ASHFORD HOSPITALITY TRUST INC, 10-Q filed on 8/3/2020
Quarterly Report
v3.20.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2020
Jul. 30, 2020
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2020  
Document Transition Report false  
Entity File Number 001-31775  
Entity Registrant Name ASHFORD HOSPITALITY TRUST, INC  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 86-1062192  
Entity Address, Address Line One 14185 Dallas Parkway  
Entity Address, Address Line Two Suite 1100  
Entity Address, City or Town Dallas  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75254  
City Area Code 972  
Local Phone Number 490-9600  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   10,475,085
Entity Central Index Key 0001232582  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q2  
Common Stock    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock  
Trading Symbol AHT  
Security Exchange Name NYSE  
Series D Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security Preferred Stock, Series D  
Trading Symbol AHT-PD  
Security Exchange Name NYSE  
Series F Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security Preferred Stock, Series F  
Trading Symbol AHT-PF  
Security Exchange Name NYSE  
Series G Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security Preferred Stock, Series G  
Trading Symbol AHT-PG  
Security Exchange Name NYSE  
Series H Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security Preferred Stock, Series H  
Trading Symbol AHT-PH  
Security Exchange Name NYSE  
Series I Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security Preferred Stock, Series I  
Trading Symbol AHT-PI  
Security Exchange Name NYSE  
v3.20.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
ASSETS    
Investments in hotel properties, net $ 3,927,826 $ 4,108,443
Cash and cash equivalents 165,476 262,636
Restricted cash 95,318 135,571
Marketable securities 1,819 14,591
Accounts receivable, net of allowance of $1,475 and $698, respectively 19,299 39,638
Inventories 3,287 4,346
Notes receivable, net 7,981 7,709
Investment in unconsolidated entity 2,722 2,829
Deferred costs, net 2,713 2,897
Prepaid expenses 24,126 21,886
Derivative assets, net 1,852 1,691
Operating lease right-of-use assets 45,368 49,995
Other assets 28,088 17,932
Intangible assets 797 797
Due from related parties, net 4,969 3,019
Due from third-party hotel managers 12,894 17,368
Total assets 4,344,535 4,691,348
Liabilities:    
Indebtedness, net 4,107,245 4,106,518
Accounts payable and accrued expenses 89,152 124,226
Accrued interest payable 90,997 10,115
Dividends and distributions payable 868 20,849
Due to Ashford Inc., net 2,421 6,570
Due to third-party hotel managers 605 2,509
Intangible liabilities, net 2,297 2,337
Operating lease liabilities 45,603 53,270
Derivative liabilities, net 220 42
Other liabilities 13,161 25,776
Total liabilities 4,352,569 4,352,212
Commitments and contingencies (note 16)
Redeemable noncontrolling interests in operating partnership 30,332 69,870
Equity (deficit):    
Common stock, $0.01 par value, 400,000,000 shares authorized, 10,475,085 and 10,210,360 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 105 102
Additional paid-in capital 1,829,935 1,826,472
Accumulated deficit (1,868,968) (1,558,038)
Total stockholders’ equity (deficit) of the Company (38,702) 268,762
Noncontrolling interest in consolidated entities 336 504
Total equity (deficit) (38,366) 269,266
Total liabilities and equity/deficit 4,344,535 4,691,348
Series D Preferred Stock    
Equity (deficit):    
Preferred stock, $0.01 par value, 50,000,000 shares authorized: 24 24
Series F Preferred Stock    
Equity (deficit):    
Preferred stock, $0.01 par value, 50,000,000 shares authorized: 48 48
Series G Preferred Stock    
Equity (deficit):    
Preferred stock, $0.01 par value, 50,000,000 shares authorized: 62 62
Series H Preferred Stock    
Equity (deficit):    
Preferred stock, $0.01 par value, 50,000,000 shares authorized: 38 38
Series I Preferred Stock    
Equity (deficit):    
Preferred stock, $0.01 par value, 50,000,000 shares authorized: $ 54 $ 54
v3.20.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
ASSETS    
Allowance for doubtful accounts receivable $ 1,475 $ 698
Equity (deficit):    
Preferred stock, par value (in dollars per shares) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 50,000,000 50,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 400,000,000 400,000,000
Common stock, shares issued (in shares) 10,475,085 10,210,360
Common stock, shares outstanding (in shares) 10,475,085 10,210,360
Series D Preferred Stock    
Equity (deficit):    
Preferred stock, shares issued (in shares) 2,389,393 2,389,393
Preferred stock, shares outstanding (in shares) 2,389,393 2,389,393
Series F Preferred Stock    
Equity (deficit):    
Preferred stock, shares issued (in shares) 4,800,000 4,800,000
Preferred stock, shares outstanding (in shares) 4,800,000 4,800,000
Series G Preferred Stock    
Equity (deficit):    
Preferred stock, shares issued (in shares) 6,200,000 6,200,000
Preferred stock, shares outstanding (in shares) 6,200,000 6,200,000
Series H Preferred Stock    
Equity (deficit):    
Preferred stock, shares issued (in shares) 3,800,000 3,800,000
Preferred stock, shares outstanding (in shares) 3,800,000 3,800,000
Series I Preferred Stock    
Equity (deficit):    
Preferred stock, shares issued (in shares) 5,400,000 5,400,000
Preferred stock, shares outstanding (in shares) 5,400,000 5,400,000
v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUE        
Total revenue $ 43,065 $ 415,148 $ 324,942 $ 773,866
Hotel operating expenses:        
Total hotel expenses 66,555 251,693 268,265 480,179
Property taxes, insurance and other 20,700 21,762 41,172 42,159
Depreciation and amortization 65,016 67,511 131,366 134,689
Impairment charges 27,605 6,533 55,218 6,533
Transaction costs 0 2 0 2
Advisory services fee 10,216 16,281 25,515 32,585
Corporate, general and administrative 4,708 2,917 8,200 5,518
Total expenses 194,800 366,699 529,736 701,665
Gain (loss) on sale of assets and hotel properties (6) 328 3,617 561
OPERATING INCOME (LOSS) (151,741) 48,777 (201,177) 72,762
Equity in earnings (loss) of unconsolidated entities (79) (867) (158) (1,930)
Interest income 41 785 652 1,566
Other income (expense) (3,149) (338) (1,627) (654)
Interest expense and amortization of premiums and loan costs (88,082) (67,987) (145,167) (134,153)
Write-off of premiums, loan costs and exit fees (1,935) (90) (2,030) (2,152)
Unrealized gain (loss) on marketable securities 479 598 (998) 1,406
Unrealized gain (loss) on derivatives 192 1,476 4,614 (1,518)
INCOME (LOSS) BEFORE INCOME TAXES (244,274) (17,646) (345,891) (64,673)
Income tax (expense) benefit 2,188 (3,706) 1,885 (3,301)
NET INCOME (LOSS) (242,086) (21,352) (344,006) (67,974)
(Income) loss attributable to noncontrolling interest in consolidated entities 120 (14) 168 12
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 37,350 5,084 55,021 13,663
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (204,616) (16,282) (288,817) (54,299)
Preferred dividends (10,644) (10,644) (21,288) (21,288)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (215,260) $ (26,926) $ (310,105) $ (75,587)
Basic:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (20.85) $ (2.73) $ (30.46) $ (7.67)
Weighted average common shares outstanding – basic (in shares) 10,312 9,994 10,162 9,968
Diluted:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (20.85) $ (2.73) $ (30.46) $ (7.67)
Weighted average common shares outstanding – diluted (in shares) 10,312 9,994 10,162 9,968
Total hotel revenue        
REVENUE        
Total revenue $ 42,789 $ 414,025 $ 323,894 $ 771,671
Rooms        
REVENUE        
Total revenue 37,439 328,252 253,246 608,633
Hotel operating expenses:        
Total hotel expenses 12,642 68,179 65,108 128,826
Food and beverage        
REVENUE        
Total revenue 1,197 67,298 49,147 128,359
Hotel operating expenses:        
Total hotel expenses 3,463 44,122 38,364 85,445
Other hotel revenue and expenses        
REVENUE        
Total revenue 4,153 18,475 21,501 34,679
Hotel operating expenses:        
Total hotel expenses 46,061 124,609 149,855 238,136
Other        
REVENUE        
Total revenue 276 1,123 1,048 2,195
Management fees        
Hotel operating expenses:        
Total hotel expenses $ 4,389 $ 14,783 $ 14,938 $ 27,772
v3.20.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (242,086) $ (21,352) $ (344,006) $ (67,974)
Other comprehensive income (loss), net of tax:        
Total other comprehensive income (loss) 0 0 0 0
Comprehensive income (loss) (242,086) (21,352) (344,006) (67,974)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities 120 (14) 168 12
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership 37,350 5,084 55,021 13,663
Comprehensive income (loss) attributable to the Company $ (204,616) $ (16,282) $ (288,817) $ (54,299)
v3.20.2
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Series D Preferred Stock
Series F Preferred Stock
Series G Preferred Stock
Series H Preferred Stock
Series I Preferred Stock
Impact of adoption of new accounting standard
Preferred Stock
Series D Preferred Stock
Preferred Stock
Series F Preferred Stock
Preferred Stock
Series G Preferred Stock
Preferred Stock
Series H Preferred Stock
Preferred Stock
Series I Preferred Stock
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Deficit
Common Stock
Accumulated Deficit
Series D Preferred Stock
Accumulated Deficit
Series F Preferred Stock
Accumulated Deficit
Series G Preferred Stock
Accumulated Deficit
Series H Preferred Stock
Accumulated Deficit
Series I Preferred Stock
Accumulated Deficit
Impact of adoption of new accounting standard
Noncontrolling Interests In Consolidated Entities
Redeemable Noncontrolling Interests in Operating Partnership
Beginning balance, shares (in shares) at Dec. 31, 2018                 2,389 4,800 6,200 3,800 5,400 10,104                      
Beginning balance, value at Dec. 31, 2018 $ 453,105             $ 1,755 $ 24 $ 48 $ 62 $ 38 $ 54 $ 101 $ 1,815,182 $ (1,363,020)             $ 1,755 $ 616  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Purchases of common stock (in shares)                           (21)                      
Purchases of common stock (1,031)                           (1,031)                    
Equity-based compensation 6,037                           6,037                   $ 3,921
Forfeitures of restricted shares (in shares)                           (3)                      
Forfeitures of restricted shares 0                                                
Issuance of restricted shares/units (in shares)                           133                      
Issuance of restricted shares/units 0                         $ 1 (1)                   28
Common stock issuance costs (91)                           (91)                    
Dividends declared   $ (18,673) $ (2,524) $ (4,425) $ (5,715) $ (3,562) $ (5,062)             $ (17,844)     $ (18,673) $ (2,524) $ (4,425) $ (5,715) $ (3,562) $ (5,062)      
Distributions to noncontrolling interests 0                                               (3,940)
Redemption value adjustment 1,701                             1,701                 (1,701)
Net income (loss) (54,311)                             (54,299)               (12) (13,663)
Ending balance, shares (in shares) at Jun. 30, 2019                 2,389 4,800 6,200 3,800 5,400 10,213                      
Ending balance, value at Jun. 30, 2019 367,204               $ 24 $ 48 $ 62 $ 38 $ 54 $ 102 1,820,096 (1,453,824)               604  
Beginning balance, value at Dec. 31, 2018                                                 80,743
Redeemable Noncontrolling Interests in Operating Partnership                                                  
Equity-based compensation 6,037                           6,037                   3,921
Forfeitures of restricted shares 0                                                
Issuance of restricted shares/units 0                         $ 1 (1)                   28
Issuance of units for hotel acquisition 0                                               7,854
Distributions to noncontrolling interests 0                                               (3,940)
Redemption value adjustment 1,701                             1,701                 (1,701)
Net income (loss) (54,311)                             (54,299)               (12) (13,663)
Ending balance, value at Jun. 30, 2019                                                 73,242
Beginning balance, shares (in shares) at Dec. 31, 2018                 2,389 4,800 6,200 3,800 5,400 10,104                      
Beginning balance, value at Dec. 31, 2018 453,105             $ 1,755 $ 24 $ 48 $ 62 $ 38 $ 54 $ 101 1,815,182 (1,363,020)             $ 1,755 616  
Ending balance, shares (in shares) at Dec. 31, 2019                 2,389 4,800 6,200 3,800 5,400 10,210                      
Ending balance, value at Dec. 31, 2019 269,266               $ 24 $ 48 $ 62 $ 38 $ 54 $ 102 1,826,472 (1,558,038)               504  
Beginning balance, value at Dec. 31, 2018                                                 80,743
Ending balance, value at Dec. 31, 2019 69,870                                               69,870
Beginning balance, shares (in shares) at Mar. 31, 2019                 2,389 4,800 6,200 3,800 5,400 10,217                      
Beginning balance, value at Mar. 31, 2019 372,647               $ 24 $ 48 $ 62 $ 38 $ 54 $ 102 1,816,865 (1,445,136)               590  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Purchases of common stock (in shares)                           (2)                      
Purchases of common stock (127)                           (127)                    
Equity-based compensation 3,249                           3,249                   2,119
Forfeitures of restricted shares (in shares)                           (3)                      
Forfeitures of restricted shares 0                                                
Issuance of restricted shares/units (in shares)                           1                      
Issuance of restricted shares/units 0                                               5
Common stock issuance costs 109                           109                    
Dividends declared   $ (6,223) (1,262) (2,213) (2,857) (1,781) (2,531)             $ (5,865)     $ (6,223) (1,262) (2,213) (2,857) (1,781) (2,531)      
Distributions to noncontrolling interests 0                                               (1,317)
Redemption value adjustment 24,461                             24,461                 (24,461)
Net income (loss) (16,268)                             (16,282)               14 (5,084)
Ending balance, shares (in shares) at Jun. 30, 2019                 2,389 4,800 6,200 3,800 5,400 10,213                      
Ending balance, value at Jun. 30, 2019 367,204               $ 24 $ 48 $ 62 $ 38 $ 54 $ 102 1,820,096 (1,453,824)               604  
Beginning balance, value at Mar. 31, 2019                                                 101,980
Redeemable Noncontrolling Interests in Operating Partnership                                                  
Equity-based compensation 3,249                           3,249                   2,119
Forfeitures of restricted shares 0                                                
Issuance of restricted shares/units 0                                               5
Distributions to noncontrolling interests 0                                               (1,317)
Redemption value adjustment 24,461                             24,461                 (24,461)
Net income (loss) (16,268)                             (16,282)               14 (5,084)
Ending balance, value at Jun. 30, 2019                                                 73,242
Beginning balance, shares (in shares) at Dec. 31, 2019                 2,389 4,800 6,200 3,800 5,400 10,210                      
Beginning balance, value at Dec. 31, 2019 269,266               $ 24 $ 48 $ 62 $ 38 $ 54 $ 102 1,826,472 (1,558,038)               504  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Purchases of common stock (in shares)                           (31)                      
Purchases of common stock (397)                           (397)                    
Equity-based compensation 2,887                           2,887                   2,860
Forfeitures of restricted shares (in shares)                           (51)                      
Forfeitures of restricted shares 0                                                
Issuance of restricted shares/units (in shares)                           151                      
Issuance of restricted shares/units 17                         $ 1 16                   107
PSU dividend claw back upon cancellation and forfeiture 605                             605                 1,401
Dividends declared     $ (1,262) $ (2,212) $ (2,858) $ (1,781) $ (2,531)             $ 0       $ (1,262) $ (2,212) $ (2,858) $ (1,781) $ (2,531)      
Conversion of operating partnership units (in shares)                           196                      
Redemption value adjustment (12,074)                             (12,074)                 12,074
Net income (loss) (288,985)                             (288,817)               (168) (55,021)
Ending balance, shares (in shares) at Jun. 30, 2020                 2,389 4,800 6,200 3,800 5,400 10,475                      
Ending balance, value at Jun. 30, 2020 (38,366)               $ 24 $ 48 $ 62 $ 38 $ 54 $ 105 1,829,935 (1,868,968)               336  
Beginning balance, value at Dec. 31, 2019 69,870                                               69,870
Redeemable Noncontrolling Interests in Operating Partnership                                                  
Equity-based compensation 2,887                           2,887                   2,860
Forfeitures of restricted shares 0                                                
Issuance of restricted shares/units 17                         1 16                   107
Conversion of operating partnership units 959                         $ 2 957                   (959)
Redemption value adjustment (12,074)                             (12,074)                 12,074
Net income (loss) (288,985)                             (288,817)               (168) (55,021)
Ending balance, value at Jun. 30, 2020 30,332                                               30,332
Beginning balance, shares (in shares) at Mar. 31, 2020                 2,389 4,800 6,200 3,800 5,400 10,512                      
Beginning balance, value at Mar. 31, 2020 197,670               $ 24 $ 48 $ 62 $ 38 $ 54 $ 105 1,830,342 (1,633,459)               456  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Purchases of common stock (in shares)                           (6)                      
Purchases of common stock (39)                           (39)                    
Equity-based compensation (385)                           (385)                   1,227
Forfeitures of restricted shares (in shares)                           (48)                      
Forfeitures of restricted shares 0                                               106
Issuance of restricted shares/units (in shares)                           17                      
Issuance of restricted shares/units 17                           17                    
PSU dividend claw back upon cancellation and forfeiture 227                             227                  
Dividends declared                           $ 0                      
Redemption value adjustment (31,120)                             (31,120)                 31,120
Net income (loss) (204,736)                             (204,616)               (120) (37,350)
Ending balance, shares (in shares) at Jun. 30, 2020                 2,389 4,800 6,200 3,800 5,400 10,475                      
Ending balance, value at Jun. 30, 2020 (38,366)               $ 24 $ 48 $ 62 $ 38 $ 54 $ 105 1,829,935 (1,868,968)               336  
Beginning balance, value at Mar. 31, 2020                                                 35,229
Redeemable Noncontrolling Interests in Operating Partnership                                                  
Equity-based compensation (385)                           (385)                   1,227
Forfeitures of restricted shares 0                                               106
Issuance of restricted shares/units 17                           $ 17                    
Redemption value adjustment (31,120)                             (31,120)                 31,120
Net income (loss) (204,736)                             $ (204,616)               $ (120) (37,350)
Ending balance, value at Jun. 30, 2020 $ 30,332                                               $ 30,332
v3.20.2
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dividends declared - common stock (in dollars per share) $ 0.60    
Series D Preferred Stock      
Dividends declared - preferred stock (in dollars per share) 0.5281    
Series F Preferred Stock      
Dividends declared - preferred stock (in dollars per share) 0.4609    
Series G Preferred Stock      
Dividends declared - preferred stock (in dollars per share) 0.4609    
Series H Preferred Stock      
Dividends declared - preferred stock (in dollars per share) 0.4688    
Series I Preferred Stock      
Dividends declared - preferred stock (in dollars per share) 0.4688    
Common Stock      
Dividends declared - common stock (in dollars per share) 0.60   $ 1.80
Preferred Stock | Series D Preferred Stock      
Dividends declared - preferred stock (in dollars per share) 0.53 $ 1.58 1.58
Preferred Stock | Series F Preferred Stock      
Dividends declared - preferred stock (in dollars per share) 0.46 1.38 1.38
Preferred Stock | Series G Preferred Stock      
Dividends declared - preferred stock (in dollars per share) 0.46 1.38 1.38
Preferred Stock | Series H Preferred Stock      
Dividends declared - preferred stock (in dollars per share) 0.47 1.41 1.41
Preferred Stock | Series I Preferred Stock      
Dividends declared - preferred stock (in dollars per share) $ 0.47 $ 1.41 $ 1.41
v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities    
Net income (loss) $ (344,006) $ (67,974)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:    
Depreciation and amortization 131,366 134,689
Impairment charges 55,218 6,533
Amortization of intangibles (148) (119)
Recognition of deferred income (464) (466)
Bad debt expense 2,005 1,669
Deferred income tax expense (benefit) (946) 1,085
Equity in (earnings) loss of unconsolidated entities 158 1,930
(Gain) loss on sale of assets and hotel properties (3,617) (561)
Realized and unrealized (gain) loss on marketable securities (1,110) (1,422)
Purchases of marketable securities (1,351) (3,854)
Sales of marketable securities 15,233 12,829
Net settlement of trading derivatives 1,469 (875)
Realized and unrealized (gain) loss on derivatives (1,389) 1,906
Amortization of loan costs and premiums and write-off of premiums, loan costs and exit fees 12,037 16,898
Equity-based compensation 5,747 9,958
Amortization of parking asset 117 0
Non-cash interest income (419) 0
Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:    
Accounts receivable and inventories 19,193 (30,733)
Prepaid expenses and other assets (4,904) (9,248)
Operating lease right-of-use asset 532 (2,272)
Operating lease liability (306) 491
Accounts payable and accrued expenses and accrued interest payable 62,724 22,964
Due to/from related parties (1,950) (3,696)
Due to/from third-party hotel managers 2,570 3,128
Due to/from Ashford Inc., net (1,422) (1,244)
Other liabilities (11,088) 655
Net cash provided by (used in) operating activities (64,751) 92,271
Cash Flows from Investing Activities    
Investment in unconsolidated entity (51) (299)
Proceeds from franchise agreement 0 4,000
Acquisition of hotel properties and assets, net of cash and restricted cash acquired 0 (213,073)
Improvements and additions to hotel properties (29,777) (81,541)
Net proceeds from sales of assets and hotel properties 4,653 13,089
Payments for initial franchise fees 0 (200)
Proceeds from property insurance 200 231
Net cash provided by (used in) investing activities (24,975) (277,793)
Cash Flows from Financing Activities    
Borrowings on indebtedness 88,000 388,694
Repayments of indebtedness (96,336) (181,241)
Payments for loan costs and exit fees (10,312) (9,107)
Payments for dividends and distributions (28,619) (50,260)
Purchases of common stock (357) (906)
Payments for derivatives (63) (1,049)
Other 0 28
Net cash provided by (used in) financing activities (47,687) 146,159
Net increase (decrease) in cash, cash equivalents and restricted cash (137,413) (39,363)
Cash, cash equivalents and restricted cash at beginning of period 398,207 439,812
Cash, cash equivalents and restricted cash and at end of period 260,794 400,449
Supplemental Cash Flow Information    
Interest paid 54,279 118,740
Income taxes paid (refunded) 40 (1,611)
Supplemental Disclosure of Non-Cash Investing and Financing Activity    
Accrued but unpaid capital expenditures 5,458 22,581
Accrued stock offering costs 0 90
Common stock purchases accrued but not paid 40 126
Issuance of units for hotel acquisition 0 7,854
Assumption of debt in hotel acquisition 0 24,922
Dividends and distributions declared but not paid 868 20,435
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash    
Cash and cash equivalents at beginning of period 262,636 319,210
Restricted cash at beginning of period 135,571 120,602
Cash, cash equivalents and restricted cash at beginning of period 398,207 439,812
Cash and cash equivalents at end of period included in assets held for sale 0 1,281
Cash and cash equivalents at beginning of period 165,476 235,936
Restricted cash at end of period included in assets held for sale 0 486
Restricted cash at end of period 95,318 162,746
Cash, cash equivalents and restricted cash at end of period $ 260,794 $ 400,449
v3.20.2
Organization and Description of Business
 6 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
Ashford Hospitality Trust, Inc., together with its subsidiaries (“Ashford Trust”), is a real estate investment trust (“REIT”). While our portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the U.S. that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average, and in all methods including direct real estate, equity, and debt. Future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, a wholly-owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership. In this report, terms such as the “Company,” “we,” “us,” or “our” refer to Ashford Hospitality Trust, Inc. and all entities included in its consolidated financial statements.
Our hotel properties are primarily branded under the widely recognized upscale and upper upscale brands of Hilton, Hyatt, Marriott and Intercontinental Hotel Group. As of June 30, 2020, we owned interests in the following assets:
•
116 consolidated hotel properties, including 114 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 24,746 total rooms (or 24,719 net rooms excluding those attributable to our partner);
•
90 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); and
•
17.1% ownership in OpenKey with a carrying value of $2.7 million.
For U.S. federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of June 30, 2020, our 116 hotel properties were leased or owned by our wholly-owned or majority-owned subsidiaries that are treated as taxable REIT subsidiaries for U.S. federal income tax purposes (collectively, these subsidiaries are referred to as “Ashford TRS”). Ashford TRS then engages third-party or affiliated hotel management companies to operate the hotels under management contracts. Hotel operating results related to these properties are included in the consolidated statements of operations.
We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC”), a subsidiary of Ashford Inc., through an advisory agreement. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC.
We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. Remington Hotels, a subsidiary of Ashford Inc., manages 79 of our 116 hotel properties and WorldQuest. Third-party management companies manage the remaining hotel properties.
Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to project management services, debt placement services, audio visual services, real estate advisory services, insurance claims services, hypoallergenic premium rooms, investment management services, broker-dealer and distribution services and mobile key technology.
In June 2020, our board of directors approved a reverse stock split of our issued and outstanding common stock at a ratio of 1-for-10. This reverse stock split converted every ten issued and outstanding shares of common stock into one share of common stock. The reverse stock split was effective as of the close of business on July 15, 2020. As a result of the reverse stock split, the number of outstanding shares of common stock was reduced from approximately 104.8 million shares to approximately 10.5 million shares. Additionally, the number of outstanding common units, Long-Term Incentive Plan (“LTIP”) units and Performance LTIP units was reduced from approximately 20.5 million units to approximately 2.1 million units. All common stock, common units, LTIP units, Performance LTIP units, PSUs and RSUs as well as per share data related to these classes of equity have been updated in the accompanying consolidated financial statements to reflect this reverse stock split for all periods presented.
COVID-19, Management’s Plans and Liquidity
In December 2019, COVID-19 was identified in Wuhan, China, which subsequently spread to other regions of the world, and has resulted in significant travel restrictions and extended shutdown of numerous businesses in every state in the United States. In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. Since late February 2020, we have experienced a significant decline in occupancy and RevPAR and we expect the significant occupancy and RevPAR declines associated with COVID-19 to continue as we are experiencing significant reservation cancellations as well as a significant reduction in new reservations. The prolonged presence of the virus has resulted in health and other government authorities imposing
widespread restrictions on travel and other businesses. The hotel industry and our portfolio have experienced the postponement or cancellation of a significant number of business conferences and similar events. Following the government mandates and health official orders, in March 2020, the Company temporarily suspended operations at 23 of its 116 hotels and dramatically reduced staffing and expenses at its hotels that remain operational. As of June 30, 2020 operations at five of the Company’s hotels remain temporarily suspended. COVID-19 has had a significant negative impact on the Company’s operations and financial results to date. The full financial impact of the reduction in hotel demand caused by the pandemic and suspension of operations at the Company’s hotels cannot be reasonably estimated at this time due to uncertainty as to its severity and duration. The Company expects that the COVID-19 pandemic will have a significant negative impact on the Company’s results of operations, financial position and cash flow for at least the remainder of 2020 and into 2021. As a result, the Company suspended the quarterly cash dividend on its common stock for the first and second quarters, suspended quarterly cash dividend on its preferred stock for the second quarter and reduced planned capital expenditures, and working closely with its hotel managers, significantly reduced its hotels’ operating expenses. The Company’s advisor adopted a remote-work policy at its corporate office in an effort to protect the health and safety of its employees.
Beginning on April 1, 2020, we did not make principal or interest payments under nearly all of our loans, which constituted an “Event of Default” as such term is defined under the applicable loan documents. Pursuant to the terms of the applicable loan documents, such an Event of Default caused an automatic increase in the interest rate on our outstanding loan balance for the period such Event of Default remains outstanding. Following an Event of Default, our lenders can generally elect to accelerate all principal and accrued interest payments that remain outstanding under the applicable loan agreement and foreclose on the applicable hotel properties that are security for such loans. The lenders who hold the mortgage note secured by the Embassy Suites New York Manhattan Times Square ($145.0 million mortgage loan) and the mortgage note secured by the Hilton Scotts Valley hotel in Santa Cruz, California ($24.8 million mortgage loan) have each sent us an acceleration notice which accelerated all payments due under the applicable loan documents. In addition, the lender for the W Hotel in Minneapolis, Minnesota ($51.6 million mortgage loan), the lender for our Rockbridge Portfolio ($144.2 million mortgage loan), which is an eight hotel portfolio, and the lender for the portfolio consisting of the Courtyard by Marriott in Fort Lauderdale, Florida, Courtyard by Marriott in Louisville, Kentucky and Marriott Residence Inn in Lake Buena Vista, Florida ($64.0 million mortgage loan), have each sent to us a notice of Uniform Commercial Code (“UCC”) sale, which provides that the respective lender will sell the subsidiaries of the Company that own the respective hotels in a public auction. The Company is in the process of negotiating forbearance agreements with its lenders. At this time, forbearance agreements have been executed on some, but not all of our loans. On July 16, 2020, we reached a forbearance agreement with our lenders for the Highland Pool loan, which is a $907.0 million loan secured by nineteen of our hotels. The forbearance agreement allows the Company to defer interest payments for six months in exchange for the Company’s agreement to a repayment schedule of the deferred interest payments. In the aggregate, including the Highland Pool loan, we have entered into forbearance and other agreements with varying terms and conditions that conditionally waive or defer payment defaults for loans with a total outstanding principal balance of approximately $1.1 billion out of approximately $4.1 billion in property level debt outstanding as of June 30, 2020. Additionally, certain of the Company's hotel properties are subject to ground leases rather than a fee simple interest, with respect to all or a portion of the real property at those hotels. It is possible the Company will default on some or all of the ground leases within the next twelve months.
As of June 30, 2020, the Company held cash and cash equivalents of $165.5 million and restricted cash of $95.3 million. During the three months ended June 30, 2020, we utilized cash, cash equivalents and restricted cash of $106.2 million. We are currently experiencing significant variability in the operating cash flows of our hotel properties, and we continue to negotiate forbearance agreements with our lenders. Additionally as discussed above we have received various acceleration notices and UCC sale notices from our lenders. We are also taking several steps to reduce our cash utilization and potentially raise additional capital. All of these items create uncertainty surrounding future cash flows. As a result of these uncertainties, management cannot reasonably estimate how long the Company's current cash, cash equivalents and restricted cash will last, but if our cash utilization going forward is consistent with the second quarter of 2020 and we do not raise additional capital, it is possible that the Company may utilize all of its cash, cash equivalents and restricted cash within the next twelve months.
Based on these factors, the Company has determined that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. U.S. generally accepted accounting principles require that in making this determination, the Company cannot consider any remedies that are outside of the Company’s control and have not been fully implemented. As a result, the Company could not consider future potential fundraising activities, whether through equity or debt offerings, dispositions of hotel properties or the likelihood of obtaining forbearance agreements as we could not conclude they were probable of being effectively implemented. Any forbearance agreements will most likely lead to increased costs, increased interest rates, additional restrictive covenants and other possible lender protections. In addition to or in lieu of obtaining forbearance agreements as described above, the Company could transfer the hotels securing the mortgage loans to the respective lenders.
The consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.
v3.20.2
Significant Accounting Policies
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2019 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 12, 2020.
Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP.
Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements:
Hotel Property 
 
