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Fair Value Measurements And Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Measurements And Derivative Instruments [Abstract]  
Schedule Of Interest Rate Swaps And Caps



 

 

 

 

 

 

 

 

 

 

 

Associated debt

 

Type

 

Terms

 

Effective date

 

Maturity date

 

 

Notional amount at September 30, 2016

Huntington

 

Swap

 

Swaps 30-day  LIBOR + 2.25%  for  fixed rate of

 

11/2015

 

11/2020

 

$

9,806 (1)



 

 

 

 4.13 % cancellable at Company’s option anytime

 

 

 

 

 

 

 



 

 

 

after 11/01/2018 without penalty

 

 

 

 

 

 

 

Latitude

 

Cap

 

Caps 30-day LIBOR at 1.00%

 

03/2016

 

06/2017

 

$

11,160 (1)



 

 

 

 

 

 

 

 

 

 

 



(1)

Notional amounts amortize consistently with the principal amortization of the associated loans

Schedule Of Fair Value Liabilities Measured On Recurring Basis



 

 

 

 

 

 

 

 

 

 

 

 



 

Fair value at

 

 

 

 

 

 

 

 

 



 

September 30, 2016

 

Level 1

 

Level 2

 

Level 3

Interest rate derivatives

 

$

 190 

 

$

 -

 

$

 190 

 

$

 -

Convertible debt

 

 

 1,236 

 

 

 -

 

 

 -

 

 

 1,236 

Total

 

$

 1,426 

 

$

 -

 

$

 190 

 

$

 1,236 



 

 

 

 

 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

 

 

 

 



 

Fair value at

 

 

 

 

 

 

 

 

 



 

December 31, 2015

 

Level 1

 

Level 2

 

Level 3

Series C Preferred embedded derivative

 

$

 6,271 

 

$

 -

 

$

 -

 

$

 6,271 

RES warrant derivative

 

 

 2,411 

 

 

 -

 

 

 -

 

 

 2,411 

Interest rate derivatives

 

 

 77 

 

 

 -

 

 

 77 

 

 

 -

Total

 

$

 8,759 

 

$

 -

 

$

 77 

 

$

 8,682 



Reconciliation Of Fair Value Liabilities Measured On Recurring Basis



 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Three months ended September 30,



 

 

2016

 

 

2015



 

 

Convertible debt

 

Series C Preferred embedded derivative

 

RES warrant derivative

 

Total

Fair value, beginning of period

 

 

$

 1,191 

 

$

 14,209 

 

$

 6,015 

 

$

 20,224 

Net (gains) losses recognized in earnings

 

 

 

 45 

 

 

 (5,217)

 

 

 (2,678)

 

 

 (7,895)

Purchase and issuances

 

 

 

-

 

 

 -

 

 

 -

 

 

 -

Sales and settlements

 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Gross transfers into Level 3

 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Gross transfers out of Level 3

 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Fair value, end of period

 

 

$

 1,236 

 

$

 8,992 

 

$

 3,337 

 

$

 12,329 



 

 

 

 

 

 

 

 

 

 

 

 

 

Total unrealized (gains) losses during the period included in earnings related to instruments held at end of period

 

 

$

 45 

 

$

 (5,217)

 

$

 (2,678)

 

$

 (7,895)



 

 

 

 

 

 

 

 

 

 

 

 

 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Nine months ended September 30,



 

 

2016

 

 

2015



 

Series C Preferred embedded derivative

 

RES warrant derivative

 

Convertible debt

 

Total

 

Series C Preferred embedded derivative

 

RES warrant derivative

 

Total

Fair value, beginning of period

 

$

 6,271 

 

$

 2,411 

 

$

 -

 

$

 8,682 

 

$

 13,804 

 

$

 6,533 

 

$

 20,337 

Net (gains) losses recognized in earnings

 

 

 (4,848)

 

 

 (1,800)

 

 

 224 

 

 

 (6,424)

 

 

 (4,812)

 

 

 (3,196)

 

 

 (8,008)

Purchase and issuances

 

 

 -

 

 

 -

 

 

 1,012 

 

 

 1,012 

 

 

 -

 

 

 -

 

 

 -

Sales and settlements

 

 

 (1,423)

 

 

 -

 

 

 -

 

