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Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Total revenue $ 34,969,000 $ 90,080,000 $ 115,351,000 $ 253,631,000
Total hotel operating expenses 21,869,000 45,912,000 73,948,000 131,867,000
Depreciation and amortization 13,620,000 12,923,000 40,349,000 38,694,000
Impairment loss on investment in unconsolidated real estate entities 0 0 15,282,000 0
Property taxes, ground rent and insurance 6,171,000 6,255,000 18,161,000 18,664,000
General and administrative 2,958,000 3,486,000 8,210,000 10,611,000
Other charges (199,000) 309,000 2,785,000 351,000
Reimbursable costs from unconsolidated real estate entities 795,000 1,301,000 3,169,000 4,225,000
Total operating expenses 45,214,000 70,186,000 161,904,000 204,412,000
Operating (loss) income before gain (loss) on sale of hotel property (10,245,000) 19,894,000 (46,553,000) 49,219,000
Gain (loss) on sale of hotel property 0 4,000 3,000 (3,295,000)
Operating (loss) income (10,245,000) 19,898,000 (46,550,000) 45,924,000
Interest and other income 25,000 34,000 145,000 155,000
Interest expense, including amortization of deferred fees (7,245,000) (7,050,000) (21,112,000) (21,378,000)
Loss from unconsolidated real estate entities (847,000) (2,784,000) (6,099,000) (3,450,000)
(Loss) income before income tax expense (18,312,000) 10,098,000 (73,616,000) 21,251,000
Income tax expense 0 0 0 0
Net (loss) income (18,312,000) 10,098,000 (73,616,000) 21,251,000
Net (loss) income attributable to noncontrolling interests 255,000 (96,000) 949,000 (199,000)
Net (loss) income attributable to common shareholders $ (18,057,000) $ 10,002,000 $ (72,667,000) $ 21,052,000
(Loss) income per Common Share - Basic:        
Net income (loss) attributable to common shareholders (Note 10) (in dollars per share) $ (0.38) $ 0.21 $ (1.55) $ 0.44
(Loss) income per Common Share - Diluted:        
Net income (loss) attributable to common shareholders (Note 10) (in dollars per share) $ (0.38) $ 0.21 $ (1.55) $ 0.44
Weighted average number of common shares outstanding:        
Basic (in shares) 46,965,526 46,913,922 46,958,143 46,744,890
Diluted (in shares) 46,965,526 47,152,166 46,958,143 46,956,964
Distributions declared per common share (in dollars per share) $ 0 $ 0.33 $ 0.22 $ 0.99
Room        
Total revenue $ 32,307,000 $ 81,807,000 $ 104,205,000 $ 229,862,000
Total hotel operating expenses 6,903,000 17,288,000 24,814,000 49,231,000
Food and beverage        
Total revenue 237,000 2,436,000 2,417,000 7,398,000
Total hotel operating expenses 184,000 2,133,000 2,202,000 6,262,000
Other        
Total revenue 1,630,000 4,536,000 5,560,000 12,146,000
Reimbursable costs from unconsolidated real estate entities        
Total revenue 795,000 1,301,000 3,169,000 4,225,000
Telephone        
Total hotel operating expenses 344,000 409,000 1,073,000 1,252,000
Other hotel operating        
Total hotel operating expenses 312,000 1,130,000 1,303,000 3,039,000
General and administrative        
Total hotel operating expenses 3,907,000 6,369,000 12,543,000 19,109,000
Franchise and marketing fees        
Total hotel operating expenses 2,876,000 7,146,000 9,232,000 20,062,000
Advertising and promotions        
Total hotel operating expenses 848,000 1,483,000 3,212,000 4,502,000
Utilities        
Total hotel operating expenses 2,592,000 3,033,000 6,971,000 8,308,000
Repairs and maintenance        
Total hotel operating expenses 2,250,000 3,637,000 7,352,000 10,679,000
Management fees        
Total hotel operating expenses 1,292,000 2,950,000 4,164,000 8,386,000
Insurance        
Total hotel operating expenses $ 361,000 $ 334,000 $ 1,082,000 $ 1,037,000