Location 
 
Type
 
Date
Embassy Suites New York Manhattan Times Square
 
New York, NY
 
Acquisition
 
January 22, 2019
Hilton Santa Cruz/Scotts Valley
 
Santa Cruz, CA
 
Acquisition
 
February 26, 2019
San Antonio Marriott
 
San Antonio, TX
 
Disposition
 
August 2, 2019
Hilton Garden Inn Wisconsin Dells
 
Wisconsin Dells, WI
 
Disposition
 
August 6, 2019
Courtyard Savannah
 
Savannah, GA
 
Disposition
 
August 14, 2019
SpringHill Suites Jacksonville
 
Jacksonville, FL
 
Disposition
 
December 3, 2019
Crowne Plaza Annapolis
 
Annapolis, MD
 
Disposition
 
March 9, 2020

Use of Estimates—The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes—On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law and includes certain income tax provisions relevant to businesses. The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted. For the period ended June 30, 2020, the CARES Act did not have a material impact on the Company’s consolidated financial statements. At this time, the Company does not expect the impact of the CARES Act to have a material impact on the Company’s consolidated financial statements for the year ending December 31, 2020.
Recently Adopted Accounting Standards—In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit
Losses on Financial Instruments (“ASU 2016-13”). The ASU sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”). ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates (“ASU 2019-10”). ASU 2019-10 updates the effective dates for ASU 2016-13, but there is no change for public companies. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2019-11”). ASU 2019-11, clarifies specific issues within the amendments of ASU 2016-13. We adopted the standard effective January 1, 2020 and the adoption of this standard did not have a material impact on our consolidated financial statements.
Recently Issued Accounting Standards—In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (“ASU 2020-01”), which clarifies the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. The ASU, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments-Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted. We are currently evaluating the impact that ASU 2020-01 may have on our consolidated financial statements and related disclosures.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur.
Reclassification—Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation.
v3.20.2
Revenue
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following tables present our revenue disaggregated by geographical areas (in thousands):
 
 
Three Months Ended June 30, 2020
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
1,094

 
$
—

 
$
459

 
$
—

 
$
1,553

Boston, MA Area
 
3

 
808

 
—

 
291

 
—

 
1,099

Dallas / Ft. Worth Area
 
7

 
1,631

 
57

 
158

 
—

 
1,846

Houston, TX Area
 
3

 
1,165

 
11

 
43

 
—

 
1,219

Los Angeles, CA Metro Area
 
6

 
3,377

 
71

 
344

 
—

 
3,792

Miami, FL Metro Area
 
3

 
464

 
23

 
24

 
—

 
511

Minneapolis - St. Paul, MN - WI Area
 
4

 
356

 
16

 
171

 
—

 
543

Nashville, TN Area
 
1

 
172

 
14

 
153

 
—

 
339

New York / New Jersey Metro Area
 
7

 
2,961

 
14

 
290

 
—

 
3,265

Orlando, FL Area
 
3

 
637

 
1

 
83

 
—

 
721

Philadelphia, PA Area
 
3

 
964

 
113

 
18

 
—

 
1,095

San Diego, CA Area
 
2

 
647

 
1

 
68

 
—

 
716

San Francisco - Oakland, CA Metro Area
 
7

 
3,466

 
—

 
296

 
—

 
3,762

Tampa, FL Area
 
2

 
806

 
25

 
62

 
—

 
893

Washington D.C. - MD - VA Area
 
9

 
1,651

 
30

 
243

 
—

 
1,924

Other Areas
 
47

 
17,189

 
821

 
1,422

 
—

 
19,432

Orlando WorldQuest
 
—

 
51

 
—

 
28

 
—

 
79

Corporate
 
—

 
—

 
—

 
—

 
276

 
276

Total
 
116

 
$
37,439

 
$
1,197

 
$
4,153

 
$
276

 
$
43,065

 
 
Three Months Ended June 30, 2019
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
18,001

 
$
4,607

 
$
1,195

 
$
—

 
$
23,803

Boston, MA Area
 
3

 
18,880

 
2,272

 
1,002

 
—

 
22,154

Dallas / Ft. Worth Area
 
7

 
15,986

 
4,078

 
871

 
—

 
20,935

Houston, TX Area
 
3

 
6,939

 
2,131

 
219

 
—

 
9,289

Los Angeles, CA Metro Area
 
6

 
20,282

 
4,113

 
1,294

 
—

 
25,689

Miami, FL Metro Area
 
3

 
6,812

 
2,593

 
239

 
—

 
9,644

Minneapolis - St. Paul, MN - WI Area
 
4

 
9,197

 
2,293

 
1,318

 
—

 
12,808

Nashville, TN Area
 
1

 
14,539

 
6,272

 
523

 
—

 
21,334

New York / New Jersey Metro Area
 
7

 
27,391

 
7,598

 
685

 
—

 
35,674

Orlando, FL Area
 
3

 
7,597

 
512

 
413

 
—

 
8,522

Philadelphia, PA Area
 
3

 
7,037

 
1,010

 
197

 
—

 
8,244

San Diego, CA Area
 
2

 
4,734

 
257

 
273

 
—

 
5,264

San Francisco - Oakland, CA Metro Area
 
7

 
24,239

 
2,514

 
708

 
—

 
27,461

Tampa, FL Area
 
2

 
6,395

 
1,765

 
294

 
—

 
8,454

Washington D.C. - MD - VA Area
 
9

 
39,610

 
8,159

 
2,339

 
—

 
50,108

Other Areas
 
47

 
91,993

 
16,003

 
6,285

 
—

 
114,281

Orlando WorldQuest
 
—

 
1,018

 
37

 
298

 
—

 
1,353

Sold properties
 
5

 
7,602

 
1,084

 
322

 
—

 
9,008

Corporate
 
—

 
—

 
—

 
—

 
1,123

 
1,123

Total
 
121

 
$
328,252

 
$
67,298

 
$
18,475

 
$
1,123

 
$
415,148

 
 
Six Months Ended June 30, 2020
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
15,152

 
$
4,059

 
$
1,612

 
$
—

 
$
20,823

Boston, MA Area
 
3

 
7,596

 
995

 
1,524

 
—

 
10,115

Dallas / Ft. Worth Area
 
7

 
14,759

 
3,978

 
1,117

 
—

 
19,854

Houston, TX Area
 
3

 
6,271

 
2,302

 
231

 
—

 
8,804

Los Angeles, CA Metro Area
 
6

 
19,589

 
3,428

 
1,429

 
—

 
24,446

Miami, FL Metro Area
 
3

 
8,606

 
2,464

 
231

 
—

 
11,301

Minneapolis - St. Paul, MN - WI Area
 
4

 
4,926

 
1,275

 
761

 
—

 
6,962

Nashville, TN Area
 
1

 
9,710

 
5,114

 
1,041

 
—

 
15,865

New York / New Jersey Metro Area
 
7

 
17,296

 
3,417

 
1,390

 
—

 
22,103

Orlando, FL Area
 
3

 
7,550

 
428

 
761

 
—

 
8,739

Philadelphia, PA Area
 
3

 
4,651

 
801

 
179

 
—

 
5,631

San Diego, CA Area
 
2

 
3,991

 
248

 
306

 
—

 
4,545

San Francisco - Oakland, CA Metro Area
 
7

 
19,558

 
2,068

 
944

 
—

 
22,570

Tampa, FL Area
 
2

 
7,415

 
2,166

 
413

 
—

 
9,994

Washington D.C. - MD - VA Area
 
9

 
22,097

 
4,418

 
2,220

 
—

 
28,735

Other Areas
 
47

 
82,507

 
11,817

 
6,952

 
—

 
101,276

Orlando WorldQuest
 
—

 
1,082

 
25

 
375

 
—

 
1,482

Sold properties
 
1

 
490

 
144

 
15

 
—

 
649

Corporate
 
—

 
—

 
—

 
—

 
1,048

 
1,048

Total
 
117

 
$
253,246

 
$
49,147

 
$
21,501

 
$
1,048

 
$
324,942

 
 
Six Months Ended June 30, 2019
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
38,277

 
$
9,650

 
$
2,390

 
$
—

 
$
50,317

Boston, MA Area
 
3

 
28,350

 
3,873

 
1,814

 
—

 
34,037

Dallas / Ft. Worth Area
 
7

 
31,890

 
8,854

 
1,756

 
—

 
42,500

Houston, TX Area
 
3

 
13,580

 
4,692

 
418

 
—

 
18,690

Los Angeles, CA Metro Area
 
6

 
40,826

 
8,706

 
2,460

 
—

 
51,992

Miami, FL Metro Area
 
3

 
15,722

 
5,381

 
464

 
—

 
21,567

Minneapolis - St. Paul, MN - WI Area
 
4

 
15,566

 
3,915

 
2,111

 
—

 
21,592

Nashville, TN Area
 
1

 
26,621

 
11,470

 
1,220

 
—

 
39,311

New York / New Jersey Metro Area
 
7

 
46,268

 
12,304

 
1,451

 
—

 
60,023

Orlando, FL Area
 
3

 
16,583

 
1,048

 
873

 
—

 
18,504

Philadelphia, PA Area
 
3

 
11,704

 
1,803

 
353

 
—

 
13,860

San Diego, CA Area
 
2

 
9,063

 
659

 
492

 
—

 
10,214

San Francisco - Oakland, CA Metro Area
 
7

 
45,864

 
4,852

 
1,275

 
—

 
51,991

Tampa, FL Area
 
2

 
14,529

 
4,478

 
563

 
—

 
19,570

Washington D.C. - MD - VA Area
 
9

 
65,365

 
13,609

 
4,150

 
—

 
83,124

Other Areas
 
47

 
172,369

 
30,418

 
11,586

 
—

 
214,373

Orlando WorldQuest
 
—

 
2,204

 
52

 
691

 
—

 
2,947

Sold properties
 
5

 
13,852

 
2,595

 
612

 
—

 
17,059

Corporate
 
—

 
—

 
—

 
—

 
2,195

 
2,195

Total
 
121

 
$
608,633

 
$
128,359

 
$
34,679

 
$
2,195

 
$
773,866
v3.20.2
Investments in Hotel Properties, net
 6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Investments in Hotel Properties, net Investments in Hotel Properties, net
Investments in hotel properties, net consisted of the following (in thousands):
 
June 30, 2020
 
December 31, 2019
Land
$
764,751

 
$
769,381

Buildings and improvements
4,053,059

 
4,129,884

Furniture, fixtures and equipment
465,923

 
503,156

Construction in progress
9,257

 
29,745

Condominium properties
11,740

 
12,093

Total cost
5,304,730

 
5,444,259

Accumulated depreciation
(1,376,904
)
 
(1,335,816
)
Investments in hotel properties, net
$
3,927,826

 
$
4,108,443
v3.20.2
Hotel Dispositions and Impairment Charges
 6 Months Ended
Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Hotel Dispositions and Impairment Charges Hotel Disposition and Impairment Charges
Hotel Disposition
On March 9, 2020, the Company sold the Crowne Plaza in Annapolis, Maryland for approximately $5.1 million in cash. The net carrying value was approximately $2.1 million. The sale resulted in a gain of approximately $3.6 million for the six months ended June 30, 2020, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations.
Impairment Charges
 
During the three and six months ended June 30, 2020, we recorded impairment charges of $27.6 million and $55.2 million, respectively. For the three months ended March 31, 2020, the impairment charge was comprised of $13.9 million at the Columbus Hampton Inn Easton, $10.0 million at the Canonsburg Homewood Suites Pittsburgh Southpointe and $3.7 million at the Phoenix Hampton Inn Airport North as a result of reduced estimated cash flows resulting from the COVID-19 pandemic and changes to the expected holding periods of these hotel properties.
On July 9, 2020, the non-recourse mortgage loan secured by eight hotel properties matured. The lender has provided notice of UCC sale, which provides that the respective lender will sell the subsidiaries of the Company that own the respective hotels in a public auction. As a result, as of June 30, 2020, the estimated fair value of each hotel property was compared to its carrying value. For the three months ended June 30, 2020, an impairment charge was recorded that was comprised of $1.7 million at the Columbus Hampton Inn Easton, $3.0 million at the Pittsburgh Hampton Inn Waterfront West Homestead, $3.0 million at the Washington Hampton Inn Pittsburgh Meadow Lands, $1.8 million at the Cannonsburg Homewood Suites Pittsburgh Southpointe, $2.4 million at the Stillwater Residence Inn, $9.5 million at the Billerica Courtyard by Marriott Boston, and $6.1 million at the Wichita Courtyard by Marriott Old Town resulting from the difference between the estimated fair value of the property as compared to the net book value at June 30, 2020. We engaged a third-party valuation expert to assist in determining the fair value of the hotel properties. Each impairment charge was based on methodologies which include the development of the discounted cash flow method of the income approach with support based on the market approach, which are considered Level 3 valuation techniques.
During the three and six months ended June 30, 2019, we recorded impairment charges of $6.5 million, which were comprised of $1.4 million at the Wisconsin Dells Hilton Garden Inn and $5.1 million at the Savannah Courtyard. Each impairment charge was based on methodologies which include the development of the discounted cash flow method of the income approach with support based on the market approach, which are considered Level 3 valuation techniques.
The following table presents our hotel properties measured at fair value as a result of the aforementioned impairment charges aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis at June 30, 2020, and the related impairment charges recorded (in thousands):
 
Fair values as of June 30, 2020
 
Six months ended June 30, 2020
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Impairment Charges
 
Phoenix Hampton Inn Airport North
$
—

 
$
—

 
$
—

 
$
—

 
$
3,692

(1) 
Columbus Hampton Inn Easton
—

 
—

 
11,252

 
11,252

 
15,678

(2) 
Pittsburgh Hampton Inn Waterfront West Homestead
—

 
—

 
5,723

 
5,723

 
2,985

(2) 
Washington Hampton Inn Pittsburgh Meadow Lands
—

 
—

 
5,820

 
5,820

 
3,035

(2) 
Cannonsburg Homewood Suites Pittsburgh Southpointe
—

 
—

 
15,132

 
15,132

 
11,826

(2) 
Stillwater Residence Inn
—

 
—

 
4,171

 
4,171

 
2,395

(2) 
Billerica Courtyard by Marriott Boston
—

 
—

 
17,945

 
17,945

 
9,471

(2) 
Wichita Courtyard by Marriott Old Town
—

 
—

 
12,901

 
12,901

 
6,136

(2) 
Total
$
—

 
$
—

 
$
72,944

 
$
72,944

 
$
55,218

 
_________________________
(1) 
The impairment charge was taken in the quarter ended March 31, 2020, based on its estimated fair value of $9.0 million which is considered a Level 3 valuation technique.
(2) 
The impairment charges were based on the estimated fair value of each applicable hotel property and were recorded during the six months ended June 30, 2020.
 
v3.20.2
Investment in Unconsolidated Entity
 6 Months Ended
Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Entity Investment in Unconsolidated Entity
OpenKey, which is controlled and consolidated by Ashford Inc., is a hospitality-focused mobile key platform that provides a universal smart phone app and related hardware and software for keyless entry into hotel guest rooms. Our investment is recorded as a component of “investment in unconsolidated entity” in our consolidated balance sheets and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance. As of June 30, 2020, the Company has made investments in OpenKey totaling $4.7 million.
We review our investment in OpenKey for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of the investment. Any impairment is recorded in equity in earnings (loss) of unconsolidated entities. No such impairment was recorded for the three and six months ended June 30, 2020 and 2019.
The following table summarizes our carrying value and ownership interest in OpenKey:
 
June 30, 2020
 
December 31, 2019
Carrying value of the investment in OpenKey (in thousands)
$
2,722

 
$
2,829

Ownership interest in OpenKey
17.1
%
 
17.0
%
The following table summarizes our equity in earnings (loss) in OpenKey (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Line Item
 
2020
 
2019
 
2020
 
2019
Equity in earnings (loss) of unconsolidated entities
 
$
(79
)
 
$
(100
)
 
$
(158
)
 
$
(216
)
v3.20.2
Indebtedness, net
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Indebtedness, net Indebtedness, net
Indebtedness consisted of the following (in thousands):
Indebtedness
 
Collateral
 
Maturity
 
Interest Rate (1)
 
Default Rate (2)
 
June 30, 2020
 
December 31, 2019
Mortgage loan(4)
 
1 hotel
 
June 2020
 
LIBOR(3) + 5.10%
 
n/a
 
$
—

 
$
43,750

Mortgage loan(5) (6)
 
7 hotels
 
June 2020
 
LIBOR(3) + 3.65%
 
4.00%
 
180,720

 
180,720

Mortgage loan(5) (6)
 
7 hotels
 
June 2020
 
LIBOR(3) + 3.39%
 
4.00%
 
174,400

 
174,400

Mortgage loan(5) (6)
 
5 hotels
 
June 2020
 
LIBOR(3) + 3.73%
 
4.00%
 
221,040

 
221,040

Mortgage loan(5) (6)
 
5 hotels
 
June 2020
 
LIBOR(3) + 4.02%
 
4.00%
 
262,640

 
262,640

Mortgage loan(5) (6)
 
5 hotels
 
June 2020
 
LIBOR(3) + 2.73%
 
4.00%
 
160,000

 
160,000

Mortgage loan(5) (6)
 
5 hotels
 
June 2020
 
LIBOR(3) + 3.68%
 
4.00%
 
215,120

 
215,120

Mortgage loan(7)
 
1 hotel
 
July 2020
 
LIBOR(3) + 4.40%
 
n/a
 
35,200

 
35,200

Mortgage loan(8) (9)
 
8 hotels
 
July 2020
 
LIBOR(3) + 4.33%
 
n/a
 
144,188

 
144,000

Mortgage loan(6)
 
1 hotel
 
November 2020
 
6.26%
 
5.00%
 
91,046

 
91,542

Mortgage loan(10)
 
1 hotel
 
November 2020
 
LIBOR(3) + 2.55%
 
n/a
 
25,000

 
25,000

Mortgage loan(6) (11)
 
17 hotels
 
November 2020
 
LIBOR(3) + 3.00%
 
4.00%
 
419,000

 
419,000

Mortgage loan(6) (12)
 
8 hotels
 
February 2021
 
LIBOR(3) + 2.92%
 
5.00%
 
395,000

 
395,000

Mortgage loan(5) (6)
 
2 hotels
 
March 2021
 
LIBOR(3) + 2.75%
 
4.00%
 
240,000

 
240,000

Mortgage loan(6) (13)
 
19 hotels
 
April 2021
 
LIBOR(3) + 3.20%
 
4.00%
 
907,030

 
907,030

Mortgage loan(6) (14)
 
1 hotel
 
February 2022
 
LIBOR(3) + 3.90%
 
5.00%
 
145,000

 
145,000

Mortgage loan(6)
 
1 hotel
 
November 2022
 
LIBOR(3) + 2.00%
 
5.00%
 
97,000

 
97,000

Mortgage loan(15)
 
1 hotel
 
December 2022
 
LIBOR(3) + 2.25%
 
n/a
 
16,100

 
16,100

Mortgage loan(4) (6) (18)
 
1 hotel
 
January 2023
 
LIBOR(3) + 3.40%
 
4.00%
 
37,000

 
—

Mortgage loan(6) (9)
 
1 hotel
 
May 2023
 
5.46%
 
5.00%
 
51,582

 
51,843

Mortgage loan(16)
 
1 hotel
 
June 2023
 
LIBOR(3) + 2.45%
 
n/a
 
73,450

 
73,450

Mortgage loan(6)
 
1 hotel
 
January 2024
 
5.49%
 
5.00%
 
6,727

 
6,759

Mortgage loan(6)
 
1 hotel
 
January 2024
 
5.49%
 
5.00%
 
9,818

 
9,865

Mortgage loan(6)
 
1 hotel
 
May 2024
 
4.99%
 
5.00%
 
6,260

 
6,292

Mortgage loan(17)
 
1 hotel
 
June 2024
 
LIBOR(3) + 2.00%
 
n/a
 
8,881

 
8,881

Mortgage loan(6) (9)
 
3 hotels
 
August 2024
 
5.20%
 
4.00%
 
64,022

 
64,207

Mortgage loan(6)
 
2 hotels
 
August 2024
 
4.85%
 
4.00%
 
11,792

 
11,845

Mortgage loan(6)
 
3 hotels
 
August 2024
 
4.90%
 
4.00%
 
23,578

 
23,683

Mortgage loan(6)
 
2 hotels
 
February 2025
 
4.45%
 
4.00%
 
19,369

 
19,438

Mortgage loan(6)
 
3 hotels
 
February 2025
 
4.45%
 
4.00%
 
50,098

 
50,279

Mortgage loan(6)
 
1 hotel
 
March 2025
 
4.66%
 
5.00%
 
24,794

 
24,919

 
 
 
 
 
 
 
 
 
 
4,115,855

 
4,124,003

Premiums, net
 
 
 
 
 
 
 
 
 
542

 
655

Deferred loan costs, net
 
 
 
 
 
 
 
 
 
(9,152
)
 
(18,140
)
Indebtedness, net
 
 
 
 
 
 
 
 
 