 

 (1,423)

 

 

 -

 

 

 -

 

 

 -

Gross transfers into Level 3

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Gross transfers out of Level 3 (1)

 

 

 -

 

 

 (611)

 

 

 -

 

 

 (611)

 

 

 -

 

 

 -

 

 

 -

Fair value, end of period

 

$

 -

 

$

 -

 

$

 1,236 

 

$

 1,236 

 

$

 8,992 

 

$

 3,337 

 

$

 12,329 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total unrealized (gains) losses during the period included in earnings related to instruments held at end of period

 

$

 -

 

$

 -

 

$

 224 

 

$

 224 

 

$

 (4,812)

 

$

 (3,196)

 

$

 (8,008)



(1)

RES warrants were permanently reclassified to additional paid-in capital as discussed above



Schedule Of Carrying Value And Estimated Fair Value Of Long-Term Debt



 

 

 

 

 

 

 

 

 

 

 

 



 

Carrying value as of

 

Estimated fair value as of



 

September 30, 2016

 

December 31, 2015

 

September 30, 2016

 

December 31, 2015

Held for use

 

$

 52,683 

 

$

 55,776 

 

$

 53,563 

 

$

 57,457 

Held for sale

 

 

 10,900 

 

 

 30,235 

 

 

 11,159 

 

 

 31,822 

Total

 

$

 63,583 

 

$

 86,011 

 

$

 64,722 

 

$

 89,279 



 

 

 

 

 

 

 

 

 

 

 

 



Schedule Of Impairment And Recovery Of Previously Recorded Impairment



 

 

 

 

 

 

 

 

 



Three months ended September 30,



2016

 

2015



Number of hotels

 

 

Impairment (loss) recovery

 

Number of hotels

 

 

Impairment (loss) recovery

Continuing Operations:

 

 

 

 

 

 

 

 

 

Held for use hotels:

 

 

 

 

 

 

 

 

 

Impairment recovery

 -

 

$

 -

 

 1 

 

$

 6 

Impairment loss

 1 

 

 

 (35)

 

 1 

 

 

 (5)

Held for sale hotels:

 

 

 

 

 

 

 

 

 

Impairment loss

 2 

 

 

 (308)

 

 -

 

 

 -

Impairment recovery

 -

 

 

 -

 

 1 

 

 

 23 

Sold hotels:

 

 

 

 

 

 

 

 

 

Impairment recovery

 -

 

 

 -

 

 1 

 

 

 289 

Net impairment (loss) recovery reported in continuing operations

 3 

 

$

 (343)

 

 4 

 

$

 313 

Total net impairment (loss) recovery:

 3 

 

$

 (343)

 

 4 

 

$

 313 



 

 

 

 

 

 

 

 

 







 

 

 

 

 

 

 

 

 



Nine months ended September 30,



2016

 

2015



Number of hotels

 

 

Impairment (loss) recovery

 

Number of hotels

 

 

Impairment (loss) recovery

Continuing Operations:

 

 

 

 

 

 

 

 

 

Held for use hotels:

 

 

 

 

 

 

 

 

 

Impairment loss

 1 

 

$

 (204)

 

 2 

 

$

 (1,989)

Held for sale hotels:

 

 

 

 

 

 

 

 

 

Impairment loss

 2 

 

 

 (1,053)

 

 1 

 

 

 (513)

Sold hotels:

 

 

 

 

 

 

 

 

 

Impairment loss

 -

 

 

 -

 

 2 

 

 

 (1,101)

Impairment recovery

 -

 

 

 -

 

 1 

 

 

 86 

Net impairment loss reported in continuing operations

 3 

 

$

 (1,257)

 

 6 

 

$

 (3,517)



 

 

 

 

 

 

 

 

 

Discontinued Operations:

 

 

 

 

 

 

 

 

 

Sold hotels:

 

 

 

 

 

 

 

 

 

Impairment loss

 -

 

$

 -

 

 1 

 

$

 (117)

Impairment recovery

 -

 

 

 -

 

 3 

 

 

 237 

Net impairment recovery reported in discontinued operations

 -

 

$

 -

 

 4 

 

$

 120 

Total net impairment loss:

 3 

 

$

 (1,257)

 

 10 

 

$

 (3,397)