Investment in Unconsolidated Joint Venture (Tables)

3 Months Ended

Mar. 31, 2018

Investment in Unconsolidated Joint Venture [Abstract]

Schedule of Financial Position of Unconsolidated Joint Ventures

	As of
	March 31, 2018		December 31, 2017
Investment in hotel properties, net	$	47,660	$	48,013
Cash and cash equivalents		1,484		1,404
Restricted cash, property escrows		1,049		682
Accounts receivable, prepaid expenses, and other assets		415		176
Total Assets	$	50,608	$	50,275
Accounts payable, accrued expenses, and other liabilities	$	1,460	$	1,019
Land option liability		6,190		6,190
Long-term debt, net of deferred financing costs		33,438		33,382
Total Liabilities		41,088		40,591
Condor equity		7,616		7,747
TWC equity		1,904		1,937
Total Equity		9,520		9,684
Total Liabilities and Equity	$	50,608	$	50,275

Summary of Results of Operations of Unconsolidated Joint Ventures

	Three months ended March 31,
	2018		2017
Revenue
Room rentals and other hotel services	$	3,272	$	2,989
Operating Expenses
Hotel and property operations		2,005		1,861
Depreciation and amortization		357		354
Total operating expenses		2,362		2,215
Operating income		910		774
Net loss on disposition of assets		(9)		(1)
Interest expense		(615)		(662)
Net earnings	$	286	$	111
Condor allocated earnings	$	229	$	111
TWC allocated earnings		57		-
Net earnings	$	286	$	111