$
4,107,245

 
$
4,106,518

_____________________________
(1) 
Interest rates do not include default or late payment rates in effect on some mortgage loans.
(2) 
Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of June 30, 2020. The default rate is accrued in addition to the stated interest rate.
(3)  
LIBOR rates were 0.162% and 1.763% at June 30, 2020 and December 31, 2019, respectively.
(4) 
On January 9, 2020, we refinanced this mortgage loan totaling $43.8 million with a new $37.0 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 3.40%.
(5)  
This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.
(6) 
As of June 30, 2020, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations.
(7) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in July 2019.
(8) 
Effective April 22, 2020, we executed a forbearance agreement for this mortgage loan, which amended the terms. Terms of the agreement included interest payment deferral for three months, which is due at maturity, lender's legal fees were added to the principal balance of the mortgage loan totaling $188,000,
lender held reserves could be utilized to fund budgeted operating shortfalls at the property-level, and FF&E deposits being waived through maturity. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in July 2019.
(9) 
The lender holding this mortgage loan has delivered a notice of UCC sale, which provides that the lender will sell the subsidiaries of the Company that owns the respective hotels in public auction.
(10) 
Effective June 29, 2020, we executed a consent and loan modification agreement for this mortgage loan. In connection with the agreement, lender-held reserves were made available to fund monthly interest payments due under the loan and monthly FF&E escrow deposits were waived until April 2021. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.25%.
(11)
This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in November 2019.
(12)  
This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in February 2020.
(13)  
Effective July 9, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through October 2020. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2020.
(14) 
This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.50%.
(15) 
Effective May 1, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for three months, with all deferred payments due at maturity, lender-held reserves were made available to fund property-level operating expenses, monthly FF&E escrow deposits were waived through December 2020 and tax escrow deposits were waived through October 2020. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(16) 
Effective May 20, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through March 2021. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period.
(17)  
Effective April 7, 2020, we executed a forbearance agreement for this mortgage loan, which amended the terms. Terms of the agreement include an initial interest payment deferral for three months, with the option to extend the interest payment deferral an additional three months. All deferred interest is due at maturity.
(18)  
Effective July 7, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for two months, lender-held reserves were made available to fund monthly interest payments due under the loan and property-level operating expenses, and monthly FF&E escrow deposits were waived through March 2021. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period.
On January 9, 2020, we refinanced our $43.8 million mortgage loan, secured by the Le Pavillon in New Orleans, Louisiana. In connection with the refinance we reduced the loan amount by $6.8 million. The new mortgage loan totals $37.0 million. The new mortgage loan is interest only and provides for an interest rate of LIBOR + 3.40%. The stated maturity is January 2023 with two one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Le Pavillon.
In April 2020, certain subsidiaries of the Company applied for and received loans from Key Bank, N.A. under the Payroll Protection Program (“PPP”), which was established under the CARES Act. All funds borrowed under the PPP were returned on or before May 7, 2020.
During the three and six months ended June 30, 2020 and 2019, we recognized net premium amortization as presented in the table below (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Line Item
 
2020
 
2019
 
2020
 
2019
Interest expense and amortization of premium and loan costs
 
$
57

 
$
55

 
$
113

 
$
120


The amortization of the net premium is computed using a method that approximates the effective interest method, which is included in “interest expense and amortization of premiums and loan costs” in the consolidated statements of operations.
We are required to maintain certain financial ratios under various debt and related agreements. If we violate covenants in any debt or related agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or Ashford Trust OP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP.
Beginning on April 1, 2020, we did not make principal or interest payments under nearly all of our loans, which constituted an “Event of Default” as such term is defined under the applicable loan documents. Pursuant to the terms of the applicable loan documents, such an Event of Default caused an automatic increase in the interest rate on our outstanding loan balance for the period such Event of Default remains outstanding. Following an Event of Default, our lenders can generally elect to accelerate all principal and accrued interest payments that remain outstanding under the applicable loan agreement and foreclose on the applicable hotel properties that are security for such loans. The lenders who hold the mortgage note secured by the Embassy Suites New York Manhattan Times Square ($145.0 million mortgage loan) and the mortgage note secured by the Hilton Scotts Valley hotel in Santa Cruz, California ($24.8 million mortgage loan) have each sent us an acceleration notice which accelerated all payments due under the applicable loan documents. In addition, the lender for the W Hotel in Minneapolis, Minnesota ($51.6 million mortgage loan), the lender for our Rockbridge Portfolio ($144.2 million mortgage loan), which is an eight hotel portfolio, and the lender for the portfolio consisting of the Courtyard by Marriott in Fort Lauderdale, Florida, Courtyard by Marriott in Louisville, Kentucky and Marriott Residence Inn in Lake Buena Vista, Florida ($64.0 million mortgage loan), have each sent to us a notice of UCC sale, which provides that the respective lender will sell the subsidiaries of the Company that own the respective hotels in a public auction. The Company is in the process of negotiating forbearance agreements with its lenders. At this time, forbearance agreements have been executed on some, but not all of our loans. On July 16, 2020, we reached a forbearance agreement with our lenders for the Highland Pool loan, which is a $907.0 million loan secured by nineteen of our hotels. The forbearance agreement allows the Company to defer interest payments for six months in exchange for the Company’s agreement to a repayment schedule of the deferred interest payments. In the aggregate, including the Highland Pool loan, we have entered into forbearance and other agreements with varying terms and conditions that conditionally waive or defer payment defaults for loans with a total outstanding principal balance of $1.1 billion out of $4.1 billion in property level debt outstanding as of June 30, 2020. See note 15 for discussion of the loan modification agreement with Lismore.
In addition, the senior lenders and mezzanine lenders who hold notes secured by the Embassy Suites New York Manhattan Times Square are parties to a guaranty with a third party, which guaranty the mezzanine lenders can call upon to make payment of up to $20 million now that the mezzanine loans have been accelerated. As of June 30, 2020, the principal and accrued interest amount of the notes currently held by the senior lenders, senior mezzanine lenders and junior mezzanine lenders is approximately $111.7 million, $27.4 million and $10.5 million, respectively. If the lenders call upon the guaranty, and the third party guarantor makes payments under the guaranty, the guarantor has the right to require us to reimburse them for the amount paid under the guaranty. If we do not reimburse the guarantor, the guarantor will have the option to purchase the equity in the entity which owns the Embassy Suites New York Manhattan Times Square hotel for $1.
v3.20.2
Notes Receivable, net and Other
 6 Months Ended
Jun. 30, 2020
Receivables [Abstract]  
Notes Receivable, net and Other Notes Receivable, net and Other
Notes receivable, net are summarized in the table below (dollars in thousands):
 
Interest Rate
 
June 30, 2020
 
December 31, 2019
Construction Financing Note (1) (5)
 
 
 
 
 
Face amount
7.0
%
 
$
4,000

 
$
4,000

Discount (2)
 
 
(275
)
 
(402
)
 
 
 
3,725

 
3,598

Certificate of Occupancy Note (3) (5)
 
 
 
 
 
Face amount
7.0
%
 
$
5,250

 
$
5,250

Discount (4)
 
 
(994
)
 
(1,139
)
 
 
 
4,256

 
4,111

Note receivable, net
 
 
$
7,981

 
$
7,709

____________________________________
(1) 
The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before the earlier of (i) the buyer closing on third party institutional financing for the construction of improvements on the property, (ii) three years after the development commencement date, or (iii) July 9, 2024.
(2) 
The discount represents the imputed interest during the interest free period. Interest begins accruing on July 9, 2021.
(3) 
The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before July 9, 2025.
(4) 
The discount represents the imputed interest during the interest free period. Interest begins accruing on July 9, 2023.
(5)
The notes receivable are secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront.
No cash interest income was recorded for the three and six months ended June 30, 2020.
For the three and six months ended June 30, 2020, we recognized discount amortization income of $137,000 and $272,000, respectively, which is included in “other income (expense)” in the consolidated statement of operations.
On January 1, 2020, we adopted the provisions of Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments - Credit Losses. Upon adoption we evaluated the notes and other receivables under the criteria in ASC Topic 326. Upon adoption we determined that the expected credit loss associated with the notes and other receivables was immaterial. As of June 30, 2020, there was no allowance related to the notes receivable.
Other consideration received from the sale of the 1.65-acre parking lot adjacent to the Hilton St. Petersburg Bayfront is summarized in the table below (dollars in thousands):
 
Imputed Interest Rate
 
June 30, 2020
 
December 31, 2019
 
Future ownership rights of parking parcel
7.0
%
 
$
4,100

 
$
4,100

 
Imputed interest
 
 
219

 
72

 
 
 
 
4,319

(1) 
4,172

(1) 
 
 
 
 
 
 
 
Free use of parking easement prior to development commencement
7.0
%
 
$
235

 
$
235

 
Accumulated amortization
 
 
(235
)
 
(118
)
 
 
 
 
—

(1) 
117

(1) 
 
 
 
 
 
 
 
Reimbursement of parking fees while parking parcel is in development (2)
7.0
%
 
$
462

 
$
462

 
Accumulated amortization
 
 
—

 
—

 
 
 
 
462

(1) 
462

(1) 
Total
 
 
$
4,781

 
$
4,751

 
____________________________________
(1) 
Included in “other assets” in the consolidated balance sheets.
(2) 
Amortization will commence when the parking parcel begins development.
For the three and six months ended June 30, 2020, we recognized imputed interest income of $74,000 and $147,000, respectively, and amortization expense of $0 and $117,000, respectively, related to the free use of parking easement, which are included in “other income (expense)” in the consolidated statement of operations.
v3.20.2
Derivative Instruments and Hedging
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Derivative Instruments and Hedging
Interest Rate Derivatives—We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage these risks, we primarily use interest rate derivatives to hedge our debt and our cash flows. The interest rate derivatives currently include interest rate caps and interest rate floors. These derivatives are subject to master netting settlement arrangements. To mitigate the nonperformance risk, we routinely use a third party’s analysis of the creditworthiness of the counterparties, which supports our belief that the counterparties’ nonperformance risk is limited. All derivatives are recorded at fair value.
The following table presents a summary of our interest rate derivatives entered into over each applicable period:
 
Six Months Ended June 30,
 
 
2020
 
2019
 
Interest rate caps:
 
 
 
 
Notional amount (in thousands)
$
432,000

(1) 
$
624,050

(1) 
Strike rate low end of range
3.00
%
 
1.50
%
 
Strike rate high end of range
4.00
%
 
4.00
%
 
Effective date range
January 2020

 
January 2019 - June 2019

 
Termination date range
February 2021 - February 2022

 
June 2020 - February 2022

 
Total cost (in thousands)
$
63

 
$
1,048

 
 
 
 
 
 
Interest rate floors:
 
 
 
 
Notional amount (in thousands)
$
—

(1) 
$
6,000,000

(1) 
Strike rate low end of range


 
1.63
%
 
Strike rate high end of range


 
1.63
%
 
Effective date range


 
January 2019

 
Termination date range


 
March 2020

 
Total cost (in thousands)
$
—

 
$
225

 
_______________
(1) 
These instruments were not designated as cash flow hedges.
We held interest rate instruments as summarized in the table below:
 
June 30, 2020
 
December 31, 2019
 
Interest rate caps:
 
 
 
 
Notional amount (in thousands)
$
1,521,650

(1) 
$
3,799,740

(1) 
Strike rate low end of range
1.81
 %
 
1.50
 %
 
Strike rate high end of range
4.88
 %
 
5.22
 %
 
Termination date range
July 2020 - February 2022

 
February 2020 - February 2022

 
Aggregate principle balance on corresponding mortgage loans (in thousands)
$
1,513,838

 
$
3,666,331

 
 
 
 
 
 
Interest rate floors: (2)
 
 
 
 
Notional amount (in thousands)
$
5,025,000

(1) 
$
12,025,000

(1) 
Strike rate low end of range
(0.25
)%
 
(0.25
)%
 
Strike rate high end of range
1.25
 %
 
1.63
 %
 
Termination date range
July 2020 - November 2021

 
March 2020 - November 2021

 
_______________
(1) 
These instruments were not designated as cash flow hedges.
(2) 
Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.
Credit Default Swap Derivatives—We use credit default swaps, tied to the CMBX index, to hedge financial and capital market risk. A credit default swap is a derivative contract that functions like an insurance policy against the credit risk of an entity or obligation. The seller of protection assumes the credit risk of the reference obligation from the buyer (us) of protection in exchange for annual premium payments. If a default or a loss, as defined in the credit default swap agreements, occurs on the underlying bonds, then the buyer of protection is protected against those losses. The only liability for us, the buyer, is the annual premium and any change in value of the underlying CMBX index (if the trade is terminated prior to maturity). For all CMBX trades completed to date, we were the buyer of protection. Credit default swaps are subject to master-netting settlement arrangements and credit support annexes. As of June 30, 2020, we held credit default swaps with notional amounts totaling $212.5 million. These credit default swaps had effective dates from February 2015 to August 2017 and expected maturity dates from October 2023 to October 2026. Assuming the underlying bonds pay off at par over their remaining average life, our total exposure for these trades was approximately $3.4 million as of June 30, 2020. Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. The change in market value of credit default swaps
is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparties when the change in market value is over $250,000.
v3.20.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Value Hierarchy—For disclosure purposes, financial instruments, whether measured at fair value on a recurring or nonrecurring basis or not measured at fair value, are classified in a hierarchy consisting of three levels based on the observability of valuation inputs in the market place as discussed below:
•
Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets.
•
Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
•
Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability.
Fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Fair values of interest rate caps, floors, flooridors and corridors are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below the strike rates of the floors or rise above the strike rates of the caps. Variable interest rates used in the calculation of projected receipts and payments on the swaps, caps, and floors are based on an expectation of future interest rates derived from observable market interest rate curves (LIBOR forward curves) and volatilities (Level 2 inputs). We also incorporate credit valuation adjustments (Level 3 inputs) to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk.
Fair values of credit default swaps are obtained from a third party who publishes various information including the index composition and price data (Level 2 inputs). The fair value of credit default swaps does not contain credit-risk-related adjustments as the change in fair value is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparty.
Fair values of interest rate floors are calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. These expected future cash flows are probability-weighted projections based on the contract terms, accounting for both the magnitude and likelihood of potential payments, which are both computed using the appropriate LIBOR forward curve and market implied volatilities as of the valuation date (Level 2 inputs). 
Fair value of options on futures contracts is determined based on the last reported settlement price as of the measurement date (Level 1 inputs). These exchange-traded options are centrally cleared, and a clearinghouse stands in between all trades to ensure that the obligations involved in the trades are satisfied.
Fair values of marketable securities and liabilities associated with marketable securities, including public equity securities, equity put and call options, and other investments, are based on their quoted market closing prices (Level 1 inputs).
Fair values of hotel properties are based on methodologies which include the development of the discounted cash flow method of the income approach with support based on the market approach (Level 3 inputs). See note 5.
When a majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. However, when valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, which we consider significant (10% or more) to the overall valuation of our derivatives, the derivative valuations in their entirety are classified in Level 3 of the fair value hierarchy. Transfers of inputs between levels are determined at the end of each reporting period. In determining the fair values of our derivatives at June 30, 2020, the LIBOR interest rate forward curve (Level 2 inputs) assumed a downtrend from 0.162% to 0.101% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
 
 
Quoted Market Prices (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
 
Counter-party and Cash Collateral Netting(1)
 
Total
 
 
 
 
June 30, 2020:
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
 
 
 
 
 
Interest rate derivatives - floors
$
—

 
$
425

 
$
—

 
$
—

 
$
425

(2) 
 
Interest rate derivatives - caps
—

 
40

 
—

 
—

 
40

(2) 
 
Credit default swaps
—

 
(1,154
)
 
—

 
2,541

 
1,387

(2) 
 
 
—

 
(689
)
 
—

 
2,541

 
1,852

 
 
Non-derivative assets:
 
 
 
 
 
 
 
 
 
 
 
Equity securities
1,819

 
—

 
—

 
—

 
1,819

(3) 
 
Total
$
1,819

 
$
(689
)
 
$
—

 
$
2,541

 
$
3,671

 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
Credit default swaps
—

 
(820
)
 
—

 
600

 
(220
)
(4) 
 
Net
$
1,819

 
$
(1,509
)
 
$
—

 
$
3,141

 
$
3,451

 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019:
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
 
 
 
 
 
Interest rate derivatives - floors
$
—

 
$
42

 
$
—

 
$
257

 
$
299

(2) 
 
Interest rate derivatives - caps
—

 
47

 
—

 
—

 
47

(2) 
 
Credit default swaps
—

 
(1,579
)
 
—

 
2,924

 
1,345

(2) 
 
 
—

 
(1,490
)
 
—

 
3,181

 
1,691

 
 
Non-derivative assets:
 
 
 
 
 
 
 
 
 
 
 
Equity securities
14,591

 
—

 
—

 
—

 
14,591

(3) 
 
Total
$
14,591

 
$
(1,490
)
 
$
—

 
$
3,181

 
$
16,282

 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
Credit default swaps
—

 
(1,092
)
 
—

 
1,050

 
(42
)
(4) 
 
Net
$
14,591

 
$
(2,582
)
 
$
—

 
$
4,231

 
$
16,240

 
____________________________________
(1) 
Represents net cash collateral posted between us and our counterparties.
(2) 
Reported net as “derivative assets, net” in our consolidated balance sheets.
(3) 
Reported as “marketable securities” in our consolidated balance sheets.
(4) 
Reported net as “derivative liabilities, net” in our consolidated balance sheets.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations
The following tables summarize the effect of fair value measured assets and liabilities on the consolidated statements of operations (in thousands):
 
Gain (Loss) Recognized in Income
 
 
Three Months Ended June 30,
 
 
2020
 
2019
 
Assets
 
 
 
 
Derivative assets:
 
 
 
 
Interest rate derivatives - floors
$
386

 
$
2,115

 
Interest rate derivatives - caps
(18
)
 
(472
)
 
Credit default swaps
(2,005
)
(4) 
(257
)
(4) 
 
(1,637
)
 
1,386

 
Non-derivative assets:
 
 
 
 
Equity
483

 
618

 
Total
(1,154
)
 
2,004

 
Liabilities
 
 
 
 
Derivative liabilities:
 
 
 
 
Credit default swaps
(1,171
)
(4) 
(135
)
(4) 
Net
$
(2,325
)
 
$
1,869

 
 
 
 
 
 
Total combined
 
 
 
 
Interest rate derivatives - floors
$
3,386

 
$
2,340

 
Interest rate derivatives - caps
(18
)
 
(472
)
 
Credit default swaps
(3,176
)
 
(392
)
 
Unrealized gain (loss) on derivatives
192

(1) 
1,476

(1) 
Realized gain (loss) on interest rate floors
(3,000
)
(2) 
(225
)
(2) 
Unrealized gain (loss) on marketable securities
479

(3) 
598

(3) 
Realized gain (loss) on marketable securities
4

(2) 
20

(2) 
Net
$
(2,325
)
 
$
1,869

 
____________________________________
(1) 
Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations.
(2) 
Included in “other income (expense)” in our consolidated statements of operations.
(3) 
Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations.
(4) 
Excludes costs of $272 and $271 for the three months ended June 30, 2020 and 2019, respectively, included in “other income (expense)” associated with credit default swaps.
 
Gain (Loss) Recognized in Income
 
 
Six Months Ended June 30,
 
 
2020
 
2019
 
Assets
 
 
 
 
Derivative assets:
 
 
 
 
Interest rate derivatives - floors
$
763

 
$
1,919

 
Interest rate derivatives - caps
(70
)
 
(1,114
)
 
Credit default swaps
425

(4) 
(1,790
)
(4) 
 
1,118

 
(985
)
 
Non-derivative assets:
 
 
 
 
Equity
1,110

 
1,422

 
Total
2,228

 
437

 
 
 
 
 
 
Liabilities
 
 
 
 
Derivative liabilities:
 
 
 
 
Credit default swaps
271

(4) 
(921
)
(4) 
Net
$
2,499

 
$
(484
)
 
 
 
 
 
 
Total combined
 
 
 
 
Interest rate derivatives - floors
$
3,988

 
$
2,307

 
Interest rate derivatives - caps
(70
)
 
(1,114
)
 
Credit default swaps
696

 
(2,711
)
 
Unrealized gain (loss) on derivatives
4,614

(1) 
(1,518
)
(1) 
Realized gain (loss) on options on interest rate floors
(3,225
)
(2) 
(388
)
(2) 
Unrealized gain (loss) on marketable securities
(998
)
(3) 
1,406

(3) 
Realized gain (loss) on marketable securities
2,108

(2) 
16

(2) 
Net
$
2,499

 
$
(484
)
 

____________________________________
(1) 
Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations.
(2) 
Included in “other income (expense)” in our consolidated statements of operations.
(3) 
Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations.
(4) 
Excludes costs of $540 and $537 for the six months ended June 30, 2020 and 2019, respectively, included in “other income (expense)” associated with credit default swaps.
v3.20.2
Summary of Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2020
Investments, All Other Investments [Abstract]  
Summary of Fair Value of Financial Instruments Summary of Fair Value of Financial Instruments
Determining estimated fair values of our financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):
 
June 30, 2020
 
December 31, 2019
 
Carrying Value
 
Estimated Fair Value
 
Carrying Value
 
Estimated Fair Value
Financial assets and liabilities measured at fair value:
 
 
 
 
 
 
 
Marketable securities
$
1,819

 
$
1,819

 
$
14,591

 
$
14,591

Derivative assets, net
1,852

 
1,852

 
1,691

 
1,691

Derivative liabilities, net
220

 
220

 
42

 
42

 
 
 
 
 
 
 
 
Financial assets not measured at fair value:
 
 
 
 
 
 
 
Cash and cash equivalents
$
165,476

 
$
165,476

 
$
262,636

 
$
262,636

Restricted cash
95,318

 
95,318

 
135,571

 
135,571

Accounts receivable, net
19,299

 
19,299

 
39,638

 
39,638

Notes receivable, net
7,981

 
7,582 to 8,380

 
7,709

 
7,323 to 8,095

Due from related parties, net
4,969

 
4,969

 
3,019

 
3,019

Due from third-party hotel managers
12,894

 
12,894

 
17,368

 
17,368

 
 
 
 
 
 
 
 
Financial liabilities not measured at fair value:
 
 
 
 
 
 
 
Indebtedness
$
4,116,397

 
$3,638,266 to $4,021,238

 
$
4,124,658

 
$3,881,453 to $4,290,027

Accounts payable and accrued expenses
89,152

 
89,152

 
124,226

 
124,226

Accrued interest payable
90,997

 
90,997

 
10,115

 
10,115

Dividends and distributions payable
868

 
868

 
20,849

 
20,849

Due to Ashford Inc., net
2,421

 
2,421

 
6,570

 
6,570

Due to third-party hotel managers
605

 
605

 
2,509

 
2,509


Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have original maturities of less than 90 days. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique.
Accounts receivable, net, accounts payable and accrued expenses, dividends and distributions payable, due to/from related parties, net, due to Ashford Inc., net and due to/from third-party hotel managers. The carrying values of these financial instruments approximate their fair values due to their short-term nature. This is considered a Level 1 valuation technique.
Notes receivable, net. The carrying amount of notes receivable, net approximates its fair value. We estimate the fair value of the notes receivable, net to be approximately 95.0% and 105.0% of the carrying value of $8.0 million at June 30, 2020 and approximately 95.0% to 105.0% of the carrying value of $7.7 million as of December 31, 2019.
Marketable securities. Marketable securities consist of U.S. treasury bills, publicly traded equity securities, and put and call options on certain publicly traded equity securities. The fair value of these investments is based on quoted market closing prices at the balance sheet date. See note 10 for a complete description of the methodology and assumptions utilized in determining the fair values.
Derivative assets, net and derivative liabilities, net. Fair value of interest rate caps is determined using the net present value of expected cash flows of each derivative based on the market-based interest rate curve and adjusted for credit spreads of us and our counterparties. Fair values of credit default swap derivatives are obtained from a third party who publishes the CMBX index composition and price data. Fair values of interest rate floors are calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. Fair values of options on futures contracts are valued at their last reported settlement price as of the measurement date. See notes 9 and 10 for a complete description of the methodology and assumptions utilized in determining fair values.
Indebtedness. Fair value of indebtedness is determined using future cash flows discounted at current replacement rates for these instruments. Cash flows are determined using a forward interest rate yield curve. Current replacement rates are determined by using the U.S. Treasury yield curve or the index to which these financial instruments are tied and adjusted for credit spreads. Credit spreads take into consideration general market conditions, maturity, and collateral. We estimated the fair value of total indebtedness to be approximately 88.4% to 97.7% of the carrying value of $4.1 billion at June 30, 2020 and approximately 94.1% to 104.0% of the carrying value of $4.1 billion at December 31, 2019. These fair value estimates are considered a Level 2 valuation technique.
v3.20.2
Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Income (Loss) Per Share Income (Loss) Per Share
Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Income (loss) allocated to common stockholders - basic and diluted:
 
 
 
 
 
 
 
Income (loss) attributable to the Company
$
(204,616
)
 
$
(16,282
)
 
$
(288,817
)
 
$
(54,299
)
Less: Dividends on preferred stock
(10,644
)
 
(10,644
)
 
(21,288
)
 
(21,288
)
Less: Dividends on common stock
—

 
(5,865
)
 
—

 
(17,844
)
Less: Dividends on unvested performance stock units
—

 
(95
)
 
—

 
(285
)
Add: Claw back of dividends on unvested performance stock units
227

 
—

 
605

 
—

Less: Dividends on unvested restricted shares
—

 
(263
)
 
—

 
(544
)
Undistributed income (loss) allocated to common stockholders
(215,033
)
 
(33,149
)
 
(309,500
)
 
(94,260
)
Add back: Dividends on common stock
—

 
5,865

 
—

 
17,844

Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted
$
(215,033
)
 
$
(27,284
)
 
$
(309,500
)
 
$
(76,416
)
 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic and diluted
10,312

 
9,994

 
10,162

 
9,968

 
 
 
 
 
 
 
 
Basic income (loss) per share:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders per share
$
(20.85
)
 
$
(2.73
)
 
$
(30.46
)
 
$
(7.67
)
 
 
 
 
 
 
 
 
Diluted income (loss) per share:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders per share
$
(20.85
)
 
$
(2.73
)
 
$
(30.46
)
 
$
(7.67
)

Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Income (loss) allocated to common stockholders is not adjusted for:
 
 
 
 
 
 
 
Income (loss) allocated to unvested restricted shares
$
—

 
$
263

 
$
—

 
$
544

Income (loss) allocated to unvested performance stock units
—

 
95

 
—

 
285

Income (loss) attributable to redeemable noncontrolling interests in operating partnership
(37,350
)
(1 
) 
(5,084
)
 
(55,021
)
(1 
) 
(13,663
)
Total
$
(37,350
)
 
$
(4,726
)
 
$
(55,021
)
 
$
(12,834
)
 
 
 
 
 
 
 
 
Weighted average diluted shares are not adjusted for:
 
 
 
 
 
 
 
Effect of unvested restricted shares
—

 
1

 
12

 
12

Effect of unvested performance stock units
—

 
—

 
—

 
14

Effect of assumed conversion of operating partnership units
1,823

 
1,930

 
1,881

 
1,882

Total
1,823

 
1,931

 
1,893

 
1,908


_______________
(1) 
Inclusive of preferred stock dividends in arrears of $1.6 million for both the three and six months ended June 20, 2020 allocated to redeemable noncontrolling interests in operating partnership.
v3.20.2
Redeemable Noncontrolling Interests in Operating Partnership
 6 Months Ended
Jun. 30, 2020
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interests in Operating Partnership Redeemable Noncontrolling Interests in Operating Partnership
Redeemable noncontrolling interests in the operating partnership represents the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common units of limited partnership interest in the operating partnership (the “common units”) and the units issued under our Long-Term Incentive Plan (the “LTIP units”) that are vested. Each common unit may be redeemed for either cash or, at our sole discretion, up to one share of our REIT common stock, which is either: (i) issued pursuant to an effective registration statement; (ii) included in an effective registration statement providing for the resale of such common stock; or (iii) issued subject to a registration rights agreement.
LTIP units, which are issued to certain executives and employees of Ashford LLC as compensation, have vesting periods ranging from three years to five years. Additionally, certain independent members of the board of directors have elected to receive LTIP units as part of their compensation, which are fully vested upon grant. Upon reaching economic parity with common units, each vested LTIP unit can be converted by the holder into one common unit which can then be redeemed for cash or, at our election, settled in our common stock. An LTIP unit will achieve parity with the common units upon the sale or deemed sale of all or substantially all of the assets of the operating partnership at a time when our stock is trading at a level in excess of the price it was trading on the date of the LTIP issuance. More specifically, LTIP units will achieve full economic parity with common units in connection with (i) the actual sale of all or substantially all of the assets of the operating partnership or (ii) the hypothetical sale of such assets, which results from a capital account revaluation, as defined in the partnership agreement, for the operating partnership. In March 2020, 28,000 LTIP units with a fair value of approximately $372,000 and a vesting period of three years were granted. In May 2020, approximately 70,000 LTIP units were issued to independent directors with a fair value of approximately $422,000, which vested immediately upon grant. In addition, in May 2020, approximately 16,000 LTIP units were issued to independent directors with a fair value of approximately $107,000, which vested immediately upon grant. This grant represented a portion of the annual cash retainer for each independent director serving on the Company’s board of directors and will be amortized to equity-based compensation expense over the next 12 months. See note 18.
The compensation committee of the board of directors of the Company may authorize the issuance of Performance LTIP units to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of Performance LTIP units that will be settled in common units of Ashford Trust OP, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. The number of Performance LTIP units actually earned may range from 0% to 200% of target based on achievement of specified absolute and relative total stockholder returns based on the formulas determined by the Company’s compensation committee on the grant date. As of June 30, 2020, there were approximately 130,000 Performance LTIP units, representing 200% of the target number granted, outstanding. The performance criteria for the Performance LTIP units are based on market conditions under the relevant literature, and the
Performance LTIP units were granted to non-employees. During the six months ended June 30, 2020, approximately 109,000 performance-based LTIP units were canceled due to the market condition criteria not being met. As a result there was a claw back of the previously declared dividends in the amount of $1.4 million.
In March 2020, 50,000 Performance LTIP units with a fair value of $200,000 and a vesting period of three years were granted.
As of June 30, 2020, we have issued a total of 1.2 million LTIP and Performance LTIP units, net of Performance LTIP cancellations. All LTIP and Performance LTIP units other than approximately 171,000 units (50,000 of which are Performance LTIP units) have reached full economic parity with, and are convertible into, common units upon vesting.
The following table presents the common units redeemed and the fair value upon redemption (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Common units converted to stock
 
—

 
—

 
196

 
—

Fair value of common units converted
 
$
—

 
$
—

 
$
959

 
$
—

The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage:
 
June 30, 2020
 
December 31, 2019
Redeemable noncontrolling interests (in thousands)
$
30,332

 
$
69,870

Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands)
162,020

 
155,536

Ownership percentage of operating partnership
14.79
%
 
15.92
%
____________________________________
(1) 
Reflects the excess of the redemption value over the accumulated historical costs.  
We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Allocated net (income) loss to the redeemable noncontrolling interests
$
37,350

 
$
5,084

 
$
55,021

 
$
13,663

Distributions declared to holders of common units, LTIP units and Performance LTIP units
—

 
1,317

 
—

 
3,940

Performance LTIP dividend claw back upon cancellation
—

 
—

 
(1,401
)
 
—
v3.20.2
Equity and Equity-Based Compensation
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Equity and Equity-Based Compensation Equity and Equity-Based Compensation
Common Stock Dividends—For the first and second quarters of 2020, the board of directors did not declare a quarterly common stock dividend. For the first and second quarters of 2019, the board of directors declared a quarterly dividend of $1.20 and $0.60, respectively, per outstanding share of common stock.
Restricted Stock Units—We incur stock-based compensation expense in connection with restricted stock units awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which vests immediately upon issuance. In March 2020, 133,000 restricted stock units with a fair value of approximately $1.8 million and a vesting period of three years were granted. In May 2020, 14,000 shares of common stock were issued to independent directors with a fair value of approximately $84,000, which vested immediately upon grant. Additionally, in May 2020, 3,000 shares of common stock were issued to independent directors with a fair value of approximately $17,000, which vested immediately upon grant. This grant represented a portion of the annual cash retainer for each independent director serving on the Company’s board of directors and will be amortized to equity-based compensation expense over the next 12 months. See note 18.
Performance Stock Units—The compensation committee of the board of directors of the Company may authorize the issuance of performance stock units (“PSUs”), which have a cliff vesting period of three years, to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of PSUs that will be settled in shares of common stock of the Company, if, when and to the extent the applicable vesting criteria have been achieved following the end of the
performance and service period. The number of PSUs actually earned may range from 0% to 200% of target based on achievement of specified absolute and relative total stockholder returns based on the formulas determined by the Company’s Compensation Committee on the grant date. The performance criteria for the PSUs are based on market conditions under the relevant literature, and the PSUs were granted to non-employees. During the six months ended June 30, 2020, 35,000 PSUs were canceled due to the market condition criteria not being met. As a result there was a claw back of the previously declared dividends in the amount of $378,000. In March 2020, 70,000 PSUs with a fair value of $560,000 and a vesting period of three years were granted.
During 2020, 66,000 PSUs were forfeited as a result of the separation of an executive officer from the Company. The forfeiture resulted in a credit to equity based compensation expense of approximately $1.9 million for the six months ended June 30, 2020, which is included in “advisory services fees” on our consolidated statement of operations. Additionally, as a result of the forfeiture there was a claw back of the previously declared dividends in the amount of $227,000 for the three and six months ended June 30, 2020.
Preferred Dividends—The board of directors declared quarterly dividends as presented below:
 
Three Months Ended June 30,
 
2020
 
2019
8.45% Series D Cumulative Preferred Stock
$
—

 
$
0.5281

7.375% Series F Cumulative Preferred Stock
—

 
0.4609

7.375% Series G Cumulative Preferred Stock
—

 
0.4609

7.50% Series H Cumulative Preferred Stock
—

 
0.4688

7.50% Series I Cumulative Preferred Stock
—

 
0.4688


The table below presents the accumulated but unpaid dividends in arrears as of June 30, 2020 (in thousands):
 
June 30, 2020
8.45% Series D Cumulative Preferred Stock ($.53/share)
$
1,262

7.375% Series F Cumulative Preferred Stock ($.46/share)
2,212

7.375% Series G Cumulative Preferred Stock ($.46/share)
2,858

7.50% Series H Cumulative Preferred Stock ($.47/share)
1,781

7.50% Series I Cumulative Preferred Stock ($.47/share)
2,531


Stock Repurchases—On December 5, 2017, the board of directors reapproved a stock repurchase program (the “Repurchase Program”) pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share and preferred stock having an aggregate value of up to $200 million. The board of directors’ authorization replaced any previous repurchase authorizations. No shares of our common stock or preferred stock were repurchased under the Repurchase Program during the six months ended June 30, 2020 and 2019.
At-the-Market Equity Offering Program—On December 11, 2017, the Company established an “at-the-market” equity offering program pursuant to which it may, from time to time, sell shares of its common stock having an aggregate offering price of up to $100 million. No shares of its common stock were issued under this program during the three and six months ended June 30, 2020 or 2019.
v3.20.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Remington Lodging (prior to Ashford Inc. acquisitions)
Between January 1, 2019 and November 5, 2019, we paid Remington Lodging monthly hotel management fees equal to the greater of $14,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria were met and other general and administrative expense reimbursements primarily related to accounting services.
Ashford Inc.
Advisory Agreement
Ashford LLC, a subsidiary of Ashford Inc., acts as our advisor. Our chairman, Mr. Monty J. Bennett, also serves as chairman of the board of directors and chief executive officer of Ashford Inc.
Under our advisory agreement, we pay advisory fees to Ashford LLC. We are required to pay Ashford LLC a monthly base fee that is a percentage of our total market capitalization on a declining sliding scale plus the Net Asset Fee Adjustment, as defined in the advisory agreement, subject to a minimum monthly base fee, as payment for managing our day-to-day operations in accordance with our investment guidelines. Total market capitalization includes the aggregate principal amount of our consolidated indebtedness (including our proportionate share of debt of any entity that is not consolidated but excluding our joint venture partners’ proportionate share of consolidated debt). The range of base fees on the scale is between 0.70% and 0.50% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion. At June 30, 2020, the monthly base fee was 0.70% based on our current market capitalization. We are also required to pay Ashford LLC an incentive fee that is measured annually (or stub period if the advisory agreement is terminated at other than year-end). Each year that our annual total stockholder return exceeds the average annual total stockholder return for our peer group we pay Ashford LLC an incentive fee over the following three years, subject to the FCCR Condition, as defined in the advisory agreement, which relates to the ratio of adjusted EBITDA to fixed charges. We also reimburse Ashford LLC for certain reimbursable overhead and internal audit, risk management advisory and asset management services, as specified in the advisory agreement. We also record equity-based compensation expense for equity grants of common stock and LTIP units awarded to our officers and employees of Ashford LLC in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period.
The following table summarizes the advisory services fees incurred (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Advisory services fee
 
 
 
 
 
 
 
Base advisory fee
$
8,557

 
$
9,362

 
$
17,474

 
$
18,351

Reimbursable expenses (1)
1,567

 
3,006

 
3,398

 
5,396

Equity-based compensation (2)
92

(3) 
4,549

 
4,643

(3) 
8,838

Incentive fee
—

 
(636
)
 
—

 
—

Total advisory services fee
$
10,216

 
$
16,281

 
$
25,515

 
$
32,585

________
(1) 
Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services.
(2) 
Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.
(3) 
During the three and six months ended June 30, 2020, 66,000 PSUs were forfeited as a result of the separation of an executive officer from the Company. The forfeiture resulted in a credit to equity based compensation expense of approximately $1.9 million for the three and six months ended June 30, 2020,
Lismore Advisory Fee
On March 20, 2020, Lismore Capital LLC (“Lismore”), a subsidiary of Ashford Inc., entered into an agreement with the Company to seek modifications, forbearances or refinancings of the Company’s loans (the “Ashford Trust Agreement”). Pursuant to the Ashford Trust Agreement, Lismore shall, during the agreement term (which commenced on March 20, 2020 and shall end on the date that is twelve months following the commencement date, or upon it being terminated by Ashford Trust on not less than thirty days written notice) negotiate the refinancing, modification or forbearance of the existing mortgage debt on Ashford Trust’s hotels. For the purposes of the Ashford Trust Agreement, financing shall include, without limitation, senior or subordinate loan financing, provided in any single transaction or a combination of transactions, including, mortgage loan financing, mezzanine loan financing, or subordinate loan financing encumbering the applicable hotel or unsecured loan financing.
On July 1, 2020, the Company amended and restated the agreement with Lismore with an effective date of April 6, 2020. Pursuant to the amended and restated agreement, the term of the agreement was extended to 24 months following the commencement date. In connection with the services provided by Lismore under the amended and restated agreement, Lismore is entitled to receive a fee of approximately $2.6 million in three equal installments of approximately $857,000 per month beginning July 20, 2020,
and ending on September 20, 2020. Lismore is also entitled to receive a fee that is calculated and payable as follows: (i) a fee equal to 25 basis points (0.25%) of the amount of a loan, payable upon the acceptance by the applicable lender of any forbearance or extension of such loan, or in the case where a third-party agent or contractor engaged by the Company has secured an extension of the maturity date equal to or greater than 12 months of any such loan, then the amount payable to Lismore shall be reduced to 10 basis points (0.10%); (ii) a fee equal to 75 basis points (0.75%) of the amount of any principal reduction of a loan upon the acceptance by any lender of any principal reduction of such loan; and (iii) a fee equal to 150 basis points (1.50%) of the implied conversion value (but in any case, no less than 50% percent of the face value of such loan or loans) of a loan upon the acceptance by any lender of any debt to equity conversion of such loan.
At the time of amendment, the Company had paid Lismore approximately $8.3 million, in the aggregate, pursuant to the original agreement. Under the amended and restated agreement, the Company is still entitled, in the event that the Company does not complete, for any reason, extensions or forbearances during the term of the agreement equal to or greater than approximately $4.1 billion, to offset, against any fees the Company or its affiliates owe pursuant to the advisory agreement, a portion of the fee previously paid by the Company to Lismore equal to the product of (x) approximately $4.1 billion minus the amount of extensions or forbearances completed during the term of the agreement multiplied by (y) 0.125%. Upon entering into the agreement with Lismore, the Company made a payment of $5.1 million. No amounts under this payment can be clawed back. As of June 30, 2020, the Company has also paid $2.6 million related to periodic installments of which $303,000 has been expensed in accordance with the agreement and $2.2 million may be offset against future fees under the agreement that are eligible for claw back under the agreement. Further, the Company has paid $606,000 in success fees under the agreement in connection with each signed forbearance or other agreement, of which no amounts are available for claw back. As of June 30, 2020, the Company has recognized expense of $1.6 million, which is included in “write-off of premiums, loan costs and exit fees,” and approximately $6.7 million is included in “other assets.”
Ashford Securities
On September 25, 2019, Ashford Inc. announced the formation of Ashford Securities to raise retail capital in order to grow its existing and future platforms. In conjunction with the formation of Ashford Securities, Ashford Trust has entered into a contribution agreement with Ashford Inc. pursuant to which Ashford Trust has agreed to contribute, with Braemar Hotels & Resorts Inc. (“Braemar”), up to $15 million to fund the operations of Ashford Securities. As of June 30, 2020, Ashford Trust has funded approximately $2.5 million. As of June 30, 2020 and December 31, 2019, $582,000 and $1.6 million, respectively, of the pre-funded amounts were included in “other assets” on our consolidated balance sheets.
Costs for all operating expenses of Ashford Securities that are contributed by Ashford Trust and Braemar will be expensed as incurred. These costs will be allocated initially to Ashford Trust and Braemar based on an allocation percentage of 75% to Ashford Trust and 25% to Braemar. Upon reaching the earlier of $400 million in aggregate non-listed preferred equity offerings raised or June 10, 2023, there will be a true up (the “True-up Date”) between Ashford Trust and Braemar whereby the actual capital contributions contributed by each company will be based on the actual amount of capital raised by Ashford Trust and Braemar, respectively. After the True-up Date, the capital contributions will be allocated between Ashford Trust and Braemar quarterly based on the actual capital raised through Ashford Securities. Funding advances will be expensed as the expenses are incurred by Ashford Securities. The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Line Item
 
2020
 
2019
 
2020
 
2019
Corporate, general and administrative
 
$
316

 
$
—

 
$
1,013

 
$
—


In the fourth quarter of 2019, the Company expensed $896,000 of reimbursed operating expenses of Ashford Securities.
Enhanced Return Funding Program
The Enhanced Return Funding Program Agreement (the “ERFP Agreement”) generally provides that Ashford LLC will make investments to facilitate the acquisition of properties by Ashford Trust OP that are recommended by Ashford LLC, in an aggregate amount of up to $50 million (subject to increase to up to $100 million by mutual agreement). The investments will equal 10% of the property acquisition price and will be made, either at the time of the property acquisition or at any time generally in the following three years, in exchange for hotel FF&E for use at the acquired property or any other property owned by Ashford Trust OP.
The initial term of the ERFP Agreement is two years (the “Initial Term”), unless earlier terminated pursuant to the terms of the ERFP Agreement. At the end of the Initial Term, the ERFP Agreement shall automatically renew for successive one year periods (each such period a “Renewal Term”) unless either Ashford Inc. or Ashford Trust provides written notice to the other at least sixty days in advance of the expiration of the Initial Term or Renewal Term, as applicable, that such notifying party intends not to renew the ERFP Agreement.
As a result of the Embassy Suites New York Manhattan Times Square acquisition in 2019, under the ERFP Agreement, we are entitled to receive $19.5 million from Ashford LLC in the form of future purchases of hotel FF&E. In the second quarter of 2019, the Company sold $8.1 million of hotel FF&E from certain Ashford Trust hotel properties to Ashford LLC. On March 13, 2020, an extension agreement was entered into whereby the required FF&E acquisition date by Ashford LLC of the remaining $11.4 million was extended to December 31, 2022.
Project Management Agreement
In connection with Ashford Inc.’s August 8, 2018 acquisition of Remington Lodging’s project management business, we entered into a project management agreement with Ashford Inc.’s subsidiary, Premier Project Management LLC (“Premier”), pursuant to which Premier provides project management services to our hotels, including construction management, interior design, architectural services, and the purchasing, freight management, and supervision of installation of FF&E and related services. Pursuant to the project management agreement, we pay Premier: (a) project management fees of up to 4% of project costs; and (b) market service fees at current market rates with respect to construction management, interior design, FF&E purchasing, FF&E expediting/freight management, FF&E warehousing and FF&E installation and supervision. On March 20, 2020, we amended the project management agreement to provide that Premier's fees shall be paid by the Company to Premier upon the completion of any work provided by third party vendors to the Company.
Hotel Management Agreement
On November 6, 2019, Ashford Inc. completed the acquisition of Remington Lodging’s hotel management business. As a result of the acquisition, hotel management services are provided by Remington Hotels, a subsidiary of Ashford Inc., under the respective hotel management agreement with each customer, including Ashford Trust and Braemar.
At June 30, 2020, Remington Hotels managed 79 of our 116 hotel properties and the WorldQuest condominium properties.
We pay monthly hotel management fees equal to the greater of approximately $14,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria were met and other general and administrative expense reimbursements primarily related to accounting services.
Pursuant to the terms of the Letter Agreement dated March 13, 2020 (the “Hotel Management Letter Agreement”), in order to allow Remington Hotels to better manage its corporate working capital and to ensure the continued efficient operation of our hotels, we agreed to pay the base fee and to reimburse all expenses on a weekly basis for the preceding week, rather than on a monthly basis. The Hotel Management Letter Agreement went into effect on March 13, 2020 and will continue until terminated by us.
We also have a mutual exclusivity agreement with Remington Hotels, pursuant to which: (i) we have agreed to engage Remington Hotels to provide management services with respect to any hotel we acquire or invest in, to the extent we have the right and/or control the right to direct the management of such hotel; and (ii) Remington Hotels has agreed to grant us a right of first refusal to purchase any opportunity to develop or construct a hotel that it identifies that meets our initial investment guidelines. We are not, however, obligated to engage Remington Hotels if our independent directors either: (i) unanimously vote to hire a different manager or developer; or (ii) by a majority vote elect not to engage such related party because either special circumstances exist such that it would be in the best interest of our Company not to engage such related party, or, based on the related party’s prior performance, it is believed that another manager could perform the management or other duties materially better.
v3.20.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Restricted Cash—Under certain management and debt agreements for our hotel properties existing at June 30, 2020, escrow payments are required for insurance, real estate taxes, and debt service. In addition, for certain properties based on the terms of the underlying debt and management agreements, we escrow 4% to 6% of gross revenues for capital improvements. The Company is currently working with its property managers and lenders in order to utilize lender and manager held reserves to fund operating shortfalls.
Franchise Fees—Under franchise agreements for our hotel properties existing at June 30, 2020, we pay franchisor royalty fees between 3% and 6% of gross rooms revenue and, in some cases, 1% to 3% of food and beverage revenues. Additionally, we pay fees for marketing, reservations, and other related activities aggregating between 1% and 4% of gross rooms revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2021 and 2047. When a franchise term expires, the franchisor has no obligation to renew the franchise. A franchise termination could have a material adverse effect on the operations or the underlying value of the affected hotel due to loss of associated name recognition, marketing support, and centralized reservation systems provided by the franchisor. A franchise termination could also have a material adverse effect on cash available for distribution to stockholders. In addition, if we breach the franchise agreement and the franchisor terminates a franchise prior to its expiration date, we may be liable for up to three times the average annual fees incurred for that property.
The table below summarizes the franchise fees incurred (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Line Item
 
