Investment In Unconsolidated Joint Venture (Tables)

9 Months Ended

Sep. 30, 2017

Investment In Unconsolidated Joint Venture [Abstract]

Schedule Of Purchase Price Allocation

Land		Buildings, improvements, and vehicle		Furniture and equipment		Land option (1)		Total purchase price		Debt originated at acquisition		Net cash
$	13,025	$	34,048	$	2,667	$	(6,190)	$	43,550	$	33,750	$	9,800

(1) The purchase agreement includes a provision which permits the seller to purchase the surface parking lot North of the hotel exercisable for ten years at less than market rates

Schedule Of Financial Position of Unconsolidated Joint Ventures

	As of
	September 30, 2017		December 31, 2016
Investment in hotel properties, net	$	48,340	$	49,305
Cash and cash equivalents		2,065		1,184
Restricted cash, property escrows		1,083		464
Accounts receivable, prepaid expenses, and other assets		207		320
Total Assets	$	51,695	$	51,273
Accounts payable, accrued expenses, and other liabilities	$	1,366	$	633
Land option liability		6,190		6,190
Long-term debt, net of deferred financing costs		33,325		33,155
Total Liabilities		40,881		39,978
Condor equity		8,651		9,036
TWC equity		2,163		2,259
Total Equity		10,814		11,295
Total Liabilities and Equity	$	51,695	$	51,273

Summary Of Results Of Operations Of Unconsolidated Joint Ventures

	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Revenue
Room rentals and other hotel services	$	3,049	$	1,310	$	9,099	$	1,310
Operating Expenses
Hotel and property operations		1,895		739		5,818		739
Depreciation and amortization		413		118		1,236		118
Acquisition and terminated transactions		-		280		-		280
Total operating expenses		2,308		1,137		7,054		1,137
Operating income		741		173		2,045		173
Net loss on disposition of assets		(1)		(1)		(5)		(1)
Net loss on derivatives		(1)		-		(3)		-
Interest expense		(540)		(239)		(1,668)		(239)
Net earnings (loss)	$	199	$	(67)	$	369	$	(67)
Condor allocated earnings (loss)	$	159	$	(54)	$	295	$	(54)
TWC allocated earnings (loss)		40		(13)		74		(13)
Net earnings (loss)	$	199	$	(67)	$	369	$	(67)