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Investment in Unconsolidated Joint Venture (Tables)
9 Months Ended
Sep. 30, 2019
Investment in Unconsolidated Joint Venture [Abstract]  
Schedule of Financial Position of Unconsolidated Joint Ventures



 

 

 

 

 

 



 

As of



 

September 30, 2019

 

December 31, 2018

Investment in hotel properties, net

 

$

45,916 

 

$

46,933 

Cash and cash equivalents

 

 

426 

 

 

913 

Restricted cash, property escrows

 

 

 

 

366 

Accounts receivable, prepaid expenses, and other assets

 

 

469 

 

 

294 

Total Assets

 

$

46,811 

 

$

48,506 



 

 

 

 

 

 

Accounts payable, accrued expenses, and other liabilities

 

$

1,105 

 

$

1,375 

Land option liability

 

 

6,190 

 

 

6,190 

Long-term debt, net of deferred financing costs

 

 

33,705 

 

 

33,608 

Total Liabilities

 

 

41,000 

 

 

41,173 

Condor equity

 

 

4,649 

 

 

5,866 

TWC equity

 

 

1,162 

 

 

1,467 

Total Equity

 

 

5,811 

 

 

7,333 

Total Liabilities and Equity

 

$

46,811 

 

$

48,506 



Summary of Results of Operations of Unconsolidated Joint Ventures



 

 

 

 

 

 

 

 

 

 

 

 



 

Three months ended September 30,

 

Nine months ended September 30,



 

2019

 

2018

 

2019

 

2018

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Room rentals and other hotel services

 

$

3,057 

 

$

3,106 

 

$

10,115 

 

$

9,484 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Hotel and property operations

 

 

1,943 

 

 

2,097 

 

 

6,020 

 

 

6,110 

Depreciation and amortization

 

 

374 

 

 

362 

 

 

1,119 

 

 

1,083 

Total operating expenses

 

 

2,317 

 

 

2,459 

 

 

7,139 

 

 

7,193 

Operating income

 

 

740 

 

 

647 

 

 

2,976 

 

 

2,291 

Net loss on disposition of assets

 

 

(2)

 

 

(19)

 

 

(2)

 

 

(36)

Net loss on derivative

 

 

 -

 

 

 -

 

 

(1)

 

 

 -

Interest expense

 

 

(671)

 

 

(679)

 

 

(2,057)

 

 

(1,941)

Loss on extinguishment of debt

 

 

(172)

 

 

 -

 

 

(172)

 

 

 -

Net earnings (loss)

 

$

(105)

 

$

(51)

 

$

744 

 

$

314 



 

 

 

 

 

 

 

 

 

 

 

 

Condor allocated earnings (loss)

 

$

(84)

 

$

(41)

 

$

595 

 

$

251 

TWC allocated earnings (loss)

 

 

(21)

 

 

(10)

 

 

149 

 

 

63 

Net earnings (loss)

 

$

(105)

 

$

(51)

 

$

744 

 

$

314