2020
 
2019
 
2020
 
2019
Other hotel expenses
 
$
3,202

 
$
20,954

 
$
17,261

 
$
38,702


Management Fees—Under hotel management agreements for our hotel properties existing at June 30, 2020, we pay monthly hotel management fees equal to the greater of approximately $14,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues, or in some cases 1% to 7% of gross revenues, as well as annual incentive management fees, if applicable. These hotel management agreements expire from 2021 through 2038, with renewal options. If we terminate a hotel management agreement prior to its expiration, we may be liable for estimated management fees through the remaining term and liquidated damages or, in certain circumstances, we may substitute a new management agreement.
Income Taxes—We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2016 through 2019 remain subject to potential examination by certain federal and state taxing authorities.
Potential Pension Liabilities—Upon our 2006 acquisition of a hotel property, certain employees of such hotel were unionized and covered by a multi-employer defined benefit pension plan. At that time, no unfunded pension liabilities existed. Subsequent to our acquisition, a majority of employees, who are employees of the hotel manager, Remington Lodging, petitioned the employer to withdraw recognition of the union. As a result of the decertification petition, Remington Lodging withdrew recognition of the union. At the time of the withdrawal, the National Retirement Fund, the union’s pension fund, indicated unfunded pension liabilities existed. The National Labor Relations Board (“NLRB”) filed a complaint against Remington Lodging seeking, among other things, a ruling that Remington Lodging’s withdrawal of recognition was unlawful. The pension fund entered into a settlement agreement with Remington Lodging on November 1, 2011, providing that Remington Lodging will continue to make monthly pension fund payments pursuant to the collective bargaining agreement. As of June 30, 2020, Remington Lodging continues to comply with the settlement agreement by making the appropriate monthly pension fund payments. If Remington Lodging does not comply with the settlement agreement, we have agreed to indemnify Remington Lodging for the payment of the unfunded pension liability, if any, as set forth in the settlement agreement equal to $1.7 million minus the monthly pension payments made by Remington Lodging since the settlement agreement. To illustrate, if Remington Lodging - as of the date a final determination occurs - has made monthly pension payments equaling $100,000, Remington Lodging’s remaining withdrawal liability would be the unfunded pension liability of $1.7 million minus $100,000 (or $1.6 million). This remaining unfunded pension liability would be paid to the pension fund in annual installments of $84,000 (but may be made monthly or quarterly, at Remington Lodging’s election), which shall continue for the remainder of twenty years, which is capped, unless Remington Lodging elects to pay the unfunded pension liability amount earlier.
Litigation—Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. This litigation involves a landlord tenant dispute from 2008 in which the landlord, Palm Beach Florida Hotel and Office Building Limited Partnership, a subsidiary of the Company, claimed that the tenant had violated various lease provisions of the lease agreement and was therefore in default. The tenant counterclaimed and asserted multiple claims including that it had been wrongfully evicted. The litigation was instituted by the plaintiff in November 2008 in the Circuit Court of the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida and proceeded to a jury trial on June 30, 2014. The jury entered its verdict awarding the tenant total claims of $10.8 million and ruling against the landlord on its claim of breach of contract. In 2016, the Court of Appeals reduced the original $10.8 million judgment to $8.8 million and added pre-judgment interest on the wrongful eviction judgment. The case was further appealed to the Florida Supreme Court. On May 23, 2017, the trial court issued an order compelling the company that issued the supersedeas bond, RLI Insurance Company (“RLI”), to pay approximately $10.0 million. On June 1,
2017, RLI paid Nantucket this amount and sought reimbursement from the Company, and on June 7, 2017, the Company paid $2.5 million of the judgment. On June 27, 2017, the Florida Supreme Court denied the Company’s petition for review. As a result, all of the appeals were exhausted and the judgment was final with the determination and reimbursement of attorney’s fees being the only remaining dispute. On June 29, 2017, the balance of the judgment of $3.9 million was paid to Nantucket by the Company. On July 26, 2018, we paid $544,000 as part of a settlement on certain legal fees. The negotiations relating to the potential payment of the remaining attorney’s fees are still ongoing. As of June 30, 2020, we have accrued approximately $504,000 in legal fees, which represents the Company’s estimate of the amount of potential remaining legal fees that could be owed.
On December 4, 2015, Pedro Membrives filed a class action lawsuit against HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Mark A. Sharkey, Archie Bennett, Jr., Monty J. Bennett, Christopher Peckham, and any other related entities in the Supreme Court of New York, Nassau County, Commercial Division. On August 30, 2016, the complaint was amended to add Michele Spero as a Plaintiff and Remington Long Island Employers, LLC as a defendant. The lawsuit is captioned Pedro Membrives and Michele Spero, individually and on behalf of others similarly situated v. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC, et al., Index No. 607828/2015 (Sup. Ct. Nassau Cty.). The plaintiffs allege that the owner and management company of the Hyatt Regency Long Island hotel violated New York law by improperly retaining service charges rather than distributing them to employees. In 2017, the class was certified. On July 24, 2018, the trial court granted the plaintiffs’ motion for summary judgment on liability. The defendants appealed the summary judgment to the New York State Appellate Division, Second Department (the “Second Department”), and the appeal is still pending. By Order dated May 7, 2020, the Second Department referred the matter for mandatory mediation. The parties participated in mediation on June 22, 2020, however, they were not able to arrive at mutually acceptable settlement terms. Notwithstanding the pending appeal on the summary judgment issue, the trial court continued the litigation with respect to the plaintiffs’ alleged damages. The plaintiffs filed an application for damages on August 28, 2019. The defendants filed their opposition to the plaintiffs’ application for damages on October 11, 2019. The plaintiffs filed their reply on October 25, 2019. The defendants intend to vigorously defend against the plaintiffs’ claims and the Company does not believe that an unfavorable outcome is probable. If, however, the plaintiffs’ motion for summary judgment on liability is upheld and the Company is unsuccessful in any further appeals, the Company estimates that damages could range between approximately $5.8 million and $11.9 million plus attorneys’ fees. As of June 30, 2020, no amounts have been accrued.
In June 2020, each of the Company, Braemar, Ashford Inc., and Lismore, a subsidiary of Ashford Inc. (collectively with the Company, Braemar, Ashford Inc. and Lismore, the “Ashford Companies”), received an administrative subpoena from the SEC. The administrative subpoena requests the production of documents and other information since January 1, 2018 relating to, among other things, (1) related party transactions among the Ashford Companies (including the agreement between the Company and Lismore pursuant to which the Company engaged Lismore to negotiate the refinancing, modification or forbearance of certain mortgage debt) or between any of the Ashford Companies and any officer, director or owner of the Ashford Companies or any entity controlled by any such person, and (2) the Company’s accounting policies, procedures, and internal controls related to such related party transactions. The Company is responding to the administrative subpoena.
We are engaged in other various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss from these legal proceedings is based on the definitions within contingency accounting literature. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position, results of operations or cash flow. However, the final results of legal proceedings cannot be predicted with certainty and if we fail to prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position or results of operations could be materially adversely affected in future periods.
v3.20.2
Segment Reporting
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We operate in one business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refers to owning hotel properties through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments have similar economic characteristics. As of June 30, 2020 and December 31, 2019, all of our hotel properties were domestically located.
v3.20.2
Subsequent Event
 6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On March 16, 2020, the Company announced that in light of the uncertainty created by the effects of COVID-19, the annual cash retainer for each independent director serving on the Company’s board of directors would be temporarily reduced by 25% and would continue in effect until the board of directors determined in its discretion that the effects of COVID-19 had subsided. The Company also disclosed at that time that any amounts relinquished pursuant to the reduction in fees may be paid in the future, as determined by the board of directors in its discretion. On August 3, 2020, the Company announced that for fiscal year 2020, the independent directors will receive the full value of their annual cash retainer (without reduction). However, all remaining quarterly installments of the annual cash retainer (and any additional cash retainers for committee service or service as lead director), will instead be paid in either fully vested shares of common stock or LTIP units (at each director’s election). The board of directors currently intends to continue paying the value of all cash retainers to independent directors in the form of equity through the Company’s 2021 Annual Meeting of Stockholders, at which time the board of directors currently intends to re-examine the program.
v3.20.2
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2019 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 12, 2020.
Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP.
Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
Use of Estimates
Use of Estimates—The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes
Income Taxes—On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law and includes certain income tax provisions relevant to businesses. The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted. For the period ended June 30, 2020, the CARES Act did not have a material impact on the Company’s consolidated financial statements. At this time, the Company does not expect the impact of the CARES Act to have a material impact on the Company’s consolidated financial statements for the year ending December 31, 2020.
Recently Adopted and Issued Accounting Standards
Recently Adopted Accounting Standards—In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit
Losses on Financial Instruments (“ASU 2016-13”). The ASU sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”). ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates (“ASU 2019-10”). ASU 2019-10 updates the effective dates for ASU 2016-13, but there is no change for public companies. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2019-11”). ASU 2019-11, clarifies specific issues within the amendments of ASU 2016-13. We adopted the standard effective January 1, 2020 and the adoption of this standard did not have a material impact on our consolidated financial statements.
Recently Issued Accounting Standards—In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (“ASU 2020-01”), which clarifies the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. The ASU, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments-Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted. We are currently evaluating the impact that ASU 2020-01 may have on our consolidated financial statements and related disclosures.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur.
Reclassification Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation.
v3.20.2
Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Schedule of Acquisitions and Dispositions that Affect Comparability
The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements:
Hotel Property 
 
Location 
 
Type
 
Date
Embassy Suites New York Manhattan Times Square
 
New York, NY
 
Acquisition
 
January 22, 2019
Hilton Santa Cruz/Scotts Valley
 
Santa Cruz, CA
 
Acquisition
 
February 26, 2019
San Antonio Marriott
 
San Antonio, TX
 
Disposition
 
August 2, 2019
Hilton Garden Inn Wisconsin Dells
 
Wisconsin Dells, WI
 
Disposition
 
August 6, 2019
Courtyard Savannah
 
Savannah, GA
 
Disposition
 
August 14, 2019
SpringHill Suites Jacksonville
 
Jacksonville, FL
 
Disposition
 
December 3, 2019
Crowne Plaza Annapolis
 
Annapolis, MD
 
Disposition
 
March 9, 2020
v3.20.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following tables present our revenue disaggregated by geographical areas (in thousands):
 
 
Three Months Ended June 30, 2020
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
1,094

 
$
—

 
$
459

 
$
—

 
$
1,553

Boston, MA Area
 
3

 
808

 
—

 
291

 
—

 
1,099

Dallas / Ft. Worth Area
 
7

 
1,631

 
57

 
158

 
—

 
1,846

Houston, TX Area
 
3

 
1,165

 
11

 
43

 
—

 
1,219

Los Angeles, CA Metro Area
 
6

 
3,377

 
71

 
344

 
—

 
3,792

Miami, FL Metro Area
 
3

 
464

 
23

 
24

 
—

 
511

Minneapolis - St. Paul, MN - WI Area
 
4

 
356

 
16

 
171

 
—

 
543

Nashville, TN Area
 
1

 
172

 
14

 
153

 
—

 
339

New York / New Jersey Metro Area
 
7

 
2,961

 
14

 
290

 
—

 
3,265

Orlando, FL Area
 
3

 
637

 
1

 
83

 
—

 
721

Philadelphia, PA Area
 
3

 
964

 
113

 
18

 
—

 
1,095

San Diego, CA Area
 
2

 
647

 
1

 
68

 
—

 
716

San Francisco - Oakland, CA Metro Area
 
7

 
3,466

 
—

 
296

 
—

 
3,762

Tampa, FL Area
 
2

 
806

 
25

 
62

 
—

 
893

Washington D.C. - MD - VA Area
 
9

 
1,651

 
30

 
243

 
—

 
1,924

Other Areas
 
47

 
17,189

 
821

 
1,422

 
—

 
19,432

Orlando WorldQuest
 
—

 
51

 
—

 
28

 
—

 
79

Corporate
 
—

 
—

 
—

 
—

 
276

 
276

Total
 
116

 
$
37,439

 
$
1,197

 
$
4,153

 
$
276

 
$
43,065

 
 
Three Months Ended June 30, 2019
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
18,001

 
$
4,607

 
$
1,195

 
$
—

 
$
23,803

Boston, MA Area
 
3

 
18,880

 
2,272

 
1,002

 
—

 
22,154

Dallas / Ft. Worth Area
 
7

 
15,986

 
4,078

 
871

 
—

 
20,935

Houston, TX Area
 
3

 
6,939

 
2,131

 
219

 
—

 
9,289

Los Angeles, CA Metro Area
 
6

 
20,282

 
4,113

 
1,294

 
—

 
25,689

Miami, FL Metro Area
 
3

 
6,812

 
2,593

 
239

 
—

 
9,644

Minneapolis - St. Paul, MN - WI Area
 
4

 
9,197

 
2,293

 
1,318

 
—

 
12,808

Nashville, TN Area
 
1

 
14,539

 
6,272

 
523

 
—

 
21,334

New York / New Jersey Metro Area
 
7

 
27,391

 
7,598

 
685

 
—

 
35,674

Orlando, FL Area
 
3

 
7,597

 
512

 
413

 
—

 
8,522

Philadelphia, PA Area
 
3

 
7,037

 
1,010

 
197

 
—

 
8,244

San Diego, CA Area
 
2

 
4,734

 
257

 
273

 
—

 
5,264

San Francisco - Oakland, CA Metro Area
 
7

 
24,239

 
2,514

 
708

 
—

 
27,461

Tampa, FL Area
 
2

 
6,395

 
1,765

 
294

 
—

 
8,454

Washington D.C. - MD - VA Area
 
9

 
39,610

 
8,159

 
2,339

 
—

 
50,108

Other Areas
 
47

 
91,993

 
16,003

 
6,285

 
—

 
114,281

Orlando WorldQuest
 
—

 
1,018

 
37

 
298

 
—

 
1,353

Sold properties
 
5

 
7,602

 
1,084

 
322

 
—

 
9,008

Corporate
 
—

 
—

 
—

 
—

 
1,123

 
1,123

Total
 
121

 
$
328,252

 
$
67,298

 
$
18,475

 
$
1,123

 
$
415,148

 
 
Six Months Ended June 30, 2020
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
15,152

 
$
4,059

 
$
1,612

 
$
—

 
$
20,823

Boston, MA Area
 
3

 
7,596

 
995

 
1,524

 
—

 
10,115

Dallas / Ft. Worth Area
 
7

 
14,759

 
3,978

 
1,117

 
—

 
19,854

Houston, TX Area
 
3

 
6,271

 
2,302

 
231

 
—

 
8,804

Los Angeles, CA Metro Area
 
6

 
19,589

 
3,428

 
1,429

 
—

 
24,446

Miami, FL Metro Area
 
3

 
8,606

 
2,464

 
231

 
—

 
11,301

Minneapolis - St. Paul, MN - WI Area
 
4

 
4,926

 
1,275

 
761

 
—

 
6,962

Nashville, TN Area
 
1

 
9,710

 
5,114

 
1,041

 
—

 
15,865

New York / New Jersey Metro Area
 
7

 
17,296

 
3,417

 
1,390

 
—

 
22,103

Orlando, FL Area
 
3

 
7,550

 
428

 
761

 
—

 
8,739

Philadelphia, PA Area
 
3

 
4,651

 
801

 
179

 
—

 
5,631

San Diego, CA Area
 
2

 
3,991

 
248

 
306

 
—

 
4,545

San Francisco - Oakland, CA Metro Area
 
7

 
19,558

 
2,068

 
944

 
—

 
22,570

Tampa, FL Area
 
2

 
7,415

 
2,166

 
413

 
—

 
9,994

Washington D.C. - MD - VA Area
 
9

 
22,097

 
4,418

 
2,220

 
—

 
28,735

Other Areas
 
47

 
82,507

 
11,817

 
6,952

 
—

 
101,276

Orlando WorldQuest
 
—

 
1,082

 
25

 
375

 
—

 
1,482

Sold properties
 
1

 
490

 
144

 
15

 
—

 
649

Corporate
 
—

 
—

 
—

 
—

 
1,048

 
1,048

Total
 
117

 
$
253,246

 
$
49,147

 
$
21,501

 
$
1,048

 
$
324,942

 
 
Six Months Ended June 30, 2019
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
38,277

 
$
9,650

 
$
2,390

 
$
—

 
$
50,317

Boston, MA Area
 
3

 
28,350

 
3,873

 
1,814

 
—

 
34,037

Dallas / Ft. Worth Area
 
7

 
31,890

 
8,854

 
1,756

 
—

 
42,500

Houston, TX Area
 
3

 
13,580

 
4,692

 
418

 
—

 
18,690

Los Angeles, CA Metro Area
 
6

 
40,826

 
8,706

 
2,460

 
—

 
51,992

Miami, FL Metro Area
 
3

 
15,722

 
5,381

 
464

 
—

 
21,567

Minneapolis - St. Paul, MN - WI Area
 
4

 
15,566

 
3,915

 
2,111

 
—

 
21,592

Nashville, TN Area
 
1

 
26,621

 
11,470

 
1,220

 
—

 
39,311

New York / New Jersey Metro Area
 
7

 
46,268

 
12,304

 
1,451

 
—

 
60,023

Orlando, FL Area
 
3

 
16,583

 
1,048

 
873

 
—

 
18,504

Philadelphia, PA Area
 
3

 
11,704

 
1,803

 
353

 
—

 
13,860

San Diego, CA Area
 
2

 
9,063

 
659

 
492

 
—

 
10,214

San Francisco - Oakland, CA Metro Area
 
7

 
45,864

 
4,852

 
1,275

 
—

 
51,991

Tampa, FL Area
 
2

 
14,529

 
4,478

 
563

 
—

 
19,570

Washington D.C. - MD - VA Area
 
9

 
65,365

 
13,609

 
4,150

 
—

 
83,124

Other Areas
 
47

 
172,369

 
30,418

 
11,586

 
—

 
214,373

Orlando WorldQuest
 
—

 
2,204

 
52

 
691

 
—

 
2,947

Sold properties
 
5

 
13,852

 
2,595

 
612

 
—

 
17,059

Corporate
 
—

 
—

 
—

 
—

 
2,195

 
2,195

Total
 
121

 
$
608,633

 
$
128,359

 
$
34,679

 
$
2,195

 
$
773,866
v3.20.2
Investments in Hotel Properties, net (Tables)
 6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Schedule of Investments in Hotel Properties, net
Investments in hotel properties, net consisted of the following (in thousands):
 
June 30, 2020
 
December 31, 2019
Land
$
764,751

 
$
769,381

Buildings and improvements
4,053,059

 
4,129,884

Furniture, fixtures and equipment
465,923

 
503,156

Construction in progress
9,257

 
29,745

Condominium properties
11,740

 
12,093

Total cost
5,304,730

 
5,444,259

Accumulated depreciation
(1,376,904
)
 
(1,335,816
)
Investments in hotel properties, net
$
3,927,826

 
$
4,108,443
v3.20.2
Hotel Dispositions and Impairment Charges (Tables)
 6 Months Ended
Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Non-Recurring Basis of Fair Value Measurement of Hotel Properties
The following table presents our hotel properties measured at fair value as a result of the aforementioned impairment charges aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis at June 30, 2020, and the related impairment charges recorded (in thousands):
 
Fair values as of June 30, 2020
 
Six months ended June 30, 2020
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Impairment Charges
 
Phoenix Hampton Inn Airport North
$
—

 
$
—

 
$
—

 
$
—

 
$
3,692

(1) 
Columbus Hampton Inn Easton
—

 
—

 
11,252

 
11,252

 
15,678

(2) 
Pittsburgh Hampton Inn Waterfront West Homestead
—

 
—

 
5,723

 
5,723

 
2,985

(2) 
Washington Hampton Inn Pittsburgh Meadow Lands
—

 
—

 
5,820

 
5,820

 
3,035

(2) 
Cannonsburg Homewood Suites Pittsburgh Southpointe
—

 
—

 
15,132

 
15,132

 
11,826

(2) 
Stillwater Residence Inn
—

 
—

 
4,171

 
4,171

 
2,395

(2) 
Billerica Courtyard by Marriott Boston
—

 
—

 
17,945

 
17,945

 
9,471

(2) 
Wichita Courtyard by Marriott Old Town
—

 
—

 
12,901

 
12,901

 
6,136

(2) 
Total
$
—

 
$
—

 
$
72,944

 
$
72,944

 
$
55,218

 
_________________________
(1) 
The impairment charge was taken in the quarter ended March 31, 2020, based on its estimated fair value of $9.0 million which is considered a Level 3 valuation technique.
(2) 
The impairment charges were based on the estimated fair value of each applicable hotel property and were recorded during the six months ended June 30, 2020.
v3.20.2
Investment in Unconsolidated Entity (Tables)
 6 Months Ended
Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
The following table summarizes our carrying value and ownership interest in OpenKey:
 
June 30, 2020
 
December 31, 2019
Carrying value of the investment in OpenKey (in thousands)
$
2,722

 
$
2,829

Ownership interest in OpenKey
17.1
%
 
17.0
%
The following table summarizes our equity in earnings (loss) in OpenKey (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Line Item
 
2020
 
2019
 
2020
 
2019
Equity in earnings (loss) of unconsolidated entities
 
$
(79
)
 
$
(100
)
 
$
(158
)
 
$
(216
)
v3.20.2
Indebtedness, net (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Summary of Indebtedness
Indebtedness consisted of the following (in thousands):
Indebtedness
 
Collateral
 
Maturity
 
Interest Rate (1)
 
Default Rate (2)
 
June 30, 2020
 
December 31, 2019
Mortgage loan(4)
 
1 hotel
 
June 2020
 
LIBOR(3) + 5.10%
 
n/a
 
$
—

 
$
43,750

Mortgage loan(5) (6)
 
7 hotels
 
June 2020
 
LIBOR(3) + 3.65%
 
4.00%
 
180,720

 
180,720

Mortgage loan(5) (6)
 
7 hotels
 
June 2020
 
LIBOR(3) + 3.39%
 
4.00%
 
174,400

 
174,400

Mortgage loan(5) (6)
 
5 hotels
 
June 2020
 
LIBOR(3) + 3.73%
 
4.00%
 
221,040

 
221,040

Mortgage loan(5) (6)
 
5 hotels
 
June 2020
 
LIBOR(3) + 4.02%
 
4.00%
 
262,640

 
262,640

Mortgage loan(5) (6)
 
5 hotels
 
June 2020
 
LIBOR(3) + 2.73%
 
4.00%
 
160,000

 
160,000

Mortgage loan(5) (6)
 
5 hotels
 
June 2020
 
LIBOR(3) + 3.68%
 
4.00%
 
215,120

 
215,120

Mortgage loan(7)
 
1 hotel
 
July 2020
 
LIBOR(3) + 4.40%
 
n/a
 
35,200

 
35,200

Mortgage loan(8) (9)
 
8 hotels
 
July 2020
 
LIBOR(3) + 4.33%
 
n/a
 
144,188

 
144,000

Mortgage loan(6)
 
1 hotel
 
November 2020
 
6.26%
 
5.00%
 
91,046

 
91,542

Mortgage loan(10)
 
1 hotel
 
November 2020
 
LIBOR(3) + 2.55%
 
n/a
 
25,000

 
25,000

Mortgage loan(6) (11)
 
17 hotels
 
November 2020
 
LIBOR(3) + 3.00%
 
4.00%
 
419,000

 
419,000

Mortgage loan(6) (12)
 
8 hotels
 
February 2021
 
LIBOR(3) + 2.92%
 
5.00%
 
395,000

 
395,000

Mortgage loan(5) (6)
 
2 hotels
 
March 2021
 
LIBOR(3) + 2.75%
 
4.00%
 
240,000

 
240,000

Mortgage loan(6) (13)
 
19 hotels
 
April 2021
 
LIBOR(3) + 3.20%
 
4.00%
 
907,030

 
907,030

Mortgage loan(6) (14)
 
1 hotel
 
February 2022
 
LIBOR(3) + 3.90%
 
5.00%
 
145,000

 
145,000

Mortgage loan(6)
 
1 hotel
 
November 2022
 
LIBOR(3) + 2.00%
 
5.00%
 
97,000

 
97,000

Mortgage loan(15)
 
1 hotel
 
December 2022
 
LIBOR(3) + 2.25%
 
n/a
 
16,100

 
16,100

Mortgage loan(4) (6) (18)
 
1 hotel
 
January 2023
 
LIBOR(3) + 3.40%
 
4.00%
 
37,000

 
—

Mortgage loan(6) (9)
 
1 hotel
 
May 2023
 
5.46%
 
5.00%
 
51,582

 
51,843

Mortgage loan(16)
 
1 hotel
 
June 2023
 
LIBOR(3) + 2.45%
 
n/a
 
73,450

 
73,450

Mortgage loan(6)
 
1 hotel
 
January 2024
 
5.49%
 
5.00%
 
6,727

 
6,759

Mortgage loan(6)
 
1 hotel
 
January 2024
 
5.49%
 
5.00%
 
9,818

 
9,865

Mortgage loan(6)
 
1 hotel
 
May 2024
 
4.99%
 
5.00%
 
6,260

 
6,292

Mortgage loan(17)
 
1 hotel
 
June 2024
 
LIBOR(3) + 2.00%
 
n/a
 
8,881

 
8,881

Mortgage loan(6) (9)
 
3 hotels
 
August 2024
 
5.20%
 
4.00%
 
64,022

 
64,207

Mortgage loan(6)
 
2 hotels
 
August 2024
 
4.85%
 
4.00%
 
11,792

 
11,845

Mortgage loan(6)
 
3 hotels
 
August 2024
 
4.90%
 
4.00%
 
23,578

 
23,683

Mortgage loan(6)
 
2 hotels
 
February 2025
 
4.45%
 
4.00%
 
19,369

 
19,438

Mortgage loan(6)
 
3 hotels
 
February 2025
 
4.45%
 
4.00%
 
50,098

 
50,279

Mortgage loan(6)
 
1 hotel
 
March 2025
 
4.66%
 
5.00%
 
24,794

 
24,919

 
 
 
 
 
 
 
 
 
 
4,115,855

 
4,124,003

Premiums, net
 
 
 
 
 
 
 
 
 
542

 
655

Deferred loan costs, net
 
 
 
 
 
 
 
 
 
(9,152
)
 
(18,140
)
Indebtedness, net
 
 
 
 
 
 
 
 
 
$
4,107,245

 
$
4,106,518

_____________________________
(1) 
Interest rates do not include default or late payment rates in effect on some mortgage loans.
(2) 
Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of June 30, 2020. The default rate is accrued in addition to the stated interest rate.
(3)  
LIBOR rates were 0.162% and 1.763% at June 30, 2020 and December 31, 2019, respectively.
(4) 
On January 9, 2020, we refinanced this mortgage loan totaling $43.8 million with a new $37.0 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 3.40%.
(5)  
This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.
(6) 
As of June 30, 2020, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations.
(7) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in July 2019.
(8) 
Effective April 22, 2020, we executed a forbearance agreement for this mortgage loan, which amended the terms. Terms of the agreement included interest payment deferral for three months, which is due at maturity, lender's legal fees were added to the principal balance of the mortgage loan totaling $188,000,
lender held reserves could be utilized to fund budgeted operating shortfalls at the property-level, and FF&E deposits being waived through maturity. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in July 2019.
(9) 
The lender holding this mortgage loan has delivered a notice of UCC sale, which provides that the lender will sell the subsidiaries of the Company that owns the respective hotels in public auction.
(10) 
Effective June 29, 2020, we executed a consent and loan modification agreement for this mortgage loan. In connection with the agreement, lender-held reserves were made available to fund monthly interest payments due under the loan and monthly FF&E escrow deposits were waived until April 2021. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.25%.
(11)
This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in November 2019.
(12)  
This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in February 2020.
(13)  
Effective July 9, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through October 2020. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2020.
(14) 
This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.50%.
(15) 
Effective May 1, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for three months, with all deferred payments due at maturity, lender-held reserves were made available to fund property-level operating expenses, monthly FF&E escrow deposits were waived through December 2020 and tax escrow deposits were waived through October 2020. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(16) 
Effective May 20, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through March 2021. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period.
(17)  
Effective April 7, 2020, we executed a forbearance agreement for this mortgage loan, which amended the terms. Terms of the agreement include an initial interest payment deferral for three months, with the option to extend the interest payment deferral an additional three months. All deferred interest is due at maturity.
(18)  
Effective July 7, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for two months, lender-held reserves were made available to fund monthly interest payments due under the loan and property-level operating expenses, and monthly FF&E escrow deposits were waived through March 2021. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period.
Schedule of Interest Expense - Premium Amortization
During the three and six months ended June 30, 2020 and 2019, we recognized net premium amortization as presented in the table below (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Line Item
 
2020
 
2019
 
2020
 
2019
Interest expense and amortization of premium and loan costs
 
$
57

 
$
55

 
$
113

 
$
120
v3.20.2
Notes Receivable, net and Other (Tables)
 6 Months Ended
Jun. 30, 2020
Receivables [Abstract]  
Schedule of Notes Receivable and Other
Notes receivable, net are summarized in the table below (dollars in thousands):
 
Interest Rate
 
June 30, 2020
 
December 31, 2019
Construction Financing Note (1) (5)
 
 
 
 
 
Face amount
7.0
%
 
$
4,000

 
$
4,000

Discount (2)
 
 
(275
)
 
(402
)
 
 
 
3,725

 
3,598

Certificate of Occupancy Note (3) (5)
 
 
 
 
 
Face amount
7.0
%
 
$
5,250

 
$
5,250

Discount (4)
 
 
(994
)
 
(1,139
)
 
 
 
4,256

 
4,111

Note receivable, net
 
 
$
7,981

 
$
7,709

____________________________________
(1) 
The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before the earlier of (i) the buyer closing on third party institutional financing for the construction of improvements on the property, (ii) three years after the development commencement date, or (iii) July 9, 2024.
(2) 
The discount represents the imputed interest during the interest free period. Interest begins accruing on July 9, 2021.
(3) 
The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before July 9, 2025.
(4) 
The discount represents the imputed interest during the interest free period. Interest begins accruing on July 9, 2023.
(5)
The notes receivable are secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront.
Schedule of Other Consideration
Other consideration received from the sale of the 1.65-acre parking lot adjacent to the Hilton St. Petersburg Bayfront is summarized in the table below (dollars in thousands):
 
Imputed Interest Rate
 
June 30, 2020
 
December 31, 2019
 
Future ownership rights of parking parcel
7.0
%
 
$
4,100

 
$
4,100

 
Imputed interest
 
 
219

 
72

 
 
 
 
