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Fair Value Measurements and Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2018
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 June 30, 2018

 

 

Notional amount at December 31, 2017

Wells Fargo

 

Swap

 

Swaps 30-day LIBOR for fixed rate of 2.053%

 

11/2017

 

11/2022

 

$

26,257 (1)

 

$

26,465 (1)

Credit facility

 

Cap

 

Caps 30-day LIBOR at 2.50%

 

03/2017

 

03/2019

 

$

 50,000 

 

$

 50,000 



(1)

Notional amount amortizes consistently with the principal amortization of the associated loan.



Schedule of Fair Value Assets and (Liabilities) Carried at Fair Value and Measured on Recurring Basis



 

 

 

 

 

 

 

 

 

 

 

 



 

Fair value at

 

 

 

 

 

 

 

 

 



 

June 30, 2018

 

Level 1

 

Level 2

 

Level 3

Interest rate derivatives

 

$

 709 

 

$

 -

 

$

 709 

 

$

 -

Series E Preferred embedded redemption option

 

 

 266 

 

 

 -

 

 

 -

 

 

 266 

Convertible debt

 

 

 (1,050)

 

 

 -

 

 

 -

 

 

 (1,050)

Total

 

$

 (75)

 

$

 -

 

$

 709 

 

$

 (784)



 

 

 

 

 

 

 

 

 

 

 

 















 

 

 

 

 

 

 

 

 

 

 

 



 

Fair value at

 

 

 

 

 

 

 

 

 



 

December 31, 2017

 

Level 1

 

Level 2

 

Level 3

Interest rate derivatives

 

$

 77 

 

$

 -

 

$

 77 

 

$

 -

Series E Preferred embedded redemption option

 

 

 314 

 

 

 -

 

 

 -

 

 

 314 

Convertible debt

 

 

 (1,069)

 

 

 -

 

 

 -

 

 

 (1,069)

Total

 

$

 (678)

 

$

 -

 

$

 77 

 

$

 (755)



Reconciliation of Items Measured at Fair Value on a Recurring Basis



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three months ended June 30,



2018

 

2017



Series E Preferred embedded redemption option

 

Convertible debt

 

Total

 

Series E Preferred embedded redemption option

 

Convertible debt

 

Total

Fair value, beginning of period

$

 280 

 

$

 (1,049)

 

$

 (769)

 

$

 93 

 

$

 (1,075)

 

$

 (982)

Net gains (losses) recognized in earnings

 

 (14)

 

 

 (1)

 

 

 (15)

 

 

 240 

 

 

 25 

 

 

 265 

Purchase and issuances

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Realized (gains) losses

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Sales and settlements

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Gross transfers into Level 3

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Gross transfers out of Level 3

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Fair value, end of period

$

 266 

 

$

 (1,050)

 

$

 (784)

 

$

 333 

 

$

 (1,050)

 

$

 (717)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

 (14)

 

$

 (1)

 

$

 (15)

 

$

 240 

 

$

 25 

 

$

 265 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Six months ended June 30,



 

2018

 

 

2017



Series E Preferred embedded redemption option

 

Convertible debt

 

Total

 

Series E Preferred embedded redemption option

 

Convertible debt

 

Total

Fair value, beginning of period

 

$

 314 

 

$

 (1,069)

 

$

 (755)

 

$

 -

 

$

 (1,315)

 

$

 (1,315)

Net gains (losses) recognized in earnings

 

 

 (48)

 

 

 19 

 

 

 (29)

 

 

 183 

 

 

 265 

 

 

 448 

Purchase and issuances

 

 

 

 

 

 

 

 

 -

 

 

 150 

 

 

 -

 

 

 150 

Realized (gains) losses

 

 

 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Sales and settlements

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Gross transfers into Level 3

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Gross transfers out of Level 3

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Fair value, end of period

 

$

 266 

 

$

 (1,050)

 

$

 (784)

 

$

 333 

 

$

 (1,050)

 

$

 (717)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

 (48)

 

$

 19 

 

$

 (29)

 

$

 183 

 

$

 265 

 

$

 448 



Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt



 

 

 

 

 

 

 

 

 

 

 

 



 

Carrying value as of

 

Estimated fair value as of



 

June 30, 2018

 

December 31, 2017

 

June 30, 2018

 

December 31, 2017

Held for use

 

$

 139,300 

 

$

 112,621 

 

$

 137,659 

 

$

 112,150 

Held for sale

 

 

 2,352 

 

 

 7,960 

 

 

 2,352 

 

 

 8,065 

Total

 

$

 141,652 

 

$

 120,581 

 

$

 140,011 

 

$

 120,215 



 

 

 

 

 

 

 

 

 

 

 

 



Schedule of Impairment and Recovery of Previously Recorded Impairment



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



Three months ended June 30,



2018

 

2017



Number of hotels

 

 

Impairment (loss) recovery

 

Number of hotels

 

 

Impairment (loss) recovery

Sold hotels:

 

 

 

 

 

 

 

 

 

Impairment loss

 -

 

$

 -

 

 2 

 

$

 (479)







 

 

 

 

 

 

 

 

 



Six months ended June 30,



2018

 

2017



Number of hotels

 

 

Impairment (loss) recovery

 

Number of hotels

 

 

Impairment (loss) recovery

Sold hotels:

 

 

 

 

 

 

 

 

 

Impairment loss

 -

 

$

 -

 

 2 

 

$

 (830)

Impairment recovery

 1 

 

 

 93 

 

 2 

 

 

 80 

Total net impairment (loss) recovery:

 1 

 

$

 93 

 

 4 

 

$

 (750)