,859,143
Diluted (in shares) 47,023,280 46,243,660 40,112,266
Distributions per common share (in dollars per share) $ 1.32 $ 1.32 $ 1.32
Room      
Revenue:      
Total revenue $ 296,267 $ 295,897 $ 278,466
Hotel operating expenses:      
Total hotel operating expenses 65,270 63,877 59,151
Food and beverage      
Revenue:      
Total revenue 9,824 8,880 6,255
Hotel operating expenses:      
Total hotel operating expenses 8,396 7,312 5,342
Other      
Revenue:      
Total revenue 16,567 13,710 11,215
Cost reimbursements from unconsolidated real estate entities      
Revenue:      
Total revenue 5,670 5,743 5,908
Telephone      
Hotel operating expenses:      
Total hotel operating expenses 1,638 1,766 1,647
Other hotel operating      
Hotel operating expenses:      
Total hotel operating expenses 4,039 3,296 2,886
General and administrative      
Hotel operating expenses:      
Total hotel operating expenses 25,641 25,567 23,639
Franchise and marketing fees      
Hotel operating expenses:      
Total hotel operating expenses 25,850 24,864 23,247
Advertising and promotions      
Hotel operating expenses:      
Total hotel operating expenses 6,043 6,227 5,380
Utilities      
Hotel operating expenses:      
Total hotel operating expenses 10,867 10,835 9,944
Repairs and maintenance      
Hotel operating expenses:      
Total hotel operating expenses 14,321 14,710 13,317
Management fees      
Hotel operating expenses:      
Total hotel operating expenses 10,822 10,754 9,898
Insurance      
Hotel operating expenses:      
Total hotel operating expenses $ 1,364 $ 1,354 $ 1,228