4,319

(1) 
4,172

(1) 
 
 
 
 
 
 
 
Free use of parking easement prior to development commencement
7.0
%
 
$
235

 
$
235

 
Accumulated amortization
 
 
(235
)
 
(118
)
 
 
 
 
—

(1) 
117

(1) 
 
 
 
 
 
 
 
Reimbursement of parking fees while parking parcel is in development (2)
7.0
%
 
$
462

 
$
462

 
Accumulated amortization
 
 
—

 
—

 
 
 
 
462

(1) 
462

(1) 
Total
 
 
$
4,781

 
$
4,751

 
____________________________________
(1) 
Included in “other assets” in the consolidated balance sheets.
(2) 
Amortization will commence when the parking parcel begins development.
v3.20.2
Derivative Instruments and Hedging (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents a summary of our interest rate derivatives entered into over each applicable period:
 
Six Months Ended June 30,
 
 
2020
 
2019
 
Interest rate caps:
 
 
 
 
Notional amount (in thousands)
$
432,000

(1) 
$
624,050

(1) 
Strike rate low end of range
3.00
%
 
1.50
%
 
Strike rate high end of range
4.00
%
 
4.00
%
 
Effective date range
January 2020

 
January 2019 - June 2019

 
Termination date range
February 2021 - February 2022

 
June 2020 - February 2022

 
Total cost (in thousands)
$
63

 
$
1,048

 
 
 
 
 
 
Interest rate floors:
 
 
 
 
Notional amount (in thousands)
$
—

(1) 
$
6,000,000

(1) 
Strike rate low end of range


 
1.63
%
 
Strike rate high end of range


 
1.63
%
 
Effective date range


 
January 2019

 
Termination date range


 
March 2020

 
Total cost (in thousands)
$
—

 
$
225

 
_______________
(1) 
These instruments were not designated as cash flow hedges.
We held interest rate instruments as summarized in the table below:
 
June 30, 2020
 
December 31, 2019
 
Interest rate caps:
 
 
 
 
Notional amount (in thousands)
$
1,521,650

(1) 
$
3,799,740

(1) 
Strike rate low end of range
1.81
 %
 
1.50
 %
 
Strike rate high end of range
4.88
 %
 
5.22
 %
 
Termination date range
July 2020 - February 2022

 
February 2020 - February 2022

 
Aggregate principle balance on corresponding mortgage loans (in thousands)
$
1,513,838

 
$
3,666,331

 
 
 
 
 
 
Interest rate floors: (2)
 
 
 
 
Notional amount (in thousands)
$
5,025,000

(1) 
$
12,025,000

(1) 
Strike rate low end of range
(0.25
)%
 
(0.25
)%
 
Strike rate high end of range
1.25
 %
 
1.63
 %
 
Termination date range
July 2020 - November 2021

 
March 2020 - November 2021

 
_______________
(1) 
These instruments were not designated as cash flow hedges.
(2) 
Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.
v3.20.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
 
 
Quoted Market Prices (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
 
Counter-party and Cash Collateral Netting(1)
 
Total
 
 
 
 
June 30, 2020:
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
 
 
 
 
 
Interest rate derivatives - floors
$
—

 
$
425

 
$
—

 
$
—

 
$
425

(2) 
 
Interest rate derivatives - caps
—

 
40

 
—

 
—

 
40

(2) 
 
Credit default swaps
—

 
(1,154
)
 
—

 
2,541

 
1,387

(2) 
 
 
—

 
(689
)
 
—

 
2,541

 
1,852

 
 
Non-derivative assets:
 
 
 
 
 
 
 
 
 
 
 
Equity securities
1,819

 
—

 
—

 
—

 
1,819

(3) 
 
Total
$
1,819

 
$
(689
)
 
$
—

 
$
2,541

 
$
3,671

 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
Credit default swaps
—

 
(820
)
 
—

 
600

 
(220
)
(4) 
 
Net
$
1,819

 
$
(1,509
)
 
$
—

 
$
3,141

 
$
3,451

 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019:
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
 
 
 
 
 
Interest rate derivatives - floors
$
—

 
$
42

 
$
—

 
$
257

 
$
299

(2) 
 
Interest rate derivatives - caps
—

 
47

 
—

 
—

 
47

(2) 
 
Credit default swaps
—

 
(1,579
)
 
—

 
2,924

 
1,345

(2) 
 
 
—

 
(1,490
)
 
—

 
3,181

 
1,691

 
 
Non-derivative assets:
 
 
 
 
 
 
 
 
 
 
 
Equity securities
14,591

 
—

 
—

 
—

 
14,591

(3) 
 
Total
$
14,591

 
$
(1,490
)
 
$
—

 
$
3,181

 
$
16,282

 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
Credit default swaps
—

 
(1,092
)
 
—

 
1,050

 
(42
)
(4) 
 
Net
$
14,591

 
$
(2,582
)
 
$
—

 
$
4,231

 
$
16,240

 
____________________________________
(1) 
Represents net cash collateral posted between us and our counterparties.
(2) 
Reported net as “derivative assets, net” in our consolidated balance sheets.
(3) 
Reported as “marketable securities” in our consolidated balance sheets.
(4) 
Reported net as “derivative liabilities, net” in our consolidated balance sheets.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations
The following tables summarize the effect of fair value measured assets and liabilities on the consolidated statements of operations (in thousands):
 
Gain (Loss) Recognized in Income
 
 
Three Months Ended June 30,
 
 
2020
 
2019
 
Assets
 
 
 
 
Derivative assets:
 
 
 
 
Interest rate derivatives - floors
$
386

 
$
2,115

 
Interest rate derivatives - caps
(18
)
 
(472
)
 
Credit default swaps
(2,005
)
(4) 
(257
)
(4) 
 
(1,637
)
 
1,386

 
Non-derivative assets:
 
 
 
 
Equity
483

 
618

 
Total
(1,154
)
 
2,004

 
Liabilities
 
 
 
 
Derivative liabilities:
 
 
 
 
Credit default swaps
(1,171
)
(4) 
(135
)
(4) 
Net
$
(2,325
)
 
$
1,869

 
 
 
 
 
 
Total combined
 
 
 
 
Interest rate derivatives - floors
$
3,386

 
$
2,340

 
Interest rate derivatives - caps
(18
)
 
(472
)
 
Credit default swaps
(3,176
)
 
(392
)
 
Unrealized gain (loss) on derivatives
192

(1) 
1,476

(1) 
Realized gain (loss) on interest rate floors
(3,000
)
(2) 
(225
)
(2) 
Unrealized gain (loss) on marketable securities
479

(3) 
598

(3) 
Realized gain (loss) on marketable securities
4

(2) 
20

(2) 
Net
$
(2,325
)
 
$
1,869

 
____________________________________
(1) 
Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations.
(2) 
Included in “other income (expense)” in our consolidated statements of operations.
(3) 
Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations.
(4) 
Excludes costs of $272 and $271 for the three months ended June 30, 2020 and 2019, respectively, included in “other income (expense)” associated with credit default swaps.
 
Gain (Loss) Recognized in Income
 
 
Six Months Ended June 30,
 
 
2020
 
2019
 
Assets
 
 
 
 
Derivative assets:
 
 
 
 
Interest rate derivatives - floors
$
763

 
$
1,919

 
Interest rate derivatives - caps
(70
)
 
(1,114
)
 
Credit default swaps
425

(4) 
(1,790
)
(4) 
 
1,118

 
(985
)
 
Non-derivative assets:
 
 
 
 
Equity
1,110

 
1,422

 
Total
2,228

 
437

 
 
 
 
 
 
Liabilities
 
 
 
 
Derivative liabilities:
 
 
 
 
Credit default swaps
271

(4) 
(921
)
(4) 
Net
$
2,499

 
$
(484
)
 
 
 
 
 
 
Total combined
 
 
 
 
Interest rate derivatives - floors
$
3,988

 
$
2,307

 
Interest rate derivatives - caps
(70
)
 
(1,114
)
 
Credit default swaps
696

 
(2,711
)
 
Unrealized gain (loss) on derivatives
4,614

(1) 
(1,518
)
(1) 
Realized gain (loss) on options on interest rate floors
(3,225
)
(2) 
(388
)
(2) 
Unrealized gain (loss) on marketable securities
(998
)
(3) 
1,406

(3) 
Realized gain (loss) on marketable securities
2,108

(2) 
16

(2) 
Net
$
2,499

 
$
(484
)
 

____________________________________
(1) 
Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations.
(2) 
Included in “other income (expense)” in our consolidated statements of operations.
(3) 
Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations.
(4) 
Excludes costs of $540 and $537 for the six months ended June 30, 2020 and 2019, respectively, included in “other income (expense)” associated with credit default swaps.
v3.20.2
Summary of Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Investments, All Other Investments [Abstract]  
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):
 
June 30, 2020
 
December 31, 2019
 
Carrying Value
 
Estimated Fair Value
 
Carrying Value
 
Estimated Fair Value
Financial assets and liabilities measured at fair value:
 
 
 
 
 
 
 
Marketable securities
$
1,819

 
$
1,819

 
$
14,591

 
$
14,591

Derivative assets, net
1,852

 
1,852

 
1,691

 
1,691

Derivative liabilities, net
220

 
220

 
42

 
42

 
 
 
 
 
 
 
 
Financial assets not measured at fair value:
 
 
 
 
 
 
 
Cash and cash equivalents
$
165,476

 
$
165,476

 
$
262,636

 
$
262,636

Restricted cash
95,318

 
95,318

 
135,571

 
135,571

Accounts receivable, net
19,299

 
19,299

 
39,638

 
39,638

Notes receivable, net
7,981

 
7,582 to 8,380

 
7,709

 
7,323 to 8,095

Due from related parties, net
4,969

 
4,969

 
3,019

 
3,019

Due from third-party hotel managers
12,894

 
12,894

 
17,368

 
17,368

 
 
 
 
 
 
 
 
Financial liabilities not measured at fair value:
 
 
 
 
 
 
 
Indebtedness
$
4,116,397

 
$3,638,266 to $4,021,238

 
$
4,124,658

 
$3,881,453 to $4,290,027

Accounts payable and accrued expenses
89,152

 
89,152

 
124,226

 
124,226

Accrued interest payable
90,997

 
90,997

 
10,115

 
10,115

Dividends and distributions payable
868

 
868

 
20,849

 
20,849

Due to Ashford Inc., net
2,421

 
2,421

 
6,570

 
6,570

Due to third-party hotel managers
605

 
605

 
2,509

 
2,509
v3.20.2
Income (Loss) Per Share (Tables)
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share
The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Income (loss) allocated to common stockholders - basic and diluted:
 
 
 
 
 
 
 
Income (loss) attributable to the Company
$
(204,616
)
 
$
(16,282
)
 
$
(288,817
)
 
$
(54,299
)
Less: Dividends on preferred stock
(10,644
)
 
(10,644
)
 
(21,288
)
 
(21,288
)
Less: Dividends on common stock
—

 
(5,865
)
 
—

 
(17,844
)
Less: Dividends on unvested performance stock units
—

 
(95
)
 
—

 
(285
)
Add: Claw back of dividends on unvested performance stock units
227

 
—

 
605

 
—

Less: Dividends on unvested restricted shares
—

 
(263
)
 
—

 
(544
)
Undistributed income (loss) allocated to common stockholders
(215,033
)
 
(33,149
)
 
(309,500
)
 
(94,260
)
Add back: Dividends on common stock
—

 
5,865

 
—

 
17,844

Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted
$
(215,033
)
 
$
(27,284
)
 
$
(309,500
)
 
$
(76,416
)
 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic and diluted
10,312

 
9,994

 
10,162

 
9,968

 
 
 
 
 
 
 
 
Basic income (loss) per share:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders per share
$
(20.85
)
 
$
(2.73
)
 
$
(30.46
)
 
$
(7.67
)
 
 
 
 
 
 
 
 
Diluted income (loss) per share:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders per share
$
(20.85
)
 
$
(2.73
)
 
$
(30.46
)
 
$
(7.67
)
Summary of Computation of Diluted Income Per Share
Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Income (loss) allocated to common stockholders is not adjusted for:
 
 
 
 
 
 
 
Income (loss) allocated to unvested restricted shares
$
—

 
$
263

 
$
—

 
$
544

Income (loss) allocated to unvested performance stock units
—

 
95

 
—

 
285

Income (loss) attributable to redeemable noncontrolling interests in operating partnership
(37,350
)
(1 
) 
(5,084
)
 
(55,021
)
(1 
) 
(13,663
)
Total
$
(37,350
)
 
$
(4,726
)
 
$
(55,021
)
 
$
(12,834
)
 
 
 
 
 
 
 
 
Weighted average diluted shares are not adjusted for:
 
 
 
 
 
 
 
Effect of unvested restricted shares
—

 
1

 
12

 
12

Effect of unvested performance stock units
—

 
—

 
—

 
14

Effect of assumed conversion of operating partnership units
1,823

 
1,930

 
1,881

 
1,882

Total
1,823

 
1,931

 
1,893

 
1,908


_______________
(1) 
Inclusive of preferred stock dividends in arrears of $1.6 million for both the three and six months ended June 20, 2020 allocated to redeemable noncontrolling interests in operating partnership.
v3.20.2
Redeemable Noncontrolling Interests in Operating Partnership (Tables)
 6 Months Ended
Jun. 30, 2020
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interest
The following table presents the common units redeemed and the fair value upon redemption (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Common units converted to stock
 
—

 
—

 
196

 
—

Fair value of common units converted
 
$
—

 
$
—

 
$
959

 
$
—

The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage:
 
June 30, 2020
 
December 31, 2019
Redeemable noncontrolling interests (in thousands)
$
30,332

 
$
69,870

Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands)
162,020

 
155,536

Ownership percentage of operating partnership
14.79
%
 
15.92
%
____________________________________
(1) 
Reflects the excess of the redemption value over the accumulated historical costs.  
We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Allocated net (income) loss to the redeemable noncontrolling interests
$
37,350

 
$
5,084

 
$
55,021

 
$
13,663

Distributions declared to holders of common units, LTIP units and Performance LTIP units
—

 
1,317

 
—

 
3,940

Performance LTIP dividend claw back upon cancellation
—

 
—

 
(1,401
)
 
—
v3.20.2
Equity and Equity-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Dividends Declared The board of directors declared quarterly dividends as presented below:
 
Three Months Ended June 30,
 
2020
 
2019
8.45% Series D Cumulative Preferred Stock
$
—

 
$
0.5281

7.375% Series F Cumulative Preferred Stock
—

 
0.4609

7.375% Series G Cumulative Preferred Stock
—

 
0.4609

7.50% Series H Cumulative Preferred Stock
—

 
0.4688

7.50% Series I Cumulative Preferred Stock
—

 
0.4688


The table below presents the accumulated but unpaid dividends in arrears as of June 30, 2020 (in thousands):
 
June 30, 2020
8.45% Series D Cumulative Preferred Stock ($.53/share)
$
1,262

7.375% Series F Cumulative Preferred Stock ($.46/share)
2,212

7.375% Series G Cumulative Preferred Stock ($.46/share)
2,858

7.50% Series H Cumulative Preferred Stock ($.47/share)
1,781

7.50% Series I Cumulative Preferred Stock ($.47/share)
2,531
v3.20.2
Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2020
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Line Item
 
2020
 
2019
 
2020
 
2019
Corporate, general and administrative
 
$
316

 
$
—

 
$
1,013

 
$
—


The following table summarizes the advisory services fees incurred (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Advisory services fee
 
 
 
 
 
 
 
Base advisory fee
$
8,557

 
$
9,362

 
$
17,474

 
$
18,351

Reimbursable expenses (1)
1,567

 
3,006

 
3,398

 
5,396

Equity-based compensation (2)
92

(3) 
4,549

 
4,643

(3) 
8,838

Incentive fee
—

 
(636
)
 
—

 
—

Total advisory services fee
$
10,216

 
$
16,281

 
$
25,515

 
$
32,585

________
(1) 
Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services.
(2) 
Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.
(3) 
During the three and six months ended June 30, 2020, 66,000 PSUs were forfeited as a result of the separation of an executive officer from the Company. The forfeiture resulted in a credit to equity based compensation expense of approximately $1.9 million for the three and six months ended June 30, 2020,
v3.20.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Franchise Fees
The table below summarizes the franchise fees incurred (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Line Item
 
