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Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Total revenue $ 20,173,000 $ 87,874,000 $ 80,382,000 $ 163,553,000
Total hotel operating expenses 15,740,000 44,129,000 52,080,000 85,954,000
Depreciation and amortization 13,667,000 12,999,000 26,729,000 25,771,000
Impairment loss on investment in unconsolidated real estate entities 0 0 15,282,000 0
Property taxes, ground rent and insurance 5,892,000 6,242,000 11,990,000 12,409,000
General and administrative 2,487,000 3,611,000 5,252,000 7,125,000
Other charges 215,000 25,000 2,984,000 42,000
Reimbursable costs from unconsolidated real estate entities 794,000 1,435,000 2,374,000 2,926,000
Total operating expenses 38,795,000 68,441,000 116,691,000 134,227,000
Operating (loss) income before gain (loss) on sale of hotel property (18,622,000) 19,433,000 (36,309,000) 29,326,000
Gain (loss) on sale of hotel property 2,000 (3,300,000) 3,000 (3,300,000)
Operating (loss) income (18,620,000) 16,133,000 (36,306,000) 26,026,000
Interest and other income 39,000 66,000 120,000 121,000
Interest expense, including amortization of deferred fees (7,034,000) (7,131,000) (13,867,000) (14,328,000)
(Loss) income from unconsolidated real estate entities (1,578,000) 457,000 (5,251,000) (666,000)
(Loss) income before income tax expense (27,193,000) 9,525,000 (55,304,000) 11,153,000
Income tax expense 0 0 0 0
Net (loss) income (27,193,000) 9,525,000 (55,304,000) 11,153,000
Net (loss) income attributable to noncontrolling interests 366,000 (88,000) 694,000 (103,000)
Net (loss) income attributable to common shareholders $ (26,827,000) $ 9,437,000 $ (54,610,000) $ 11,050,000
(Loss) income per Common Share - Basic:        
Net income (loss) attributable to common shareholders (Note 11) (in dollars per share) $ (0.57) $ 0.20 $ (1.16) $ 0.23
(Loss) income per Common Share - Diluted:        
Net income (loss) attributable to common shareholders (Note 11) (in dollars per share) $ (0.57) $ 0.20 $ (1.16) $ 0.23
Weighted average number of common shares outstanding:        
Basic (in shares) 46,960,289 46,760,016 46,954,411 46,658,973
Diluted (in shares) 46,960,289 46,976,999 46,954,411 46,855,916
Distributions declared per common share (in dollars per share) $ 0 $ 0.33 $ 0.22 $ 0.66
Room        
Total revenue $ 18,389,000 $ 79,970,000 $ 71,437,000 $ 148,055,000
Total hotel operating expenses 4,517,000 16,372,000 17,912,000 31,942,000
Food and beverage        
Total revenue 117,000 2,535,000 2,180,000 4,962,000
Total hotel operating expenses 128,000 2,120,000 2,018,000 4,129,000
Other        
Total revenue 873,000 3,934,000 4,391,000 7,610,000
Reimbursable costs from unconsolidated real estate entities        
Total revenue 794,000 1,435,000 2,374,000 2,926,000
Telephone        
Total hotel operating expenses 351,000 410,000 730,000 843,000
Other hotel operating        
Total hotel operating expenses 182,000 971,000 992,000 1,910,000
General and administrative        
Total hotel operating expenses 3,360,000 6,574,000 8,636,000 12,741,000
Franchise and marketing fees        
Total hotel operating expenses 1,636,000 6,984,000 6,356,000 12,916,000
Advertising and promotions        
Total hotel operating expenses 854,000 1,485,000 2,364,000 3,018,000
Utilities        
Total hotel operating expenses 1,863,000 2,525,000 4,378,000 5,275,000
Repairs and maintenance        
Total hotel operating expenses 1,640,000 3,431,000 5,101,000 7,042,000
Management fees        
Total hotel operating expenses 848,000 2,892,000 2,872,000 5,436,000
Insurance        
Total hotel operating expenses $ 361,000 $ 365,000 $ 721,000 $ 702,000