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Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Total revenue $ 50,244,000 $ 20,173,000 $ 82,357,000 $ 80,382,000
Total hotel operating expenses 28,390,000 15,740,000 50,365,000 52,080,000
Depreciation and amortization 13,353,000 13,667,000 26,687,000 26,729,000
Impairment loss on investment in unconsolidated real estate entities 0 0 0 15,282,000
Property taxes, ground rent and insurance 5,954,000 5,892,000 11,833,000 11,990,000
General and administrative 4,316,000 2,487,000 7,844,000 5,252,000
Other charges 322,000 215,000 377,000 2,984,000
Reimbursable costs from unconsolidated real estate entities 327,000 794,000 1,114,000 2,374,000
Total operating expenses 52,662,000 38,795,000 98,220,000 116,691,000
Operating loss before gain (loss) on sale of hotel property (2,418,000) (18,622,000) (15,863,000) (36,309,000)
Gain (loss) on sale of hotel property 28,000 2,000 (15,000) 3,000
Operating income (loss) (2,390,000) (18,620,000) (15,878,000) (36,306,000)
Interest and other income 28,000 39,000 102,000 120,000
Interest expense, including amortization of deferred fees (6,356,000) (7,034,000) (12,826,000) (13,867,000)
Loss from unconsolidated real estate entities 0 (1,578,000) (1,231,000) (5,251,000)
Gain on sale of investment in unconsolidated real estate entities 0 0 23,817,000 0
Loss before income tax expense (8,718,000) (27,193,000) (6,016,000) (55,304,000)
Income tax expense 0 0 0 0
Net loss (8,718,000) (27,193,000) (6,016,000) (55,304,000)
Net loss attributable to noncontrolling interests 160,000 366,000 114,000 694,000
Net loss attributable to common shareholders $ (8,558,000) $ (26,827,000) $ (5,902,000) $ (54,610,000)
Loss per Common Share - Basic:        
Net loss attributable to common shareholders (in dollars per share) $ (0.18) $ (0.57) $ (0.12) $ (1.16)
Loss per Common Share - Diluted:        
Net loss attributable to common shareholders (in dollars per share) $ (0.18) $ (0.57) $ (0.12) $ (1.16)
Weighted average number of common shares outstanding:        
Basic (in shares) 48,637,484 46,960,289 47,935,130 46,954,411
Diluted (in shares) 48,637,484 46,960,289 47,935,130 46,954,411
Distributions declared per common share (in dollars per share) $ 0 $ 0 $ 0 $ 0.22
Room        
Total revenue $ 46,514,000 $ 18,389,000 $ 75,905,000 $ 71,437,000
Total hotel operating expenses 9,486,000 4,517,000 16,653,000 17,912,000
Food and beverage        
Total revenue 756,000 117,000 1,120,000 2,180,000
Total hotel operating expenses 491,000 128,000 775,000 2,018,000
Other        
Total revenue 2,647,000 873,000 4,218,000 4,391,000
Reimbursable costs from unconsolidated real estate entities        
Total revenue 327,000 794,000 1,114,000 2,374,000
Telephone        
Total hotel operating expenses 348,000 351,000 748,000 730,000
Other hotel operating        
Total hotel operating expenses 544,000 182,000 909,000 992,000
General and administrative        
Total hotel operating expenses 5,056,000 3,360,000 8,870,000 8,636,000
Franchise and marketing fees        
Total hotel operating expenses 4,091,000 1,636,000 6,688,000 6,356,000
Advertising and promotions        
Total hotel operating expenses 835,000 854,000 1,592,000 2,364,000
Utilities        
Total hotel operating expenses 2,352,000 1,863,000 4,638,000 4,378,000
Repairs and maintenance        
Total hotel operating expenses 2,720,000 1,640,000 5,180,000 5,101,000
Management fees        
Total hotel operating expenses 1,760,000 848,000 2,956,000 2,872,000
Insurance        
Total hotel operating expenses $ 707,000 $ 361,000 $ 1,356,000 $ 721,000