2020
 
2019
 
2020
 
2019
Other hotel expenses
 
$
3,202

 
$
20,954

 
$
17,261

 
$
38,702
v3.20.2
Organization and Description of Business (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 16, 2020
USD ($)
hotel
Apr. 22, 2020
Jun. 30, 2020
USD ($)
room
unit
hotel
shares
Jun. 30, 2020
USD ($)
room
unit
hotel
shares
Jun. 30, 2020
USD ($)
room
unit
hotel
shares
Jun. 30, 2019
USD ($)
Jul. 15, 2020
shares
Jul. 14, 2020
shares
Mar. 31, 2020
hotel
Dec. 31, 2019
USD ($)
shares
Dec. 31, 2018
USD ($)
Real Estate Properties [Line Items]                      
Number of rooms | room     24,746 24,746 24,746            
Number of rooms owned, net of partnership interest | room     24,719 24,719 24,719            
Investment in unconsolidated entity     $ 2,722 $ 2,722 $ 2,722         $ 2,829  
Stock split ratio     0.1                
Number of shares of common stock (in shares) | shares     10,475,085 10,475,085 10,475,085         10,210,360  
Cash and cash equivalents     $ 165,476 $ 165,476 $ 165,476 $ 235,936       $ 262,636 $ 319,210
Restricted cash     95,318 95,318 95,318 162,746       135,571 $ 120,602
Cash, cash equivalents and restricted cash utilized       106,200 137,413 $ 39,363          
Mortgages                      
Real Estate Properties [Line Items]                      
Outstanding principal balance with waived or deferred payments     1,100,000 1,100,000 1,100,000            
Long-term debt, gross     4,115,855 4,115,855 4,115,855         4,124,003  
Mortgage loan 16 | Mortgages                      
Real Estate Properties [Line Items]                      
Long-term debt, gross     $ 145,000 $ 145,000 $ 145,000         145,000  
Collateral | hotel     1 1 1            
Mortgage loan 15 | Mortgages                      
Real Estate Properties [Line Items]                      
Long-term debt, gross     $ 907,030 $ 907,030 $ 907,030         907,030  
Collateral | hotel     19 19 19            
Mortgage loan 31 | Mortgages                      
Real Estate Properties [Line Items]                      
Long-term debt, gross     $ 24,794 $ 24,794 $ 24,794         24,919  
Collateral | hotel     1 1 1            
Mortgage loan 20 | Mortgages                      
Real Estate Properties [Line Items]                      
Long-term debt, gross     $ 51,582 $ 51,582 $ 51,582         51,843  
Collateral | hotel     1 1 1            
Mortgage loan 9 | Mortgages                      
Real Estate Properties [Line Items]                      
Long-term debt, gross     $ 144,188 $ 144,188 $ 144,188         144,000  
Collateral | hotel     8 8 8            
Interest expense deferral term   3 months                  
Mortgage loan 26 | Mortgages                      
Real Estate Properties [Line Items]                      
Long-term debt, gross     $ 64,022 $ 64,022 $ 64,022         $ 64,207  
Collateral | hotel     3 3 3            
World Quest Resort                      
Real Estate Properties [Line Items]                      
Number of rooms | unit     90 90 90            
OpenKey                      
Real Estate Properties [Line Items]                      
Ownership percentage     17.10% 17.10% 17.10%         17.00%  
Investment in unconsolidated entity     $ 2,722 $ 2,722 $ 2,722         $ 2,829  
Subsequent Event                      
Real Estate Properties [Line Items]                      
Number of outstanding units (in shares) | shares             2,100,000 20,500,000      
Number of shares of common stock (in shares) | shares             10,500,000 104,800,000      
Subsequent Event | Mortgage loan 15 | Mortgages                      
Real Estate Properties [Line Items]                      
Long-term debt, gross $ 907,000                    
Collateral | hotel 19                    
Interest expense deferral term 6 months                    
Wholly Owned Properties                      
Real Estate Properties [Line Items]                      
Number of hotel properties | hotel     114 114 114            
Majority Owned Properties                      
Real Estate Properties [Line Items]                      
Number of hotel properties | hotel     2 2 2            
Subsidiaries                      
Real Estate Properties [Line Items]                      
Number of hotel properties | hotel                 116    
Number of hotel properties managed by affiliates | hotel     79 79 79            
Number of hotel properties suspended | hotel     5 5 5       23    
v3.20.2
Revenue (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
hotel
Jun. 30, 2019
USD ($)
hotel
Jun. 30, 2020
USD ($)
hotel
Jun. 30, 2019
USD ($)
hotel
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 116 121 117 121
Total revenue $ 43,065 $ 415,148 $ 324,942 $ 773,866
Atlanta, GA Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 9 9 9 9
Total revenue $ 1,553 $ 23,803 $ 20,823 $ 50,317
Boston, MA Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 3 3 3 3
Total revenue $ 1,099 $ 22,154 $ 10,115 $ 34,037
Dallas / Ft. Worth Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 7 7 7 7
Total revenue $ 1,846 $ 20,935 $ 19,854 $ 42,500
Houston, TX Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 3 3 3 3
Total revenue $ 1,219 $ 9,289 $ 8,804 $ 18,690
Los Angeles, CA Metro Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 6 6 6 6
Total revenue $ 3,792 $ 25,689 $ 24,446 $ 51,992
Miami, FL Metro Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 3 3 3 3
Total revenue $ 511 $ 9,644 $ 11,301 $ 21,567
Minneapolis - St. Paul, MN-WI Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 4 4 4 4
Total revenue $ 543 $ 12,808 $ 6,962 $ 21,592
Nashville, TN Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 1 1 1 1
Total revenue $ 339 $ 21,334 $ 15,865 $ 39,311
New York / New Jersey Metro Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 7 7 7 7
Total revenue $ 3,265 $ 35,674 $ 22,103 $ 60,023
Orlando, FL Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 3 3 3 3
Total revenue $ 721 $ 8,522 $ 8,739 $ 18,504
Philadelphia, PA Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 3 3 3 3
Total revenue $ 1,095 $ 8,244 $ 5,631 $ 13,860
San Diego, CA Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 2 2 2 2
Total revenue $ 716 $ 5,264 $ 4,545 $ 10,214
San Francisco - Oakland, CA Metro Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 7 7 7 7
Total revenue $ 3,762 $ 27,461 $ 22,570 $ 51,991
Tampa, FL Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 2 2 2 2
Total revenue $ 893 $ 8,454 $ 9,994 $ 19,570
Washington DC - MD - VA Area        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 9 9 9 9
Total revenue $ 1,924 $ 50,108 $ 28,735 $ 83,124
Other Areas        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 47 47 47 47
Total revenue $ 19,432 $ 114,281 $ 101,276 $ 214,373
Orlando WorldQuest        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 0 0 0 0
Total revenue $ 79 $ 1,353 $ 1,482 $ 2,947
Sold properties        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel   5 1 5
Total revenue   $ 9,008 $ 649 $ 17,059
Corporate        
Disaggregation of Revenue [Line Items]        
Number of Hotels | hotel 0 0 0 0
Total revenue $ 276 $ 1,123 $ 1,048 $ 2,195
Rooms        
Disaggregation of Revenue [Line Items]        
Total revenue 37,439 328,252 253,246 608,633
Rooms | Atlanta, GA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 1,094 18,001 15,152 38,277
Rooms | Boston, MA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 808 18,880 7,596 28,350
Rooms | Dallas / Ft. Worth Area        
Disaggregation of Revenue [Line Items]        
Total revenue 1,631 15,986 14,759 31,890
Rooms | Houston, TX Area        
Disaggregation of Revenue [Line Items]        
Total revenue 1,165 6,939 6,271 13,580
Rooms | Los Angeles, CA Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 3,377 20,282 19,589 40,826
Rooms | Miami, FL Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 464 6,812 8,606 15,722
Rooms | Minneapolis - St. Paul, MN-WI Area        
Disaggregation of Revenue [Line Items]        
Total revenue 356 9,197 4,926 15,566
Rooms | Nashville, TN Area        
Disaggregation of Revenue [Line Items]        
Total revenue 172 14,539 9,710 26,621
Rooms | New York / New Jersey Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 2,961 27,391 17,296 46,268
Rooms | Orlando, FL Area        
Disaggregation of Revenue [Line Items]        
Total revenue 637 7,597 7,550 16,583
Rooms | Philadelphia, PA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 964 7,037 4,651 11,704
Rooms | San Diego, CA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 647 4,734 3,991 9,063
Rooms | San Francisco - Oakland, CA Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 3,466 24,239 19,558 45,864
Rooms | Tampa, FL Area        
Disaggregation of Revenue [Line Items]        
Total revenue 806 6,395 7,415 14,529
Rooms | Washington DC - MD - VA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 1,651 39,610 22,097 65,365
Rooms | Other Areas        
Disaggregation of Revenue [Line Items]        
Total revenue 17,189 91,993 82,507 172,369
Rooms | Orlando WorldQuest        
Disaggregation of Revenue [Line Items]        
Total revenue 51 1,018 1,082 2,204
Rooms | Sold properties        
Disaggregation of Revenue [Line Items]        
Total revenue   7,602 490 13,852
Rooms | Corporate        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Food and Beverage        
Disaggregation of Revenue [Line Items]        
Total revenue 1,197 67,298 49,147 128,359
Food and Beverage | Atlanta, GA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 4,607 4,059 9,650
Food and Beverage | Boston, MA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 2,272 995 3,873
Food and Beverage | Dallas / Ft. Worth Area        
Disaggregation of Revenue [Line Items]        
Total revenue 57 4,078 3,978 8,854
Food and Beverage | Houston, TX Area        
Disaggregation of Revenue [Line Items]        
Total revenue 11 2,131 2,302 4,692
Food and Beverage | Los Angeles, CA Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 71 4,113 3,428 8,706
Food and Beverage | Miami, FL Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 23 2,593 2,464 5,381
Food and Beverage | Minneapolis - St. Paul, MN-WI Area        
Disaggregation of Revenue [Line Items]        
Total revenue 16 2,293 1,275 3,915
Food and Beverage | Nashville, TN Area        
Disaggregation of Revenue [Line Items]        
Total revenue 14 6,272 5,114 11,470
Food and Beverage | New York / New Jersey Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 14 7,598 3,417 12,304
Food and Beverage | Orlando, FL Area        
Disaggregation of Revenue [Line Items]        
Total revenue 1 512 428 1,048
Food and Beverage | Philadelphia, PA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 113 1,010 801 1,803
Food and Beverage | San Diego, CA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 1 257 248 659
Food and Beverage | San Francisco - Oakland, CA Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 2,514 2,068 4,852
Food and Beverage | Tampa, FL Area        
Disaggregation of Revenue [Line Items]        
Total revenue 25 1,765 2,166 4,478
Food and Beverage | Washington DC - MD - VA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 30 8,159 4,418 13,609
Food and Beverage | Other Areas        
Disaggregation of Revenue [Line Items]        
Total revenue 821 16,003 11,817 30,418
Food and Beverage | Orlando WorldQuest        
Disaggregation of Revenue [Line Items]        
Total revenue 0 37 25 52
Food and Beverage | Sold properties        
Disaggregation of Revenue [Line Items]        
Total revenue   1,084 144 2,595
Food and Beverage | Corporate        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other Hotel        
Disaggregation of Revenue [Line Items]        
Total revenue 4,153 18,475 21,501 34,679
Other Hotel | Atlanta, GA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 459 1,195 1,612 2,390
Other Hotel | Boston, MA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 291 1,002 1,524 1,814
Other Hotel | Dallas / Ft. Worth Area        
Disaggregation of Revenue [Line Items]        
Total revenue 158 871 1,117 1,756
Other Hotel | Houston, TX Area        
Disaggregation of Revenue [Line Items]        
Total revenue 43 219 231 418
Other Hotel | Los Angeles, CA Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 344 1,294 1,429 2,460
Other Hotel | Miami, FL Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 24 239 231 464
Other Hotel | Minneapolis - St. Paul, MN-WI Area        
Disaggregation of Revenue [Line Items]        
Total revenue 171 1,318 761 2,111
Other Hotel | Nashville, TN Area        
Disaggregation of Revenue [Line Items]        
Total revenue 153 523 1,041 1,220
Other Hotel | New York / New Jersey Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 290 685 1,390 1,451
Other Hotel | Orlando, FL Area        
Disaggregation of Revenue [Line Items]        
Total revenue 83 413 761 873
Other Hotel | Philadelphia, PA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 18 197 179 353
Other Hotel | San Diego, CA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 68 273 306 492
Other Hotel | San Francisco - Oakland, CA Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 296 708 944 1,275
Other Hotel | Tampa, FL Area        
Disaggregation of Revenue [Line Items]        
Total revenue 62 294 413 563
Other Hotel | Washington DC - MD - VA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 243 2,339 2,220 4,150
Other Hotel | Other Areas        
Disaggregation of Revenue [Line Items]        
Total revenue 1,422 6,285 6,952 11,586
Other Hotel | Orlando WorldQuest        
Disaggregation of Revenue [Line Items]        
Total revenue 28 298 375 691
Other Hotel | Sold properties        
Disaggregation of Revenue [Line Items]        
Total revenue   322 15 612
Other Hotel | Corporate        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other        
Disaggregation of Revenue [Line Items]        
Total revenue 276 1,123 1,048 2,195
Other | Atlanta, GA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Boston, MA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Dallas / Ft. Worth Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Houston, TX Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Los Angeles, CA Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Miami, FL Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Minneapolis - St. Paul, MN-WI Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Nashville, TN Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | New York / New Jersey Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Orlando, FL Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Philadelphia, PA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | San Diego, CA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | San Francisco - Oakland, CA Metro Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Tampa, FL Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Washington DC - MD - VA Area        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Other Areas        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Orlando WorldQuest        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Other | Sold properties        
Disaggregation of Revenue [Line Items]        
Total revenue   0 0 0
Other | Corporate        
Disaggregation of Revenue [Line Items]        
Total revenue $ 276 $ 1,123 $ 1,048 $ 2,195
v3.20.2
Investments in Hotel Properties, net (Investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Property, Plant and Equipment [Abstract]    
Land $ 764,751 $ 769,381
Buildings and improvements 4,053,059 4,129,884
Furniture, fixtures and equipment 465,923 503,156
Construction in progress 9,257 29,745
Condominium properties 11,740 12,093
Investments in hotel properties, net 5,304,730 5,444,259
Accumulated depreciation (1,376,904) (1,335,816)
Investments in hotel properties, net $ 3,927,826 $ 4,108,443
v3.20.2
Hotel Dispositions and Impairment Charges (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 09, 2020
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment charge for investments in hotel properties   $ 27,600     $ 55,218  
Crowne Plaza, Annapolis, Maryland | Disposal Group, Disposed of by Sale, Not Discontinued Operations            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Consideration for disposal $ 5,100          
Carrying value of hotel property $ 2,100          
Gain (loss) on disposal         3,600  
Savannah Courtyard            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment charge for investments in hotel properties       $ 5,100   $ 5,100
Wisconsin Dells Hilton Garden Inn            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment charge for investments in hotel properties       1,400   1,400
Wisconsin Dells Hilton Garden Inn and Savannah Courtyard            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment charge for investments in hotel properties       $ 6,500   $ 6,500
Wichita Courtyard by Marriott Old Town            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment charge for investments in hotel properties   6,100     6,136  
Billerica Courtyard by Marriott Boston            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment charge for investments in hotel properties   9,500     9,471  
Stillwater Residence Inn            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment charge for investments in hotel properties   2,400     2,395  
Cannonsburg Homewood Suites Pittsburgh Southpointe            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment charge for investments in hotel properties   1,800     11,826  
Washington Hampton Inn Pittsburgh Meadow Lands            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment charge for investments in hotel properties   3,000     3,035  
Pittsburgh Hampton Inn Waterfront West Homestead            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment charge for investments in hotel properties   3,000     2,985  
Phoenix Hampton Inn Airport North            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment charge for investments in hotel properties     $ 3,700   3,692  
Canonsburg Homewood Suites Pittsburgh Southpointe            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment charge for investments in hotel properties     10,000      
Columbus Hampton Inn Easton            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment charge for investments in hotel properties   $ 1,700 $ 13,900   $ 15,678  
v3.20.2
Hotel Dispositions and Impairment Charges (Hotel Properties Measured at Fair Value) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment Charges $ 27,600   $ 55,218
Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 72,944   72,944
Phoenix Hampton Inn Airport North      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment Charges   $ 3,700 3,692
Phoenix Hampton Inn Airport North | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Columbus Hampton Inn Easton      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment Charges 1,700 13,900 15,678
Columbus Hampton Inn Easton | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 11,252   11,252
Pittsburgh Hampton Inn Waterfront West Homestead      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment Charges 3,000   2,985
Pittsburgh Hampton Inn Waterfront West Homestead | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 5,723   5,723
Washington Hampton Inn Pittsburgh Meadow Lands      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment Charges 3,000   3,035
Washington Hampton Inn Pittsburgh Meadow Lands | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 5,820   5,820
Cannonsburg Homewood Suites Pittsburgh Southpointe      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment Charges 1,800   11,826
Cannonsburg Homewood Suites Pittsburgh Southpointe | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 15,132   15,132
Stillwater Residence Inn      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment Charges 2,400   2,395
Stillwater Residence Inn | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 4,171   4,171
Billerica Courtyard by Marriott Boston      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment Charges 9,500   9,471
Billerica Courtyard by Marriott Boston | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 17,945   17,945
Wichita Courtyard by Marriott Old Town      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment Charges 6,100   6,136
Wichita Courtyard by Marriott Old Town | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 12,901   12,901
Level 1 | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 1 | Phoenix Hampton Inn Airport North | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 1 | Columbus Hampton Inn Easton | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 1 | Pittsburgh Hampton Inn Waterfront West Homestead | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 1 | Washington Hampton Inn Pittsburgh Meadow Lands | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 1 | Cannonsburg Homewood Suites Pittsburgh Southpointe | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 1 | Stillwater Residence Inn | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 1 | Billerica Courtyard by Marriott Boston | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 1 | Wichita Courtyard by Marriott Old Town | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 2 | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 2 | Phoenix Hampton Inn Airport North | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 2 | Columbus Hampton Inn Easton | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 2 | Pittsburgh Hampton Inn Waterfront West Homestead | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 2 | Washington Hampton Inn Pittsburgh Meadow Lands | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 2 | Cannonsburg Homewood Suites Pittsburgh Southpointe | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 2 | Stillwater Residence Inn | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 2 | Billerica Courtyard by Marriott Boston | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 2 | Wichita Courtyard by Marriott Old Town | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0   0
Level 3 | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 72,944   72,944
Level 3 | Phoenix Hampton Inn Airport North | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 0 $ 9,000 0
Level 3 | Columbus Hampton Inn Easton | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 11,252   11,252
Level 3 | Pittsburgh Hampton Inn Waterfront West Homestead | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 5,723   5,723
Level 3 | Washington Hampton Inn Pittsburgh Meadow Lands | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 5,820   5,820
Level 3 | Cannonsburg Homewood Suites Pittsburgh Southpointe | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 15,132   15,132
Level 3 | Stillwater Residence Inn | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 4,171   4,171
Level 3 | Billerica Courtyard by Marriott Boston | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value 17,945   17,945
Level 3 | Wichita Courtyard by Marriott Old Town | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Fair Value $ 12,901   $ 12,901
v3.20.2
Investment in Unconsolidated Entity (Investment in Unconsolidated Entity) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]          
Total investment     $ 51 $ 299  
Carrying value of the investment in OpenKey (in thousands) $ 2,722   2,722   $ 2,829
Equity in earnings (loss) of unconsolidated entities (79) $ (867) (158) (1,930)  
OpenKey          
Schedule of Equity Method Investments [Line Items]          
Total investment     4,700    
Carrying value of the investment in OpenKey (in thousands) $ 2,722   $ 2,722   $ 2,829
Ownership interest in OpenKey 17.10%   17.10%   17.00%
Equity in earnings (loss) of unconsolidated entities $ (79) $ (100) $ (158) $ (216)  
v3.20.2
Indebtedness, net (Details)
 3 Months Ended 6 Months Ended
Jul. 16, 2020
USD ($)
hotel
Jul. 09, 2020
Jul. 07, 2020
Jun. 29, 2020
May 20, 2020
Apr. 22, 2020
USD ($)
Apr. 07, 2020
Jan. 09, 2020
USD ($)
extension
Jun. 30, 2020
USD ($)
hotel
extension
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
hotel
extension
Jun. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
Debt Instrument [Line Items]                          
Indebtedness, net                 $ 4,107,245,000   $ 4,107,245,000   $ 4,106,518,000
LIBOR rate                 0.162%   0.162%   1.763%
Interest expense and amortization of premium and loan costs                 $ 57,000 $ 55,000 $ 113,000 $ 120,000  
Option to purchase equity for guarantor                     1    
Mortgages                          
Debt Instrument [Line Items]                          
Extinguishment of debt               $ 43,800,000          
Mortgages | New Orleans, LA Le Pavillon                          
Debt Instrument [Line Items]                          
Extinguishment of debt               6,800,000          
Mortgages                          
Debt Instrument [Line Items]                          
Outstanding principal balance with waived or deferred payments                 1,100,000,000   1,100,000,000    
Long-term debt, gross                 4,115,855,000   4,115,855,000   $ 4,124,003,000
Premiums, net                 542,000   542,000   655,000
Deferred loan costs, net                 (9,152,000)   (9,152,000)   (18,140,000)
Indebtedness, net                 4,107,245,000   4,107,245,000   4,106,518,000
Principal amount               $ 37,000,000.0          
Number of extension options | extension               2          
Mortgages | Senior Lender                          
Debt Instrument [Line Items]                          
Long-term debt, gross                 111,700,000   111,700,000    
Mortgages | Senior Mezzanine Lenders                          
Debt Instrument [Line Items]                          
Long-term debt, gross                 27,400,000   27,400,000    
Mortgages | Junior Mezzanine Lenders                          
Debt Instrument [Line Items]                          
Long-term debt, gross                 $ 10,500,000   $ 10,500,000    
Mortgages | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate       1.25%       3.40%     1.50%    
Mortgages | Mortgage loan 1                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Long-term debt, gross                 $ 0   $ 0   43,750,000
Initial term of loan               3 years          
Term of mortgage loan extension option               1 year          
Mortgages | Mortgage loan 1 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     5.20%    
Mortgages | Mortgage loan 2                          
Debt Instrument [Line Items]                          
Collateral | hotel                 7   7    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 180,720,000   $ 180,720,000   180,720,000
Number of extension options | extension               2          
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 2 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     3.65%    
Mortgages | Mortgage loan 3                          
Debt Instrument [Line Items]                          
Collateral | hotel                 7   7    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 174,400,000   $ 174,400,000   174,400,000
Number of extension options | extension                 5   5    
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 3 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     3.39%    
Mortgages | Mortgage loan 4                          
Debt Instrument [Line Items]                          
Collateral | hotel                 5   5    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 221,040,000   $ 221,040,000   221,040,000
Number of extension options | extension                 5   5    
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 4 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     3.73%    
Mortgages | Mortgage loan 5                          
Debt Instrument [Line Items]                          
Collateral | hotel                 5   5    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 262,640,000   $ 262,640,000   262,640,000
Number of extension options | extension                 5   5    
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 5 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     4.02%    
Mortgages | Mortgage loan 6                          
Debt Instrument [Line Items]                          
Collateral | hotel                 5   5    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 160,000,000   $ 160,000,000   160,000,000
Number of extension options | extension                 5   5    
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 6 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     2.73%    
Mortgages | Mortgage loan 7                          
Debt Instrument [Line Items]                          
Collateral | hotel                 5   5    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 215,120,000   $ 215,120,000   215,120,000
Number of extension options | extension                 5   5    
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 7 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     3.68%    
Mortgages | Mortgage loan 8                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Long-term debt, gross                 $ 35,200,000   $ 35,200,000   35,200,000
Number of extension options | extension                 3   3    
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 8 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     4.40%    
Mortgages | Mortgage loan 9                          
Debt Instrument [Line Items]                          
Collateral | hotel                 8   8    
Long-term debt, gross                 $ 144,188,000   $ 144,188,000   144,000,000
Number of extension options | extension                 3   3    
Interest expense deferral term           3 months              
Lender legal fees           $ 188,000              
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 9 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     4.33%    
Mortgages | Mortgage loan 10                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Interest Rate                 6.26%   6.26%    
Default Rate                 5.00%   5.00%    
Long-term debt, gross                 $ 91,046,000   $ 91,046,000   91,542,000
Mortgages | Mortgage loan 11                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Long-term debt, gross                 $ 25,000,000   $ 25,000,000   25,000,000
Number of extension options | extension                 3   3    
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 11 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     2.55%    
Mortgages | Mortgage loan 12                          
Debt Instrument [Line Items]                          
Collateral | hotel                 17   17    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 419,000,000   $ 419,000,000   419,000,000
Number of extension options | extension                 5   5    
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 12 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     3.00%    
Mortgages | Mortgage loan 13                          
Debt Instrument [Line Items]                          
Collateral | hotel                 8   8    
Default Rate                 5.00%   5.00%    
Long-term debt, gross                 $ 395,000,000   $ 395,000,000   395,000,000
Number of extension options | extension                 5   5    
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 13 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     2.92%    
Mortgages | Mortgage loan 14                          
Debt Instrument [Line Items]                          
Collateral | hotel                 2   2    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 240,000,000   $ 240,000,000   240,000,000
Number of extension options | extension                 5   5    
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 14 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     2.75%    
Mortgages | Mortgage loan 15                          
Debt Instrument [Line Items]                          
Collateral | hotel                 19   19    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 907,030,000   $ 907,030,000   907,030,000
Number of extension options | extension                 5   5    
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 15 | Subsequent Event                          
Debt Instrument [Line Items]                          
Collateral | hotel 19                        
Long-term debt, gross $ 907,000,000.0                        
Interest expense deferral term 6 months                        
Interest expense repayment term   12 months                      
Mortgages | Mortgage loan 15 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     3.20%    
Mortgages | Mortgage loan 16                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Default Rate                 5.00%   5.00%    
Long-term debt, gross                 $ 145,000,000   $ 145,000,000   145,000,000
Number of extension options | extension                 2   2    
Term of mortgage loan extension option                     1 year    
Call upon payment guaranty (up to)                     $ 20,000,000    
Mortgages | Mortgage loan 16 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     3.90%    
Mortgages | Mortgage loan 17                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Default Rate                 5.00%   5.00%    
Long-term debt, gross                 $ 97,000,000   $ 97,000,000   97,000,000
Mortgages | Mortgage loan 17 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     2.00%    
Mortgages | Mortgage loan 18                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Long-term debt, gross                 $ 16,100,000   $ 16,100,000   16,100,000
Number of extension options | extension                 2   2    
Term of mortgage loan extension option                     1 year    
Mortgages | Mortgage loan 18 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     2.25%    
Mortgages | Mortgage loan 19                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 37,000,000   $ 37,000,000   0
Initial term of loan               3 years          
Number of extension options | extension               2          
Term of mortgage loan extension option               1 year          
Mortgages | Mortgage loan 19 | Subsequent Event                          
Debt Instrument [Line Items]                          
Interest expense deferral term     2 months                    
Interest expense repayment term     12 months                    
Mortgages | Mortgage loan 19 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     3.40%    
Mortgages | Mortgage loan 20                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Interest Rate                 5.46%   5.46%    
Default Rate                 5.00%   5.00%    
Long-term debt, gross                 $ 51,582,000   $ 51,582,000   51,843,000
Mortgages | Mortgage loan 21                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Long-term debt, gross                 $ 73,450,000   $ 73,450,000   73,450,000
Interest expense repayment term         12 months                
Mortgages | Mortgage loan 21 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     2.45%    
Mortgages | Mortgage loan 22                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Interest Rate                 5.49%   5.49%    
Default Rate                 5.00%   5.00%    
Long-term debt, gross                 $ 6,727,000   $ 6,727,000   6,759,000
Mortgages | Mortgage loan 23                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Interest Rate                 5.49%   5.49%    
Default Rate                 5.00%   5.00%    
Long-term debt, gross                 $ 9,818,000   $ 9,818,000   9,865,000
Mortgages | Mortgage loan 24                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Interest Rate                 4.99%   4.99%    
Default Rate                 5.00%   5.00%    
Long-term debt, gross                 $ 6,260,000   $ 6,260,000   6,292,000
Mortgages | Mortgage loan 25                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Long-term debt, gross                 $ 8,881,000   $ 8,881,000   8,881,000
Interest expense deferral term             3 months            
Interest expense deferral extension term             3 months            
Mortgages | Mortgage loan 25 | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate                     2.00%    
Mortgages | Mortgage loan 26                          
Debt Instrument [Line Items]                          
Collateral | hotel                 3   3    
Interest Rate                 5.20%   5.20%    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 64,022,000   $ 64,022,000   64,207,000
Mortgages | Mortgage loan 27                          
Debt Instrument [Line Items]                          
Collateral | hotel                 2   2    
Interest Rate                 4.85%   4.85%    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 11,792,000   $ 11,792,000   11,845,000
Mortgages | Mortgage loan 28                          
Debt Instrument [Line Items]                          
Collateral | hotel                 3   3    
Interest Rate                 4.90%   4.90%    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 23,578,000   $ 23,578,000   23,683,000
Mortgages | Mortgage loan 29                          
Debt Instrument [Line Items]                          
Collateral | hotel                 2   2    
Interest Rate                 4.45%   4.45%    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 19,369,000   $ 19,369,000   19,438,000
Mortgages | Mortgage loan 30                          
Debt Instrument [Line Items]                          
Collateral | hotel                 3   3    
Interest Rate                 4.45%   4.45%    
Default Rate                 4.00%   4.00%    
Long-term debt, gross                 $ 50,098,000   $ 50,098,000   50,279,000
Mortgages | Mortgage loan 31                          
Debt Instrument [Line Items]                          
Collateral | hotel                 1   1    
Interest Rate                 4.66%   4.66%    
Default Rate                 5.00%   5.00%    
Long-term debt, gross                 $ 24,794,000   $ 24,794,000   $ 24,919,000
v3.20.2
Notes Receivable, net and Other (Schedule of Notes Receivable) (Details) - USD ($)
 6 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Interest Rate 7.00%  
Notes Receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Note receivable, net $ 7,981,000 $ 7,709,000
Notes Receivable | Construction Financing Note    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Face amount 4,000,000 4,000,000
Discount (275,000) (402,000)
Note receivable, net $ 3,725,000 3,598,000
Due date term 3 years  
Notes Receivable | Certificate of Occupancy Note    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Face amount $ 5,250,000 5,250,000
Discount (994,000) (1,139,000)
Note receivable, net $ 4,256,000 $ 4,111,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Interest Rate 7.00%  
v3.20.2
Notes Receivable, net and Other (Narrative) (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
a
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
a
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Cash interest income $ 0   $ 0  
Discount amortization 137,000   272,000  
Interest income 41,000 $ 785,000 652,000 $ 1,566,000
Future ownership rights of parking parcel        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Interest income 74,000   147,000  
Free use of parking easement prior to development commencement        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Amortization expense $ 0   $ 117,000  
Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel | Disposal Group, Disposed of by Sale, Not Discontinued Operations        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Area of property | a   1.65   1.65
v3.20.2
Notes Receivable, net and Other (Other Consideration) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Receivables with Imputed Interest [Line Items]    
Imputed Interest Rate 7.00%  
Total $ 4,781 $ 4,751
Future ownership rights of parking parcel    
Receivables with Imputed Interest [Line Items]    
Face amount 4,100 4,100
Imputed interest 219 72
Total 4,319 4,172
Free use of parking easement prior to development commencement    
Receivables with Imputed Interest [Line Items]    
Face amount 235 235
Accumulated amortization (235) (118)
Total 0 117
Reimbursement of parking fees while parking parcel is in development    
Receivables with Imputed Interest [Line Items]    
Face amount 462 462
Accumulated amortization 0 0
Total $ 462 $ 462
v3.20.2
Derivative Instruments and Hedging (Details) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Credit default swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Notional amount (in thousands) $ 212,500,000    
Total exposure 3,400,000    
Change in market value of credit default swap 250,000    
Not Designated as Hedging Instrument | Interest rate derivatives - caps      
Derivative Instruments, Gain (Loss) [Line Items]      
Notional amount (in thousands) 1,521,650,000   $ 3,799,740,000
Aggregate principle balance on corresponding mortgage loans (in thousands) $ 1,513,838,000   $ 3,666,331,000
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Minimum      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative interest rate 1.81%   1.50%
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Maximum      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative interest rate 4.88%   5.22%
Not Designated as Hedging Instrument | Interest rate derivatives - floors      
Derivative Instruments, Gain (Loss) [Line Items]      
Notional amount (in thousands) $ 5,025,000,000   $ 12,025,000,000
Not Designated as Hedging Instrument | Interest rate derivatives - floors | Minimum      
Derivative Instruments, Gain (Loss) [Line Items]      
Strike rate low end of range (0.25%)   (0.25%)
Not Designated as Hedging Instrument | Interest rate derivatives - floors | Maximum      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative interest rate 1.25%   1.63%
Not Designated as Hedging Instrument | Interest rate derivatives - caps      
Derivative Instruments, Gain (Loss) [Line Items]      
Notional amount (in thousands) $ 432,000,000 $ 624,050,000  
Total cost (in thousands) $ 63,000 $ 1,048,000  
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Minimum      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative interest rate 3.00% 1.50%  
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Maximum      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative interest rate 4.00% 4.00%  
Not Designated as Hedging Instrument | Interest rate derivatives - floors      
Derivative Instruments, Gain (Loss) [Line Items]      
Notional amount (in thousands) $ 0 $ 6,000,000,000  
Total cost (in thousands) $ 0 $ 225,000  
Not Designated as Hedging Instrument | Interest rate derivatives - floors | Minimum      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative interest rate 1.63%  
Not Designated as Hedging Instrument | Interest rate derivatives - floors | Maximum      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative interest rate 1.63%  
v3.20.2
Fair Value Measurements (Narrative) (Details)
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair value consideration threshold for transfer in/out of level 3 10.00%
LIBOR interest rate forward curve downtrend 0.101%
v3.20.2
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Derivative assets:    
Derivative assets $ 1,852 $ 1,691
Derivative assets, net 1,852 1,691
Derivative liabilities:    
Derivative liabilities, net (220) (42)
Fair Value Measurements Recurring    
Derivative assets:    
Counterparty and Cash Collateral Netting 2,541 3,181
Derivative assets, net 1,852 1,691
Non-derivative assets:    
Non-derivative assets 1,819 14,591
Total 3,671 16,282
Derivative liabilities:    
Counterparty and Cash Collateral Netting 3,141 4,231
Net 3,451 16,240
Fair Value Measurements Recurring | Interest rate derivatives - floors    
Derivative assets:    
Counterparty and Cash Collateral Netting 0 257
Derivative assets, net 425 299
Fair Value Measurements Recurring | Interest rate derivatives - caps    
Derivative assets:    
Counterparty and Cash Collateral Netting 0 0
Derivative assets, net 40 47
Fair Value Measurements Recurring | Credit default swaps    
Derivative assets:    
Counterparty and Cash Collateral Netting 2,541 2,924
Derivative assets, net 1,387 1,345
Derivative liabilities:    
Counterparty and Cash Collateral Netting 600 1,050
Derivative liabilities, net (220) (42)
Fair Value Measurements Recurring | Quoted Market Prices (Level 1)    
Derivative assets:    
Derivative assets 0 0
Non-derivative assets:    
Non-derivative assets 1,819 14,591
Total 1,819 14,591
Derivative liabilities:    
Net 1,819 14,591
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives - floors    
Derivative assets:    
Derivative assets 0 0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives - caps    
Derivative assets:    
Derivative assets 0 0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Credit default swaps    
Derivative assets:    
Derivative assets 0 0
Derivative liabilities:    
Derivative liabilities 0 0
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2)    
Derivative assets:    
Derivative assets (689) (1,490)
Non-derivative assets:    
Non-derivative assets 0 0
Total (689) (1,490)
Derivative liabilities:    
Net (1,509) (2,582)
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - floors    
Derivative assets:    
Derivative assets 425 42
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - caps    
Derivative assets:    
Derivative assets 40 47
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Credit default swaps    
Derivative assets:    
Derivative assets (1,154) (1,579)
Derivative liabilities:    
Derivative liabilities (820) (1,092)
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3)    
Derivative assets:    
Derivative assets 0 0
Non-derivative assets:    
Non-derivative assets 0 0
Total 0 0
Derivative liabilities:    
Net 0 0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives - floors    
Derivative assets:    
Derivative assets 0 0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives - caps    
Derivative assets:    
Derivative assets 0 0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Credit default swaps    
Derivative assets:    
Derivative assets 0 0
Derivative liabilities:    
Derivative liabilities $ 0 $ 0
v3.20.2
Fair Value Measurements (Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Unrealized gain (loss) on derivatives $ 192 $ 1,476 $ 4,614 $ (1,518)
Unrealized gain (loss) on marketable securities 479 598 (998) 1,406
Derivative expense related to credit default swaps 272 271 540 537
Fair Value Measurements Recurring        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Unrealized gain (loss) on derivatives 192 1,476 4,614 (1,518)
Unrealized gain (loss) on marketable securities 479 598 (998) 1,406
Realized gain (loss) on marketable securities 4 20 2,108 16
Net (2,325) 1,869 2,499 (484)
Fair Value Measurements Recurring | Interest rate derivatives - floors        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Unrealized gain (loss) on derivatives 3,386 2,340 3,988 2,307
Realized gain (loss) on interest rate floors (3,000) (225) (3,225) (388)
Fair Value Measurements Recurring | Interest rate derivatives - caps        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Unrealized gain (loss) on derivatives (18) (472) (70) (1,114)
Fair Value Measurements Recurring | Credit default swaps        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Unrealized gain (loss) on derivatives (3,176) (392) 696 (2,711)
Fair Value Measurements Recurring | Derivative liabilities        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Gain or (loss) recognized in income, liabilities (2,325) 1,869 2,499 (484)
Fair Value Measurements Recurring | Derivative liabilities | Credit default swaps        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Gain or (loss) recognized in income, liabilities (1,171) (135) 271 (921)
Fair Value Measurements Recurring | Derivative assets        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Gain or (loss) recognized in income, assets (1,637) 1,386 1,118 (985)
Fair Value Measurements Recurring | Derivative assets | Interest rate derivatives - floors        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Gain or (loss) recognized in income, assets 386 2,115 763 1,919
Fair Value Measurements Recurring | Derivative assets | Interest rate derivatives - caps        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Gain or (loss) recognized in income, assets (18) (472) (70) (1,114)
Fair Value Measurements Recurring | Derivative assets | Credit default swaps        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Gain or (loss) recognized in income, assets (2,005) (257) 425 (1,790)
Fair Value Measurements Recurring | Non-derivative assets        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Gain or (loss) recognized in income, assets (1,154) 2,004 2,228 437
Fair Value Measurements Recurring | Non-derivative assets | Equity        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Gain or (loss) recognized in income, assets $ 483 $ 618 $ 1,110 $ 1,422
v3.20.2
Summary of Fair Value of Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Dec. 31, 2018
Financial assets and liabilities measured at fair value:        
Marketable securities, Carrying value $ 1,819 $ 14,591    
Marketable securities, Estimated fair value 1,819 14,591    
Derivative assets, net, Carrying value 1,852 1,691    
Derivative assets, net, Estimated fair value 1,852 1,691    
Derivative liabilities, net 220 42    
Financial assets not measured at fair value:        
Cash and cash equivalents 165,476 262,636 $ 235,936 $ 319,210
Cash and cash equivalents, Estimated fair value 165,476 262,636    
Restricted cash, Carrying Value 95,318 135,571 162,746 $ 120,602
Restricted cash, Estimated fair value 95,318 135,571    
Accounts receivable, Carrying value 19,299 39,638    
Accounts receivable, Estimated fair value 19,299 39,638    
Notes receivable, net, Carrying value 7,981 7,709    
Due from related party, net, Carrying value 4,969 3,019    
Due from related party, net, Estimated fair value 4,969 3,019    
Due from third-party hotel managers, Carrying value 12,894 17,368    
Due from third party hotel managers, Estimated fair value 12,894 17,368    
Financial liabilities not measured at fair value:        
Indebtedness, Carrying Value 4,116,397 4,124,658    
Accounts payable and accrued expenses 89,152 124,226    
Accrued interest payable 90,997 10,115    
Dividends payable, Carrying value 868 20,849 $ 20,435  
Dividends payable, Estimated fair value 868 20,849    
Due to Ashford Inc., net, Carrying value 2,421 6,570    
Due to Ashford Inc., net, Estimated fair value 2,421 6,570    
Due to third-party hotel managers, Carrying value 605 2,509    
Due to third-party hotel managers, Estimated fair value 605 2,509    
Minimum        
Financial assets not measured at fair value:        
Notes receivable, net, Estimated fair value 7,582 7,323    
Financial liabilities not measured at fair value:        
Indebtedness, Estimated fair value 3,638,266 3,881,453    
Maximum        
Financial assets not measured at fair value:        
Notes receivable, net, Estimated fair value 8,380 8,095    
Financial liabilities not measured at fair value:        
Indebtedness, Estimated fair value $ 4,021,238 $ 4,290,027    
v3.20.2
Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Maximum maturity term of financial assets 90 days  
Notes receivable, net $ 7,981 $ 7,709
Indebtedness, net 4,107,245 4,106,518
Significant Other Observable Inputs (Level 2)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Indebtedness, net $ 4,100,000 $ 4,100,000
Minimum    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value percentage of the carrying value of notes receivable 95.00% 95.00%
Total indebtedness fair value variance from carrying value (as a percent) 88.40% 94.10%
Maximum    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value percentage of the carrying value of notes receivable 105.00% 105.00%
Total indebtedness fair value variance from carrying value (as a percent) 97.70% 104.00%
v3.20.2
Income (Loss) Per Share (Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income (loss) allocated to common stockholders - basic and diluted:        
Income (loss) attributable to the Company $ (204,616) $ (16,282) $ (288,817) $ (54,299)
Less: Dividends on preferred stock (10,644) (10,644) (21,288) (21,288)
Add: Claw back of dividends on unvested performance stock units 227   605  
Undistributed income (loss) allocated to common stockholders (215,033) (33,149) (309,500) (94,260)
Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (215,033) $ (27,284) $ (309,500) $ (76,416)
Weighted average common shares outstanding:        
Weighted average common shares outstanding – basic (in shares) 10,312 9,994 10,162 9,968
Weighted average common shares outstanding – diluted (in shares) 10,312 9,994 10,162 9,968
Basic income (loss) per share:        
Net income (loss) allocated to common stockholders per share (in dollars per share) $ (20.85) $ (2.73) $ (30.46) $ (7.67)
Diluted income (loss) per share:        
Net income (loss) allocated to common stockholders per share (in dollars per share) $ (20.85) $ (2.73) $ (30.46) $ (7.67)
Performance stock units        
Income (loss) allocated to common stockholders - basic and diluted:        
Less: Dividends $ 0 $ (95) $ 0 $ (285)
Add: Claw back of dividends on unvested performance stock units 227 0 605 0
Restricted shares        
Income (loss) allocated to common stockholders - basic and diluted:        
Less: Dividends 0 (263) 0 (544)
Common Stock        
Income (loss) allocated to common stockholders - basic and diluted:        
Less: Dividends $ 0 $ (5,865) $ 0 $ (17,844)
v3.20.2
Income (Loss) Per Share (Summary of Computation of Diluted Income Per Share) (Details) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income (loss) allocated to common stockholders is not adjusted for:        
Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ (37,350) $ (5,084) $ (55,021) $ (13,663)
Total $ (37,350) $ (4,726) $ (55,021) $ (12,834)
Weighted average diluted shares are not adjusted for:        
Antidilutive securities excluded (in shares) 1,823 1,931 1,893 1,908
Redeemable Noncontrolling Interests in Operating Partnership        
Weighted average diluted shares are not adjusted for:        
Preferred stock dividends in arrears $ 1,600   $ 1,600  
Restricted shares        
Income (loss) allocated to common stockholders is not adjusted for:        
Income allocated to unvested shares $ 0 $ 263 $ 0 $ 544
Weighted average diluted shares are not adjusted for:        
Antidilutive securities excluded (in shares) 0 1 12 12
Performance stock units        
Income (loss) allocated to common stockholders is not adjusted for:        
Income allocated to unvested shares $ 0 $ 95 $ 0 $ 285
Weighted average diluted shares are not adjusted for:        
Antidilutive securities excluded (in shares) 0 0 0 14
Redeemable Noncontrolling Interests in Operating Partnership        
Weighted average diluted shares are not adjusted for:        
Antidilutive securities excluded (in shares) 1,823 1,930 1,881 1,882
v3.20.2
Redeemable Noncontrolling Interests in Operating Partnership (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
May 31, 2020
Mar. 31, 2020
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Noncontrolling Interest [Line Items]              
Common unit limited partnership interest redemption for common stock (in shares)         1    
Other than options (in shares)   50,000          
Redeemable noncontrolling interests (in thousands)     $ 30,332   $ 30,332   $ 69,870
Cumulative adjustments to redeemable noncontrolling interests     (31,120) $ 24,461 (12,074) $ 1,701  
Allocated net (income) loss to the redeemable noncontrolling interests     37,350 5,084 55,021 13,663  
Distributions declared to holders of common units, LTIP units and Performance LTIP units     0 1,317 0 3,940  
Performance LTIP dividend claw back upon cancellation     $ (227)   (605)    
Partnership Interest              
Noncontrolling Interest [Line Items]              
Cumulative adjustments to redeemable noncontrolling interests         $ 162,020   $ 155,536
Ashford Trust OP | Partnership Interest              
Noncontrolling Interest [Line Items]              
Ownership percentage of operating partnership     14.79%   14.79%   15.92%
LTIP and Performance LTIP              
Noncontrolling Interest [Line Items]              
Units outstanding (in shares)     1,200,000   1,200,000    
Units which have not reached full economic parity with common units (in shares)         171,000    
Long Term Incentive Plan              
Noncontrolling Interest [Line Items]              
Vesting period   3 years          
Common partnership unit per converted LTIP unit (in shares)         1    
Shares granted (in shares)   28,000          
Fair value of options   $ 372          
Long Term Incentive Plan | Minimum              
Noncontrolling Interest [Line Items]              
Vesting period         3 years    
Long Term Incentive Plan | Maximum              
Noncontrolling Interest [Line Items]              
Vesting period         5 years    
Long Term Incentive Plan | Director | May 2020 Grant 1              
Noncontrolling Interest [Line Items]              
Other than options (in shares) 70,000            
Fair value of options $ 422            
Long Term Incentive Plan | Director | May 2020 Grant 2              
Noncontrolling Interest [Line Items]              
Other than options (in shares) 16,000            
Fair value of options $ 107            
Performance Long Term Incentive Plan Units              
Noncontrolling Interest [Line Items]              
Vesting period   3 years          
Other than options (in shares)     130,000   130,000    
Fair value of options   $ 200          
Units canceled (in shares)         109,000    
Units which have not reached full economic parity with common units (in shares)         50,000    
Performance LTIP dividend claw back upon cancellation     $ 0 $ 0 $ (1,401) $ 0  
Performance Long Term Incentive Plan Units | Minimum              
Noncontrolling Interest [Line Items]              
Performance adjustment     0.00%   0.00%    
Performance Long Term Incentive Plan Units | Maximum              
Noncontrolling Interest [Line Items]              
Performance adjustment     200.00%   200.00%    
Operating Partnership Units              
Noncontrolling Interest [Line Items]              
Common units converted to stock (in shares)     0 0 196,000 0  
Fair value of common units converted     $ 0 $ 0 $ 959 $ 0  
v3.20.2
Equity and Equity-Based Compensation (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2020
Mar. 31, 2020
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Dec. 11, 2017
Dec. 05, 2017
Class of Stock [Line Items]                    
Dividends declared - common stock (in dollars per share)       $ 0.60 $ 1.20          
Stock repurchase program, par value (in dollars per share)     $ 0.01     $ 0.01   $ 0.01   $ 0.01
Authorized amount                   $ 200,000,000
Stock repurchased (in shares)           0 0      
At-the-market equity distribution program amount                 $ 100,000,000  
Shares issued under program (in shares)     0 0   0 0      
Series D Preferred Stock                    
Class of Stock [Line Items]                    
Dividends declared - preferred stock (in dollars per share)     $ 0 $ 0.5281            
Preferred stock percentage           8.45%        
Series F Preferred Stock                    
Class of Stock [Line Items]                    
Dividends declared - preferred stock (in dollars per share)     0 0.4609            
Preferred stock percentage           7.375%        
Series G Preferred Stock                    
Class of Stock [Line Items]                    
Dividends declared - preferred stock (in dollars per share)     0 0.4609            
Preferred stock percentage           7.375%        
Series H Preferred Stock                    
Class of Stock [Line Items]                    
Dividends declared - preferred stock (in dollars per share)     0 0.4688            
Preferred stock percentage           7.50%        
Series I Preferred Stock                    
Class of Stock [Line Items]                    
Dividends declared - preferred stock (in dollars per share)     $ 0 $ 0.4688            
Preferred stock percentage           7.50%        
Restricted shares                    
Class of Stock [Line Items]                    
Shares granted (in shares)   133,000                
Value of shares granted   $ 1,800,000                
Vesting period   3 years                
Non-employee restricted shares | May 2020 Grant 1                    
Class of Stock [Line Items]                    
Shares granted (in shares) 14,000                  
Fair value of options $ 84,000                  
Non-employee restricted shares | May 2020 Grant 2                    
Class of Stock [Line Items]                    
Shares granted (in shares) 3,000                  
Fair value of options $ 17,000                  
Performance Shares                    
Class of Stock [Line Items]                    
Shares granted (in shares)   70,000                
Vesting period   3 years       3 years        
Fair value of options   $ 560,000                
Units canceled/forfeited (in shares)           35,000        
Performance LTIP dividend claw back upon cancellation           $ 378,000        
Claw back of dividends     $ 227,000     $ 227,000        
Performance Shares | Minimum                    
Class of Stock [Line Items]                    
Performance adjustment     0.00%     0.00%        
Performance Shares | Maximum                    
Class of Stock [Line Items]                    
Performance adjustment     200.00%     200.00%        
Performance Shares | Executive Officer                    
Class of Stock [Line Items]                    
Units canceled/forfeited (in shares)     66,000     66,000        
Value of shares forfeited     $ 1,900,000     $ 1,900,000        
v3.20.2
Equity and Equity-Based Compensation - Preferred Dividends Unpaid (Details)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jun. 30, 2020
USD ($)
$ / shares
Series D Preferred Stock  
Class of Stock [Line Items]  
Preferred stock dividends in arrears | $ $ 1,262
Preferred stock dividends in arrears (in dollars per share) | $ / shares $ 0.53
Series F Preferred Stock  
Class of Stock [Line Items]  
Preferred stock dividends in arrears | $ $ 2,212
Preferred stock dividends in arrears (in dollars per share) | $ / shares $ 0.46
Series G Preferred Stock  
Class of Stock [Line Items]  
Preferred stock dividends in arrears | $ $ 2,858
Preferred stock dividends in arrears (in dollars per share) | $ / shares $ 0.46
Series H Preferred Stock  
Class of Stock [Line Items]  
Preferred stock dividends in arrears | $ $ 1,781
Preferred stock dividends in arrears (in dollars per share) | $ / shares $ 0.47
Series I Preferred Stock  
Class of Stock [Line Items]  
Preferred stock dividends in arrears | $ $ 2,531
Preferred stock dividends in arrears (in dollars per share) | $ / shares $ 0.47
v3.20.2
Related Party Transactions (Narrative) (Details)
 3 Months Ended 6 Months Ended 10 Months Ended 12 Months Ended
Jul. 01, 2020
USD ($)
installment
Mar. 20, 2020
USD ($)
Sep. 25, 2019
USD ($)
Jun. 26, 2018
USD ($)
Jun. 30, 2020
USD ($)
hotel
Dec. 31, 2019
USD ($)
Jun. 30, 2019
USD ($)
hotel
Jun. 30, 2020
USD ($)
hotel
Mar. 31, 2020
USD ($)
Jun. 30, 2019
USD ($)
hotel
Nov. 05, 2019
USD ($)
Dec. 31, 2019
USD ($)
Mar. 13, 2020
USD ($)
Related Party Transaction [Line Items]                          
Allocation percentage     75.00%                    
Preferred equity offerings     $ 400,000,000                    
Number of hotels | hotel         116   121 117   121      
Subsidiaries                          
Related Party Transaction [Line Items]                          
Number of hotel properties managed by affiliates | hotel         79     79          
Number of hotels | hotel               116          
Ashford Inc.                          
Related Party Transaction [Line Items]                          
Advisory services, incentive fee term               3 years          
Contribution amount committed     $ 15,000,000                    
Contribution amount funded                 $ 2,500,000        
Corporate, general and administrative         $ 316,000 $ 896,000 $ 0 $ 1,013,000   $ 0      
Ashford Inc. | Affiliated entity                          
Related Party Transaction [Line Items]                          
ERFP, percent of commitment for each hotel       10.00%                  
ERFP, term after acquisition       3 years                  
ERFP, initial term       2 years                  
ERFP, renewal term       1 year                  
ERFP, notice term       60 days                  
Ashford Inc. | Affiliated entity | Embassy Suites New York Manhattan Times Square                          
Related Party Transaction [Line Items]                          
Entitled to receive for furniture, fixtures, and equipment           $ 19,500,000           $ 19,500,000  
Consideration for FF&E             $ 8,100,000            
Remaining ERFP amount                         $ 11,400,000
Ashford Inc. | Other Assets                          
Related Party Transaction [Line Items]                          
Contribution amount funded               582,000       $ 1,600,000  
Lismore capital | Subsidiaries                          
Related Party Transaction [Line Items]                          
Advisory services, amount paid   $ 5,100,000                      
Periodic installment payments               2,600,000          
Payment expensed in accordance with the agreement               303,000          
Payment amount to be offset against future fees               2,200,000          
Expensed recognized in write-off loan costs and exit fees               1,600,000          
Expensed recognized in other assets               6,700,000          
Lismore capital | Success Fees | Subsidiaries                          
Related Party Transaction [Line Items]                          
Advisory services, amount paid               $ 606,000          
Lismore capital | Subsequent Event | Subsidiaries                          
Related Party Transaction [Line Items]                          
Advisory services, term 24 months                        
Advisory services, aggregate fee $ 2,600,000                        
Number of installments | installment 3                        
Monthly installment fee $ 857,000                        
Advisory services aggregate fee, percent 0.25%                        
Advisory services, extension term 12 months                        
Advisory services, amount paid $ 8,300,000                        
Advisory services, financing amount $ 4,100,000,000                        
Advisory services, multiple percentage 0.125%                        
Lismore capital | Subsequent Event | Payable Reduction | Subsidiaries                          
Related Party Transaction [Line Items]                          
Advisory services, rate 0.10%                        
Lismore capital | Subsequent Event | Advisory Services Fee | Subsidiaries                          
Related Party Transaction [Line Items]                          
Advisory services, rate 0.75%                        
Lismore capital | Subsequent Event | Percent of Conversion Value | Subsidiaries                          
Related Party Transaction [Line Items]                          
Advisory services, rate 1.50%                        
Lismore capital | Subsequent Event | Percent of Face Value | Subsidiaries                          
Related Party Transaction [Line Items]                          
Advisory services, rate 50.00%                        
Braemar Hotels & Resorts Inc                          
Related Party Transaction [Line Items]                          
Allocation percentage     25.00%                    
Maximum | Ashford Inc.                          
Related Party Transaction [Line Items]                          
Quarterly base fee         0.70%     0.70%          
Total market capitalization         $ 10,000,000,000.0     $ 10,000,000,000.0          
Maximum | Ashford Inc. | Affiliated entity                          
Related Party Transaction [Line Items]                          
ERFP investment amount (up to)       $ 50,000,000                  
ERFP commitment amount subject to increase       $ 100,000,000                  
Minimum | Ashford Inc.                          
Related Party Transaction [Line Items]                          
Quarterly base fee         0.50%     0.50%          
Total market capitalization         $ 6,000,000,000.0     $ 6,000,000,000.0          
Management Fees                          
Related Party Transaction [Line Items]                          
Percent of gross revenue               7.00%          
Portion of project management fees to project costs               4.00%          
Management Fees | Minimum | Management Fees                          
Related Party Transaction [Line Items]                          
Percent of gross revenue               3.00%          
Management Fees | Minimum | Remington Hotels | Management Fees                          
Related Party Transaction [Line Items]                          
Payment of monthly property management fees               $ 14,000     $ 14,000    
Percent of gross revenue                     3.00%    
v3.20.2
Related Party Transactions (Advisory Service Fee and Reimbursed Operating Expeses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Related Party Transaction [Line Items]          
Advisory services fee $ 10,216   $ 16,281 $ 25,515 $ 32,585
Performance Shares          
Related Party Transaction [Line Items]          
Units canceled/forfeited (in shares)       35,000  
Executive Officer | Performance Shares          
Related Party Transaction [Line Items]          
Units canceled/forfeited (in shares) 66,000     66,000  
Value of shares forfeited $ 1,900     $ 1,900  
Ashford Inc.          
Related Party Transaction [Line Items]          
Corporate, general and administrative 316 $ 896 0 1,013 0
Ashford Inc. | Affiliated entity          
Related Party Transaction [Line Items]          
Advisory services fee 10,216   16,281 25,515 32,585
Ashford Inc. | Affiliated entity | Base advisory fee          
Related Party Transaction [Line Items]          
Advisory services fee 8,557   9,362 17,474 18,351
Ashford Inc. | Affiliated entity | Reimbursable expenses          
Related Party Transaction [Line Items]          
Advisory services fee 1,567   3,006 3,398 5,396
Ashford Inc. | Affiliated entity | Equity-based compensation          
Related Party Transaction [Line Items]          
Advisory services fee 92   4,549 4,643 8,838
Ashford Inc. | Affiliated entity | Incentive fee          
Related Party Transaction [Line Items]          
Advisory services fee $ 0   $ (636) $ 0 $ 0
v3.20.2
Commitments and Contingencies (Details) - USD ($)
 3 Months Ended 6 Months Ended 10 Months Ended 12 Months Ended
Jul. 26, 2018
Jun. 29, 2017
Jun. 07, 2017
Jun. 01, 2017
Jun. 30, 2014
Nov. 01, 2011
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Nov. 05, 2019
Dec. 31, 2016
Dec. 31, 2006
Commitments and Contingencies [Line Items]                          
Other hotel expenses             $ 66,555,000 $ 251,693,000 $ 268,265,000 $ 480,179,000      
Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc.                          
Commitments and Contingencies [Line Items]                          
Damages awarded         $ 10,800,000             $ 8,800,000  
Payments for legal settlements $ 544,000 $ 3,900,000                      
Loss contingency accrual             504,000   504,000        
Pedro Membrives And Michele Spero V. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC                          
Commitments and Contingencies [Line Items]                          
Loss contingency accrual             0   0        
Potential Pension Liabilities                          
Commitments and Contingencies [Line Items]                          
Unfunded pension liabilities at acquisition                         $ 0
Unfunded pension liabilities amount received by the Hotel Manager on the loss of suit           $ 1,700,000              
Monthly pension payments           100,000              
Accrued unfunded pension liabilities           1,600,000              
Net amount of pension payments on settlement agreement paid by hotel manager           $ 84,000              
Term of pension liability           20 years              
Surety Bond | Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc.                          
Commitments and Contingencies [Line Items]                          
Payments for legal settlements     $ 2,500,000                    
Surety Bond | Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. | RLI Insurance Company                          
Commitments and Contingencies [Line Items]                          
Payments for legal settlements       $ 10,000,000.0                  
Franchise fees                          
Commitments and Contingencies [Line Items]                          
Other hotel expenses             $ 3,202,000 $ 20,954,000 $ 17,261,000 $ 38,702,000      
Franchise Fees                          
Commitments and Contingencies [Line Items]                          
Franchisor royalty fees percent of gross room revenue, minimum             3.00%   3.00%        
Franchisor royalty fees percent of gross room revenue, maximum             6.00%   6.00%        
Food and beverage fees minimum             1.00%   1.00%        
Food and beverage fees maximum             3.00%   3.00%        
Marketing reservation and other fees, minimum             1.00%   1.00%        
Marketing reservation and other fees, maximum             4.00%   4.00%        
Management Fees                          
Commitments and Contingencies [Line Items]                          
Property management fee as percentage of gross revenue, minimum                 1.00%        
Property management fee as percentage of gross revenue, maximum                 7.00%        
Minimum                          
Commitments and Contingencies [Line Items]                          
Restricted cash reserves as percentage of property revenue             4.00%   4.00%        
Minimum | Pedro Membrives And Michele Spero V. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC                          
Commitments and Contingencies [Line Items]                          
Damages sought                 $ 5,800,000        
Maximum                          
Commitments and Contingencies [Line Items]                          
Restricted cash reserves as percentage of property revenue             6.00%   6.00%        
Maximum | Pedro Membrives And Michele Spero V. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC                          
Commitments and Contingencies [Line Items]                          
Damages sought                 $ 11,900,000        
Management Fees | Minimum | Management Fees                          
Commitments and Contingencies [Line Items]                          
Percent of gross revenue                 3.00%        
Remington Hotels | Management Fees | Minimum | Management Fees                          
Commitments and Contingencies [Line Items]                          
Payment of monthly property management fees                 $ 14,000   $ 14,000    
Percent of gross revenue                     3.00%    
v3.20.2
Segment Reporting (Details)
 6 Months Ended
Jun. 30, 2020
segment
Segment Reporting [Abstract]  
Number of operating segments 1
v3.20.2
Subsequent Event (Details)
Mar. 16, 2020
Director | COVID-19  
Subsequent Event [Line Items]  
Temporary reduction to cash retainer 25.00%